DMP Mutual Support Thread - Part 12

neiljmuk

motivated wrote: »

Morning all

I have just received 2'letters from Halifax re 2 loans. Both letters state they are a formal demands for payment or else they MAY issue a default with CRA and instruct a DCA to collect payment etc.

However, I had default notices a couple of weeks ago stating that if I don't bring my accounts up to date etc by the 28th July defaults will be issued.

I assumed that after the deadline of the default notices I would automatically be defaulted. Have I missed something?
M

They will mess around a bit with the default threats as getting some money is still a better result for them. When it start to get a bit like the boy who cried wolf they will eventually default you when you least expect it. Up to you how proactive you get pushing for this, but stopping payments altogether is a cracking tactic when you feel confident doing it (no risk with that as default has to come first - before anything worse - and then you can suddenly become more accommodating ).

meepatme

Off to the races we go No ID call from MBNA asking for call back, I guess they got my letter. No call back there me thinks, not chasing phone calls. Everything in writing please. That was already stated on letter 1 freeze interest, hardship stress and letter only. Early days but nut phoning people back or answering unknown numbers. If i did as what people have said here, please write to me not resolving over the phone.

Leanneglos1

Hello everyone...help help please, I've currently stopped payments to all creditors and have a loan with progressive money that is now showing on my credit report, it was for approx £11000 but they have added the interest upfront making the balance £27000!!!!!!! What happens if it gets sold on to a DCA, will they sell it on for the £27000 therefore expect me to pay this back....any help Is much appreciated as this figure has made me feel somewhat sick!!!!

sourcrates

Leanneglos1 wrote: »

Hello everyone...help help please, I've currently stopped payments to all creditors and have a loan with progressive money that is now showing on my credit report, it was for approx £11000 but they have added the interest upfront making the balance £27000!!!!!!! What happens if it gets sold on to a DCA, will they sell it on for the £27000 therefore expect me to pay this back....any help Is much appreciated as this figure has made me feel somewhat sick!!!!

Not quite sure what you mean, but progressive money charge fixed interest rates, payable monthly, along with your capital repayment.

Have you asked them how they have reached this figure ?

henrryyyy

Leanneglos1 wrote: »

Hello everyone...help help please, I've currently stopped payments to all creditors and have a loan with progressive money that is now showing on my credit report, it was for approx £11000 but they have added the interest upfront making the balance £27000!!!!!!! What happens if it gets sold on to a DCA, will they sell it on for the £27000 therefore expect me to pay this back....any help Is much appreciated as this figure has made me feel somewhat sick!!!!

sourcrates wrote: »

Not quite sure what you mean, but progressive money charge fixed interest rates, payable monthly, along with your capital repayment.

Have you asked them how they have reached this figure ?

I had this with bamboo and still not quite sure how my interest is calculated, but it also went from around 2k on my credit file to 4.2k within a month.
I'm not sure if its the same sort of loan and have the exact same question.
I received this in reply to the email I sent them:
Thank you for your email. The reason for the increase in balance is because previously credit reference agency reporting only reported on the capital balance you borrowed and did not include the future interest. When reporting to credit reference agencies now we report the full balance which now includes the capital that is outstanding plus any future interest.

I too was wondering what happens if the debt gets sold on

henrryyyy

so, I sent token payment letters out in the past week or so, just received an email from one creditor asking me to avoid sending paperwork via post unless absolutely necessary, and to keep all communication to email.(also asking me to call them today)
is this an acceptable way of making offers etc? it would save on postage fees. Would email communication be acceptable proof in court? ie if F&F offers were agreed in an email?

[Deleted User]

henrryyyy wrote: »

so, I sent token payment letters out in the past week or so, just received an email from one creditor asking me to avoid sending paperwork via post unless absolutely necessary, and to keep all communication to email.(also asking me to call them today)
is this an acceptable way of making offers etc? it would save on postage fees. Would email communication be acceptable proof in court? ie if F&F offers were agreed in an email?

Sorry, can't really give you the answers you seek. I expect sourcrates or one of the other posters will be along soon to put your mind at rest.

Interestingly, one of my creditors who hold 2 of my debts has asked me only to communicate in writing if at all possible or by telephone as emails are not secure:eek:. Obviously I wouldn't have transmitted bank or other financial details by email but I feel now it's best to just make sure that any emails that I do send to any creditor just include the most basic details. I like to stick to postal correspondence anyway as it's possible to include more sensitive information and I certainly don't intend to have to deal with any creditor on the phone.

Traveller_93

Hello again,

I wanted to ask if anybody has a letter template that asks for correspondence in writing only?
I cant deal with telephone calls!
I'm off to start my diary
Thank you

sourcrates

henrryyyy wrote: »

so, I sent token payment letters out in the past week or so, just received an email from one creditor asking me to avoid sending paperwork via post unless absolutely necessary, and to keep all communication to email.(also asking me to call them today)
is this an acceptable way of making offers etc? it would save on postage fees. Would email communication be acceptable proof in court? ie if F&F offers were agreed in an email?

As long as the wording removes you from all liability for the remainder of the debt, and you will not be chased for it by them or there agents, then it will be fine, yes.

Obviously print off a hard copy to keep just in case.

January2015

Traveller_93 wrote: »

Hello again,

I wanted to ask if anybody has a letter template that asks for correspondence in writing only?
I cant deal with telephone calls!
I'm off to start my diary
Thank you

Hi

Just write something like......

I write with reference to account number xxxxxxxxx. Please ensure all communication regarding this account is via written letter only. I do not give permission for you to contact me by telephone. I will always respond promptly to any letters received. I will contact you immediately if there is any change in our circumstances.

That should sort it for you