What to do…

ManyWays

Have you queried the amount with them?

archer2016

Nah and they’ve stopped contacting me about that one now, the wrong amount is only on emails which I’ve asked them not to send me so not too concerned. The account online and letter says right amount. 

archer2016

I’ve received a default letter from one of the cards, it says I have until mid June to pay up to date (3 months min payment) and that if I don’t they may ask for full balance, pass on to debt collector etc.

do I have to wait for the final demand for the full balance and then set up payment plan? 

I think it says default notice and there’s a blue insert with it. 

Rob5342

That's telling you what to do to avoid a default, so ignore it for now. Once you have confirmation that it has defaulted then that is the time to start thinking about paying it, they should write saying the account has been terminated and your credit report will reflect that later. At some point someone will contact you asking for payment so just start paying whoever that is. 

archer2016

Thank you Rob

archer2016

So just over 5 weeks since zoos said they would default that loan. 

-They have stopped chasing me 
-They haven’t sent default letter they said they would 
-The account showed as defaulted online few days after the complaint was upheld.
-They have removed it from my credit report

is there a chance they may not pursue the balance or what else may they be up to? 

Presumably I do nothing until I get a formal letter just seems strange I haven’t had that yet. 

tigergambit

This is the weird thing about dealing with creditors, nine times out of ten doing nothing is the correct thing to do.

They may be batching it with other debts to sell to a DCA, someone may have taken leave, you may have been passed to a different team or it could be something else entirely. From your point of view just add the payment to your emergency fund and wait.

archer2016

Right so for one of the loans I’ve now had a letter saying it’s final demand for full balance as it has defaulted - do I now write to them and offer to pay them x per month? 

Then only start paying when they write back and confirm account details etc? 

tigergambit

archer2016 said:

Right so for one of the loans I’ve now had a letter saying it’s final demand for full balance as it has defaulted - do I now write to them and offer to pay them x per month? 

Then only start paying when they write back and confirm account details etc? 

Has it actually defaulted? Check on the Experian and the other credit agencies. If it has then creditors don't tend to give another final demand, rather they confirm default then ask you to get in contact to arrange a payment plan. Likelihood is that this will be a few weeks or months whilst they decide what their strategy is going to be. 

You need to wait as they may sell the debt, appoint a DCA or chase it in house. Last thing you want is to be paying the wrong people.

In the meantime work on your SOA that you will share with them (if necessary) and make sure you have everything in there plus a bit more. Don't scrimp too much - you have to be able to live a reasonable life and have enough padding in there to save a fighting fund. Always remember that they only have information you give them to check this against. Give them as little as possible.

Once you can see the default with the reference agencies AND your creditor or their representative or successor writes to you asking you to get in touch you can contact them to arrange a payment. Frequently this is now done online. Remember YOU decide the payment amount. Use your SOA to calculate a total figure and split it amongst all your creditors pro rata. (Whether or not they have defaulted yet, but, obviously, you only pay ones where you can see the default on your record).

archer2016

Right it’s a formal demand for full balance not final demand as I said above. 

refers to default notice sent a month ago.

says loan agreement now been terminated and this is a demand for outstanding balance. 

Then telephone number for recoveries to call. 

On the app it’s showing as defaulted however not showing as defaulted on transunion. 

This is the other Zopa loan I had not the one i had the complaint on which they have removed from my credit file a while ago and I’ve had no letters on it since.