Self debt management

mb1981

So I’m currently £22000 in debt with credit cards and a car loan the car loan is up to date. I have called all credit card companies and they have defaulted my accounts, I have set up token payments with them all and some are more supportive than others, I struggle with mental health and disability which I have explained but I have some questions ? 

Now that my account is in default with hsbc- and I’m paying token payments, what can they do next? Are baliffs going to come? This is stressing me out they did a hard check on my file today. 

Other companies are working with me. 

fatbelly

No bailiffs can be sent without a defaulted court order - and you are a long way from that.

I have a couple of questions.

1. Who are you banking with? Hopefully not HSBC or any bank linked to any of your debts.

2. Is the car loan actually a loan or is it hire purchase? There is a big difference in how you can treat those two types of debt. When is it due to complete? Who's it with?

mb1981

No I have a separate bank account. 

and car loan is with Sainsbury’s all up to date but still got a lot left to pay it off. 

I wish they would just sell the debt to a debt company like others have.

Brie

"I wish they would sell the debt" ...... who?  Sainsburys or someone else?  No one will sell a debt if the payments are up to date.  So you need to default before they are pushed on to someone else.  

If you have relatively serious (hard to determine) mental health issues you might want to get a Debt and mental health form completed by a medical professional so you can submit that as support with your situation.

Debt and Mental Health Evidence Form. StepChange

please note that no one can charge you for completing this form.

tigergambit

mb1981 said:

So I’m currently £22000 in debt with credit cards and a car loan the car loan is up to date. I have called all credit card companies and they have defaulted my accounts, I have set up token payments with them all and some are more supportive than others, I struggle with mental health and disability which I have explained but I have some questions ? 

Now that my account is in default with hsbc- and I’m paying token payments, what can they do next? Are baliffs going to come? This is stressing me out they did a hard check on my file today. 

Other companies are working with me. 

In my experience once the debt is defaulted if you are making any payment creditors tend to leave you alone. They may ask for a SOA to cover themselves/try to squeeze a bit more but you can just make one up - just be careful to be consistent.

Grumpelstiltskin

Remember Sainsburys credit cards and loans are now run by Nat. West, I hope you don't bank with them.

mb1981

NatWest has no debts, neither does the sainsbury loan. 

It’s hsbc credit card that I was concerned about but I have got token payments set up and paying any extra I can on top. Snowballing the debts 

fatbelly

So if the 'car loan' is a loan, it is non-priority, the car is yours and cannot be repossessed.

You CAN  treat it like the other debts and if you get to the point of considering an insolvency option such as DRO, IVA or bankruptcy, then you must do

sourcrates

mb1981 said:

Now that my account is in default with hsbc- and I’m paying token payments, what can they do next? Are baliffs going to come? This is stressing me out they did a hard check on my file today. 

Other companies are working with me. 

Banks tend to hold on to certain bad debts if they are being paid on a regular basis, of course this may only be a temporary measure on their part, and their intention all along might be to sell it on to a 3rd party company, its just one of the games played at the highest level, and is purely a business decision.

Forget bailiffs and legal action, you`re not in that demographic, if they do anything with the account, it will be to sell it on, so relax, all is well, keep doing what your doing basically.