One debt default, waiting for others advice

in Debt-free wannabe
2 replies 168 views
forestcubforestcub Forumite
18 Posts
10 Posts First Anniversary
Hi there,

I just wanted some advice as waiting to begin my DMP as a few advised to wait until all creditors defaulted. I’ve had my default from my start up loan (personal) through today after 3 missed payments but still waiting on 3 credit cards to default which I feel could take a while. 

The loan have mentioned the usual things like passing on the debt and also court (I feel this is scare tactics?) but I wanted to ask if it’s wise to keep waiting until all debts default or if now is the time to tell them all I can’t pay so will be going on a DMP? 

I had already started getting one together with step change but not yet finalised it (as will need to adjust amounts etc)

Thanks 😊 


  • SusieTSusieT Forumite
    1.3K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    Why not write to the entity contacting you about the loan, tell them you will be starting a DMP in a few months, and until then you will be paying them £1 a month? Then set up a standing order to the account that is on their letter until the other defaults arrive. 
    As each card defaults do the same for them, and when you have a full set you contact Stepchange (or whichever charity you are using) and start the DMP
    Credit card debt - NIL
    Home improvement secured loans 30,130/41,000 and 23,156/28,000 End 2027 and 2029
    Mortgage 64,513/100,000 End Nov 2035
    2022 all rolling into new mortgage + extra to finish house. 125,000 End 2036
  • forestcubforestcub Forumite
    18 Posts
    10 Posts First Anniversary
    That’s great, thanks so much. I’ll do that today ☺️
Sign In or Register to comment.
Latest MSE News and Guides

British Gas prepay meter users... pay less for gas from 1 April

MSE News

The 'odd Easter flavours' thread 2023

What bizarre food stuffs have you spied?

MSE Forum

Energy Price Guarantee calculator

How much you'll likely pay from April

MSE Tools