Debt recovery companies.

MountainOfDebt_2

MountainOfDebt wrote: »

Hi Doucan and Copier,

Sorry, no one has sent, been round or anything./ Yet. I was just preparing myself and the wife as I am away most of the week and she's a kind soul who'd let anyone in. I just need to know what is what so I can give her soem ground rules as such. I am hoping it doesn't get to that stage as I am still hopeful I can rescue the situation, with a bit of the debtors good will.

But thanks for the info, it's getting stored away.

Sorry, no one has sent, been round or anything.I am hoping it doesn't get to that stage as I am still hopeful I can rescue the situation, with a bit of the debtors good will.

Doucam

MoD, I do hope that your creditors are understanding, but please be warned that unfortunately they aren't always. Ours weren't in the least bit, despite writing and saying call us if you are having difficulties, we will try to help, when we did call they didn't want to know at all.

Refused to take lower payments, and basically once they knew we were in financial difficulties they upped the ante and chased us relentlessly.

I am not saying this to be negative or scare you by the way, just that that was the thing that upset and suprised me the most, the way they didn't want to know, despite the fact that we had had one of the cards for 10 years, never missed a payment in that time, and had a couple of times paid it off completely, which I mistakenly thought would count for something, well it doesn't.

Good luck, and do please update us with how you get on.

Sunnylooloo

Doucam, yes years of loyality do count for nothing with certain companies.

Do you think it gets worse when they "sell" your debt on?

Right now mine are being kept at bay with lower payments (short term) and they have in some cases actually frozen the interest, I am dreading the next round of letters asking them to extend my short term payments.

Good luck MoD.

Doucam

Sunny, we only had one debt sold on, it was Barclays Partner Finance, the rest surprisingly left us alone once they found out we were BR.

But before that, Egg and Barclaycard were a nightmare, between 8 & 10 calls a day, despite my dh telling them not to phone on his work phone they did, constant emails and letters as well as texts. It was truly relentless. I think in all honesty it would have been less harrowing if it had been DCA's tbh!!

We weren't allowed to do lower payments, they basically told us that even if we did they would still continue to chase and certainly wouldn't consider freezing the interest or anything, so we just didn't bother paying them.

Sunnylooloo

Madness Doucam, I don't get why the don't accept the lower payments?? That was my argument with a couple of them, when I said I am facing up to my responsibilities and I do want to make some sort of payment. Egg is the only one that hasn't frozen anything and I had to pay minimum of 10% of the monthly payment.

I am hoping that they will accept offers once I have sold the house so I can get the debts cleared. Who knows.

Fingers crossed since I am on the lower payments no phone calls..... but I am sure next month they will all start again.

x

MountainOfDebt_2

Sunnylooloo wrote: »

Madness Doucam, I don't get why the don't accept the lower payments?? That was my argument with a couple of them, when I said I am facing up to my responsibilities and I do want to make some sort of payment. Egg is the only one that hasn't frozen anything and I had to pay minimum of 10% of the monthly payment.

I am hoping that they will accept offers once I have sold the house so I can get the debts cleared. Who knows.

Fingers crossed since I am on the lower payments no phone calls..... but I am sure next month they will all start again.

x

My debtors are outlined below. The thing is, and this is something I cannot understand, is why they would be bad if you contact them to try and sort the issue out. Someone mentioned a friend analogy the other day: I am likely to stay on good terms with a dfriend who owed me moey if he was to coem to me and say, sorry mate, I am struggling, can we put of that debt for 3 months, than one who didn't call and avouided me like the plague?

I guess I'll know more tomorrow as I am calling them all.

How should I approach this? Should it be a case of, "look, I am struggling, for reasons X,Y and Z. I need some breathing space from my mounting debt issues. I am ghoing to honour my debts, but I need a bit of break from the payments until july. I have put my house on the market and am arranging to clear out my posessions inorder I can start to reduce my debts as quickly as I cna possibly do it. However, I need the breathing space to start"

or go in scattergun approach:

"look, this is how it is, if you do not accept this, I am going to have to default and this may lead me to BR"?

Sunnylooloo

Hi MoD

the friend analogy is a good one!

I personally got advice from CAB and also the National Debt Helpline, both really helpful, and what I did was send standard letters from the NDH website with my I & E sheet, in the letter I explained about my divorce etc... I sent all the letters by recorded (or registered post - the one where you can trace if they received it or not).

The halifax told me that they would only accept my reduced payment if I went via Paypal or CCCS - so I ended up calling them and saying this was not the case and they could agree it - so eventually after a hew phone alls they did accept it. Egg accepted 10% of the total monthly payment - they have not fozen the interest. Co-op and Mint both accepted short term payments and have frozen interest. It did take a few phone calls but it was not really a bit deal. I had a bit of a idiot at the Halifax last time I called but I do not go into any details now with them as they have my history on their system.

I have had problems with my OD (on a joint account with A & L and current with Halifax) that I still need to get sorted.

Since they accepted my reduced payments the phone calls have stopped.

My agreements are all nearly up so I am about to embark on another round of letters and phone calls, so we'll see how that goes.

I hope sharing my experience helps in some little way, but every person is different and of course every company you owe money to can be different (and I swear it depends who you get to speak to on the day!)

Good luck

Doucam

With Egg my hubby phoned them and explained that we were having difficulties and asked if he could pay around £150 for a couple of months, the min payment was £300.

They said they would call and let him know within 48 hours, no call came so he rang them and the person he spoke to checked the notes and said the people that decide if it is ok or not had put that it wasn't ok as we were in difficulty as we had spent it!!! Well yes. Obviously.

He said that we knew that and we were only asking for a couple of months grace, so we could get the car mended and carry on working, they wouldn't budge at all, just a big fat no.

I then went to Black Horse to see if they could help re my loans, again they weren't interested, but did suggest that I could maybe extend my overdraft, which was clearly not an option, I was amazed that they knew I was struggling yet would think that suggesting I get more credit was the way to go!

It was after these calls we realised we were left with no choice but to do something drastic.

Sunnylooloo

So with Egg you were willing to pay 50% of the usual payment and they said NO! They are so terrible. OK OK I know we got ourselves into a pickle, but as I have said to them, it is not like I dont want to pay I am willing to make some effort. Egg are the only ones who hae not frozen the interest.. and they have the highest rate.

Black horse - luckily I have only two payments left at 50.20 so I have not defaulted on that one.

I am dreading the next round of letters and phone calls, but I will stand my ground and see how we go.

Madness Doucam it really is.

x

Doucam

Good luck sunny, hope they continue to accept the lower payments.