DMP mutual support thread part 13 !!

Floss

sourcrates said:

It means its an equitable assignment, the debt has been assigned to Wescott to manage basically.

They can ask you to pay the debt, but cannot take action to force you to do so.

If it was a legal assignment, that would mean they had bought the debt, and could use the courts to get you to pay.

DCA `s never use clear and precise language in these matters, its all part of the game to keep you constantly thinking.

Thank you 😊 

CommanderShepard

Hi all, looking for advice on emails and texts I’m receiving from Opos limited. 

They don’t explain who the supposed debt is with they’ve just provided login details for an account to make a payment. 

I’m racking my brain for what the debt could be, but I’ve been good with money for years now and have settled most, if not all of my debts from around 2014/15. 

Should I ignore the emails or contact them? Or even just login to the account to see what it is? 

lillypoo

sourcrates said:

lillypoo said:

Hi everyone

I've touched on this elsewhere in dfwb, but I'm having a bit of a stress tonight so wanted to get clarification.

I'm at the start of not making payments on my debts and building up an EF while waiting for defaults

I've stopped using lloyds bank and set up a basic elsewhere.  But the llloyds current account is 2500 in debit on an agreed overdraft. At this stage I haven't told them anything, but it will be racking up £2.50 per day interest.

2 of my debts are lloyds credit cards.

Should I contact them about the o/d? Or do I just stay quiet for the next few months? Can an o/d default? Sorry ...just having one of  those OMG moments and feeling confused.

Any advice much appreciated

It can be difficult with overdrafts, as you are not contracted to any kind of monthly repayments with them.

What usually happens is the charges start racking up, and once they reach a point where the bank is no longer comfortable covering them, they will freeze the account.

At that point they would give you options no doubt, and if you were unable to comply, the debt would default, the OD would close, and it would become just another non priority debt to service.

One thing about Lloyds, they do have a good support network you can access if your struggling, via their app or online banking.
You can request they freeze interest, its usually for up to 6 months, it was longer during the pandemic.

Now this may or may not be of any help, but there is no harm telling them your intentions.

Sourcrates. If I call them tomorrow, tell them I'm seeking advice because I can't afford to pay it back and ask fir charges to be paused  is that likely to result in an arrangement to pay on my file? 

sourcrates

CommanderShepard said:

Hi all, looking for advice on emails and texts I’m receiving from Opos limited. 

They don’t explain who the supposed debt is with they’ve just provided login details for an account to make a payment. 

I’m racking my brain for what the debt could be, but I’ve been good with money for years now and have settled most, if not all of my debts from around 2014/15. 

Should I ignore the emails or contact them? Or even just login to the account to see what it is? 

Send the provit letter to them, available in the stickie blow this thread.

sourcrates

lillypoo said:

sourcrates said:

lillypoo said:

Hi everyone

I've touched on this elsewhere in dfwb, but I'm having a bit of a stress tonight so wanted to get clarification.

I'm at the start of not making payments on my debts and building up an EF while waiting for defaults

I've stopped using lloyds bank and set up a basic elsewhere.  But the llloyds current account is 2500 in debit on an agreed overdraft. At this stage I haven't told them anything, but it will be racking up £2.50 per day interest.

2 of my debts are lloyds credit cards.

Should I contact them about the o/d? Or do I just stay quiet for the next few months? Can an o/d default? Sorry ...just having one of  those OMG moments and feeling confused.

Any advice much appreciated

It can be difficult with overdrafts, as you are not contracted to any kind of monthly repayments with them.

What usually happens is the charges start racking up, and once they reach a point where the bank is no longer comfortable covering them, they will freeze the account.

At that point they would give you options no doubt, and if you were unable to comply, the debt would default, the OD would close, and it would become just another non priority debt to service.

One thing about Lloyds, they do have a good support network you can access if your struggling, via their app or online banking.
You can request they freeze interest, its usually for up to 6 months, it was longer during the pandemic.

Now this may or may not be of any help, but there is no harm telling them your intentions.

Sourcrates. If I call them tomorrow, tell them I'm seeking advice because I can't afford to pay it back and ask fir charges to be paused  is that likely to result in an arrangement to pay on my file? 

