Defaults

Peters5468

Hi, Please could you advise me whether I need to contact lenders as each of my debts default? Ideally I would like to wait for them all to default before starting a self-managed DMP, but I’m wary about further action being taken, such as a CCJ, etc. Thanks for your help. 

fatbelly

You don't have to do anything. So if you want to wait until you get them all defaulted, go ahead.

No-one just issues a ccj. There has be be a court claim, that you can respond to, and before that there has to be a formal preaction letter. We do recommend that you can engage at that point.

Creditors have 6 yeats to start a claim so you'd be unlucky to see one in the first few months.

sourcrates

Defaulted debts are usually sold on fairly quickly in a lot of cases, so the lenders you currently have may not be for much longer, best to wait until the process completes, then any new owner will write to you.

Look at what happens on a case by case basis, and take what action you deem necessary to deal with things.