Advised to DMP

sourcrates

Starfish75789 said:

Ive been monitoring my report since...waiting for the defaults to appear. 
This morning I had an alert on clearscore app that 6 defaults had been registered - so now I have a few questions

First question - Do I need to wait for the other credit agencies to update to default before replying to the DCA who is chasing me? Transunion and Experian are still showing as delinquent. 

Second question-For the ones which have defaulted I have only received default letters for some of these? Does it matter I don't have the default notice in writing. Im happy to carry on would just like confirmation im doing the right thing so I don't get caught out years down the line. 

Third question - I received a notice of default for one creditor yesterday, dated the 9th November giving me 14 days. Why would this default with Equifax before the letter - Just checking again this doesn't matter.

Last question - I received a letter stating that charges and interest would be stopped by Santandar - however I received a further letter the following month and the balance has increased by £150 the following month. How do I challenge this - worth it?

(1) Don`t rush into anything, nothing happens quickly in the debt collection world, slow down and see who writes to you.

(2) Not really an issue, as long as the default is registered on your credit file.

(3) Bad office management and not an issue.

(4) Make a complaint to the effect that they have contradicted themselves and not done what they said they would do, and you have lost out as a result, written complaint is best, be succinct and to the point, don`t waffle on, and get them to do what the said they would do.

The free to view credit files take time to update some times, be patient.

Starfish75789

Is there anyway to speed up the defaults as balances are still going up since end of June/July

Amex are now reporting 4 late payment since August…but I haven’t paid anything since June. So should be 6. I received default letter back in September. 

Similar for Sainsburys and Santander. I stopped paying these end of may so I’m up to 7 missed payments. 

Is it worth writing to them now quoting the guidance saying default should be 6 months missed payments?

sourcrates

No, they won`t be interested, its all automated, just let them get on with it, it will default eventually.

lillypoo

I have one bank that has taken 18 months to default me. Another that defaulted me last December and I've heard nothing from them since. Every account will vary but I promise you its a long slow process. As said above don't rush things just let them happen and continue to build your emergency funds 

Starfish75789

As it's now nearly been a year I would just like to run through my plan - and make sure im not missing anything. 

Latest
Sainsbury's Loan and Credit card - Both with Capital Resolve - not been sold (although I believe Sainsbury's are selling to Natwest on 1st May)
Amex - With NCO -Defaulted  - not sold but been offered 50% discount
Santander CC - Defaulted, not sold -  with Westcot
Monzo - Defaulted - not heard of anyone
Santandar Loan - Still not defaulted adding around £100 interest per month still.

Im currently paying £194 for all of the above (If they have not defaulted im putting the money aside)
My Budget is ok - been a few changes along the way but im able to keep some money aside each month for emergency and add to my fighting fund. Seems to be working for me. 

My plan is to carry on the above until sold and build up my fighting fund - and basically try to settle in a year or two.

My concerns -
DMP on the above payments is 21 years
Would like to buy house in 3/4 years. Im aware will still have defaults but will hopefully be settled. Is this possible?
Santandar have added over 1k in charges over the last 12 months and still going. Anything I can do?

ManyWays

Im aware will still have defaults but will hopefully be settled. Is this possible?
Most high street lenders like you to have settled the debts a couple of years before a mortgage application. 

Santandar have added over 1k in charges over the last 12 months and still going. Anything I can do?
Have you had communications from them about the arrears? The credit report shows you are 6 months in arrears? I suppose you could complain that they havent defaulted you, or make an affordability complaint. 

Starfish75789

My car got into an accident and has now been classed as a write off. I need a new car . I have around 2k in savings/emergency funds to do this, but I will get cheapest car tand if I can get it for less I will. My concern is that this may leave me with nothing again. 

So my plan - write to all my creditors explain the situation and pay £1 until my emergency fund is back to where it should be (around 4/5 months) - then ill recommence normal payments. Any advise on how I word this?

Next problem is that the car was on finance so this will be paid off - expectation is that this money will then go to car repairs as its older car and also use this to build up emergency fund/final settlements etc..

Is it as simple as this?

RAS

Skip the details.

Just explain your car's been written off and you need one to work, so have to suspend your payments for a few months.

Just glad you have some sort of emergency fund. 

Starfish75789

Sure - that makes sense. Less to trip myself up on.

As for the emergency fund it's only because of the support and guidance I have had from here, I think I would have gone straight into the DMP and I would have been stuck now. So thank you all for your input.