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Peters5468
Peters5468 Posts: 12 Forumite
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in Debt-free wannabe
Hi, I am starting to receive default notices. Please could someone advise me if I need to engage now with the original creditors or wait for the debt to be sold on? I am hoping to enter into a self-managed DMP. Thank you 

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  • RAS
    RAS Posts: 32,880 Forumite
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    It's entirely up to you. Might be worth waiting a few months for the original creditors to decide if they will sell them on. If you receive nothing, pay them a small amount monthly.

    Providing of course you've got a decent emergency fund under your belt.
    The person who has not made a mistake, has made nothing
  • sourcrates
    sourcrates Posts: 29,074 Ambassador
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    The default notice gives you 14 days to rectify the breach to your account, or else a default may be added to your credit file.

    Honestly, you need to wait until that default show on your file, give it a month or two, then see who writes to you.

    Don`t rush things, nothing happens quickly in this game.
    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-letter
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