Santander / DMP / Paying them

B0B

I am on a DMP and want to go self managed to give myself some control how much I pay each debt.


Its a former Alliance and Leicester loan. Which defaulted 6 years ago in August (3 weeks time) so drops of my file then.


I called Santander and they said just pay it via bank transfer each month, but they may pass it to a debt collector if I do this as I am meant to use Step Change.


OK, I can handle that. Tried to pay them. And it came back as invalid account.


Called them back only to be told I can only pay money off my loan in branch.. or possibly over the phone, but she wasn't sure.. But I can not pay online ?! Is them paying branch not the same as online ?


So I have wasted £4 in phone calls to them so far, so do not fancy a long drawn out talk with them today which will cost me a months payment...


My options seem to be


* Remove all my other debts from step change and pay them self managed and leave this one with Step Change (is this possible)


* Have the hassle of finding a branch each month that is open on a weekend and making it in to pay it. Along with parking charges or call charges.


* Stop paying them, and let them chase me for a payment plan. If they pass it to a debt collectors it would just be a case of paying them ? Its already defaulted and off file so shouldn't make much difference ?

sourcrates

Hi,

Going self managed is pretty simple, personally I would let alliance and Leicester sell the debt on, it will be much easier to set up a payment arrangement with the DCA. That picks it up, and you should be able to pay online without having to speak to anyone.

B0B

So if I let them sell it on, what is the worst that can happen ? (And how long will it take for them to do that ?)


In my head, they sell it. And I set up a repayment plan or offer a F&F at a lower amount ? I have tried with them and they just do not play ball.


Its already defaulted and off credit rating ? It cant get any worse of them can it ?

sourcrates

B0B wrote: »

So if I let them sell it on, what is the worst that can happen ? (And how long will it take for them to do that ?)


In my head, they sell it. And I set up a repayment plan or offer a F&F at a lower amount ? I have tried with them and they just do not play ball.


Its already defaulted and off credit rating ? It cant get any worse of them can it ?

A debt collector buys debts in bulk, they pay pennies in the pound for delinquent accounts, it's a common process, worst case scenario is they start court proceedings against you, but that's only if you ignore them.
They are looking for a quick return, so will usually agree whatever you offer to pay, and will usually offer a 30-50% discount if you agree to settle.
It depends on the creditor how long they take to sell on a debt, usually 3-6 months, but then the DCA may sit on the account for a while before attempting collection, depends how busy they are, and how much recent debt they have bought.

I once had a DCA sit on an account for 3 years before attempting to collect on it !!!

aymz1983

B0B wrote: »

So if I let them sell it on, what is the worst that can happen ? (And how long will it take for them to do that ?)


In my head, they sell it. And I set up a repayment plan or offer a F&F at a lower amount ? I have tried with them and they just do not play ball.


Its already defaulted and off credit rating ? It cant get any worse of them can it ?

I've had one or two issues like this before. Whenever I go online to check my credit report, I save a copy just in case. Then when a dispute has arisen because a DCA has entered the information it was a case of raising a dispute and sending the evidence. In theory once it is off your file that is it, it can't be re-defaulted or put back on (unless they go for a CCJ which if you're payng it shouldn't happen) But that doesn't stop a few DCA's from trying.

B0B

Its madness that I have no problem paying them. Its just making it a pain ! I suppose if I don't move I wont have a problem if they sell it on to a DCA.