Help! £54K debt, DMP process and defaults.

On_a_mission_

iceandfire1 said:

RAS said:

Good that your both on board and have no shared accounts. 

When the debt defaults, generally wait for a letter telling you if they are keeping the debt in house, assigning it to a DCA or have sold it. Then pay the appropriate piper, you decide how much, on-line using the provided bank detail's  and your account number.

You not not need to wait, but do not raise expectations of the early defaulters by paying them than you will be able to afford when they are all in.

Do your debts include Amex or a credit union?

Hello, may I know the reason why you are asking about Amex and a credit union? Do they have a different process? Asking because I have debt with Amex. Thank you!

I’m also interested in this, realise the comment was from a few months ago. @RAS 

Ripcurl

sourcrates said:

Not unless they are asking for the full amount, are they?

I`m guessing the letter will say something along the lines of "we want to help you get your payments back on track"

Or something similar to that.

It reads this:

Balance outstanding £**** 

'Your account details have been passed to us by HSBC UK Bank PLC to act as a collection agent and we will now be dealing with your account'

So yes, Moorcroft are acting on their behalf and not purchased the debt. So I'll wait until they run out of patience and the default comes through.  

Ripcurl

RAS said:

Some debts are assigned to a debt collector in an attempt to get the debtor to cough up, some are defaulted quickly then assigned or sold on. Just depends. It's not necessarily going to be consistent.

Yes as Sourcrates said some banks don't want the hassle to keep chasing debts and pass it over to a collection agency before defaulting. I'll just have to get use to more persistent attempts to contact me now. 

Would you say the length of time before banks default is generally on the increase?

RAS

On_a_mission_ said:

iceandfire1 said:

RAS said:

Good that your both on board and have no shared accounts. 

When the debt defaults, generally wait for a letter telling you if they are keeping the debt in house, assigning it to a DCA or have sold it. Then pay the appropriate piper, you decide how much, on-line using the provided bank detail's  and your account number.

You not not need to wait, but do not raise expectations of the early defaulters by paying them than you will be able to afford when they are all in.

Do your debts include Amex or a credit union?

Hello, may I know the reason why you are asking about Amex and a credit union? Do they have a different process? Asking because I have debt with Amex. Thank you!

I’m also interested in this, realise the comment was from a few months ago. @RAS 

Based on experience here Amex and some credit unions are less tolerant of underpayment.
 
Credit unions don't report to CRAs, so don't default and are more inclined to go for a CCJ if you don't engage. Better talk to them directly, explain your situation in detail and make an arrangement to which you can adhere. Don't offer what you can't keep up with, better a sensible sum and let them know you'll bung a bit more on when you can.

Amex are also tricky, likely to default quickly and expect a prompt payment arrangement. If you don't engage they may actually go for a CCJ, which is otherwise very rare.

thewad

I went to Stepchange when it was called the CCCS before the defaults......credit record recovered in about 2 years....get it started straight away......decide what you want to pay and adjust the form to suit you.....there are no checks on what you actually earn or what you have saved or there wasn't when I did mine......as long as you make a reasonable offer to pay it off over a reasonable time they will be happy......CCCS/Stepchange where brilliant to talk to and deal with.