Is it time for a DMP or try to ride the storm?

RWMJPMC86

CurlyTop11 said:

Hi all,

I have now received my first default notice which says payment should be made by 15th December otherwise will be defaulted and/or sold on etc.

I assume I still just ignore this as this is just a part of the process? Then once I officially have the default, that is when I start to pay?

Thanks

That's exactly right, they're still just telling you what will happen if you continue to not pay, honestly it feels scary at first but you're in charge here. The debt is not secured against anything so there's nothing they can do if you say you can't pay.

I was still paying £75 and £65 to a couple of old defaulted CC accounts which I've realised I can pay £5 and focus more on saving towards settlements than handing the money over, so I've written letters and told them so.

CurlyTop11

Grumpelstiltskin said:

Yes ignore at the moment, wait until you receive the actual default. I hope you have checked it is enforceable?

Do you mean via a CCA request? I haven't done any of those yet, as from what I've read, you're better waiting until they're sold on to do that?

CurlyTop11

RWMJPMC86 said:

CurlyTop11 said:

Hi all,

I have now received my first default notice which says payment should be made by 15th December otherwise will be defaulted and/or sold on etc.

I assume I still just ignore this as this is just a part of the process? Then once I officially have the default, that is when I start to pay?

Thanks

That's exactly right, they're still just telling you what will happen if you continue to not pay, honestly it feels scary at first but you're in charge here. The debt is not secured against anything so there's nothing they can do if you say you can't pay.

I was still paying £75 and £65 to a couple of old defaulted CC accounts which I've realised I can pay £5 and focus more on saving towards settlements than handing the money over, so I've written letters and told them so.

Thanks @RWMJPMC is there a minimum amount to pay? When I start paying down the line, I don't want to annoy them further and risk further action, but at the same time, want to pay as little as possible to save for offers.

stu12345_2

you also have to think what to pay or stop paying after they have defaulted when you do your cca letter requests.
as like someone said CCA letters are best further down the line,but at that point your prob back to paying them something regular at that point it's just you have to decide if you want to stop paying again for a few months whilst they hunt for the credit agreements.

that is what I have done, stopped all payments again ,even though they defaulted ages ago, whilst I await proof the debts are enforceable.

the best result is they are all unenforceable,but that's unlikely. second best dream scenario is I pay them £1 a month for 12 months, ( whilst I save up as much as possible)then hit them with offers of 30p in the pound owed.
 that's unlikely too as I can afford much more per month,I'm not on the dole, and I don't think they would do £1 a month for a year, unless I could prove I'm on the dole,which I'm not 
 so for now,it's they get nothing until the say yes or no to the CCA letter requests.i will give them 3 months max to say yes or no 

2 have got back with proof and I'm back to paying them money,it's a little bit less than I used to pay on my DMP.,but it gives me the ability to save up and eventually hit them with full and final offers.

one poster on here suggested pay  75% of what you could realistically afford per month in a repayment plan and use the other 25% in a pot to keep and build up for full and final settlement way down the road.

sourcrates

CurlyTop11 said:

Thanks @RWMJPMC is there a minimum amount to pay? When I start paying down the line, I don't want to annoy them further and risk further action, but at the same time, want to pay as little as possible to save for offers.

@CurlyTop11,

This is going to require a root and branch re-think in your attitude towards your creditors if you want to make this a success.
Your focus should be on doing what is best for you, rather than if your actions "annoy" anyone.

There is no annoying or pleasing them, this is simply business, nothing more, you are but an account number to them, an entry on a spreadsheet, they make commercial decisions based on profit, loss, and affordability, nothing more.

RWMJPMC86

@curlytop12 it was my mindset too, the worried about making someone somewhere cross. Now I realise it does not matter, so what if you annoy a multi million pound business? What will happen? Absolutely nothing, because noone is actually going to get annoyed. 

When you change your view on this and realise that it's you in charge you'll have a new Lightbulb moment.

CurlyTop11

sourcrates said:

CurlyTop11 said:

Thanks @RWMJPMC is there a minimum amount to pay? When I start paying down the line, I don't want to annoy them further and risk further action, but at the same time, want to pay as little as possible to save for offers.

@CurlyTop11,

This is going to require a root and branch re-think in your attitude towards your creditors if you want to make this a success.
Your focus should be on doing what is best for you, rather than if your actions "annoy" anyone.

There is no annoying or pleasing them, this is simply business, nothing more, you are but an account number to them, an entry on a spreadsheet, they make commercial decisions based on profit, loss, and affordability, nothing more.

@sourcrates sorry I was more meaning I don't want to rile them up and them take further action. I want to try and get the balance right between paying enough and saving for offers. I do agree though, it is definitely a switch in attitude having to try and think what is best for me to do.

RAS

Most of the time you are talking to a computer, and the comms you receive have been generated by a computer. It may be programmed to respond to any payment with a demand for a higher one and it may carry on doing so for a while, but if it can see money coming in monthly, the programme may just decide to work on newbies instead. Or a human may look at and give it a try by phone.

Likewise the computer will be programmed to send you a demand annually for increased payment. Just respond saying it is what you can afford.

sourcrates

CurlyTop11 said:

@sourcrates sorry I was more meaning I don't want to rile them up and them take further action. I want to try and get the balance right between paying enough and saving for offers. I do agree though, it is definitely a switch in attitude having to try and think what is best for me to do.

For all intents and purposes debt collection is an automated process, your not dealing with people, your dealing with machines that do not have feelings, those that do work there are not bothered one way or the other about how you perceive them.

On the whole, original creditors do not take legal action to recover debts.

That is almost exclusively reserved for debt purchasing companies, and only if you ignore them for a long period of time, and they think they can get money from you by using the courts.

So do what you have to do, and don`t overthink things.

CurlyTop11

I have received a letter from one of the companies today which says my account is now terminated and the full balance is due, they may now ask a debt collection agency to collect or sell it on etc. Nowhere on this letter does it say that my account has been defaulted, or is that what they mean by terminated? Will I need to wait for credit report next month to be sure?

I had previously received a default notice from them, so I was hoping (in a weird way) that this was the default, to get it on as early as possible.

Thanks as always