One debt default, waiting for others advice

in Debt-free wannabe
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forestcubforestcub Forumite
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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 😊 

Replies

  • SusieTSusieT Forumite
    1.3K Posts
    Part of the Furniture 1,000 Posts Name Dropper
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    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
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    That’s great, thanks so much. I’ll do that today ☺️
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