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One debt default, waiting for others advice
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forestcub
Posts: 18 Forumite

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.
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 😊
Thanks 😊
0
Comments
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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 DMPCredit 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 20360 -
That’s great, thanks so much. I’ll do that today ☺️0
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