Default Notice

Dmptogo

1)I have three Creditors one has issued a Default notice dated 11 March 24.(Creation Finance)
Today I have received a letter stating full balance is required immediately do I now contact them with their pro rata payment and wait for the other two to do their default notices.

2) What is the best way to respond by letter I.E. How do you word the letter.

Many thanks.

Grumpelstiltskin

You tell them you will be paying them X amount, you pay what you want not what they are asking and you set up  a Standing Order for that amount.

Presumably you have worked out what you can afford to pay in total and you should pay Creation their proportionate amount.

sourcrates

Has the debt actually defaulted?

Is it shown on your credit report as being in default?

Its entirely up to you, but creation will be looking to off load this debt, I would wait for whoever buys it to write to me.

Where debt collectors/purchasers are concerned, you don`t need to write formal letters offering payment, you just set up an arrangement online, I would wait.

Rob5342

I've been through this a number of times. What I've done is wait for it to be sold, then set up a standing order with my payment and emailed them to tell them what the payment would be.

Sly72

Rob5342 said:

I've been through this a number of times. What I've done is wait for it to be sold, then set up a standing order with my payment and emailed them to tell them what the payment would be.

Creation Finance do not seem to sell if you dont offer a payment or make contact with them (My Mistake waiting to be sold) then it goes to legal, who in a nutshell say its policy for the balance to be cleared within 36 months, if not they will do CCJ action.

Dmptogo

Thank you for the reply bit confused as to what to do now wait or just contact Creation. The other two creditors seemed to be obsessed with making phone calls to us 

sourcrates

Sly72 said:

Rob5342 said:

I've been through this a number of times. What I've done is wait for it to be sold, then set up a standing order with my payment and emailed them to tell them what the payment would be.

Creation Finance do not seem to sell if you dont offer a payment or make contact with them (My Mistake waiting to be sold) then it goes to legal, who in a nutshell say its policy for the balance to be cleared within 36 months, if not they will do CCJ action.

Some creditors can operate this way, in which case the OP should do a deal now, if they want to avoid legal action.

The majority of lenders simply sell their bad debts to other specialist companies, but just a handful keep them in-house and get legal with you, peer to peer lenders tend to do this.

It is something to be aware of.