Huge amounts of debt, advice on DMP needed

The_Debt_Expert

I agree it shouldn't be a battle. And it's good that it's being reported, the more that things are brought up the more likely it is to eventually be clamped down on.

Keezing

So I just saw the news that Lloyds have bought MBNA.

Given that I bank with Halifax (Lloyds Group) and I have a debt with MBNA, I guess I need to change my bank account after all!

January2015

Keezing wrote: »

So I just saw the news that Lloyds have bought MBNA.

Given that I bank with Halifax (Lloyds Group) and I have a debt with MBNA, I guess I need to change my bank account after all!

I would. Good news is Halifax / Lloyds have always been very reasonable to deal with (in my experience). However, MBNA were fantastic to deal with.

fatbelly

Keezing wrote: »

Thanks both, I appreciate the advice.

However if I Google "Creditor Name + CCJ" there are tonnes of people who have recently been taken to court and received CCJs by the same creditors.

Given that I owe 30K to one creditor alone - it seems like if they're ever going to take someone to court I'm that guy!

Only just noticed your post. There isn't the logic you might think about court claims. I handle lots of debts of all sizes as a debt adviser with Citizens Advice, and actually I see very few court claims. Of those I do see it is rarely the ones where I think 'if you knew what I knew you'd go for a court claim'

Sourcrates is right (as usual) in saying that the major litigants at the moment are Lowell and Cabot. If you add in South West Water (I'm in their region) I'd say that covers 9 out of ten ccjs/claims that I might see.

somuchindebt

Sorry to gatecrash... One of my debts has been sold off to Lowell. I am on DMP, are they likely to take court action?

sourcrates

somuchindebt wrote: »

Sorry to gatecrash... One of my debts has been sold off to Lowell. I am on DMP, are they likely to take court action?

Normally if your paying the debt then no, it's unlikely.

But Lowell can be a law unto themselves, however I wouldn't worry too much about it.

fatbelly

somuchindebt wrote: »

Sorry to gatecrash... One of my debts has been sold off to Lowell. I am on DMP, are they likely to take court action?

No, If Lowell are being paid through a dmp, they would not likely get any more through the courts, plus you are acknowledging the debt each month by your payment so there is no need for them to take any action at all.

It's not an exact science but you'd be unlucky to get a claim off them.

somuchindebt

Thank you sourcrates and fatbelly!

glentoran99

Ilona wrote: »

I think if anyone can claim the title of Debt Expert, it has to be sourcrates. Look how many posts he has made in seven years on the forum. A lot more than 25 in one month.

Ilona

Would certainly agree him and a few others were extremely helpful getting me out of debt, Wish I found them earlier

glentoran99

The_Debt_Expert wrote: »

Cheers for the insults folks, much appreciated. I joined this forum to try and help people, as I started reading it one day and felt I could offer useful tips and advice based on my extensive knowledge.

Just because you post thousands of times doesn't make you an expert. I see posts every day from sourcrates that contain wrong information and bad advice, yet everyone just goes with it because he spends his life posting on here. Much of it is helpful, but plenty is wrong. Is he/she qualified to give debt advice? For people questioning me, I have an up to date qualification in money and debt advice and know what I'm talking about.

In this case I didn't say that what I explained always happens, I advised that's what SHOULD happen. Ultimately as some have mentioned creditors back date the default when it's raised with them, because they know this. Hopefully the FCA will clamp down on this.

Do you really? What your told in school doesn't really affect the real world.


For example in your training would you recommend not paying debts until they are defaulted?