DMP mutual support thread part 13 !!

sourcrates

gerrard88 said:

Got 4 credit cards with lots of debt

currently added breathing space to all for 60 days bur going past that now until they default so can then go with step change

anyone know from experience etc how long should go before they are defaulted?

thanks in advance

Again, another one that would be best suited to the general thread.

FCA guidance states a default can be registered after between 3/6 missed contractual repayments.

In practice some lenders default sooner, some default later, there is no way of predicting when it will happen, but you will be informed in writing when a creditor is proposing to take this action.

CONC 7.3 FCA Handbook explains more, unfortunately it is not that DMP friendly in that guidance states creditors should show forbearance with those in debt, and not apply defaults too quickly.

CONC 7 - FCA Handbook

Ok if your issues are short term and you want to use the account again, not so good if you want to enter debt management.

Best advice is use your common sense and treat each lender individually.

funny_bunny

Hi @sourcrates@fatbelly and all 

I have agreed and setup a token payment with three DCAs for five debts (except for an OD which hasn't defaulted yet).

Today I received a letter from Capquest informing Drydens will be managing the account of £12k (credit card) on behalf of Capquest and asked me to contact Drydens directly for details or if I am experiencing financial dificulty.

Last time, Capquest used Opos to collect this debt and by the time I attempted to setup a token payment, Opos closed the account, and I guess returned it to Capquest; since then I haven't received any contact from Capquest and just I left it that way.

Question is: is this just another collection procedure or escalation for possible CCJ in the future as Drydens Solicitors sounds a bit scary though!

I haven't heard/dealt with them before so any advice is appreciated.

Thank you.

Sly72

funny_bunny said:

Hi @sourcrates@fatbelly and all 

I have agreed and setup a token payment with three DCAs for five debts (except for an OD which hasn't defaulted yet).

Today I received a letter from Capquest informing Drydens will be managing the account of £12k (credit card) on behalf of Capquest and asked me to contact Drydens directly for details or if I am experiencing financial dificulty.

Last time, Capquest used Opos to collect this debt and by the time I attempted to setup a token payment, Opos closed the account, and I guess returned it to Capquest; since then I haven't received any contact from Capquest and just I left it that way.

Question is: is this just another collection procedure or escalation for possible CCJ in the future as Drydens Solicitors sounds a bit scary though!

I haven't heard/dealt with them before so any advice is appreciated.

Thank you.

Hi Capquest did the same to me, but said in the letter they had reduced the debt, so i would not be charged as much in court Fees. You will now have to deal directly with Drydens they will send you a letter asking to contact them to setup a payment plan with X days if you don't they will then start CCJ action. 

I did make contact via online chat portal and then posted a letter saying this is what i could afford, all accepted, no CCJ , my advise don't ignore them.

Also to ADD i sent in a CCA request to Capquest (Virgin Credit Card) they sent me a letter informing me they could not locate it. But Drydens did so be warned.

sourcrates

@funny_bunny

Dryden`s may consider taking legal action, it depends on how you deal with them. 

Note what Capquest have said -

"contact Dryden`s directly for details or if I am experiencing financial difficulty"

Now in all likelihood, they (Dryden`s) will write to you, you should then respond informing them of your circumstances, and that all you can afford currently are token payments, or whatever strategy it is you wish to employ.

You treat them no differently to any other DCA, anyone can take legal action against anyone else, they are nothing special.

Remember, they must follow the civil procedure rules, a letter before action must be sent before any intended legal action, that gives you 30 days to arrange an affordable payment plan.

Courts use the same budget that Dryden`s do, to determine payments, so you will never be forced to pay more than what is affordable should it progress to the courts.

Legal action is nothing to be afraid of, or to be upset by, it`s simply another stage, you occasionally have to go through, once you understand the process you realise it benefits you and the creditor, but is generally used by creditors as am underhand threat to force you to pay.

wildheart83

I'm currently 2 years into my DMP, originally it was through SC, now self managed. I've been offered a great new job, starting when my notice period has been worked so a wee while away.

The combination of moving pay dates, and repaying a hefty amount to my employer means that I need to cut my expenses from now until probably September, when the new salary kicks in. 

Is there an easy way to contact my creditors to offer token payments until then? Is it just a case of saying I've had a drop in income so for a few months I can only pay £xx per month instead of £yy for a while?

I'll be using my emergency fund to cover as much and stopped all payments to sinking funds etc as I can but it's not enough

Lady4806

I have just received a letter from Drydens giving me only 2 days to respond to them on a debt they are instructed by Virgin Money credit card and threatening that a letter of claim is the next stage. How should i respond as i am currently undergoing intensive chemotherapy and I cannot get my head in the zone with this at the moment. Appreciate advice on this please. 

Moveslikeagger

Lady4806 said:

I have just received a letter from Drydens giving me only 2 days to respond to them on a debt they are instructed by Virgin Money credit card and threatening that a letter of claim is the next stage. How should i respond as i am currently undergoing intensive chemotherapy and I cannot get my head in the zone with this at the moment. Appreciate advice on this please. 

Either ignore them or tell them whats happening and inform them that you will only pay them 5 quid a month. Either way dont worry as obviously you have far more important things going on. Dont worry about debts. Hope your health is ok

Lady4806

Moveslikeagger said:

Lady4806 said:

I have just received a letter from Drydens giving me only 2 days to respond to them on a debt they are instructed by Virgin Money credit card and threatening that a letter of claim is the next stage. How should i respond as i am currently undergoing intensive chemotherapy and I cannot get my head in the zone with this at the moment. Appreciate advice on this please. 

Either ignore them or tell them whats happening and inform them that you will only pay them 5 quid a month. Either way dont worry as obviously you have far more important things going on. Dont worry about debts. Hope your health is ok

Thanks very much for your reply. I will tell them my situation. Should i request evidence of a Credit Agreement. I hope they could atleast consider that i am fighting a life threatening cancer and don’t have time or ability to attend courts etc. 

Moveslikeagger

They wont take you to court. just tell them you will pay a fiver a month due to your current situation. then pay and ignore. eventually they stop calling and writing and just accept it. they did for me anyway 

Sly72

Lady4806 said:

I have just received a letter from Drydens giving me only 2 days to respond to them on a debt they are instructed by Virgin Money credit card and threatening that a letter of claim is the next stage. How should i respond as i am currently undergoing intensive chemotherapy and I cannot get my head in the zone with this at the moment. Appreciate advice on this please. 

They have an online portal you can register with and send messages, use this explain your situation, at least everything is logged.