Iva or Dmp

Shookt38

Hi everyone! 

Received a default letter from Paypal. What do i do now?🫣🫣🫣 am getting nervous. Thinking if i would go for stepchange first and self manage later on. 

sourcrates

Shookt38 said:

Hi! Natwest email via debt management as i didnt pay the £65 in my cc this month. Should i just ignore? Im just thinking what if i do SC and aelf manage after? Just to be safe

Shookt38 said:

Hi everyone! 

Received a default letter from Paypal. What do i do now?🫣🫣🫣 am getting nervous. Thinking if i would go for stepchange first and self manage later on. 

I`ll refer you to my previous post, and to what others have already advised you to expect:

"Its standard computer generated collection activity, expect to get letters/phone calls/texts/emails etc from creditors asking you to contact them. This is perfectly normal"

This will go on for some time, until your accounts default, I fail to see what you are nervous about when you won`t be in the country much longer???

Shookt38

sourcrates said:

Shookt38 said:

Hi! Natwest email via debt management as i didnt pay the £65 in my cc this month. Should i just ignore? Im just thinking what if i do SC and aelf manage after? Just to be safe

Shookt38 said:

Hi everyone! 

Received a default letter from Paypal. What do i do now?🫣🫣🫣 am getting nervous. Thinking if i would go for stepchange first and self manage later on. 

I`ll refer you to my previous post, and to what others have already advised you to expect:

"Its standard computer generated collection activity, expect to get letters/phone calls/texts/emails etc from creditors asking you to contact them. This is perfectly normal"

This will go on for some time, until your accounts default, I fail to see what you are nervous about when you won`t be in the country much longer???

Hi, 

thank for your reply. I still have about 6 mos to go. And just as I have said, i am new to this kind of stuff. Apologies for being so nervous. Never had this in my life. Though i am to be blamed for what is happening, i also am just trying to protect myself and my family for any repercussions this will bring. 

sourcrates

Nothing in debt collection happens fast, when you say "repercussions" the worst that can happen is a CCJ, and only then after a 3 month court process.

Lenders can`t take you to court until your debts default, not that court action is their first choice, as it isn`t, it goes to debt collection mostly.

As you have been advised, this can take many months to play out, nothing much is going to happen in the next 6 months, I understand you are new to all of this, I don`t know what else to tell you.

Shookt38

sourcrates said:

Nothing in debt collection happens fast, when you say "repercussions" the worst that can happen is a CCJ, and only then after a 3 month court process.

Lenders can`t take you to court until your debts default, not that court action is their first choice, as it isn`t, it goes to debt collection mostly.

As you have been advised, this can take many months to play out, nothing much is going to happen in the next 6 months, I understand you are new to all of this, I don`t know what else to tell you.

Hi, 

thanks for your response. What if the creditors took long time to default? Should i just wait for all? 

RAS

It not uncommon for defaults to take 18 months, or more, although 6 onwards is more common.  Once a debt defaults wait until the creditor let's you know if they are keeping it in house, assigning it to a debt collector or selling it on. They'll provide details of your debt account number and their payment mechanism. Just pay on line. Once your income is stable set up standing orders.

So meantime work out what you can afford to pay in totality, put that aside for your emergency fund. Divide pro rata the spare money, so you know what you will pay the creditor once you get the default.

BUT, 
I think you have completely the wrong focus here. Moving to the ME is going to come with some unexpected costs and particularly in the first months you need to be able to fund those. 

Do you even know what you salary payment dates are, and when the cut off for getting paid that month? You could get your first pay check in 2 weeks, or have to fund yourselves for 6 weeks, without access to any credit. 

You might find yourself having to pay to set up accounts in the ME, and even basics like compulsory school costs.

Sort out that emergency fund. Talk to your credit union towards the end of the year about reducing the monthly payment. And  save, save, save.

Shookt38

RAS said:

It not uncommon for defaults to take 18 months, or more, although 6 onwards is more common.  Once a debt defaults wait until the creditor let's you know if they are keeping it in house, assigning it to a debt collector or selling it on. They'll provide details of your debt account number and their payment mechanism. Just pay on line. Once your income is stable set up standing orders.

So meantime work out what you can afford to pay in totality, put that aside for your emergency fund. Divide pro rata the spare money, so you know what you will pay the creditor once you get the default.

BUT, 
I think you have completely the wrong focus here. Moving to the ME is going to come with some unexpected costs and particularly in the first months you need to be able to fund those. 

Do you even know what you salary payment dates are, and when the cut off for getting paid that month? You could get your first pay check in 2 weeks, or have to fund yourselves for 6 weeks, without access to any credit. 

You might find yourself having to pay to set up accounts in the ME, and even basics like compulsory school costs.

Sort out that emergency fund. Talk to your credit union towards the end of the year about reducing the monthly payment. And  save, save, save.

Hello, 

thank you for your reply. I think i am getting ahead of myself as this was not something I envisioned myself to be in. I am worried everyday and watching my back. 

Yes you are right. There are costs in ME that I need to be prepared for. 

May I know how will i still receive the mails from my creditors if i am not here anymore?

thank you. 

RAS

You are going to need PO mail redirection. I'm not sure if there are any mail box services that forward mail to you? Or do you have family here who could accept it?

sourcrates

Shookt38 said:

Hello, 

thank you for your reply. I think i am getting ahead of myself as this was not something I envisioned myself to be in. I am worried everyday and watching my back. 

Yes you are right. There are costs in ME that I need to be prepared for. 

May I know how will i still receive the mails from my creditors if i am not here anymore?

thank you. 

That`s just it, you wont receive them in the Middle East, you are leaving this life behind, and starting another abroad, for all intents and purposes, never the twain shall meet, your old life here, will not affect your new life there.

As we said right back at the beginning of this thread, what happens in Vegas, stays in Vegas, yet here you are, focusing on the debt, and how you will get letters etc, when non of that matters, as you won`t be living here.

I can`t be any clearer, I`ll bow out now.

Shookt38

sourcrates said:

Shookt38 said:

Hello, 

thank you for your reply. I think i am getting ahead of myself as this was not something I envisioned myself to be in. I am worried everyday and watching my back. 

Yes you are right. There are costs in ME that I need to be prepared for. 

May I know how will i still receive the mails from my creditors if i am not here anymore?

thank you. 

That`s just it, you wont receive them in the Middle East, you are leaving this life behind, and starting another abroad, for all intents and purposes, never the twain shall meet, your old life here, will not affect your new life there.

As we said right back at the beginning of this thread, what happens in Vegas, stays in Vegas, yet here you are, focusing on the debt, and how you will get letters etc, when non of that matters, as you won`t be living here.

I can`t be any clearer, I`ll bow out now.

I apologise for asking again and again. I am just preparing. Please do not get upset with my questions. 😓

With everything happening in ME I now have to think of a backup plan in case it doesn’t pull through. 

I appreciate the forum so much. Still learning too.