dmp or iva

sourcrates

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.

tp555

sourcrates said:

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

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.

tp555

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

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

That's a default notice. A bit early but in the grand scheme, not a problem

No response needed.

tp555

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

Its a "notice of default sums in arrears", basically telling you you've missed payments.

Not a default notice, but no action required.

tp555

sourcrates said:

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

tp555

UPDATE if someone could please advise:
I've now had a default notice saying pursuant to section 87(1) of the Consumer Credit Act 1974 from Marbles credit card,  followed by a Termination agreement and request for full outstanding amount. 
Then today I had an email from McLaren Credit Management on their behalf saying this 
'We have been trying to contact you regarding the outstanding balance on your Marbles credit card.
It would appear that you haven’t made a payment towards your Marbles account, it’s important for you to know the repayment value required to avoid your account defaulting is £85.23. 
Please contact us as soon as possible to set up a repayment plan that suits your financial circumstances.
It’s important that you contact us to discuss how you will manage your account going forward as this gives you the best opportunity to prevent a default being registered against you. Without an agreed payment plan in place, a default will be registered and this may make it more difficult for you to obtain credit in the future.'

I had the default letter 30th March and the termination/full balance due letter on 23rd April - but no default has been registered on my credit report yet. 
Is McLaren a collection agency I should just ignore, or does this mean Marbles have sold it to them and I should set up small payments to them? Not sure how I tell the difference.
thanks in advance