Debt

eyahooheat1

Hi looking for advice,

I have stopped paying the debts on my credit cards and loans and im awaiting them to default on my account ive had a email today with a notice of sum of arrears attatched and they have said they will send to a debt collection agency they have left a email for me to email them .. ive checked my credit report theres no defaults yet .. what do i do? 

fatbelly

No need to do anything.

It sounds like the default will be along soon

eyahooheat1

Okay so just ignore the email? Once the default is showing then who do i contact? 

RAS

Wait for the debt collection agency to get in touch. If they refer to the fact they are collecting for "our clients" they are just that. Otherwise they may have bought the debt at a discount.

sourcrates

Read the email again, it states "default sums in arrears" they are referring to your missing payment or payments, it is not a default.

The debt collector will just be after your arrears, nothing more, wait until you get a "default notice" demanding full payment of the arrears within 14 days or they will register a default on your credit file.

That would be a default, not what you have received, two separate things altogether.

eyahooheat1

I have recieved that letter today what do i need to do now? 

sourcrates

eyahooheat1 said:

I have recieved that letter today what do i need to do now? 

When you say "that letter" are you referring to a default notice?

If so you do nothing, just wait until the time expires, and sometime later someone will write to you.

Nothing moves fast in debt collection, it may be some months, or a few days until you are written too.