Please help me, letter from SC

Robert85

@socrates

I renting a flat for £ 515  and the whole bills on top . This is cost me around £ 630 a month. I don't have a car. My monthly salary after tax and NIN is £ 1,340.

Robert85

@socrates

I just checked what DRO is all about. I believe that this is not the best option for me. Because if I am awarded a DRO, I will still working and be paid a wage and also paid overtime.

I prefer pay off my totall debts but I don't want to be charge any interest from the TSB bank.

Thank you for advice. 

Robert85

Hello guys! @socrates & @MovingForwards

I spoke to Stepchange and they advised me to complain to ombudsman also I was informed by SC that from experience such cases as mine. They end up selling the overdraft. Consequently, I do not have to pay interest.

What do you think?

Cheers

MovingForwards

Ok, so you have a few options:

1. Ask SC to stop paying the overdraft at the moment until they default you.

2. Keep paying the overdraft, wait until the debt is defaulted / sold.

3. Take your complaint to the ombudsman.

4. Stop SC payments for 3 - 6 months due to financial issues and needing to get back on track. Washing machine / freezer broke or something and needs replacing, or just say you need to get an emergency fund together as you're concerned about the current climate etc.

Which would you prefer? How stressed about the whole thing are you? You've already said you are saving up to clear it all, would an extra few hundred / couple of extra months on your plan to pay off be that much of a bind? (I know you don't want to pay extra, but sometimes it's gives a quieter life)

@Robert85

Robert85

MovingForwards said:

Ok, so you have a few options:

1. Ask SC to stop paying the overdraft at the moment until they default you.

2. Keep paying the overdraft, wait until the debt is defaulted / sold.

3. Take your complaint to the ombudsman.

4. Stop SC payments for 3 - 6 months due to financial issues and needing to get back on track. Washing machine / freezer broke or something and needs replacing, or just say you need to get an emergency fund together as you're concerned about the current climate etc.

Which would you prefer? How stressed about the whole thing are you? You've already said you are saving up to clear it all, would an extra few hundred / couple of extra months on your plan to pay off be that much of a bind? (I know you don't want to pay extra, but sometimes it's gives a quieter life)

@Robert85

@MovingForwards

I'm looking for the best option for me.
Like I said. I have not a problem to keep going and makes repayments and save up the money to pay off the whole debt. Hopefully I can do it in 2021, December. 

It stressful for me when I see to pay a interest from TSB Bank. So I need advice and choose the best option for me. 

DebtHurricane

@Robert85 I think you need to cancel your step change plan completely and stop communicating with TSB. They will eventually sell the debt or default it. Only then should you pay them again (in my personal opinion)

Robert85

DebtHurricane said:

@Robert85 I think you need to cancel your step change plan completely and stop communicating with TSB. They will eventually sell the debt or default it. Only then should you pay them again (in my personal opinion)

Good morning, 
Thank you for replied. 

Do you think Shall I mention this when I will  send complain to ombudsman?

If I decide stop paying to SC. How long after the TSB Bank will sell the debt? 

sourcrates

Robert85 said:

DebtHurricane said:

@Robert85 I think you need to cancel your step change plan completely and stop communicating with TSB. They will eventually sell the debt or default it. Only then should you pay them again (in my personal opinion)

Good morning, 
Thank you for replied. 

Do you think Shall I mention this when I will  send complain to ombudsman?

If I decide stop paying to SC. How long after the TSB Bank will sell the debt? 

Your way overthinking all of this to be honest, if it were me, and my goal was to get my account defaulted, i would just ignore it completly, get on with my life, concentrate on the debts that have defaulted.

There is no way of knowing when TSB will close the account, and sell it on, sometimes banks hold on to old debts for years, sometimes they are sold on within days or weeks, just let them roll the dice, they will write and tell you when its sold, and the new owner will write also, otherwise you can speculate on this till the cows come home, and it will drive you nuts.

Don`t ask about court action, rarely happens at this stage, honestly, just stop paying them, and let them go through there collections process, your life will be much less stressful.

Robert85

@socrates good afternoon and thank you for replied to me. 
What I think most about is. 
This is what I fear most. If I stop paying now to SC and wait for debts defaulted, it may be years for the TSB bank to sold over my debt. So suddenly from £ 12,900 becomes £ 29,900 because the interests and charges. 

"There is no way of knowing when TSB will close the account, and sell it on, sometimes banks hold on to old debts for years, sometimes they are sold on within days or weeks" 

Thanks 

sourcrates

No, it won`t get that far, average time is about 8 months to a year.

The reasoning behind this is that you can negoatiate a discount with the new owner to negate the amount of any further interest that gets added, everything will be open to negotiation in the future.

It looks like that interest will be added regardless of what you do, so do whats best for you.