First default on reports

lillypoo

Well

After just 4 missed payments messers m and s have defaulted me

It's very wrong I know but I almost feel like celebrating

I have 3 more accounts to default ..hopefully soon

So what do I do next? I assume I wait to hear from whoever they sell the  debt onto?

FtbDreaming

Why do you want defaults?

lillypoo

Sorry I should have said that.

I'm waiting to start a dmp.

Rob5342

That's good news, sometimes they can take a lot longer.

You can start paying them now if you want to, but I'd probably wait until you hear from who they sell it to. That has been quite quick for me.

lillypoo

Thanks Rob. Yes I'll wait. With Christmas round the corner an extra month of ef and saving a bit towards bills would be useful.

Anyone know who m&s (owned by hsbc) sell debts to?

sourcrates

lillypoo said:

Anyone know who m&s (owned by hsbc) sell debts to?

Cabot is an HSBC preferred debt buyer, but really, it could go to almost anyone.

lillypoo

Well m & s defaulted me in October, passed the debt to wescot to manage. They returned it to m&s and I've heard nothing since early December

The black horse bank finally defaulted me at the start of Feb and have already sold the debt to Cabot. It suprised me how quickly they did that.

I'd like to build up a few more months savings before I start paying Cabot. Am I safe to ignore them for a little while?

sourcrates

Yea, Cabot will run through their standard collection letters with you, I would not leave it more than 6 months as Cabot can get litigious if ignored for too long.

lillypoo

Thanks @sourcrates. I'm aiming for just 3 months.

EssexHebridean

Pleased to hear it’s all going to plan.

just to clarify on a point mentioned above - when someone is entering a DMP the usual advice here is to halt all payments and wait for accounts to default - this has the effect of stopping the interest being charged, and also starts the clock running on the period of time after which the debt will drop off a credit file. It also gives the individual in debt the opportunity to save an emergency fund, and perhaps an additional “fighting fund” to enable full and final settlements for debts along the line. 

Sly72

sourcrates said:

Yea, Cabot will run through their standard collection letters with you, I would not leave it more than 6 months as Cabot can get litigious if ignored for too long.

Even if unenfoceable, which is printed as small print at bottom of letters but not on emails, or Text?