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bananaman3
Posts: 3 Newbie
A long time lurker. This forum has been very useful and I have followed advice to let two accounts default as I could not keep up with the repayments. I have been saving an emergency fund and feel as though I am in a better place moving forward. I have two accounts with Tesco that have defaulted and are now marked as defaulted on my credit file. One has gone to Wescot and one has gone to Moorcroft who have given me links to a portal. I have not received any letters from Tesco and I believe the debt has not been sold but just given to them for collection. Can I now start to pay a nominal payment to them via their portals? Is this advisable? I am waiting for one more account to default which is currently marked as delinquent and will then look at a DMP or potentially self manage it. Any help appreciated and thanks for the help so far.
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OK What are he debts? Credit Cards? Loans?
How old are they?
Have you requested CCAs?
Could you answer these questions please.If you go down to the woods today you better not go alone.0 -
1x credit card 1x loan, approx £5k each
They defaulted relatively quickly. I have missed 5 months payments on them. Not requested CCAs yet, should I do this? It appears they have just passed on to Wescot & Moorcroft to manage the collections rather than sold the debt.0 -
OK CCAs it depends how old the accounts are, if they are say 10 years old then they may not be able to provide a CCA, if they are say 3 years old they will.
Are these your only debts?
Can you complete a SOA SOA Calculator format for MSE and copy on here then when we see your full situation we can give you the best advice for your situation.If you go down to the woods today you better not go alone.0 -
Its not always clear if a debt has been sold or not, one clue is if the collector refers to "their client" at all in the letters they send you, if they do, then they are only acting as collection agent, it doesn't really matter now they are defaulted, if your plan is to start affordable payments then go ahead and do so.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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Yes they are in the last three years. I am confident how to approach this having read lots of advice here but just wanted to know whether to make payments. The letters do refer to their clients but both accounts have defaulted on my credit report. Thanks1
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