No, freezing interest is not an arrangement to pay, as I said before, there are no mandatory repayments with an OD, so no risk of AP markers, but an eventual default, yes.

You don`t need to call them, it can be done on the banking app.

lillypoo

sourcrates said:

lillypoo said:

sourcrates said:

lillypoo said:

Hi everyone

I've touched on this elsewhere in dfwb, but I'm having a bit of a stress tonight so wanted to get clarification.

I'm at the start of not making payments on my debts and building up an EF while waiting for defaults

I've stopped using lloyds bank and set up a basic elsewhere.  But the llloyds current account is 2500 in debit on an agreed overdraft. At this stage I haven't told them anything, but it will be racking up £2.50 per day interest.

2 of my debts are lloyds credit cards.

Should I contact them about the o/d? Or do I just stay quiet for the next few months? Can an o/d default? Sorry ...just having one of  those OMG moments and feeling confused.

Any advice much appreciated

It can be difficult with overdrafts, as you are not contracted to any kind of monthly repayments with them.

What usually happens is the charges start racking up, and once they reach a point where the bank is no longer comfortable covering them, they will freeze the account.

At that point they would give you options no doubt, and if you were unable to comply, the debt would default, the OD would close, and it would become just another non priority debt to service.

One thing about Lloyds, they do have a good support network you can access if your struggling, via their app or online banking.
You can request they freeze interest, its usually for up to 6 months, it was longer during the pandemic.

Now this may or may not be of any help, but there is no harm telling them your intentions.

Sourcrates. If I call them tomorrow, tell them I'm seeking advice because I can't afford to pay it back and ask fir charges to be paused  is that likely to result in an arrangement to pay on my file? 

No, freezing interest is not an arrangement to pay, as I said before, there are no mandatory repayments with an OD, so no risk of AP markers, but an eventual default, yes.

You don`t need to call them, it can be done on the banking app.

Thanks ..just done it. Last time I tried on the app it asked if I was concerned about my lloyds CCs and I said yes so it sent me to a phone call.  This time I said no and it's put charges on hold for 30 days.

Your help is genuinely appreciated. Thank you 

CommanderShepard

sourcrates said:

CommanderShepard said:

Hi all, looking for advice on emails and texts I’m receiving from Opos limited. 

They don’t explain who the supposed debt is with they’ve just provided login details for an account to make a payment. 

I’m racking my brain for what the debt could be, but I’ve been good with money for years now and have settled most, if not all of my debts from around 2014/15. 

Should I ignore the emails or contact them? Or even just login to the account to see what it is? 

Send the provit letter to them, available in the stickie blow this thread.

Done. Thank you. 

Thejourneybegins

Hi. Looking for some advice. I’ve got 99% of the answers by reading through the very helpful and informative posts and responses, so thanks all for this. I’m about to embark on a self managed DMP, which this site has given me the confidence to do so and wondered if the advice was should be that I?
a) send a letter to each creditor explaining I’m experiencing financial difficulties and will be in touch once I’ve taken advice, before I start missing payments
b) Send these letters shortly after I start missing payments
c) or just make zero contact?

I then as I’ve seen advised many times on here, would wait for defaults until I set up the self managed DMP, but just wondered if it generally worked better to inform them early on.

Thanks in advance for the advice and for the great content and support on here. I’m obviously nervous about the journey ahead, but feel empowered by reading all the stories and words of wisdom!

Flipflopsonpebblebeach

I got myself into about 40k worth of debt

Flipflopsonpebblebeach

I've got myself into about 40k worth of debt. A family member became a widower and developed bad health so together with my parents we've had to financially provide for him and his three teenage children. 
I earn a good salary. But I've somehow let things get on top of me and so I panicked thinking I wouldn't be able to keep up all my repayments to credit cards and loans. 
I started a DMP with PayPlan. However one of the creditors told me that after about five months, even though PayPlan are paying them, it will count as a defaulted loan and it will affect my credit rating. 
Does anyone know whether this would seriously affect my ability to get a new mortgage or what other impact this would have? 
Do I have time to stop the DMP and switch back to finding 0% credit cards etc to try and avoid getting a bad credit rating?
Thanks in advance.