Credit card debts

sourcrates

Any type of dispute is regarded as a complaint, as Moorcroft are currently managing your debts, they have been forwarded the details.

The only thing Moorcroft can do is return the account to the original lender, once that happens the original lender may look at this again, it may be that they will want more detail from you, these things can take time to be resolved.

Looking4silverlining

Hi gang.
A merry Christmas to all of you.

I have a question.
I am currently waiting for my last two defaults before I can move forward.
I am planning to try and save some money for an emergency fund and also to have something to make offers to pay the debts off in the future. 
My question is... Can the banks see that I have money in other bank accounts? I mean can they snoop on my savings? If I am saving an emergency fund or for full and finals can they refuse my £1 per month offers in the future if they can see I have a bit saving up?
Rachel

sourcrates

Only debts show on credit reports, so bank accounts with an overdraft, if your using it, would show the debt balance.

Savings do not show on credit reports are they are not debts.

Only the institution you bank with can see your accounts.

EssexHebridean

If you had a debt with an organisation you also have your current account with, then that’s not ideal. Best bet is to find a bank that you have no debt with, and open a basic bank account with them. Nationwide is often a good bet as with the exception of Virgin Money they are a standalone entity. You want to avoid the risk that the bank you use for your day to day needs can employ the right of set-off - that is where they are able to use - for example - funds sitting in your emergency fund account to pay against debts elsewhere. 

Looking4silverlining

So now I have almost all of my defaults (all of the credit cards, just 2 standard bank accounts to go) Ive sent a whole heap of paperwork to the original lenders and Ive asked them to write off the debt due to me having no possibility of being able to pay it back. They have pretty much all said no, just waiting for the last few to say the same. Also Moorcroft debt recovery have sent me letters saying that they are returning everything back to the original lenders. Im guessing that they have realised that they will get nowhere.
So what should I do next? Should I keep ignoring them as I have no money? Should I try and set up £1 per month payments to the defaulted accounts? Should I keep sending them letters saying that I don't have any money available to pay them? 
Or do I wait until they have sold the debt on etc?
Thanks in advance. 

sourcrates

Token payments will only work against you in the long run, as they prolong the limitation period.

If you genuinely can`t afford payments to these debts, just tell that to whoever writes to you asking for payment.

Stick to the strategy, if you can save for settlement later, then do so.

RAS

Looking4silverlining said:

Hi gang.

I am planning to try and save some money for an emergency fund and also to have something to make offers to pay the debts off in the future. 

You started this thread nearly a year ago. If you've stopped paying your consumer debts, you should have an emergency fund set up into which you pay something every month. How much have you got stashed?

I'd add you also need a budgeting account, for insurance, car maintenance, medical and dental needs etc. A couple of instant access ISAs would be a good idea. 

Much better than lurching from crisis to chaos and back again.

EssexHebridean

Might be a good idea to revisit your SOA and perhaps repost it so you can chart your own progress? It’s a good idea to go back over budgets at least annually and check that everything is working as it should anyway, so a good habit to get in to. 

Looking4silverlining

Hi everyone.

I've just received letters from 4 of my credit card debts. (Lloyds X2, MBNA, Halifax)
They all say the same thing. This is the short version.

After reviewing your current situation, we have decided not to pursue the outstanding balance on this account.
You will still be liable for the debt, and we may need to send you some regulatory letters from time to time, although most communications will cease.
We may decide to sell your account to a third party in the future. If this occurs, we will notify you.

Is this a good thing? Im guessing that it is.

RAS

It's a lot better than a kick in the teeth. 

Suspect they might want a pay-out if you inherit a lot of money?