Desperately seeking advice! Please!

stu12345_2

Tesco bank and capital one defaulted but never ever used a dca , even 3 years later, it was all in house.


regardless if it was the original creditor in-house or a dca or a new company that bought the debt, as long as it had defaulted I then got their account number and sort code from any of their letters on the back  page " how to pay us" or even via their website 

 IMPORTANT you must wait till it defaults..

I then added them to my new basic bank account standing orders, picked a date and ( a price, I fancied )set it up as same amount per month, used the  credit card, loan reference in the payment section, so they knew who the amount was coming from 

then I sent them an email or did their live chat to tell them what I've done and left it at that.

they always said yes thanks we accept, but link financial said oh you need to fill in an income expenditure form, live chat isn't good enough, sorry I said , I'm not doing that.

ok they said,  we accept, and if any other creditors asked for the same income expenditure form, I never gave them it.

they ask but you aren't required to give one. all they want is some money per month

you then  get a letter in post saying we look forward to your payment 

and that is basically all you do , never had spoke to them on phone ever!!


IMPORTANT never ever do a direct debit OR a continuous recurring card payment method., it puts creditor in control.

it's only a standing order, cos that puts you in control of the date, the amount and you can easily cancel it if you feel things are tight one month, then start it up again next month.

RAS

Glad your mortgage provider refused to let you release equity.

Some time in the future, you may get a letter from a creditor demanding you repay the whole debt. This is a legal requirement before they are allowed to register the default. Once that's issued, they, their agent or the new owner will write to you, with an account number, and usually details of how to pay. 

You don't negotiate, you just make an affordable payment on-line.

But you are getting ahead of yourself and wasting energy you need to deal with here and now. Right now the important things are your Statement of Affairs and your emergency fund. You need to know where your money is going each month. You have to identify all the annual costs that need to be included, from Christmas to motor costs and house maintenance, and make monthly provision for them so there are no nasty surprises. Then you need an emergency fund for nasty surprises.

And once you start living with your SOA, you need to stress test it. Do you actually have £x left over at the end of the month or have you underestimate a couple of bills? 

Meantime keep saving into the emergency fund. 

But first thing is to put together an SOA and accept that you may need to revise it before it really fits.

stu12345_2

where I went wrong in my SAO is leisure, I love going out with wife, anywhere, we hate staying in
we can cut back in gas, electricity food, clothes, holidays, but we enjoy leisure

we rent a one bed flat with no garden or balcony, so getting out means a lot.
my wife doesn't like walking lots, foot problem 

we love visiting places in days off and spending some  money when we get there, seeing the sites etc what's on in my county sort of thing.

I live in a tourist county, always things to see and do , be it a river boat or steam train or stately home is having an event, there is a limit to watching dvds and you tube at home before you say we are going out this flat  for the full day and it's impossible to go out for a 15 hour walk, which we cant do anyway with wife.

pubs and drinking isn't our thing, it's just getting out for the day, away from our small town means a lot, seeing and doing things we haven't seen or done 

done the local park thing, it gets boring after half an hour.

it's a downfall we still have, a little depression kicks in a little bit by staying in alot. especially when its warm and dry

moving to the Shetland Islands would solve our problem lol

Grumpelstiltskin

Amy Please, please, please take notice of what we are telling you.

Concentrate on the here and now, forget what might happen in the future, just take one step at a time and keep posting.
 
Start with a honest SOA, it will take time to do, don't worry about that.

When you post it on here we will be able to give you accurate advice .
.

backinbusiness

Grumpelstiltskin said:

Amy Please, please, please take notice of what we are telling you.

Concentrate on the here and now, forget what might happen in the future, just take one step at a time and keep posting.
 
Start with a honest SOA, it will take time to do, don't worry about that.

When you post it on here we will be able to give you accurate advice .
.

Hi Amy, Seconding what Grumpelstiltskin says, slow down and breathe.

1. Things don't happen quickly in debt collection.
2. You are just a number to them - it's not personal, and
3. Do the SOA - you won't believe the ideas you'll get on here to cut back and trim - areas you might not even have considered.

The folks on this board know what they're talking about. Don't panic Mr Mainwaring!!

You've got this. BiB x 

collinsona

I have had one email so far to say my sainsburys credit card is in arrears and to ring them so they can “help”- im ignoring it! Im currently making a file so i can put away all physical letters I receive. Still working on my SOA. Amy x

collinsona

Hi all, just checking in ☺️ ive had a text from
one credit card to tell me to phone them urgently. I haven’t. I know you have all answered this but its still in the back of my mind- would it definitely not be a good idea to contact the creditors and tell them that I have no intention of paying the minimum payment any longer and that as soon as they default my account I will start paying what I can afford? Im pretty sure the answer is no but Im not worried that if they dont default me for months and months its going to add so much more interest to my debt. And I guess it still feels completely unnatural to be ignoring credit card companies and just not paying my bills! Probably just need some more reassurance that im doing the right thing- sorry! Ive made a file and im going to file away each letter as it arrives, only had one so far. Thanks for all being there. Amy x

stu12345_2

some say waiting for defaults whilst they add Interest will be counter balanced by the fact you will get discounted offers to settle faster , rather than if you went right in to paying them from day one and it never defaulted , just cos you wanted the interest to stop, it won't if it doesn't default , it will be an active account showing lower monthly payments 

collinsona

Thank you for replying @stu12345_2 I think the panic and “what ifs” are setting in again! And fuelled by the tesco c card man on the phone telling me he could default me there and then which I turned down?! I shouldnt have rang anyway in hindsight but im now wondering if I should have agreed to that although I had no confidence that he knew what he was talking about tbh! Im just rambling, sorry. I should probably start a diary on here rather than just posting on this thread? 😕 

stu12345_2

just let them default naturally by not paying anything 

3 to 6 months is the norm I would say

the Tesco man is probably on £11.44 an hour and trying to hit his monthly targets of repayment arrangements set ups.