DMP mutual support thread part 13 !!

Rud0lf

I have been sent a letter from we5cot offering me a full and final offer where the balance is reduced by 20% can be repaid over 6 months. Has anyone managed to negotiate one of these offers down? I could just about manage over 6 months but wouldn't leave much room for Christmas saving etc. A slightly bigger reduction would make it more doable. If so what is the best method of communication?

Thanks in advance x

mrjoshua88

Currently in the process of waiting for accounts to default and was just wondering how exactly you know when this occurs? Do you get a letter from the creditor explicitly saying so? Just feeling inexplicably anxious about the whole waiting process.

sourcrates

mrjoshua88 said:

Currently in the process of waiting for accounts to default and was just wondering how exactly you know when this occurs? Do you get a letter from the creditor explicitly saying so? Just feeling inexplicably anxious about the whole waiting process.

Yes a default notice will be issued under sec 87 consumer credit act.
They will ask for full payment of arrears within 14 days or the account will be defaulted and you will be subject to all kinds of bad things.
Ignore the bad things, they won`t happen, let them default you, job done.

Suseka97

Rud0lf said:

I have been sent a letter from we5cot offering me a full and final offer where the balance is reduced by 20% can be repaid over 6 months. Has anyone managed to negotiate one of these offers down? I could just about manage over 6 months but wouldn't leave much room for Christmas saving etc. A slightly bigger reduction would make it more doable. If so what is the best method of communication?
Thanks in advance x

If they've offered 'out of the blue' then you could make a counteroffer and see how they respond; no harm trying. We are closing in on the end of a financial year, so they may well be agreeable just so they can hit their profit line for the year. 

Suseka97

mrjoshua88 said:

Currently in the process of waiting for accounts to default and was just wondering how exactly you know when this occurs? Do you get a letter from the creditor explicitly saying so? Just feeling inexplicably anxious about the whole waiting process.

It depends, some creditors will send a letter formally advising they have defaulted -but not all do.  Regardless of whether you receive letters or not, its best to keep an eye on your credit file and chase defaults if they don't appear after 6 months or so.

Whymeagain

I've just checked my credit file and annoyed to see 2 creditors haven't defaulted, despite my having entered a self managed DMP back in 2016.  So while the majority of debts are getting close to the 6 year mark, these two aren't even defaulted.  Is there anything to be done?  Can I demand they are back dated?  Thank you 

sourcrates

Whymeagain said:

I've just checked my credit file and annoyed to see 2 creditors haven't defaulted, despite my having entered a self managed DMP back in 2016.  So while the majority of debts are getting close to the 6 year mark, these two aren't even defaulted.  Is there anything to be done?  Can I demand they are back dated?  Thank you 

No you don`t demand anything, that will just get you ignored.
You write a nice letter and ask them to default your account due to your circumstances, citing the fact that its unfair on you to have your credit file affected for longer than someone who has ignored their debt completely.
Ask them to backdate the default to when you first got into trouble.

cherokee

Hello, can anyone tell me what "delinquent" exactly means on credit file (Next account).  They have been very slow to default and even now i am not sure that is what has happened. I've been paying an amount in my DMP for a few months now to them. Does delinquent mean the same as default please?

sourcrates

cherokee said:

Hello, can anyone tell me what "delinquent" exactly means on credit file (Next account).  They have been very slow to default and even now i am not sure that is what has happened. I've been paying an amount in my DMP for a few months now to them. Does delinquent mean the same as default please?

No, it just means that the contracted payment has not been made to the account for at least 30 days or more.
Its just another way to describe the accounts status, it does not mean its defaulted, only "default" means that.

cherokee

sourcrates said:

cherokee said:

Hello, can anyone tell me what "delinquent" exactly means on credit file (Next account).  They have been very slow to default and even now i am not sure that is what has happened. I've been paying an amount in my DMP for a few months now to them. Does delinquent mean the same as default please?

No, it just means that the contracted payment has not been made to the account for at least 30 days or more.
Its just another way to describe the accounts status, it does not mean its defaulted, only "default" means that.

thank you for that.  I can't get Next to default on the debt and I don't know how to do it.  They have sent an email from Brecon Debt Recovery, which seem to be a subsidiary of Next? Is there anything i can do to get them to default it? thank you