Next steps once default is registered

fresh77

Hello kindly debt helpers,

I have been waiting for defaults to be registered to 6 credit card accounts. Had taken about 6 months all in all!  It looks like about 3 have now been sold onto different debt management companies who are calling me constantly. Wanting some advice about next steps before I contact them… 

Can I come to arrangement with them about reduced payments? And I see from other threads that there is also a potential avenue of checking that the debts are enforceable? In the end I would like to do final settlements on them and pay a lump sum once I have saved up. At what point is it best to do this? 

So many questions and thank you for advice in a confusing area.

sourcrates

Have they all defaulted yet?

How do you know these debts have been sold, have you had that in writing?

You refer to CCA requests, save that for later in the process when you want to make settlement offers.

fresh77

It looks like 3/6 have defaulted. 

And 2 so far have written me letters to say they’ve ’transferred my account’ to a debt management company. 

Starfish75789

Just adding my experience - Ive been waiting for some to default since May....Ive received default notices in the post from the same bank/account twice, some I didn't receive but were updated on my credit report....As far as I'm aware until it's on your credit report it's not officially defaulted. I use clearcredit and credit karma...Both free to use. 

Two of mine were transferred to DCA before defaulting but the DCA wrote to me advising they were "Acting on behalf" which means it hadn't been sold.

There is a lot to learn and unlearn. There are a few things I thought to be true but wasn't.....ive spent a lot of time going through peoples queries, diaries which has helped me a lot.

sourcrates

fresh77 said:

It looks like 3/6 have defaulted. 

And 2 so far have written me letters to say they’ve ’transferred my account’ to a debt management company. 

Debt collection agency, not debt management company, they are two very different things altogether.