DMP for £60k worth of debt...ready to tackle this!

sourcrates

If you can make arrangement via their website, that`s the easiest route I would say.

I agree with RAS to put something into an emergency fund, keep in mind most debts that default end up being sold to 3rd party companies, so you may not be paying this creditor for that long.

bravo4_5

sourcrates said:

If you can make arrangement via their website, that`s the easiest route I would say.

I agree with RAS to put something into an emergency fund, keep in mind most debts that default end up being sold to 3rd party companies, so you may not be paying this creditor for that long.

Done this, they got back to me with an official payment plan for the next 12 months of £1 a month. Even after everything has defaulted I’m going to make the smallest payments possible for another 6 months and build up this emergency fund and seeing as I won’t be able to get credit for a long time. Should have enough for settlements!

eleanorl89

Hi @bravo4_5

Just wondering how things were going for you now? I’m in a very similar situation and have just received my firsf default letter through the post from MBNA. I’m waiting for a couple of others from Natwest and Barclaycard who have sent me a default notice but haven’t done the default yet. Some of the debts are very high, 20k & 15k

Have you entered CCJ territory yet? Or have they all been sent to DCA agencies & you’re paying them? Unfortunately i don’t have the ability to even save to an emergency fund yet, as i was paying credit with credit. So my situation is dire!

just looking at some reassurance or a reality check… from somebody in a similar situation. Terrified of losing my house! Though i have had numerous wonderful people on this forum assure me that won’t happen, my mind is still wandering!

thanks so much

ManyWays

eleanorl89 said:

Hi @bravo4_5

Just wondering how things were going for you now? I’m in a very similar situation and have just received my firsf default letter through the post from MBNA. I’m waiting for a couple of others from Natwest and Barclaycard who have sent me a default notice but haven’t done the default yet. Some of the debts are very high, 20k & 15k

Have you entered CCJ territory yet? Or have they all been sent to DCA agencies & you’re paying them? 

just looking at some reassurance or a reality check… from somebody in a similar situation. Terrified of losing my house! Though i have had numerous wonderful people on this forum assure me that won’t happen, my mind is still wandering!

thanks so much

Its best to start your own thread so you can explain your situation. 

Unfortunately i don’t have the ability to even save to an emergency fund yet, as i was paying credit with credit. So my situation is dire!
Does that mean you have stopped paying the non priority debts, they are starting to default, but you still arent able to save any money into an emergency fund? In this situation, you need urgent advice as debt management is unlikely to be a good option for you. 

RAS

ManyWays said:

eleanorl89 said:

Hi @bravo4_5

Just wondering how things were going for you now? I’m in a very similar situation and have just received my firsf default letter through the post from MBNA. I’m waiting for a couple of others from Natwest and Barclaycard who have sent me a default notice but haven’t done the default yet. Some of the debts are very high, 20k & 15k

Have you entered CCJ territory yet? Or have they all been sent to DCA agencies & you’re paying them? 

just looking at some reassurance or a reality check… from somebody in a similar situation. Terrified of losing my house! Though i have had numerous wonderful people on this forum assure me that won’t happen, my mind is still wandering!

thanks so much

Its best to start your own thread so you can explain your situation. 

Unfortunately i don’t have the ability to even save to an emergency fund yet, as i was paying credit with credit. So my situation is dire!
Does that mean you have stopped paying the non priority debts, they are starting to default, but you still arent able to save any money into an emergency fund? In this situation, you need urgent advice as debt management is unlikely to be a good option for you. 

ManyWays 

eleanorl89 already has her own thread and is seeking assurance from someone more advanced in the process.

bravo4_5

eleanorl89 said:

Hi @bravo4_5

Just wondering how things were going for you now? I’m in a very similar situation and have just received my firsf default letter through the post from MBNA. I’m waiting for a couple of others from Natwest and Barclaycard who have sent me a default notice but haven’t done the default yet. Some of the debts are very high, 20k & 15k

Have you entered CCJ territory yet? Or have they all been sent to DCA agencies & you’re paying them? Unfortunately i don’t have the ability to even save to an emergency fund yet, as i was paying credit with credit. So my situation is dire!

just looking at some reassurance or a reality check… from somebody in a similar situation. Terrified of losing my house! Though i have had numerous wonderful people on this forum assure me that won’t happen, my mind is still wandering!

thanks so much

Hi Eleanor,

Firstly apologies, I have just seen this.

5/6 of my credit cards have defaulted and 1/3 of my loans have defaulted.

i am paying minimal towards all these - all credit cards so far have gone to DCA’s. None of the loans have gone to DCA’s with Novuna handling the minimal payments themselves (this has defaulted). 

My updraft and lendable loan still haven’t budged in regards to defaulting me and updraft appointed a debt collection agency called ACI to hassle me but I’m not contacting them until they default.

I still have thoughts of legal/court action and losing my house. But no one has gone that far yet.

To all forum members - Am I correct in saying that if you pay anything as little as £1 to a defaulted debt this reduces the chance of any CCJ or legal action? I am aware that they can still do this, but is the chance reduced?

thanks

Grumpelstiltskin

Look CCJs don't just appear out of thin air.

If anyone is thinking of going down that route they must send you a letter before action by snail mail, giving you time to sort something out.  This is why we tell you to always look at any letters you receive.

If and it is only a small if you do get a letter before action come back on here ASAP and we will tell you what to do.

bravo4_5

Grumpelstiltskin said:

Look CCJs don't just appear out of thin air.

If anyone is thinking of going down that route they must send you a letter before action by snail mail, giving you time to sort something out.  This is why we tell you to always look at any letters you receive.

If and it is only a small if you do get a letter before action come back on here ASAP and we will tell you what to do.

Am I correct in saying that if you come to an agreement with the creditor after the LBA is sent but before any court proceedings take place then no CCJ will be registered?

Grumpelstiltskin

bravo4_5 said:

Grumpelstiltskin said:

Look CCJs don't just appear out of thin air.

If anyone is thinking of going down that route they must send you a letter before action by snail mail, giving you time to sort something out.  This is why we tell you to always look at any letters you receive.

If and it is only a small if you do get a letter before action come back on here ASAP and we will tell you what to do.

Am I correct in saying that if you come to an agreement with the creditor after the LBA is sent but before any court proceedings take place then no CCJ will be registered?

Yes you are correct.

bravo4_5

Grumpelstiltskin said:

bravo4_5 said:

Grumpelstiltskin said:

Look CCJs don't just appear out of thin air.

If anyone is thinking of going down that route they must send you a letter before action by snail mail, giving you time to sort something out.  This is why we tell you to always look at any letters you receive.

If and it is only a small if you do get a letter before action come back on here ASAP and we will tell you what to do.

Am I correct in saying that if you come to an agreement with the creditor after the LBA is sent but before any court proceedings take place then no CCJ will be registered?

Yes you are correct.

Ok, and if you were to say to the creditor all you can afford is £10 a month. Can they reject this and carry on with CCJ proceedings?