Huge amounts of debt, advice on DMP needed

sourcrates

Keezing wrote: »

I googled some of the phrasing and found someone else who receive it in 2014 http://lawyer-consultation.net/help-again

Can I assume that Barclays will in fact default me on the date in the letter, or is this just a threat?

They have to follow a certain legal procedure in order to register a default on your credit file.

A default notice is stage one of this process, and if you don't remedy the breach stated in the notice, by the due date, then stage two is a default registered on your credit file.

No reason to suspect they won't follow through with it at this point.

Keezing

Thanks sourcrates.

My fear was that they would treat me differently to others who have had experience with them due to the larger size of my debt.

A default after 1 missed payment must be highly unusual. I suspect a CCJ and a Charging Order will quickly follow.

January2015

£30k is a lot to you - it's not a huge debt to Barclays.

It's very unlikely CCJs/Charging orders will follow quickly. These things take ages and BC will have sold the debt before that will happen.

BC have to send default notices when you miss payments. There are standard procedures they have to follow and sending such a notice is the first step.

Seriously, one missed payment and you are a long, long way from CCJ/Charging orders. Don't panic.

sourcrates

Keezing wrote: »

Thanks sourcrates.

My fear was that they would treat me differently to others who have had experience with them due to the larger size of my debt.

A default after 1 missed payment must be highly unusual. I suspect a CCJ and a Charging Order will quickly follow.

It's probebly because you've asked for a DMP that they have defaulted you so quickly, I assume this debt is unsecured ?

It's just that 30k seems a lot for unsecured borrowing.

January2015

sourcrates wrote: »

It's probebly because you've asked for a DMP that they have defaulted you so quickly, I assume this debt is unsecured ?

It's just that 30k seems a lot for unsecured borrowing.

We've got almost £35k unsecured loan with Helifax. Add the OD and CC and we owe Helifax far more than this.

2 years down the DMP line and we are still paying Helifax directly for the loan only. They haven't passed this to a DCA, but they have stopped all interest and charges and have registered defaults on all our accounts with them. They have passed the smaller debts for OD and CC to DCAs already though.

I know it's not Barclays, but even so, we have no threats of CCJs or Charging Orders...and yes we own our property with more than sufficient equity to cover all our debts.

Edit: Our £35k is in the form of 2 loans rather than a single loan but I don't think it makes a difference

sourcrates

January2015 wrote: »

We've got almost £35k unsecured loan with Helifax. Add the OD and CC and we owe Helifax far more than this.

I guess I'm showing my age a bit, as 25k used to be the limit of unsecured borrowing (for a loan) under normal circumstances, with the majority of banks anyway.

Keezing

Yes it's unsecured. It was originally much larger too.

I've banked with Barclays for 20+ years and over the past 4 years have received a large income.

They offer special deals to existing "premier" (not the paid for premier accounts) customers who they have such extensive history with. The loan was offered online as "pre-approved based on my banking history" and was deposited into my account instantly after just a couple of clicks. They didn't even credit check. Incredible isn't it?

Thanks again to both of you for your input. It is invaluable to me.

January2015

Keezing wrote: »

Yes it's unsecured. It was originally much larger too.

I've banked with Barclays for 20+ years and over the past 4 years have received a large income.

They offer special deals to existing "premier" (not the paid for premier accounts) customers who they have such extensive history with. The loan was offered online as "pre-approved based on my banking history" and was deposited into my account instantly after just a couple of clicks. They didn't even credit check. Incredible isn't it?

Thanks again to both of you for your input. It is invaluable to me.

Same here with our Helifax loans. One is significantly higher than the other (over £20k). Pre-approved. Click here. Instantly deposited to the bank account. As you say....incredible (especially given the credit we had already accumulated by this point).

Keezing

Out of interest, is it worth me doing a CCA request to our creditors, even though thy are all relatively modern debts?

AMEX - 2010 (although she "upgraded" the card in 2012 and her credit history only goes back to 2012 for this account)

MBNA (1) - 2012

MBNA (2) - 2015

Barclaycard - 2012

Barclays Loan - 2015

Zopa Loan - 2015

They were all online applications as far as we remember.

Keezing

Hi All,

So just a quick update on this 1 month in.

MBNA accepted my repayment plan on both cards and waived future interest and charges.

Barclaycard rejected my repayment plan but waived future interest and charges, and asked me to pay what I can afford.

Zopa accepted my repayment plan and requested a 6 monthly review.

Barclays hit me with a formal default notice for my loan after just 3 weeks and have not responded to my repayment plan offer.

Amex have ignored every attempted communication.

I have sent complaint letters to all creditors to ask for interest and charges to be refunded.

Pretty happy with how things are going so far.