Self managed DMP help

Woolywelsh

What is the best way to stop payments. Cancel direct debit and keep overdraft at the max so they can't take payment if they reinstate it. new account is all set up and everything has transferred over. So wondering what to do with the old account. I can't close because of a overdraft on it 

sourcrates

The overdraft becomes just another non priority debt, however it can take ages to default as there are no minimum monthly payment requirements, so your best bet is to write to your old bank and tell them your intentions, that way it will default much faster.

Direct debts, once cancelled, can only be re-instated by you.

Woolywelsh

Ok thank you. I just read in here that the creditors can reinstate them! 
Has there been any success with quicker defaults if they are written too

sourcrates

Woolywelsh said:

Ok thank you. I just read in here that the creditors can reinstate them! 
Has there been any success with quicker defaults if they are written too

If they did do that, you just cancel them (again) and request a refund from your bank under the direct debt guarantee.

Woolywelsh

Just popping back in to give a little update. 
So it's been 3 months since I have stopped paying and the first one that is likely to default is the zopa loan. They sent a notice of default so likely that default will be applied very soon. 
Barclaycard probably not long after I think.
The rest I haven't heard much from.
The calls have been relentless, I'd say 4-5 times a day, mainly zopa I think but I never answer and it leaves a automated message in my voice mail.
I must admit it's is overwhelming with the letters and calls.
Managed to remortgage with current provider no problem, no questions asked. Just picked a new product online. 
Unfortunately looks like we are splitting up tho so I'd need somewhere to rent. My worry is that I won't get rent because of these defaults and I'll end up homeless or living at parents. I overthink things but I'm hoping it works out ok.

ManyWays

sorry to hear this is hard going and about your relationship.

Have you looked at an affordability complaint to Zopa? Other people here have had success with these.

It is possible to rent privately with defaults, but it makes it harder. Could your parents act as a guarantor for a tenancy? 

Woolywelsh

Thank you.
Yeah I could absolutely get a guarantor. So hopefully that helps. Affordability wise I'm good too.
No I haven't done any affordability complaints yet. Can you point me in the correct direction for this please. Is there a template or do I just send a email. What approach do I take with it. What could I get back of it's upheld. 

sourcrates

Woolywelsh said:

Thank you.
Yeah I could absolutely get a guarantor. So hopefully that helps. Affordability wise I'm good too.
No I haven't done any affordability complaints yet. Can you point me in the correct direction for this please. Is there a template or do I just send a email. What approach do I take with it. What could I get back of it's upheld. 

Debt Camel covers the process here:

How to get refunds from catalogues and credit cards · Debt Camel

Woolywelsh

Hi so zopa said they have defaulted my loan. Nothing on my credit file yet. I have received default notice and to act within 14 days. That's now passed. Should I receive a formal letter after this or is that it now and this email is the next step for me to act. Please see the email and advise on my next step. Do I need to act now?
Should I wait until debt gets sold?   Does it always get sold?

sourcrates

Debts don`t always get sold, but the majority do.

There is no "formal letter" the default notice serves that purpose, no rush to do anything here, make sure the default has been registered on your file, then give it till after Christmas, see how the land lies, and take it from there.