Setting up DMP

Rob5342

sourcrates said:

In my experience, some CRA mark your file as "Delinquent" in the period between missed payments starting, and them defaulting you, so a prelude to default would be the answer.

That's what it's like for me. I haven't paid my Virgin card for over a year and that is showing as delinquent. They are making things very difficult for me and still haven't defaulted it.

sparks_2023

chullbulla said:

One of my CC and unsecured loan now showing Delinquent status, which I am not aware of or never heard of before?

I have 2 "Delinquent" credit cards - these are both accounts which are open and I am able to pay off the balance but are "turned off" for borrowing and can't be used even though they are under their limit and show I have available borrowing.

Even though they are now "up to date" and the monthly payment gets marked as a tick each month with no arrangement to pay marker they remain "Delinquent". As far as I can see the only ways to get the ongoing delinquency removed is either by begging the credit card company ( lol, like this will work ), paying off and shutting down the account, or getting it to default.

These 2 delinquencies are therefore amongst my highest priorities to settle - and are in the queue before the actual defaulted accounts and the high interest ones.

chullbulla

Dear all,
So oj my personal unsecured debts, I am relax as few DMP started and waiting for few to start once defaulted. Also we are keeping some money aside from my wife income for F&F offer in few years.
However on my business credit card, things are very stressful, I appreciate this forum is mainly for personal debts but I have personal guarantee on this cc.
The amount is above £21k, the debt is sold from capital on tap to company name azure and now managed by shire recoveries.
Unfortunately they are not cooperative and helpful as companies deal with personal debt, they are not accepting my offer based on affordibility even though I have offered higher compare to other debtors and asking me to clear in 9 months, which is impossible.
My main concern is once the personal guarantee kicks in it will be consider as my personal debt?
What are the chances of charge order and even force bankruptcy as main worry is to save my joint mortgage house.

chullbulla

Can any one comment please.

sourcrates

You have asked this question previously and fatbelly gave you an answer.

It doesn't matter what they consider a debts status to be, it changes nothing.

Charging orders just sit there doing nothing, on a jointly owned home, it would be a simple restriction anyway.
Orders for sale are so rare, official records are no longer kept, and would never happen in your situation anyway.

Forced bankruptcy is not going to happen either, it would cost them far more than the 21k they are hoping to recover, these things just don`t happen in the real world in the circumstances you describe, please do stop thinking worst case scenario.

It makes no difference if they accept what your paying them or not, you continue to pay them that amount regardless, as it`s all you can afford.

If the creditor doesn't like it, they will simply sell the debt to someone else, it won`t affect you in the slightest.

chullbulla

Thank you @sourcrates I was more worried about the second ( Bankruptcy) than the charging order after speaking to the business debt line as they mentioned this as once of the action creditor can take so I was panacking.

sourcrates

chullbulla said:

Thank you @sourcrates I was more worried about the second ( Bankruptcy) than the charging order after speaking to the business debt line as they mentioned this as once of the action creditor can take so I was panacking.

They have a duty to inform you of what could happen, what a creditor could do, not necessarily what they will do.

Creditors will always take the cheapest option when collecting debts, further enforcement action costs money, and happens in stages, where you can always contest that action.

You have to look at the mechanics of making someone bankrupt, what it will cost the creditor to do this, if its a family home with children for example, no judge will allow a bankruptcy to be made where children are made homeless, or adults in most cases, the court will always opt for other less invasive options, payment plans for example, rather than putting you on the street for a debt of 21k.

You and they must apply common sense in these situations, just because they can do something does not mean they will be able to.

The only exception to this is HMRC, who will bankrupt you if you don`t cooperate with them.

So please stop worrying, and execute your plan.

chullbulla

Dear All,

Except for Virgin my other debts are showing default, I am paying small monthly directly to lenders who showed default ( not sold to a third party yet )
Today I have received a letter from Virgin that my debt is sold to a third party and the collectors are Capquest.

Should I do a CCA request now or wait for a year or two before requesting it? the CC was taken on July 21.

fatbelly

Wait until Capquest write.

Doing a cca then isn't a bad idea

chullbulla

fatbelly said:

Wait until Capquest write.

Doing a cca then isn't a bad idea

I have received a letter from Virgin and there was a letter from Capquest with it, I also received a text today from Capquest to call them, should I do CCA now despite it just being sold and the credit card was taken on July 21?