help quick please on phone..

gawebb99

sourcrates wrote: »

You may get calls and letters, but that's all that will happen.

Ignore them completely for the time being.

Debts are passed around different depts, the telephone been the weapon of choice.
Best advice is never speak to them on the phone, you will only agree to something you will later regret.
Do everything in writing, if they are persistent, a simple letter stating you are looking at different options to tackle your debt, and to go away for now, and only contact me in writing until we decide, will suffice to keep them quiet.

So I shouldn't be calling them to let them know we can't pay and that we are in discussions with stepchsnge ?

sourcrates

gawebb99 wrote: »

So I shouldn't be calling them to let them know we can't pay and that we are in discussions with stepchsnge ?

Everything to do with debt is best dealt with in writing.

Remember I told you this process takes time.

Things can be said on the phone which cannot be substanciated later, whereas a written copy speaks for itself.

Speaking on the phone can also put undue pressure on you, and in that situation it's all too easy to agree to unfavourable terms.

This leads to favouring one creditor over another, because you can't say no.
Removeing the phone from the equation gives you the upper hand, and is the recommended way to deal with creditors.

gawebb99

sourcrates wrote: »

Everything to do with debt is best dealt with in writing.

Remember I told you this process takes time.

Things can be said on the phone which cannot be substanciated later, whereas a written copy speaks for itself.

Speaking on the phone can also put undue pressure on you, and in that situation it's all too easy to agree to unfavourable terms.

This leads to favouring one creditor over another, because you can't say no.
Removeing the phone from the equation gives you the upper hand, and is the recommended way to deal with creditors.

Thank you . I'm more confused than ever ! I'm sure stepchsnge told me to
Call creditors let them
Know I was dealing with stepchange and to offer a token payment .

Worried that they will
Add charges and interest if I don't let them know what's happening ?

How long could we leave it before
Starting a dmp or IVA etc . Would like to build up some
Cash emergency funds before we do?

Thanks again for all
Of your help - it's really appreciated

gawebb99

i have another question (sorry) we would really like to not start a dmp/iva anything for 3 months to build up some cash - is this ok to do? what should we do in those 3 months with regards to creditors?

sourcrates

gawebb99 wrote: »

i have another question (sorry) we would really like to not start a dmp/iva anything for 3 months to build up some cash - is this ok to do? what should we do in those 3 months with regards to creditors?

What exactly are you worried your creditors will do if you don't pay ?

Will they attempt to call you ? Yes
Will they write to you ? Yes
Will they do anything else ? Yes
What will they do ?
They will continue adding interest and charges, they could default you, this would impact negatively on your credit file.

Will they do anything else ?

They may pass your account to there collections dept.
What will this mean ?

Nothing different from the above.

Will they do anything else ? After 3/6 months of non payment, they may assign your debt to a debt collector.

If a debts just been assigned, the original creditor generally still owns the debt, so you would not nessessairily need to deal with the DCA, unless it's an absolute assignment, then they would be the new owner.

So that's a rough guide of what you can expect to happen up to 6 months after stopping your payments, if I was you, I would wait until all my accounts had been defaulted, then start to work it out, that way you know that whatever happens, six years from that default date, your file will be clear again.

Also gives you time to save up some emergency money !!
You can write to each creditor telling them what your intentions are, it's then up to them how they choose to deal with that info.

gawebb99

sourcrates wrote: »

What exactly are you worried your creditors will do if you don't pay ?

Will they attempt to call you ? Yes
Will they write to you ? Yes
Will they do anything else ? Yes
What will they do ?
They will continue adding interest and charges, they could default you, this would impact negatively on your credit file.

Will they do anything else ?

They may pass your account to there collections dept.
What will this mean ?

Nothing different from the above.

Will they do anything else ? After 3/6 months of non payment, they may assign your debt to a debt collector.

If a debts just been assigned, the original creditor generally still owns the debt, so you would not nessessairily need to deal with the DCA, unless it's an absolute assignment, then they would be the new owner.

So that's a rough guide of what you can expect to happen up to 6 months after stopping your payments, if I was you, I would wait until all my accounts had been defaulted, then start to work it out, that way you know that whatever happens, six years from that default date, your file will be clear again.

Also gives you time to save up some emergency money !!
You can write to each creditor telling them what your intentions are, it's then up to them how they choose to deal with that info.

we dont want any charges being added to bulk the debt up even more thats the trouble. i really hope once my budget is amended, i will be accepted onto a DRO . Then my husband can do a dmp or iva .

my anxiety is through the roof- its all such a worry.

sourcrates

They can only add £12 a month late payment fee, and, depending on the type of account, £12 over limit charge, plus normal interest, in the big scheme of things it's only a small amount, and especially if you do a DRO, it won't matter to you.

gawebb99

sourcrates wrote: »

They can only add £12 a month late payment fee, and, depending on the type of account, £12 over limit charge, plus normal interest, in the big scheme of things it's only a small amount, and especially if you do a DRO, it won't matter to you.

fingers crossed i can get a DRO . Would it be ludicrous / wrong to add on things like dry cleaning... school dinner monies etc to the budget?

sourcrates

gawebb99 wrote: »

fingers crossed i can get a DRO . Would it be ludicrous / wrong to add on things like dry cleaning... school dinner monies etc to the budget?

Budget for what you will use, simple as that, include everything you spend money on !!

gawebb99

sourcrates wrote: »

Budget for what you will use, simple as that, include everything you spend money on !!

thank you. so that should see me accepted then hopefully.

bankruptcy- im trying to talk my husband into this. he's dead against it, but i think it could be the right thing for us? we dont own a home or have a high value car.

is it as bad as its perceived to be?