dmp or iva

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  • sourcrates
    sourcrates Posts: 28,854 Ambassador
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    tp555 said:
    Would the advice be regarding the business debt to do nothing? thanks
    You can do nothing, or you can advise them that they are out of time to collect on this debt, the choice is yours.

    Should they pursue a court claim against you, your defence would be based on the limitation act.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • tp555
    tp555 Posts: 26 Forumite
    First Post
    tp555 said:
    Would the advice be regarding the business debt to do nothing? thanks
    You can do nothing, or you can advise them that they are out of time to collect on this debt, the choice is yours.

    Should they pursue a court claim against you, your defence would be based on the limitation act.
    I wasn't sure if replying to them meant that the 6 years was restarted? That I was acknowledging the debt or something?
  • sourcrates
    sourcrates Posts: 28,854 Ambassador
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    edited 4 February at 7:19PM
    Once a debt has passed limitation, i.e., is over 6 years since default and become statute barred, it cannot be un-barred by acknowledgement, written or otherwise, payment or anything else.

    It remains that way for ever.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • tp555
    tp555 Posts: 26 Forumite
    First Post
    One question with regard to the DMP - the virgin credit card with £2500 on it is on a low deal interest and the minimum is £30 - does it make sense not to default on this and keep paying it while it's low? or is that 'favouring a creditor' and is it better to default on all? thanks
  • tp555
    tp555 Posts: 26 Forumite
    First Post
    An update on my situation, I have now missed two months payments on my debts and received texts, letters and emails which I've just filed - this morning I received a 'Notice of Default Sum Under credit Agreement - Given pursuant to Section 86E of the Consumer Credit Act 1974' from Novuna for the loan. Am I right in thinking this is not a default notice? It's confusing because it says notice of default. I'm not sure how to tell the difference except that I would have thought it would take longer than 2 missed payments. Could someone please tell me if I just ignore this too? Thank you
  • fatbelly
    fatbelly Posts: 20,465 Forumite
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    That's a default notice. A bit early but in the grand scheme, not a problem

    No response needed.
  • tp555
    tp555 Posts: 26 Forumite
    First Post
    fatbelly said:
    That's a default notice. A bit early but in the grand scheme, not a problem

    No response needed.
    Thank you, I'm a bit confused because I've just read the rest of the letter and it says
    'The default sum shown below has become payable under the terms of the Agreement because you failed to make a monthly payment on the date it was due, resulting in a letter being issued on the same date as theis Notice:
    Default sum amount: £25
    Date it became due 15 March 2024
    Total amount of all default sums included in this notice :£25
    This Notice does not take account of default sums which we have already told you about in another default sum notice, whether or not those sums remain unpaid.'
    Does this mean it's not the final Default notice for the whole amount (I owe around £1700 for this one)? thanks
  • sourcrates
    sourcrates Posts: 28,854 Ambassador
    First Anniversary Name Dropper First Post Photogenic
    Its a "notice of default sums in arrears", basically telling you you've missed payments.

    Not a default notice, but no action required.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • tp555
    tp555 Posts: 26 Forumite
    First Post
    Its a "notice of default sums in arrears", basically telling you you've missed payments.

    Not a default notice, but no action required.
    That's great thank you
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