DMP mutual support thread part 13 !!

Floss

sourcrates said:

Floss said:

Just a couple of quick questions: Natwest has confirmed in writing that they will no longer collecting their debt. Am I at risk of this being sold on in future, or can I now forget about it (and if so, how will it show on my record?)

What does the letter say ?

"the Bank will no longer pursue the balance held on your NatWest Credit Card in your lifetime"

sourcrates

Floss said:

sourcrates said:

Floss said:

Just a couple of quick questions: Natwest has confirmed in writing that they will no longer collecting their debt. Am I at risk of this being sold on in future, or can I now forget about it (and if so, how will it show on my record?)

What does the letter say ?

"the Bank will no longer pursue the balance held on your NatWest Credit Card in your lifetime"

Make sure you keep that letter, usually they tell you how your credit file will be marked, but I would expect they will mark it as closed, and it will drop off your file in the fullness of time.

Floss

sourcrates said:

Floss said:

sourcrates said:

Floss said:

Just a couple of quick questions: Natwest has confirmed in writing that they will no longer collecting their debt. Am I at risk of this being sold on in future, or can I now forget about it (and if so, how will it show on my record?)

What does the letter say ?

"the Bank will no longer pursue the balance held on your NatWest Credit Card in your lifetime"

Make sure you keep that letter, usually they tell you how your credit file will be marked, but I would expect they will mark it as closed, and it will drop off your file in the fullness of time.

Thanks - they sent it by email first, but I asked for a paper letter, thinking that it would then be in their records.

Dansjp

Hi, i've been self managing a DMP for around 6 months now. Waiting for defaults and then sending equitable distribution letter of available income to creditors once the default has been registered. 6 out 8 creditors have accepted without a problem and whilst i'm making small payments the accounts remain in default status which is what i expect. The most recent company to default me has written back and accepted my proposal but on a temporary 6 month basis whereby after that my account will revert to normal terms and conditions. It's not happened yet but i think this means they'll mark my account as an arrangement to pay rather than remaining in default status. Is there anything i can do about this please? 

sourcrates

Dansjp said:

Hi, i've been self managing a DMP for around 6 months now. Waiting for defaults and then sending equitable distribution letter of available income to creditors once the default has been registered. 6 out 8 creditors have accepted without a problem and whilst i'm making small payments the accounts remain in default status which is what i expect. The most recent company to default me has written back and accepted my proposal but on a temporary 6 month basis whereby after that my account will revert to normal terms and conditions. It's not happened yet but i think this means they'll mark my account as an arrangement to pay rather than remaining in default status. Is there anything i can do about this please? 

Yes, don`t pay them.

Dansjp

sourcrates said:

Dansjp said:

Hi, i've been self managing a DMP for around 6 months now. Waiting for defaults and then sending equitable distribution letter of available income to creditors once the default has been registered. 6 out 8 creditors have accepted without a problem and whilst i'm making small payments the accounts remain in default status which is what i expect. The most recent company to default me has written back and accepted my proposal but on a temporary 6 month basis whereby after that my account will revert to normal terms and conditions. It's not happened yet but i think this means they'll mark my account as an arrangement to pay rather than remaining in default status. Is there anything i can do about this please? 

Yes, don`t pay them.

Thank you, further to this i've since checked my credit report to find on Experian the account was defaulted 6th July. Can they reverse this and mark it as arrangement to pay? If so, i wasn't aware they could and begs the question why have other creditors who defaulted me and have accepted a payment proposal not done the same? Any idea please?  

sourcrates

Dansjp said:

sourcrates said:

Dansjp said:

Hi, i've been self managing a DMP for around 6 months now. Waiting for defaults and then sending equitable distribution letter of available income to creditors once the default has been registered. 6 out 8 creditors have accepted without a problem and whilst i'm making small payments the accounts remain in default status which is what i expect. The most recent company to default me has written back and accepted my proposal but on a temporary 6 month basis whereby after that my account will revert to normal terms and conditions. It's not happened yet but i think this means they'll mark my account as an arrangement to pay rather than remaining in default status. Is there anything i can do about this please? 

Yes, don`t pay them.

Thank you, further to this i've since checked my credit report to find on Experian the account was defaulted 6th July. Can they reverse this and mark it as arrangement to pay? If so, i wasn't aware they could and begs the question why have other creditors who defaulted me and have accepted a payment proposal not done the same? Any idea please?  

No, once defaulted, that`s it, default status takes precedence, and will show that way for 6 years now regardless of what you do.
The advisor didn`t know what they were talking about.
This is why it makes more sense not to pay anything until the debt is either sold on, or assigned to a collection agency, original creditors just mess you about in the vain belief they are helping you, a lot of the call handlers are unaware of the different stages of debt collection, what defaults are, etc.

Most just read from a script, and if you venture off that they become lost.

