When are you a defaulter ?

HueyBuey

Hi,
I have arranged payment plans with my cr.card companies directly without the cccs etc. and have kept to them, will I be registered as defaulting if I keep up the agreed payments or have I defaulted already just by making a payment plan ?
Anyone been in the same situation & do you know the answer ?
Thanks

dollindebt

Not sure on that one--I would have thought if your payment plans are temporary, maybe they won't default you, but if you have broken the original credit agreement terms, and this is a long-term thing, they may still default you at some point. I entered into a debt management programme with Payplan a year ago, and all 9 of my creditors defaulted me and most passed the debt on to debt agencies.

TAG

Sorry to say I agree with dollindebt.

Me_Myself_2

I'm in a DMP arranged by ourselves and we've only been defaulted on one CC (Egg), who were not helpful from the first month.

All others (13 ish) froze interest and reduced payments from 1% to 0.02%.

HueyBuey

Thanks me myself - Egg weren't too helpful to me either - I take it they have to send you a default notice in writing so you would know ? Most helpful was Goldfish, no questions, accepted DMP for 6 months without financial statement and froze interest & charges straightaway.

THE_LONE_RANGER_4

to be a defaulter you will issued with a default notice if you dont recieve a default notice you are not defaulter

4everonline

dollindebt wrote:

Not sure on that one--I would have thought if your payment plans are temporary, maybe they won't default you, but if you have broken the original credit agreement terms, and this is a long-term thing, they may still default you at some point. I entered into a debt management programme with Payplan a year ago, and all 9 of my creditors defaulted me and most passed the debt on to debt agencies.

some help mate, please. I too just spoke to CCCS about my debts and they either said Personal bankrupcy or Debt management plan. but with DMP i9 think they said, the CC companies wud default you + they may also inform the collection agencies. what do you think is better ? personal bankrupcy or DMT ? will collection agencies take away my property etc? thank you mate...

Me_Myself_2

Yes HueyBuey, Egg issued a default almost immediately (letter). We explained that they (my friends) hoped to pay the debt off in full (£15k) within 6 months (by selling property), but they weren't interested. They defaulted on 25th August 2005. We property sold, they accepted £10k as a F&F at end of November 2005! Mad.

HueyBuey

Thanks for that LoneRanger, I haven't had any so assume for the moment I'm not registered as a defaulter - whoo hoo :-))