Finally a default!

Kittymumof4

Hi, we stopped paying credit cards in June as our debt reached 75k and was out of control. 

We have been waiting for accounts to default while managing our budget and building some emergency fund, albeit not as much as planned due to essential repairs. 

We had a text message today from Wescot saying they've taken over my husbands M&S account. They've asked him to call them to discuss this. 

Should he call? Do we wait for a letter? 

We have several other creditors and a relatively small amount of money available to service debts each month. After posting our SOA here it was apparent that we have £300 per month max to repay debt. 

Do we have to agree to pay a certain amount each month? Can we set the amount we can pay and they have to agree to it? Do I send proof of why we can only afford a low monthly payment? 

I'm glad we have at least one account that's defaulted but now I'm not sure what to do next. 

RAS

Take it slowly.

How much have you saved, as a percentage of your monthly essential spends?

What was your total minimum monthly repayments before you stopped paying?

And looking at those essential repairs, were they something vaguely predictable? If so you need to build more into your budgeting fund for annual and irregular costs, reducing your £300 appropriately.

fatbelly

There's no rush. Let Wescot run through their letters

Ignore texts, emails and phone calls.

When you are ready, tell your creditors what you will be paying