Please help me, letter from SC

Robert85

Hi guys, 

Please could you tell what happens if I my offer from SC has been rejected?
What I need to do now?
Shall I send better offer or something else to do?
Thank you for help! 

The above creditor has rejected the payment we offered.
You don't need to worry about this, your plan will continue and we'll still send a payment to them.
Because TSB BANK PLC OVERDRAFTS have rejected your offer they may continue with their standards collection process, this could include passing your debt to a different company.
To make sure that your plan stays on track you need to let us know if this happens so that we can send payments to the new company instead

sourcrates

It tells you exactly what will happen in your post above, you don`t have to do anything unless/until TSB write to you, and tell you they have assigned the debt to someone else, in that case you just pass the letter on to stepchange.

Its very common for a creditor to say no, all that will happen is they will either pass the account to a DCA, or sell it, makes no difference to you who owns the debt, you still make your monthy stepchange payment.

All pefectly normal.

Robert85

sourcrates said:

It tells you exactly what will happen in your post above, you don`t have to do anything unless/until TSB write to you, and tell you they have assigned the debt to someone else, in that case you just pass the letter on to stepchange.

Its very common for a creditor to say no, all that will happen is they will either pass the account to a DCA, or sell it, makes no difference to you who owns the debt, you still make your monthy stepchange payment.

All pefectly normal.

Thank you very much for help @s@sourcrates

Does that means TSB Bank add more additional charges on top my currently debt which is £13.580,, if they decide to sell my debt to another company or passing the account to a DCA?


Thank you 

sourcrates

No, once defaulted all interest and charges stop, permanantly.

With Bank accounts where interest is charged daily, its best to get it defaulted as soon as possible, but banks can take ages to do so, charges continue to accrue, by not paying what they want you to pay, it may encourage them to sell the debt, and then it won`t continue to rise.

Also, please do not start multipe threads on the same subject in different forums, it just causes confusion, not least to me !!!!!

I have deleted the others, please stick to one thread per subject, thank you.

Robert85

sourcrates said:

No, once defaulted all interest and charges stop, permanantly.

Also, please do not start multipe threads on the same subject in different forums, it just causes confusion, not least to me !!!!!

I have deleted the others, please stick to one thread per subject, thank you.

Sure, I'm desperate to ask & recevining the answers from people they really can help me with this problem. It's going over my head. Sorry for mess. 
I have two more questions please. 

1)) In this case. Will debt collection receive any interest from my debt or it's stay how I pay right now with Stepchange?
2)) If this goes down as defaulted. This is means, TSB Bank will mark me in credit score badly? @sourcrates


Thank you for help @sourcrates

sourcrates

Up until it defaults, interest will continue to accrue (write and ask them to stop charging you, so you can better pay down your debt).

Your credit file is not your number one priority when in debt management, its bound to reflect your missed/late/defaulted payments, its only natural and to be expected, the time for credit file clean up is after you have repaid your debts, not during.

Robert85

sourcrates said:

Up until it defaults, interest will continue to accrue (write and ask them to stop charging you, so you can better pay down your debt).

Your credit file is not your number one priority when in debt management, its bound to reflect your missed/late/defaulted payments, its only natural and to be expected, the time for credit file clean up is after you have repaid your debts, not during.

@sourcrates thank you for time and help. 

The new DMP plan was rejected by TSB Bank but they didn't know why.

I talked with the TSB customer service debt collection and asked them if it was possible to stay with Stepchange and continue pay off the debt without accruing interest.
They told me to contact SC again and send the same offer again.
The person I talked with on the phone  mentioned that Tsb Bank stopped charging  interest and enabling for the first 12 months.
After this I need start paying for interest fess.
I can't see they will agree with the same a new DMP Plan from SC but I hope they change it.

I have started paid off my debt since 2019,June and I haven't missed any monthly payments with Stepchange £266. The new DMP Plan I increased up to £275 a month now.

So the best way now for me it's wait for TSB review the same offer from SC?

If they decide tp sell my debt or passing it I need accept it and everything stays the same for me?
When I finish paying off my debt I need to have a look for fix a credit file?

Fatsdom

Forget your credit file my friend. 

You are up to your eyeballs in debt, paying it off is your sole concern. 

Robert85

Fatsdom said:

Forget your credit file my friend. 

You are up to your eyeballs in debt, paying it off is your sole concern. 

