DMP Mutual Support Thread - Part 12

sourcrates

Just_Afloat wrote: »

Thanks Suseka97, my biggest worry is if I go self managed and pay token payments to my creditors, a charge or CCJ will arrive because I own 50%share of home with my partner, we bought this house 11 years ago with the right to buy scheme, which paid our 25% deposit and whenever we sell they already have a first charge, (I think that is the correct term), so will get back 25% of any sale, which I have no problem with. Currently I pay around 1100 pounds to my creditors through stepchange each month so would have to tell a pretty big whopper to drop my payments to tokens?
LBM Aug 2015, 73K
Current 41K, 3 years to debt free.

Going self managed will have no detrimental effect on you whatsoever, and certainly will not encourage creditors to take court action, also if there is already a 1st charge on your property, then a further charge would only be in the form of a restriction, as the house is jointly owned, and the debts are just in your name, so thats a non issue.

You are doing extremely well to pay back £1100 a month, if the only issue you are having is the Halifax charging interest, then write to them and ask them not to, tell them you realise they can charge you interest, but would rather all your payment went to reducing your debt rather than increasing their profits, and if they continue to do so, you will have to re-think your position.

Be firm, but fair, that should be your next step, independent of stepchange.

sourcrates

henrryyyy wrote: »

I too received a letter today saying my account has been assigned to asset link capital. I also received no default notice.
I wrote to all my creditors offering token payments a couple of weeks ago, in an attempt to get the accounts defaulted/sold. Now this creditor has done that, should I start making proper payments to asset link capital?

Have they placed a default on your credit file ?

Leanneglos1

Ahh sorry, I didn't see a specific answer, I did double check the thread before posting again.

I understand why the balance is 27K, this is the TAP over the 7 years, what i don't understand is what happens if and when it is s sold on to a DCA, how much will they sell it on for??

I don't know if I'm being stupid it's just confusing me:(

sourcrates

Leanneglos1 wrote: »

Ahh sorry, I didn't see a specific answer, I did double check the thread before posting again.

I understand why the balance is 27K, this is the TAP over the 7 years, what i don't understand is what happens if and when it is s sold on to a DCA, how much will they sell it on for??

I don't know if I'm being stupid it's just confusing me:(

It makes no difference what private business deal they strike between themselves, the new owner will chase you for the full outstanding balance leanne.

henrryyyy

sourcrates wrote: »

Have they placed a default on your credit file ?

not yet on noddle, still showing as up to date. Although that report is a few weeks old, im due a new one next week, although noddle tend to update the report when something significant happens

sourcrates

henrryyyy wrote: »

not yet on noddle, still showing as up to date. Although that report is a few weeks old, im due a new one next week, although noddle tend to update the report when something significant happens

Nothing happens quickly in these matters, i would assume a default will follow, you can basically ignore them until they say we will take you to court unless you agree terms.

Then the balls in your court.

Leanneglos1

Thanks for clarifying, makes me feel horrific knowing what was only 12K borrowed means i now need to pay back that much:(

henrryyyy

sourcrates wrote: »

Nothing happens quickly in these matters, i would assume a default will follow, you can basically ignore them until they say we will take you to court unless you agree terms.

Then the balls in your court.

They have said in their letter they would honour the informal arrangement in place of £17 a month and any interest which may have been being charged is now stopped. So those terms im more than happy with. Would it be a tactical error if I were to start paying them?

sourcrates

Leanneglos1 wrote: »

Thanks for clarifying, makes me feel horrific knowing what was only 12K borrowed means i now need to pay back that much:(

Remember debt purchasers are always willing to do deals at some point further down the line, usually the longer they have had the account on there books the better the deal available.

27k is a lot of money, especially for just one account, but just also remember that any reasonable repayment plan will most likely be accepted.

I dont know your personal circumstances, or how much you have to service your debts with, but i`d be trying to save some cash right now.

Suseka97

Just_Afloat wrote: »

Thanks Suseka97, my biggest worry is if I go self managed and pay token payments to my creditors, a charge or CCJ will arrive because I own 50%share of home with my partner, we bought this house 11 years ago with the right to buy scheme, which paid our 25% deposit and whenever we sell they already have a first charge, (I think that is the correct term), so will get back 25% of any sale, which I have no problem with. Currently I pay around 1100 pounds to my creditors through stepchange each month so would have to tell a pretty big whopper to drop my payments to tokens?
LBM Aug 2015, 73K
Current 41K, 3 years to debt free.

I see sourcrates has responded with his usual sound advice., But just to clarify, when i said to drop to tokens, if you found you had to go self-managed (assuming Hfx start charging interest) - I just meant to drop Hfx and pay the others are you are now. So you wouldn't have to tell big whoppers as such just a wee one to Hfx. Anyways, do as sourcrates advises and just focus on Hfx and see if they are prepared to be reasonable in the first instance.