Iva or Dmp

Shookt38

Hi Everyone, 

it has been awhile. One of my creditors, updraft, has emailed and told me that they will be sending my file to one of the debt collectors if I have not told them that I am in a breathing space, active IVA or dmp. 

What should i do now? Currently all loans are in arrears, not defaulted. Do I just wait until it is defaulted? Or should i do a dmp now? 

Thanks. 

RAS

Wait for the default. No-one can take legal action now.

Shookt38

RAS said:

Wait for the default. No-one can take legal action now.

Thanks 🙏🏻 

Shookt38

Hi guys, 

been awhile. Still waiting for everything to be defaulted. 

I have a quick question. Since we are leaving UK, wont we get taxed by hmrc if we have open accounts here still? 

Am just really worried🥹

RAS

Taxed on what? You won't have any income here, presumably? 

Shookt38

RAS said:

Taxed on what? You won't have any income here, presumably? 

i assured him we wont because there is no income being generated on those accounts anymore. 

Also, a question about what account should i use if i will pay the creditors from abroad if there is a dmp in place?

RAS

Suggest your husband talks to Stepchange or national debtline. They know rather more than his colleagues. 

Make sure you've got mail redirect set up if you want to pay off these debts. There's no requirement that you do, and after 6 years most will just become statute barred.

You'll get letters with details of the account numbers and references so you can pay online. I'd suggest you only bother if you're threatened with a CCJ and that bothers you. Even those eventually drop off your credit records and become unenforceable.

You could come back to the UK with a clean slate after 6-7 years as the debts are statute barred. What you don't want is to make minimum payments for years, end up still owing a lot, with long term wreckage of your UK credit records.

Shookt38

RAS said:

Suggest your husband talks to Stepchange or national debtline. They know rather more than his colleagues. 

Make sure you've got mail redirect set up if you want to pay off these debts. There's no requirement that you do, and after 6 years most will just become statute barred.

You'll get letters with details of the account numbers and references so you can pay online. I'd suggest you only bother if you're threatened with a CCJ and that bothers you. Even those eventually drop off your credit records and become unenforceable.

You could come back to the UK with a clean slate after 6-7 years as the debts are statute barred. What you don't want is to make minimum payments for years, end up still owing a lot, with long term wreckage of your UK credit records.

Hi! Sorry just saw your comment. 

Am just thinking of where to redirect the mails. If we leave our rental, don’t the tenants after us receive those letters? Am just looking for a way to have our details secured. 

Also with CCJ, will i be able to see it in my credit file even if i cannot see the actual leTter? In case I decided to keep them all here in RM locker. 

You are probably right that I don’t want paying the minimum and owing a lot still after 7 years. 

Shookt38

Hi, if i have loan in community banks, when should I stop paying them to have my loan defaulted? 

It’s just that is the only loan im paying right now. Could help if i just stop paying as well. 

RAS

Community banking aka credit unions are managed in the same way as main stream creditors. They can be much quicker to take legal action because they don't have the same protection as other creditors. 

So you need to engage with them personally, much more promptly. If you can speak to them face to face, great. If not start by writing and asking them who to contact.

They may accept a proportional payment  But don't offer something that you may not be able to fulfil, and maybe advise that when possible, you'd like to add some extra rather than upping your regular payment.