So confused what to do

Sarkar8487

Ok thank you, so should I just setup standing order for amount I can afford and send a letter as well even though it wont do anything? but we can definately deal with this without her speaking to them over the phone ever? 

sourcrates

Of course you don`t have  to speak to them, when you stop making regular payments to your credit card accounts, the lenders don`t tend to hold on to such accounts for that long, they are not really geared up to manage delinquent accounts, so will either assign the debt to a collection agency to manage, or sell the debt on to someone else.

That is the standard drill in the majority of cases.

Like I said, don`t worry about how the lenders will react, you just do what you need to do, and if you want to write to them that`s fine.

Rob5342

Ive  been through all this and you never get a personal reply, it just gets entered on their system and the computer takes over. Just tell them what you'll be paying, set up a standing order for that amount and leave them to it. I've dealt with all mine by post only, I had a few phone me but I just blocked the number.

I would suggest that you default first, it's more hassle now but you might regret not defaulting in 6 years time when you could have had a clean credit record but still have another 6 years to go.

Sarkar8487

Dear All, 
I need some advice as still confused sorry

As mentioned I am already waiting for defaults on all my accounts, and planning to stop paying my wife 2 credit cards out of 5 ( I can manage the other 3 ) I am wondering should we go on default on all of them if already doing 2? or it is the best option to carry on 3 as normal to have less hassle and less parties to deal with?
Also when doing income & expenses and it asks for debts, if I mentioned the other 3 cards showing higher monthly payments can they challenge it?
How our lives can be impacted by defaults other than not being able to get more credit cards or loans ( I have no intention of getting it any way ) 
I am still not sure how we will able to manage it without her speaking with them and via letters only.

sourcrates

Sarkar8487 said:

Dear All, 
I need some advice as still confused sorry

As mentioned I am already waiting for defaults on all my accounts, and planning to stop paying my wife 2 credit cards out of 5 ( I can manage the other 3 ) I am wondering should we go on default on all of them if already doing 2? or it is the best option to carry on 3 as normal to have less hassle and less parties to deal with?
Also when doing income & expenses and it asks for debts, if I mentioned the other 3 cards showing higher monthly payments can they challenge it?
How our lives can be impacted by defaults other than not being able to get more credit cards or loans ( I have no intention of getting it any way ) 
I am still not sure how we will able to manage it without her speaking with them and via letters only.

Dear Sarkar8487,

Please don`t be offended by this, but you have asked the same question, in different ways, about 5 times now.

If you want them all to default, then fine, if you don`t, that is also fine, the decision is yours how you manage things.

You don`t have to share your income/expenses information with anyone, and if your in charge, why would you ?
No one can see what you pay to other creditors, nor will they be looking, don`t over think things.

Defaults make it harder to obtain credit, nothing more.

You never need speak too, or write to a creditor ever again, they will just follow the collections process regardless.

Hundreds of thousands of bad debts go unpaid, unheard from every year, creditors could not possibly chase up every single bad debt account, if you don`t make contact or payment, they simply sell/close/assign your debt to someone else, and move on.

As I said previously, do what you want to do to to achieve what you want to achieve and don`t worry about creditor reactions.

Sarkar8487

@sourcrates I am really sorry and no offense taken since you are trying to help me and others here, I totally understand now.

sourcrates

Sarkar8487 said:

@sourcrates I am really sorry and no offense taken since you are trying to help me and others here, I totally understand now.

That`s fine, it`s important you understand how to deal with matters, obviously we just want the best outcome for you, so if there are other points you need clarification on, please feel free to ask.

Sarkar8487

Hi,

So it is over a month and we have not received any response from Teso as already mentioned by @sourcrates.

We are still making regular payments to MBNA and TESCO, and the interest-free period ends next month, so it won't be possible to carry on after this. 

I have decided to change the contact details with credit card companies to my mobile no, so she doesn't stress and I will simply ignore the calls and also won't make any payment until default, other two CC with I can carry one payment as usual, but one of those is with HALIFAX  which is also linked to MBNA so not sure if can carry one paying that one as usual?

I believe once defaulted it will be much easier to set up a plan via online account or by post, as at the moment when mentioned financial difficulty to TESCO or MBNA, all they say is to contact via phone.

I was also thinking to go with Stepchange but they are asking to include all the debts.

Sarkar8487

Any comment please?

sourcrates

Different accounts with the same lender, are mostly treated individually, just because one defaults, there is no reason why the other should not remain open as long as payments are maintained.

As mentioned in many previous posts on this subject, credit card companies are not interested in long term payment arrangements, anything much over 6 months, they simply refer you to the debt charities, credit card companies are not debt advisors, and stepchange don`t lend money, both for good reason.

Waiting for defaults can take a while these days, they don`t always do what you want them to do, so its a waiting game unfortunately.

Ideally you wait until they all get sold to 3rd parties, payment plans are easily set up online with no need to contact anyone, all they require is a copy of a budget to see what you can afford, most will accept without question.