Dansjp

sourcrates said:

Dansjp said:

sourcrates said:

Dansjp said:

Hi, i've been self managing a DMP for around 6 months now. Waiting for defaults and then sending equitable distribution letter of available income to creditors once the default has been registered. 6 out 8 creditors have accepted without a problem and whilst i'm making small payments the accounts remain in default status which is what i expect. The most recent company to default me has written back and accepted my proposal but on a temporary 6 month basis whereby after that my account will revert to normal terms and conditions. It's not happened yet but i think this means they'll mark my account as an arrangement to pay rather than remaining in default status. Is there anything i can do about this please? 

Yes, don`t pay them.

Thank you, further to this i've since checked my credit report to find on Experian the account was defaulted 6th July. Can they reverse this and mark it as arrangement to pay? If so, i wasn't aware they could and begs the question why have other creditors who defaulted me and have accepted a payment proposal not done the same? Any idea please?  

No, once defaulted, that`s it, default status takes precedence, and will show that way for 6 years now regardless of what you do.
The advisor didn`t know what they were talking about.
This is why it makes more sense not to pay anything until the debt is either sold on, or assigned to a collection agency, original creditors just mess you about in the vain belief they are helping you, a lot of the call handlers are unaware of the different stages of debt collection, what defaults are, etc.

Most just read from a script, and if you venture off that they become lost.

Thank you again and apologies to bleat on but this is a letter I’ve recieved dated September and not a call handler. I’ve adopted the only deal with debtors in writing approach. Maybe it’s just a template or should I write back to explain I do not accept an arrangement to pay as the account is in default status but I’ll make payments I’ve offered anyway? I’m a little confused because not making them a payment now is the complete opposite of the offer I made them. I probably should’ve waited longer from what your saying but I understood once it was defaulted this is the way to go sort of thing. 

sourcrates

Dansjp said:

sourcrates said:

Dansjp said:

sourcrates said:

Dansjp said:

Hi, i've been self managing a DMP for around 6 months now. Waiting for defaults and then sending equitable distribution letter of available income to creditors once the default has been registered. 6 out 8 creditors have accepted without a problem and whilst i'm making small payments the accounts remain in default status which is what i expect. The most recent company to default me has written back and accepted my proposal but on a temporary 6 month basis whereby after that my account will revert to normal terms and conditions. It's not happened yet but i think this means they'll mark my account as an arrangement to pay rather than remaining in default status. Is there anything i can do about this please? 

Yes, don`t pay them.

Thank you, further to this i've since checked my credit report to find on Experian the account was defaulted 6th July. Can they reverse this and mark it as arrangement to pay? If so, i wasn't aware they could and begs the question why have other creditors who defaulted me and have accepted a payment proposal not done the same? Any idea please?  

No, once defaulted, that`s it, default status takes precedence, and will show that way for 6 years now regardless of what you do.
The advisor didn`t know what they were talking about.
This is why it makes more sense not to pay anything until the debt is either sold on, or assigned to a collection agency, original creditors just mess you about in the vain belief they are helping you, a lot of the call handlers are unaware of the different stages of debt collection, what defaults are, etc.

Most just read from a script, and if you venture off that they become lost.

Thank you again and apologies to bleat on but this is a letter I’ve recieved dated September and not a call handler. I’ve adopted the only deal with debtors in writing approach. Maybe it’s just a template or should I write back to explain I do not accept an arrangement to pay as the account is in default status but I’ll make payments I’ve offered anyway? I’m a little confused because not making them a payment now is the complete opposite of the offer I made them. I probably should’ve waited longer from what your saying but I understood once it was defaulted this is the way to go sort of thing. 

Honestly, you should not pay attention to what you think they may do, check the facts using FCA guidance.

Debt camel covers the issue here -

Paying a defaulted account & your credit score · Debt Camel

Allow me to clarify further, the default status trumps everything, it cannot be reversed once defaulted, its a line in the sand, your agreement has been breached, and come to an end, your account with them will now be reported as "in default" a big red "D" will be shown on your credit file, it will be reported that way for 6 full years, no further marks or reporting will take place, no matter what you or they do.

I would assume the letter is a standard template they send to everyone, they will accept your part payment for 6 months then would look to sell the debt if you didn`t up your payments.

This letter will not take your specific circumstances into account, it`s nothing at all to do with how your account is reported to the CRA`s.

Wimbledonwomble

Hi everyone. New here so please be patient with me. 
I had £29,000 debt 4 years ago . With stepchange on DMP and now debt Is £2,883 .

Is it normal to be finding the last stretch very challenging? I have had to retire with a disability( had intended to carry on well into retirement but only managed till age 70) 

I have reviewed my budget twice recently.  I have state pension plus a tiny private pension . I get PIP highest rate for mobility.  

I have had to reduce payments twice due to expensive dental issues which more  than wiped out my emergency fund .I now pay £340 a month to DMP. I was paying £600 and something .

On paper the budget looks do-able but everything seems so difficult. 

Quite prepared to be told its me .