What to Expect...!

CreditMonkey

Just got our first communication since contacting CCCS and setting up a DMP. Its a letter from Barclays and refers to an Overdraft £3k and a graduate loan £3K. It says that they have carefully considered our offer of payment but it would not allow the debt to be repaid within an acceptable time period. They have no alternative than to send a Termination Notice (does this mean Arnie comes round with a big gun) and that our account is now being closed and will no longer be managed by them and will be refered for recovery action by an appointed agent. I came home from work to find this and I don't know if CCCS phone line still open but can't ring cause got friends round. Also our welcome pack not arrived yet so not sure what to expect. Help please.

:eek:

CreditMonkey

Ok have i upset anybody because i seem to be the only post without any replies. Someone help me please please please.

CLAPTON

Once you default on your debts as you will do as you are entering a DMP you can expect some or all of the following:

your creditors may
-default your accounts, record this on your credit record so trashing it for 65 years.
-some will initially try to scare you into paying more to them than your other credits by
a. refusing to accept your offer of reduced payments
b. threaten court action (i.e. CCJ)
c. threaten vague things like passing it to their enforcement department
d. threaten a charging order on the house (if you are a property owner )
e. threaten to send round debt collectors/bailiffs
f. continually write and/or phone you demanding payment



However they usually dont carry out their threats but in any event if you dont have the money you can't pay them.

If they do take you to court its very very likely the judge will only order you to pay what CCCS have already recommended which is why very few actually go to court as it costs them money and they gain nothing extra.

So you must

a. stick to the payments you agree with CCCS
b. if they phone do not discuss payments at all but tell them they must deal with CCCS and not to phone you but only to write.
c. if they continue to phone, tell them that you consider this harrassment and will make a formal complaint
d. Just let CCCS deal with the creditors
e. try not to panick and remember that debt is not a criminal offence in the UK and most of their threats are empty.

After a while they usually accept the reduced payments and phone calls and letters stop. However there is no certainty because in depends upon your specific circumstances and the creditors.

Megatimbo

Hello creditmonkey,dont worry people sometimes miss peoples threads,as the board tends to move along at a pace.

I`m no expert as i have never been in your situation and thankfully have managed to sort out my finances without resorting to a CCCS or other helpful agencies.

I asume that the offer to repay your overdraft and loan was unacceptable to Barclays,i would go back to CCCS and show them the letter,i`ll assume that Barclays are wanting more money than you can afford,so i wouldnt let them preassure you into it thats where people can feel that their case is hopeless,but it isnt.

Have barclays agreed to freeze charges? and can you claim any charges back from them with regards your Overdraft

Good luck regards M

CreditMonkey

I like the churchill quote. I'm not really to worried about nasty calls etc although don't relish the thought of a bailliff visit, but hopefully taking on board what you have said we shouldn't get one as can stick to the plan without to much problem. That info was reassuring and i'll be sure to contact CCCS asap as we havent had our welcome pack yet so not upto speed on all this yet. Nice to know that a high street bank is so supportive of its customers and just drops you like a stone(Well done BARCLAYS, thanks for that, customer service award in the post), thankfully we had just opened a new account and phoned all our utilities suppliers with the new details.

No really do appreciate your info there guys keep fighting the good fight.