Self managed DMP - do I start repaying now?

lea

Thank you both. That's good to know.

Should I be sending the CCA letters out now or just start with repayments?

How much information should I be giving Cabot and Lowell about my financial situation? Should I go into as much detail as explaining I am freelance and on a low income which fluctuates and has gaps? Or will they not care?

Thanks again for your help.

RAS

Set up what you can afford in a poor month, and advise that your income fluctuates, so you will make random additional payments when possible.

lea

Thank you. Is there any likelihood they will come back to me and tell me the amount I want to repay is too low?
And is there any point in doing CCA letters at this point?

Appreciate everyone's help, thank you

Grumpelstiltskin

You must change your mindset, you are in charge not your creditors, it doesn't matter what they want it matters that you are paying what you can afford and you are treating them equally. If they don't like the amount you are paying them you can always pay them nothing.

lea

Thank you. Feels very daunting but you are right. Appreciate everyone's input.

I'm still unclear about CCA letters, is there any point in sending those out now or should I wait?

Thanks 

RAS

Wait until the debts are sold on.

lea

Hello again 

I've just realised that the two debts with Lowell are two that haven't defaulted yet (Virgin and MBNA). I had set up payments on their website to start repaying but should I hold off until they default?

They are showing as closed accounts on my credit file but not defaulted.

Thanks

RAS

Against whose name are the accounts closed, Lowell or the original creditor?

sourcrates

Lowell don`t normally buy non defaulted debts, are you certain that is the case?

lea

On Clearscore, three are showing as in default - Fluid, HSBC and Next. 

Virgin and MBNA have been marked as closed and removed from my credit file (the updates say 'Virgin money account was removed from your January credit report. They have stopped sharing this information with Equifax).
The only credit card still showing on my credit report is Lloyds with just under £10k balance and the status says 'delinquent'.

MBNA, Fluid, HSBC and Next all appear under 'closed accounts' with a last balance of £0? Virgin does not appear under there yet.

Does this mean Virgin and MBNA have not officially defaulted yet and I should not start paying them?

Thank you again