How honest should I be with creditors?

Bassplayer

Hi All

Firstly, thanks to everyone who's answered my first couple of questions...and sorry for not saying thanks sooner. I've been mad busy chasing every possible project (and money owed from clients!) in the hope that a miracle might just occur and save me from BR!

Anyway, have not paid mortgage (and now secured loan!) for first time since 1983 and have started to get the first hassling phone calls. With First Plus, it was literally the day after they should have been collecting their direct debit from my bank account! Wow! But then they stop lending this month, so must have been aware of the financial storm brewing some time ago.

When I talk to my creditors (and soon that will include three credit cards!) should I tell them that I am soon going to go BR or say as little as possible?

Secondly, my mortgage company and First Plus are asking for rough income and expenditure figures. Should I provide them?

Thirdly, if asked to make some kind of payment - however small - should I? It might help placate them for a bit longer while I work out my exit strategy (ie BR)!

The woman from First Plus was already making veiled threats about door step debt collectors!

Does anyone have any experience of dealing with Wave (used to be Freedom Lending) who are my mortgage company or First Plus when money is owed?
I'd love to hear from you if you have.

Very finally, I'm an advertising copywriter and it's usual for potential new clients to Google my name before they meet me. I haven't a website of my own, but it often leads them to examples of my words for others. Question is, will my BR be traceable via Google? I'm not overly bothered but it would be nice to be prepared for a potential client raising it!

Once again all you out there in BR land, thanks. I imagine this would be one really cold and lonely place to be without you all.

Take care all

BP

skylight

I would not tell them about BR. It tends to encourage more calls to "persuade" you pay up. Simply tell them that they will hear in due course as you are seeking advice from Payplan/CCCS (whoever) about the best course of action for you. And hang up. Persistantly. Cos the calls are gonna get worse....

Making even a small payment is not usually sufficient. Are you looking at BR sooner, rather than later?? If sooner then its a definite no-no. The OR will treat it as a favourable payment and will not be a happy bunny.

And no to Google. I have just searched myself, myself inc bankrupt and my address - no searches came up with anything financial at all.

Deep_In_Debt

Can't really help hugely on this but I had an unsecured small loan with First Plus which is now included in my DMP with CCCS. To be honest, FP were a complete pain and said they would not accept my dmp unless I cleared my arrears which I couldn't as they were included in my dmp, so they passed the arrears to a DCA and still wouldn't accept my dmp, so round and round we go!!! They hassle constantly (or they did me) until I complained and I only owe them about £1k! Probably costing them more in phone calls and doorstep collectors than the money I owe!

stevelinz

Hi , I have found that telling creditors that I am going BR stopped most calls epecially the court balliffs.

Yes they do ask if you can pay anything I have said no and that they are welcome to take me to court but they will be wasting money.

It stopped most of my calls except sainsburys who call every ten days without fail!!

philnicandamy

saying that though i've known in the past for creditors to try any trick in the book to try & get cash from you when they hear of your impending BR...even knew one company that offered a consolidation loan to someone

december

I was completely honest, I said that I had taken advice and although my financial position had not changed, I was looking at my options and would be in contact with them shortly.....well the OR was in contact with them soon enough

December

get_me_out

I just told mine I was dealing with cab. They kept chasing and sending letters I just filed them in a box.

My OR will deal with them soon enough.

fiveyearplan

I echo what most people said, not much point in telling creditors anything. In my case when I sent letters offering token payment only 2 (out of many) replied and all the others just ignored it. I had endless phone calls and letters. I stopped answering my phone before 9pm and it was easy to dodge the calls they made to my mobile (0845 numbers mostly). I stopped paying my creditors in May last year and went BR the following April so you have plenty of time before things get nasty.