Default or not default - that is the question?

itsnowtime

I'm just about to start a DMP with CCCS in September. All creditors have been informed but I'm now getting scared about default notices. I know that my credit rating is going to collapse - but will all creditors default me now that I'll be making reduced payments?????

I received 2 letters from Mint yesterday - both dated the same day!!! First letter thanked me for informing them of CCCS and gave me details of my account and advised that if the account wasn't defaulted it now would be.

2nd letter then stated that if I pay £100 to bring the account back within its limit they wouldn't default me and I might be able to come to some payment arrangement. Now, I can afford the £100 - as I've only sent token payments this month however are they going to default me regardless?? and is it worth sending them anymore???

Thank you to the advise I've already received but just read up on default notices and it's frightened me a little - so I thought I'd post separately to see what anyone else thinks...

You're help would be much appreciated....

livinginhope

Hi there,it's very likely that all creditors will default you,when we first set up our DMP we were told that creditors wouldn't be able to negotiate and agree reduced payments,until the account was defaulted,we actually looked forward to the default notices after we were told this
I know it's hard,but try not to worry about it.
LIH

Sea78

Hi

I've also received default notices - I'm on a DMP with CCCS too and while it's annoying receiving them, sometimes it's the only way to get them to accept the reduced payments or to stop interest and charges etc. To be honest, your credit rating will be damaged by the DMP anyway so really defaults are a risk you will probably experience during your DMP. I wouldn't pay what the y want as is in future they will expect the same treatment. Stick to the fact that you can't afford what they are demanding and that the DMP is the only way to go.

Hugs if you're feeling worried - ring CCCS for reassurance if you need it.

Sea xx

itsnowtime

Thank you livinginhope and sea78 it's reassuring to hear your advise. I guess I'm just feeling a little nervous about everything now it's finally getting round to September. :j

I'm fortunate that I have a mortgage in place, a decent salary and I am not interested in any further credit which means I can deal with my debt and have it cleared within 5 years (at the most) - going to set my goal to get it done in 3 if I can! It's just a pain that the defaults will be there for at least 3 years after that!

I'm still young but lucky to have a 3 bed house in a village I've always wanted to live in, so when I start a family I don't need to move - just hope my current mortgage lender will give me a decent rate when my fixed one ends next year - cos I'm not going to be able to move it anywhere else!

And.. although I'm thinking ahead - I'm missing the vital part of having a family (a man :rotfl: ) so hopefully my debt will be cleared before I'm even thinking of a little 'un!:D