Starting DMP

Rob5342

Yes don't worry about it, they come in all sorts of flavours mentioning the same basic things. I had one like that from MBNA, but the debt just got sold to Link. They happily took my instalments and asked me if I was sure I could afford the £70 a month I offered.

Barclaycard were brilliant, they sent me the official default letter along with a friendly sounding covering letter telling me not to worry as I could pay by instalments. They also backdated the default to the date Stepchange told. them that I was on a dmp

Heisenberg01

So I started this thread money moons ago, u stopped paying all credit card s and a loan back in  Nov and as if today only one ,( Tesco card) has sold the loan, all others are still sending me,"we want to work with you" letters.

I have sent wescot a letter offering a payment 3 weeks ago but looks like they are ignoring it and keep send standard demand letters.

As for the others, I am right in assuming I need to ignore them until sold to debt collection company's and then arrange payments plan??

Not try and set up payment plan with them directly, Ur Halifax etc??

Starting to get paranoid at lack of progression.

Rob5342

The default is the important thing, once you can see they have defaulted on your credit record then start paying to whoever owns the debt.I wouldn't wait for a response, just send a letter saying what you will be paying and when and set set up the standing order.

RAS

You could reply telling them you want the default, ASAP.

sourcrates

I've said this a million times I know, but the default process can take a very long time to pan out, more than a year is not unusual, just keep in mind that once defaulted, most payment plans can be set up online, via the debt owners own website.

Waiting for snail mail only prolongs this further, I know most things concerning debt are best done in writing, but this is one thing that can be done a lot quicker online.

Beck50

I've received a few letters and emails giving me settlement figures which I am still unable to pay.
I have also emailed a few of these debt collection agencies to update them on my circumstances in that I'm waiting for default notices before starting my DMP, but they are asking me for my DMP reference of which I can't because I've not started one yet is this normal.

Rob5342

Yes that's quite normal, they always badger you if you aren't paying to try and squeeze payments out of you. Tell them once that you are waiting for defaults.and then ignore them completely until you get the defaults.

fatbelly

Beck50 said:

I've received a few letters and emails giving me settlement figures which I am still unable to pay.
I have also emailed a few of these debt collection agencies to update them on my circumstances in that I'm waiting for default notices before starting my DMP, but they are asking me for my DMP reference of which I can't because I've not started one yet is this normal.

You're taking a very sensible approach. Hope you are being able to save a few quid into a pot during this period

Beck50

Have received the following email message from one of the debt recovery companies (CRS) working on behalf of drafty,

"We have been asking you to address the remaining balance due on your account but we have not yet been able to agree a resolution.

As we have been unable to resolve this matter, we will have no other option other than to consider taking further steps in order to recover the amount due. This may include instructing our Solicitors to contact you directly to initiate Legal proceedings in the next 14 days. A CCJ will have an adverse impact on your credit file for up to 6 years and could affect any future lending decisions including applications for loans, mortgages, rental agreements and the purchase of goods on credit (for example a mobile phone contract)."

sourcrates

Beck50 said:

Have received the following email message from one of the debt recovery companies (CRS) working on behalf of drafty,

"We have been asking you to address the remaining balance due on your account but we have not yet been able to agree a resolution.

As we have been unable to resolve this matter, we will have no other option other than to consider taking further steps in order to recover the amount due. This may include instructing our Solicitors to contact you directly to initiate Legal proceedings in the next 14 days. A CCJ will have an adverse impact on your credit file for up to 6 years and could affect any future lending decisions including applications for loans, mortgages, rental agreements and the purchase of goods on credit (for example a mobile phone contract)."

They say they are "Working on behalf of Drafty" so they don`t own the debt, so they can email you as much as they want, they can`t do a thing to you, there are two types of debt assignment Beck50, they are - 

Legal

A legal notice of assignment of debt gives the purchasing company (the company that have bought the debt) the power to enforce the amount you owe. You will also end up making payments to this company instead of the original creditor. 

Equitable

A notice of assignment of debt that is described as ‘equitable,’ means that only the amount owed by you to the original creditor is transferred to the third party, or debt collection agency. In these instances, the company who purchases the debt cannot enforce it, and the original creditor will still retain their original rights and responsibilities. 

As things stand, the assignment of your debt is equitable, if it were to be sold, you would be informed in writing, and that assignment would then become a legal one, giving the new owner all the rights and privileges of the original creditor.

CRS and there ilk, send out emails/letters etc specifically worded to be vague, in order to instil that element of doubt, so that you will panic and call them, using words such as "consider taking further steps" and "This may include" etc.

I "may" win the lotto tonight, but its doubtful, at this stage legal action is unlikely, but if it were to be pursued, it would be the original creditor that would take you to court, not CRS.

Messages such as this are typical debt collection tactics, your account should have been defaulted by now, its really up to you how long you wait, any legal action taken must follow the civil procedure rules, and the first step in that dance is an LBA (Letter before action) a document designed to give both parties the chance to come to an amicable arrangement prior to going to court, so there will be plenty of warning here.

Unless/until an LBA is received, all threats of legal action are just that, threats with absolutely no basis in law.