Yes, I understand that very well. However, I would like to prepare how it all works and what are the consequences for x or y.
I'm ready to pay off the whole debt until December 2021, not April, 2024. 
Therefore, it is probably better if I can pay the debt with Stepchange directly to the bank TSB? Does it matter if I start paying back the debt from DCA or the debt collection company? And how it works in the case of credit file

MovingForwards

No creditor has to accept any offer, aside from full instalment as per the original agreement or full settlement.
Creditors accept lower amounts as they understand customers have financial issues.
SC will continue to pay TSB, even though TSB do not accept the offer.
If SC do not pay, TSB will instruct solicitors to issue proceedings against you.
While SC pay something to TSB you are 'safe' as a judge would take one look at the statement of affairs, all the letters SC sent to TSB with offers and come down on them like a ton of bricks and would probably award a CCJ to be paid by instalments as per SC's offer.
Eventually TSB will sell your debt on to another company for pennies to the pound.
The new company will receive a letter from SC, with your statement of affairs and instalment offer.
SC will pay the new company.

In a DMP your credit history will take a bashing, but it gets better with time. In time you can get credit cards, loans, mortgages etc.

It is difficult to start with, there's so many thoughts going through your head, guilt, could things have been done differently, would everything have been ok in a month or six, but the relief will also ease your stress on a day to day basis.

Let SC do what they are doing, it's for your benefit and will work itself out. They have to tell you what's going on as they act for you.

I got into a pickle in 2014 / 2015, loads of defaults, missed payments, even an AP marker and CCJ for just under £5k. 
I've now got 2 defaults waiting to fall off my credit file, my CCJ falls off the start of 2021.
Everything is paid off.
I've had a sub-prime credit card for a few years, my own bank has given me a credit card and I purchased my own home a few months ago, with a mortgage.

There is life in the future!

Robert85

MovingForwards said:

No creditor has to accept any offer, aside from full instalment as per the original agreement or full settlement.
Creditors accept lower amounts as they understand customers have financial issues.
SC will continue to pay TSB, even though TSB do not accept the offer.
If SC do not pay, TSB will instruct solicitors to issue proceedings against you.
While SC pay something to TSB you are 'safe' as a judge would take one look at the statement of affairs, all the letters SC sent to TSB with offers and come down on them like a ton of bricks and would probably award a CCJ to be paid by instalments as per SC's offer.
Eventually TSB will sell your debt on to another company for pennies to the pound.
The new company will receive a letter from SC, with your statement of affairs and instalment offer.
SC will pay the new company.

In a DMP your credit history will take a bashing, but it gets better with time. In time you can get credit cards, loans, mortgages etc.

It is difficult to start with, there's so many thoughts going through your head, guilt, could things have been done differently, would everything have been ok in a month or six, but the relief will also ease your stress on a day to day basis.

Let SC do what they are doing, it's for your benefit and will work itself out. They have to tell you what's going on as they act for you.

I got into a pickle in 2014 / 2015, loads of defaults, missed payments, even an AP marker and CCJ for just under £5k. 
I've now got 2 defaults waiting to fall off my credit file, my CCJ falls off the start of 2021.
Everything is paid off.
I've had a sub-prime credit card for a few years, my own bank has given me a credit card and I purchased my own home a few months ago, with a mortgage.

There is life in the future!

Good morning,
I really appreciate for you help and explain for it @MovingForwards
Today I have received the email from SC and they sent again the same Debt Repayment Proposal to TSB Bank. I have see what happens then. Right now my monthly repayment is £275.

Since August 2019, to 2020 July
I did on time 12 repayments with SC to TSB following my DMP Plan - £266 each month.
I reduced £3.192

Now my plan is :

I will keep paying off my debt a monthly settlement in next six month until December, 2020 - £275 a month
Increasing in January 2021 up to £300.

In meantime I will try saving up a month £510 from overtime if are available. I'm pretty sure I can save it a month until December, 2021 and finally pay off my debt. 

So, monthly repayments from August - December, 2020 each month - £275 (5 month totall - £1,375) with SC or other Debt Company or DCA if TSB sell my debt
Monthly repayments from January - December, 2021 each month - £300 (12 months in totall - 3. 600) the same with SC or DC or DCA

I do pretty much overtime each month so I can saving a each month £510. I will keep doing that from August, 2020 to December, 2021 so in totall is :17 months = £8.670
Totall is: Repayments with SC/DC/DCA = £4.975 August, 2020 - December, 2021 in totall 17 months.
Saving in meantime, 17 months in totall is :£8.670
TOTALL £13.645

So this is means if TSB Bank will decide passing my debt to DCA or DC. Does my debt will mark as defaults and that is means the credit score will fallen down during my repayments until I pay off it? Will stay for six years from year I finished pay off the debt?