Credit card debts

sourcrates

Looking4silverlining said:

sourcrates said:

Life continues as per normal despite having to default on your debts, you will find little or no change in all aspects of your life, insurance has never been a problem for most people.

The default process is just a means to an end, you don`t want AP markers, and you don`t need creditor help, you need a nice fit fighting fund, and a full house of defaulted accounts where no interest is charged.

Most creditors will follow due process in time, you may find some dragging their feet, if that`s the case then go when the majority have complied.

Hi again.
Thanks for your reply. 
So it's an absolute must for me to get the defaults, I get it.
What shall I do though if some give me defaults and others don't and time is ticking by? Should I sort out the token payments for some and wait for the others? Im worried about having bailiffs show up at my address as its a shared property.
Also what do you mean by fighting fund, Is it money to offer to settle the debts after a few years?

It`s so important you understand the legal process, and the laws of the land, its all contained within the civil procedure rules, creditors cannot do a thing until an account defaults, only then can legal action be taken, and only further escalation would see a visit from a bailiff.

Legal action will not happen, accounts just get assigned to debt collectors instead, if you ignore a debt that has been sold, then legal action is possible, but creditors do not usually engage bailiffs to recover consumer credit act debts, it would be far too costly.

As I said, if some don`t default, start your plan anyway, they will eventually cooperate, and yes, a fighting fund/emergency fund, call it what you will, not many in debt management repay the full outstanding balances, most get settled at some point for less than is owed.

Looking4silverlining

Thanks all, you lot rock!

Looking4silverlining

Hi again.
Ive looked online but I keep getting different answers and Im worried about it. Can anyone tell me which banks work together? Ive opened a Nat west account but Ive just read something that says that they might work together with Barclays? I didn't think they did so am worried now.

Martico

NatWest Group owns Coutts & Company / National Westminster Group / Royal Bank of Scotland / Ulster Bank
Barclays owns only Barclays-named entities.

There's a list here which looks good to me [edited link for fuller list from wikipedia]

Looking4silverlining

Does anyone know, is it ok for me to move money between my new (unlinked) bank accounts and the ones I owe money to?

sourcrates

The right of set off is available to all banks, it depends how far down the road you are with non payment, is your old bank aware of your financial issues?

If they are, although very unlikely, they may try to off set what you owe them.

The key is to manage the risk.

Looking4silverlining

sourcrates said:

The right of set off is available to all banks, it depends how far down the road you are with non payment, is your old bank aware of your financial issues?

If they are, although very unlikely, they may try to off set what you owe them.

The key is to manage the risk.

Hi. Ive literally only just started this so Ive missed one bounce back payment to Santander which they have taken anyway and its put me into an unauthorised overdraft. I have transferred a small amount of money from another bank that I will end up owing money to (non paid overdraft) but I am still ok with that account at the moment. I was worried about making links between them. No none of them know what is about to happen yet. I am bust moving everything across at the moment.
I don't quite understand what you mean by manage the risk?

sourcrates

Don`t have significant funds in an account that can potentially be taken by the bank.

Looking4silverlining

Another question about this as I am now starting to not make the payments (so scared)

Should I take my phone number off from all of the accounts? Ive made sure Im on paperless (not that it matters Im guessing) but my contact number is registered with all of the creditors as you can't do much in your account without registering your number.

EssexHebridean

If you want to stop them calling you then you need to contact them to tell them you are only prepared for them to contact you in writing now - you can stipulate only being contacted by hard copy letter if you want - a lot of people find that makes it easier to keep all their paperwork in one place. once you've told them, they have to abide by it as well as far as I recall. You can also in the interim block any numbers that calls come from. 

Understandable that you are finding this scary but look at it this way - you've now taken control! How great is that!