Please can someone check my plan?

sourcrates

recklessmurmur said:

I'm looking to pay it off through a self managed DMP 

Then just let the dice roll and wait until someone writes and asks you for payment.

recklessmurmur

Thanks Sourcrates. So just to he clear, the letter I received states the debt is defaulted (which it has), and that they want me to arrange repayment of the debt. It's from Lloyds Priority recoveries. I'm wondering why it's not already with a DCA, is this usual for them to try & arrange to collect it in house before passing to a DCA? I'm hoping long term to be able to do some decent settlement offers, so keen to go with DCA if possible but didn't really expect Lloyds to try collect it themselves first I guess. Xx

sourcrates

Its anyone's guess what there collection policy is, usually most lenders won`t keep bad debt in-house for very long, but you never know.

The debt has defaulted, so if you want to make arrangements with them, do so, but expect them to possibly assign the debt to a collector within a short space of time, or even sell the debt to someone else.

ManyWays

Are these two credit cards your only debts or are there others that you are still paying eg loans, car finance?
You are worried about repossession so you have a house with a mortgage I assume, when is your current fix ending?

recklessmurmur

Hi Manyways, yes just two debts. I stopped paying them in April. Lloyds CC total 12,607 & Capital One 3400. 
I bought my house in September 2023 with fixed deal til 2028. 

recklessmurmur

Hi everyone, I wanted to just hop onto my original post to ask some advice!
So I stopped paying my 2 debts in April. Both have defaulted around August / September. Except for the odd letter, and continuous daily calls from Capital One until default, I've heard NOTHING from Lloyds or capitalone since they defualted. Is this normal? I am just sitting and waiting, trying to save. 

ManyWays

I would say it's unusual not have had either debt sold or passed to a debt collector. 
I may just be wrong, but its my feeling that fewer debts are being sold quickly than used to happen. I also feel that fewer debts are being sold from one debt collector to another. Higher interest rates make it more expensive for debt collectors to purchase large books of debt, this may have something to do with it. 

sourcrates

Capital one don`t tend to chase bad debts with any kind of vigour.

They had one of mine, some years ago now, and held on to it for 5 years with just the odd email.

Eventually it was sold to Lowell, but they were very laid back with their collection activity.

recklessmurmur

It's very odd. Even Lloyds I've heard hardly anything from. I even checked my address was up to date with them, both, which they are. Thank you, guess I'll just wait & see!