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Defaults
Peters5468
Posts: 17 Forumite
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.
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Comments
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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.0 -
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.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-letter0
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