Tesco default letter - help!

beckstar1975

Yesterday I received a notice from Tesco that if I don't pay my arrears by 2nd October they will terminate the agreement and reclaim the money in full (which obviously I don't have).

I have written to them 3 times in the past 2 months explaining that we're having difficulties and offering token payments of £10 each - then over a week ago we sent our DMP paperwork to National Debtline.

Is this standard procedure of Tesco, or should I contact them again saying we're still waiting on ND? I have already given Tesco our ref number for ND so they know we're not playing about.

is all hope lost - or may they agree to reduced payments once they hear from our DMP directly?

Thanks

b*

MrsTinks

It's standard letters - you're officially entering default and they will mark your account as defaulted. They may carry on trying to collect the payments themselves or sell the debt to a 3rd party depending on the likelyhood of you being able to repay the debt in a reasonable timeframe. If you have a £20k debt and you can only pay £10 pcm for example they are going to want shot of that debt to someone else ASAP.

Keep sending the letters to NDL to keep them up to speed with things and sit tight - don't call Tesco's - they will try to pressure you to pay more than you can afford.

mum2one

Bssically Tesco willwant their moneyand while your waiting for DMP to kick inm, this is perfect opportunity for them to use the time, (as any other creditor would).

I don't know much about how things work, ie how long it willtake to get the DMP in order, for this month pay£10, shows even thou you can't afford the full amount your stillmaking a contribution but give then Debtmanagemtn a ring and see what they say

Hopefully someone more knowledgeable will come on, also may be worth 5 mins looking at a couple of the threads on peoples debt mgt jpurney, as give you an idea as tohow they work.

Good luck xx

beckstar1975

Well I owe them £5 (but lots more in total) and we're going to be broke for 3 years whilst I'm paying 2 lots of Nursery fees but in 3 years all the kids will be at school and I'll save over £1k a month in childcare so will be able to make all my repayments then - I'm hoping that they can sit tight for 3 years whilst we sort this out - but given the threads I've read I'm not convinced

Thank you though

b*

MrsTinks

beckstar have you looked at if there are cheaper means of childcare? Childminder or even nanny? We looked into it and whilst we only have 1 then childminder is cheaper, but if we ever have a second it would actually be cheaper to have a nanny! Fully qualified etc...
I don't know if child care vouchers are permitted towards nannies though so that would be something to look at - but you may find a childminder is a lot cheaper than a nursery. Personally I don't like nurseries anyway but that is a personal choice

beckstar1975

We have tried childminders but they won't offer a sibling discount so it's actually more expensive than nursery as we get early years funding. This is after changing nursery and saving £500 a month for only 3 days per week. We have 3 kids so it's before and afterschool care for 1 of them and nursery for 2 - it's not as bad as some I know either!

Thanks for thinking of me though

b*

MrsTinks

Might it be worth looking at a nanny still? Just a thought! I know that childminder fees can vary depending on areas, and I know I was SO lucky finding one that doesn't charge the earth and is super lovely She has both children all day and school kids which they walk to school. My daughter adores them all and doesn't even give me a backwards glance when I drop her off...
Child care is VERY expensive - I know! - and although I don't know what you do or earn have you looked at the money difference between not working full time and being at home - take into account the cost of travel, lunches, work clothes etc as well as child care. You may even be able to do something like Avon, part time evening work etc - obviously it depends on what you do and earn

beckstar1975

I would love to but earn more than DH - and we currently get tax credit towards childcare so it definitely pays to work (we earn a decent salary each just that our debts got so high having kids and being on maternity leave - I got pg again on my first mat leave so was 2.5 years not working and rather than tackle debts then just kept borrowing to put head in sand).

We are keeping trying with the childminder as reckon it would be cheaper, our neighbour is one and currently collects DS after school but all her preschool places are full

I did post a SOA a while ago and have pared everything right back so this is the main thing left to go . .

b*