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..and so it begins....

BlushingRose
Posts: 1,621 Forumite
Today we got our first 'default' letter from Capital One as we missed a payment. Ironically, this is 2 days after we got a letter from them telling us that we had 7 days to let them know which of their repay plans we wanted to enter into (we don't, obviously).
Argghhhhh
Argghhhhh
Our LBM: Dec 2011. DMP started: Jan 2012. Debt at LBM: £41,568
Oct 2012 = Current debt: £40,548.93
Oct 2013 = Current debt: £39.054.70
DMP Support number 424 - Long haul number 308
Oct 2012 = Current debt: £40,548.93
Oct 2013 = Current debt: £39.054.70
DMP Support number 424 - Long haul number 308
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Comments
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Seems scary, but honestly if you're going to get a default at some point, then it's better that they get on with it.Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
Well, as you say..keep your arms and legs in the vehicle at all times and hold on tight, you're about to get started. Don't ket them rattle you. They can't get blood out of a stone, relax and take take each disaster as it comes. The board is here if you need advice or help. Good luck.Debt Free! Long road, but we did it
Meet my best friend : YNAB (you need a budget)
My other best friend is a filofax.
Do or do not, there is no try....Yoda.
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It was a consistent source of irritation to me that this type of letter popped through the letter box on a Saturday when the sending office only provided a phone service Monday to Friday. On the brighter side it kept my phone bill down as I would be calmed down by Monday.
Send a copy of it to your DMP company, file away the original and forget it.Proud to have dealt with my debts, became debt free on 03/11/2011. Repaid £54,723.41 LBM May 2006.
Debt Free Roll Of Honour #504
Mortgage Free from October 20190 -
It was a consistent source of irritation to me that this type of letter popped through the letter box on a Saturday when the sending office only provided a phone service Monday to Friday. On the brighter side it kept my phone bill down as I would be calmed down by Monday.
Send a copy of it to your DMP company, file away the original and forget it.
I used to get all my Santander letters on a saturday morning. I ignored every single one as they were either telling me I was in arrears, I was on a DMP or I was in default. I was getting two or three a week at on stage. Sometimes the same letter more than once! I must have 50 stored in my dmp file, if not more.
MBNA I heard from once, same with most of the others apart from the payday clowns who confetted me but they were just emailed or snail mailed the same standard response. I'm on a DMP so go away.
Not heard a thing for about 9 months now from anybody.
E2I'm Debt Free :j 2/09/2013
Debt at LBM 30/04/2010 £24,109.38,0 -
There will be a huge flurry of these Blushing - then it will calm down. Eventually you will get to the point that you can walk down the hall to the letter box without having your heart in your mouth.
I'm only pointing this out because I realised this morning I went down the hall whistling - and the only letters I get now are statements with positive balances - or companies offering me "pre-approved" credit :rotfl: AS IF!!!!!
Just file them away and forget about them - then next year you can shred them and use them in a compost pile (which is where they deserve to be) - at least then some good will come out of them.
Just imagine where you guys will be this time next year. That's the thing to focus on now.
MGFINALLY AND OFFICIALLY DEBT FREESmall Emergency Fund £500 / £500
Pay off all Debts £10,000 / £10,000
Grown Up Emergency Fund £6000 / £6000 :j
Pension Provision £6688/£23760 -
Thanks all,
The DMP has yet to 'officially' start, but we've got postal orders to send off to everyone and of course the covering letter.
One question (might need a different thread, I dunno) but once we've transferred the DD over to the new account (which we find out about on Mon/Tues) do we need to cancel them from the old account as well? We've never done this sort of thing before so we're unsure. Also, there's an overdraft on the old account, do we close the account or keep it open - and we have a bank loan from the same bank as the overdraft, do we cancel their DD or let it keep coming out of the overdraft?
Sorry if these are daft questions, but we realised today that we don;t actually know what we're doing at all!Our LBM: Dec 2011. DMP started: Jan 2012. Debt at LBM: £41,568
Oct 2012 = Current debt: £40,548.93
Oct 2013 = Current debt: £39.054.70
DMP Support number 424 - Long haul number 3080 -
Blushing, I'm sooo proud of you. You have taken the first steps to a debt free future, I will be the first to admit, when you posted the other night I thought you hadn't had your lightbulb moment, but you have, and we are all here to help you through the rocky path to a debt free future.
Yes cancel the old direct debit in the old account, actually cancel them now if they are due anytime soon. Definately cancel the bank loan DD, remember the offset rule I mentioned to you, the sooner the better.
merlot1230 -
Hi Blushing,
I have had experience of a DMP with Capital One and they do tend to send out contradicting letters at the same time! When I initially set up the DMP with them I had quite a few different letters about defaults etc, but once you start paying in to the plan regularly the letters dry up. They may contact you every 6 months or so to see if you can increase your payments to them, but you just re-send your SOA.
Good Luck and keep up the good work!0 -
Hi I just wanted to say well done! I read your other post and think you have done great for sorting things so quickly. Please keep posting and let us know how your getting on - good luck xLiving the simple life0
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BlushingRose wrote: »Today we got our first 'default' letter from Capital One as we missed a payment. Ironically, this is 2 days after we got a letter from them telling us that we had 7 days to let them know which of their repay plans we wanted to enter into (we don't, obviously).
Argghhhhh
Gosh that was quick. All we have had so far is a letter from Creation Finance telling us off for cancelling the direct debit and threatening to charge us £30 if we don't set it up again straight away. We haven't even missed a payment with them yet. We have heard nothing from the ones we have defaulted on!0
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