Defaults starting to hit credit file…guidance?

RAS

Is this debt defaulted?

allystar

No, not yet according to all 3 credit score sites…I have had a letter saying they’re defaulting me but nothing stated anywhere yet.

allystar

Hi there, could use a little guidance…

Ratesetter default has now hit my credit file.  However, before the default was showing, I started to get texts, emails & calls from ARC Europe asking me to get in touch regarding paying balance in full.

I haven’t done anything as guess if it’s important, they will write to me via post. Is this the right thing to do at this stage…or should I be setting up my self managed DMP now (for them only)?

I know Ratesetter have probably sold the debt already given the screenshot I shared the other week, but yet to hear…ARC are just managing it from what I’ve received from them.

I only have 1 other default so far (Tesco CC) but not heard anything yet from them.

lots of other defaults still to happen.

sourcrates

In the film "The Longest day" the order given to Major Howard was to “hold until relieved,” to defend his position until his men were reinforced by troops moving south and east from Sword Beach.  

How is this relevant you may ask, well you should hold until you are written too, the initial period following defaulting can be rocky, you might have a DCA still looking to collect your previous arrears, so wait until things settle down, and your debts status is confirmed.

iceandfire1

I am following this thread as I am also waiting for ALL my accounts to default. There are 5 accounts and so far only 2 have sent me a default notice, but nothing on the credit score sites yet.

What I am scared about is if I ignore this, I will get a CCJ. I am avoiding a CCJ at all costs.

I am reading more from here but I still haven't read enough to know more about when CCJ's happen.

Scared if I wait too long for everything to show defaulted on Experian, a CCJ will happen.

Grumpelstiltskin

Ice  No one can tell you exactly when a company will start the CCJ process if they decide to do it, but you will receive a letter before action through snail mail giving you chance to a) do something and b) defend it.
This is why we tell you to look at any letters you receive and post on your own thread for advice.

allystar

sourcrates said:

In the film "The Longest day" the order given to Major Howard was to “hold until relieved,” to defend his position until his men were reinforced by troops moving south and east from Sword Beach.  

How is this relevant you may ask, well you should hold until you are written too, the initial period following defaulting can be rocky, you might have a DCA still looking to collect your previous arrears, so wait until things settle down, and your debts status is confirmed.

Rate setter has defaulted and assigned to Arc. Arc have been calling daily (ignored). However I received a letter from Arc today to say this is a serious matter and to get in touch.

i guess this is now the point I start making a payment? I have a complaint lodged with FOS for irresponsible lending but know these things take time and I will still owe the debt.

just looking for further guidance if I start paying now or hold tight until another letter?

im in Scotland and know re the 5 year period, but really don’t want to risk court action. My last payment was November 2024.

any advice gratefully received.

sourcrates

ARC, are they acting for their client?

If so, you can ignore them, as they are only assigned as a collector, and have no power to take action through the courts.
However, if the debt has defaulted, then isn`t that what you were waiting for?

I guess it depends what your intentions are re: repayment of the debt.

allystar

Thanks! Yes…I’m hoping to pay what I can, probably not much at the moment but with the hope of getting to full and final offers in about 3 years time (pension lump sum at 55).

I owe Ratesetter £12k out of approx £80k total debt. Only 2 creditors defaulted so far, still waiting on 7 other defaults.

Rob5342

If your plan was to start paying once it had defaulted then it sounds like now is the time to continue with your plan. Don't let ARC rattle you through, they are just collectors whose only weapon is writing scary sounding letters. The wrote to me giving me 14 days to respond or they would "proceed with further recovery action* It was clearly written to try and scsre me by making me think it was some sort of legal notice but it was nothing of the sort. The" further recovery action" was just another letter offering a discount and then they gave up and gave the debt back to Nationwide.