notice of default

myamyamoo

I've just received a notice of default in regards to a Barclay loan. I have recently set up a dmp with stepchange, first payment is may. My question is really do I do anything?
Should I let stepchange know? Barclays know my position and reference number etc.
Although I have read a lot of the forum I'm still quite nervous and could use a virtual hand to hold.
Thank you for any replies.

fermi

If you are worried call SC and let them know. For reassurance more than anything else.

A DN is normal and has set legal wording the creditor has to include, even if they don't necessarily intend to carry out the actions that are mentioned.

Much of the time if this is going to happen it's best for it to happen early in the plan anyway.

myamyamoo

Thanks Fermi for the quick reply I really appreciate it.
It said on the letter that " not earlier than 28 days after the issue if this notice the bank intends to register details of the default on your account with credit agencies" am I correct in thinking that this is a good thing?

xHannahx

The sooner into your dmp the defaults are issued the better in the long run. That file will disappear off your credit rating 6 years after its submitted to credit ratings, so this is favourable to you.

fermi

In most cases yes. It's more pain for your credit file in the short term, but means 6 years from that date your credit file will clear of anything bad about this debt. For most people that is better long term.

sourcrates

Yea its standard procedure they have to follow, it will of been computer generated, so any arrangement you have with them will still stand.
The sooner a Default is registered the better for you, as others have said.

Parkie93

Following a change in my financial circumstances, I'm doing my best to get to grips with my debts with some success (thanks to this forum!) so far.
I've now got hold of my credit report from Experian and I have a default on a Barclaycard account dated 30/8/12.
I started my DMP with Payplan, which included this account, which was originally an Egg card on 25/8/08. It was transferred to Barclays on 1/11/11. I've not missed any payments in the plan.
Shouldn't Barclays (or Egg as was) have defaulted me earlier? Now it's stuck on my credit report until 2018 I believe? I've had a letter from Barclays recently, saying that this account is being transferred now to PRA Group (UK) Ltd.
Is this in order and is there anything I can do now to get this default removed? Thank you.