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Debt advice needed please!
Comments
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Thanks both for the swift replies, much appreciated. Wasn’t sure at what point I need to actually do something!0
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Eventually you will get a letter from whoever takes on the debt. It can be straight after default applied or it can take a while. One of my creditors defaulted 2 months ago and nobody has got in touch yet, I’ll just sit and wait 😍wdc208218 said:Thanks both for the swift replies, much appreciated. Wasn’t sure at what point I need to actually do something!0 -
You will get a letter from the debt collector if the creditor refers debt to them, or a debt buyer who's paid a little more than peanuts for the right to ask you to pay.
More importantly, your creditor can no longer charge interest or add fees and you know when your credit record will start to improve.
That will happen in 6 years, during which time your current debt owner can take legal action. A lot depends on your situation. If paying a fiver a week will cripple your family, debt forgiveness might be appropriate. If you've been through a rough patch and own a home and your finances are recovering, a small monthly payment to stave off legal action might be appropriate.
If you've have not made a mistake, you've made nothing0 -
Standard default notice to comply with the consumer credit act, allow it to expire, keep checking your credit file, once the default is registered, you are good to go.
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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