Overdrafts and defaults

tigergambit

Gewakefie said:

sourcrates said:

Creditors will not refuse the offered payment, as the payment is based on what is affordable to you, according to your budget, they get what you offer, and that is that, there is no negotiation on this.

That is the reason why they ask to see if payments are affordable, its FCA advice they must follow.

Overdrafts do default, but can take time, because there are no regular re-payments, but they will default in the end, and will be treated just the same as any other non priority debt, so you will be written too about them, but it may take a while.

You`re doing just fine, setting up payment plans as each debt defaults is an excellent strategy, keep in mind an emergency fund is a necessity in debt management.

What’s worrying me is the income and expenditure thing at the moment. As I’m trying to save something for emergency which December will be the first month that I might be able to put a couple hundred pounds away. But I’m worried that each creditor I’m going to submit different income and expenditures as obviously I’m not declaring the emergency fund money when I’m doing these income income and expenditures so when I come to do it with stepchange next year I’m worried what if they think it’s now different to before. I don’t know if I’ve explained that properly  

Gewakefie, please try to stop worrying- I've been there and it really doesn't help.

You need to remember that creditors have no means of checking any SOA you create. I believe that you should always have two SOA s - one for your creditors showing minimal surplus and one to live by and save a fighting fund. Draw these up and stick to them, sending each creditor who asks the same SOA for creditors.

If you need help people on here will help but you need to decide on a strategy and give them the bones of your circumstances and intentions with a draft SOA.

Personally I'd stay away from Stepchange as it gives you more freedom.

Rob5342

tigergambit said:

Gewakefie said:

sourcrates said:

Creditors will not refuse the offered payment, as the payment is based on what is affordable to you, according to your budget, they get what you offer, and that is that, there is no negotiation on this.

That is the reason why they ask to see if payments are affordable, its FCA advice they must follow.

Overdrafts do default, but can take time, because there are no regular re-payments, but they will default in the end, and will be treated just the same as any other non priority debt, so you will be written too about them, but it may take a while.

You`re doing just fine, setting up payment plans as each debt defaults is an excellent strategy, keep in mind an emergency fund is a necessity in debt management.

What’s worrying me is the income and expenditure thing at the moment. As I’m trying to save something for emergency which December will be the first month that I might be able to put a couple hundred pounds away. But I’m worried that each creditor I’m going to submit different income and expenditures as obviously I’m not declaring the emergency fund money when I’m doing these income income and expenditures so when I come to do it with stepchange next year I’m worried what if they think it’s now different to before. I don’t know if I’ve explained that properly  

Gewakefie, please try to stop worrying- I've been there and it really doesn't help.

You need to remember that creditors have no means of checking any SOA you create. I believe that you should always have two SOA s - one for your creditors showing minimal surplus and one to live by and save a fighting fund. Draw these up and stick to them, sending each creditor who asks the same SOA for creditors.

If you need help people on here will help but you need to decide on a strategy and give them the bones of your circumstances and intentions with a draft SOA.

Personally I'd stay away from Stepchange as it gives you more freedom.

tigergambit said:

Gewakefie said:

sourcrates said:

Creditors will not refuse the offered payment, as the payment is based on what is affordable to you, according to your budget, they get what you offer, and that is that, there is no negotiation on this.

That is the reason why they ask to see if payments are affordable, its FCA advice they must follow.

Overdrafts do default, but can take time, because there are no regular re-payments, but they will default in the end, and will be treated just the same as any other non priority debt, so you will be written too about them, but it may take a while.

You`re doing just fine, setting up payment plans as each debt defaults is an excellent strategy, keep in mind an emergency fund is a necessity in debt management.

What’s worrying me is the income and expenditure thing at the moment. As I’m trying to save something for emergency which December will be the first month that I might be able to put a couple hundred pounds away. But I’m worried that each creditor I’m going to submit different income and expenditures as obviously I’m not declaring the emergency fund money when I’m doing these income income and expenditures so when I come to do it with stepchange next year I’m worried what if they think it’s now different to before. I don’t know if I’ve explained that properly  

You need to remember that creditors have no means of checking any SOA you create. I believe that you should always have two SOA s - one for your creditors showing minimal surplus and one to live by and save a fighting fund. Draw these up and stick to them, sending each creditor who asks the same SOA for creditors. 

Yes absolutely, have a real one that covers everything accurately that you live by, and a second fabricated but plausible one showing you are worse off than you actually are that you send creditors. That way you can save some of the excess into a savings account for making settlement offers and creditors will be more likely to accept an offer. 

Gewakefie

So they’ve just replied and are asking for proof of address and proof of employment?

what would proof of employment be

ManyWays

A payslip?

Gewakefie

ManyWays said:

A payslip?

Yeah sorry am being thick probably. 

tigergambit

Gewakefie said:

So they’ve just replied and are asking for proof of address and proof of employment?

what would proof of employment be

Who is "they"? Why are they asking for proof of address? They must already have this. Why do they want proof of employment? Don't supply without explanation.

RAS

Gewakefie said:

So they’ve just replied and are asking for proof of address and proof of employment?

what would proof of employment be

Asking for information that they already have is fishy.

I'd tell them that all future communication must be by snail mail. They will already have your address.

Whilst a pay slip is evidence of employment, sharing this with a creditor is unwise.

Gewakefie

RAS said:

Gewakefie said:

So they’ve just replied and are asking for proof of address and proof of employment?

what would proof of employment be

Asking for information that they already have is fishy.

I'd tell them that all future communication must be by snail mail. They will already have your address.

Whilst a pay slip is evidence of employment, sharing this with a creditor is unwise.

Right ok this has worried me now because I asked them to community via email and I found an email on a forum as they don’t have one anywhere but they did know my balance and how long I’ve been with them. And they did try to call earlier I called the number back and it was them and they then emailed to say they’ve tried to call so I’m guessing it’s them but I was unsure why they’re asking for my address and proof of employment as surely they will have my address 

sourcrates

Who is "they" please???

Gewakefie

sourcrates said:

Who is "they" please???

Vanquis credit card I’m trying to set up a payment plan with endless question now want proof of address and employment