Defaults

newbegin23

Evening all, 

quick question, hope this makes sense when you’re waiting for your accounts to default and some accounts default a lot quicker than others, what do you do with the accounts that have already defaulted but the others haven’t yet? Im worried that one of my accounts are about to default but the others seem to be taking longer so far I’ve follow everyone’s advice re ignore creditors and save an emergency fund. But now defaults are being mentioned on one account I’m panicking a bit because the others haven’t. 

What’s the next step when a creditor writes to about your account defaulting?

TIA
lou

2021rdsunshine

Creditor writes to you to let you know that your account will be terminated and default applied. Default appears on your credit file. Creditors may or may not sell the debt. If they do, the new owners will write to you. Assuming you are dealing with your debts with the intention to do a self managed DMP you can then engage with creditor/ new owner to start making your payments. Normally there is details how to pay on their letters and ideally you pay by standing order. 

Some creditors might be quicker than others applying defaults and that’s normal, not a problem at all. You can treat them individually and starting paying the ones that already defaulted. 

sourcrates

Can`t add any more to the above, should answer your question.