Questions about a DMP and £50k in debt

tigergambit

From memory Ikano defaulted me quite quickly and I then paid them around £2.50 for about 18 months until they accepted a F&F of around 23%.

My debt with them was my smallest debt and I assume yours are small amopunts (under £1k) too. Once they default you I don't think they can add charges for debt collection and a CCJ isn't practical for them given the small amount as long as you're paying something. The "Missing Payments" bit shouldn't be telling you anything you don't already know. 

They are a bit of a weird company in my experience. They kept my debt in house and don't communicate particularly well but were fine about a F&F settlement.

BasketballJumper90

@tigergambit my outstanding balances with them are £525 and £1631.25. It's useful to have some prior experiences there too, thank you.

BasketballJumper90

Hi everyone, another piece of advice if possible please. I've started getting calls from First Direct Financial Support now, shall I just ignore them or shall I answer them and tell them to correspond with me in writing? They are my current account with overdraft and credit card.

If there's a script anywhere to deal with these kind of calls that would be useful!

sourcrates

BasketballJumper90 said:

Hi everyone, another piece of advice if possible please. I've started getting calls from First Direct Financial Support now, shall I just ignore them or shall I answer them and tell them to correspond with me in writing? They are my current account with overdraft and credit card.

If there's a script anywhere to deal with these kind of calls that would be useful!

I presume you are waiting for defaults?

Any help they offer will lengthen the process, if you want a default, best to ignore all correspondence except a court claim.

BasketballJumper90

sourcrates said:

BasketballJumper90 said:

Hi everyone, another piece of advice if possible please. I've started getting calls from First Direct Financial Support now, shall I just ignore them or shall I answer them and tell them to correspond with me in writing? They are my current account with overdraft and credit card.

If there's a script anywhere to deal with these kind of calls that would be useful!

I presume you are waiting for defaults?

Any help they offer will lengthen the process, if you want a default, best to ignore all correspondence except a court claim.

Yes I am waiting for defaults, sorry I should have clarified. I've missed one payment on everything so far and starting to get the missed payment fees so still early days yet.

Thanks for confirming!

sourcrates

Oh yes, very early days, you see the bank won`t know why you are not paying, so the "help" wagon will be rolled out, as they attempt to keep you as a customer.

Once the accounts default, you are no longer a customer, you become a debtor, they will then lose interest in you, and your debts will likely be sold to a 3rd party.