DMP Mutual Support Thread - Part 12

Zenboor

sourcrates wrote: »

Don't send the form bill, just make your token payments for now.

Your under no obligation to fill in any forms for anyone.

Assume your after the default ?

Just make token payments until that happens.

So if I want to ensure that my accounts are all defaulted, can I just stop all payments for 3-6 months then setup a DMP with SC? What is the purpose of the £1 token payment?

Sorry for the silly question but this morning I have cancelled all my DDs setup to pay my CCs and loans. Hoping to pay off some of the Payday loans and build up an emergency fund before starting the DMP.

I'm a little confused with all of this.

sourcrates

Zenboor wrote: »

So if I want to ensure that my accounts are all defaulted, can I just stop all payments for 3-6 months then setup a DMP with SC? What is the purpose of the £1 token payment?

Sorry for the silly question but this morning I have cancelled all my DDs setup to pay my CCs and loans. Hoping to pay off some of the Payday loans and build up an emergency fund before starting the DMP.

I'm a little confused with all of this.

You can stop all payments to hasten defaults, yes.

Some people are uncomfortable with that, as they expect the sky to fall in, in reality, it will hasten the defaulting of the account, and its eventual sale to a 3rd party.

You will get the usual letters and calls, if you don't make the contracted payments anyway, it's entirely up to you if you make token payments or not, you will end up with the same result.

Zenboor

sourcrates wrote: »

You can stop all payments to hasten defaults, yes.

Some people are uncomfortable with that, as they expect the sky to fall in, in reality, it will hasten the defaulting of the account, and its eventual sale to a 3rd party.

You will get the usual letters and calls, if you don't make the contracted payments anyway, it's entirely up to you if you make token payments or not, you will end up with the same result.

Thanks for the clarification. Is it advisable to make contact with the creditors during the 3-6 months it will take to get defaulted? I'm unsure what would happen if I ignored calls/letters until they are defaulted then setup the DMP. How would the creditors react to no contact/payment for 6 months followed by a proposal of minimal payment?

Billy12345

sourcrates wrote: »

Don't send the form bill, just make your token payments for now.

Your under no obligation to fill in any forms for anyone.

Assume your after the default ?

Just make token payments until that happens.

Thanks sourcrates.

Yes after the default as quicky as possible. NEDCAB templates say to send the i and e form now and cap one have asked for it, are you saying just send them a letter instead.

sourcrates

Zenboor wrote: »

Thanks for the clarification. Is it advisable to make contact with the creditors during the 3-6 months it will take to get defaulted? I'm unsure what would happen if I ignored calls/letters until they are defaulted then setup the DMP. How would the creditors react to no contact/payment for 6 months followed by a proposal of minimal payment?

Billy12345 wrote: »

Thanks sourcrates.

Yes after the default as quicky as possible. NEDCAB templates say to send the i and e form now and cap one have asked for it, are you saying just send them a letter instead.

Guys,

If you want your accounts to default as soon as possible, the best way is to just not pay anything.

The debt collection process can take a very long time, the creditor will go through their usual collection procedures, calls, letters etc, makes no odds if you keep in touch or not, eventually the accounts will default, and then most likely sold.

It's at the point the new creditor contacts you, that you make your payment arrangement.

Original creditors don't usually take legal action, they simply sell the debt on, that's the usuall procedure 99% of the time, obviously keep your eyes open and read the letters you receive, and act accordingly, but to get your accounts defaulted, then that's what you need to do.

Billy12345

sourcrates wrote: »

Guys,

If you want your accounts to default as soon as possible, the best way is to just not pay anything.

The debt collection process can take a very long time, the creditor will go through their usual collection procedures, calls, letters etc, makes no odds if you keep in touch or not, eventually the accounts will default, and then most likely sold.

It's at the point the new creditor contacts you, that you make your payment arrangement.

Original creditors don't usually take legal action, they simply sell the debt on, that's the usuall procedure 99% of the time, obviously keep your eyes open and read the letters you receive, and act accordingly, but to get your accounts defaulted, then that's what you need to do.

Brilliant :beer: thanks for that sourcrates.

Bit of good news today I complained to Santander about not defaulting my loan, they agreed to backdate it to January this year (better than nothing) and are sending me a cheque for £150 by way of compensation.

I wouldnt have complained if it werent for this forum so thanks guys :j

BeingDebtFreeStartsHere

January2015 wrote: »

Hi everyone

Apologies that I haven't been around much lately - life has interrupted. I'm likely not to be around much until at least towards the end of June.

Thank you CBC and motivated for the messages checking I'm okay

Hope you are all doing well - I haven't even had chance to read and catch up on all your progess and meet new members.

Take care - and never fear.....in the words of Arnie.... I'll be back

Hope all ok Jan - looking forward to having you back in a few weeks

Hasta la vista!!!

BDFSH x

spiffyiffy

sourcrates wrote: »

PRA group.

They are legally obligated to pass the request to the original creditor, it also has the benefit of informing them of your intentions, so that they will put accounts "on hold" until the requests have been complied with.

Thanks again. Regarding the defaults; I have a letter ready now to send to change the dates as they should be a lot earlier but would I send this again to original creditor or to PRA Group, etc.

sourcrates

spiffyiffy wrote: »

Thanks again. Regarding the defaults; I have a letter ready now to send to change the dates as they should be a lot earlier but would I send this again to original creditor or to PRA Group, etc.

Whoever issued the default.

make_the_change

Wondering if anyone has dealt with these companies.

Have a debt with Next who just send monthly reminders about setting up a payment plan but nothing else. I haven't paid them for about 6 months.

Capital One debt was being managed by someone and been passed back to the original creditor. Again not paid them anything for a few months and not heard from them.

Anyone know what to expect as slightly concerned why both are so quiet?!