Debt been sold but no default?

booandboo

So Ive stopped paying my consumer debt with a plan to enter self managed DMP. My credit report does not show any defaults yet but I have received a letter from Link Financial saying they are taking over my lloyds debt. So far I have done nothing and have just been waiting it out.
What should I do now, do I contact these to make arrangements to pay?

MEM62

Keep waiting.  

booandboo

MEM62 said:

Keep waiting.  

okay...until? Im feeling a bit anxious now seeing this letter

Grumpelstiltskin

What are you anxious about? What do you think is going to happen?

booandboo

Grumpelstiltskin said:

What are you anxious about? What do you think is going to happen?

I suppose because I am not certain of the process going forward. Ive read the pinned post but just confused. Also not sure if I should do affordability complaints. I think I lied about income on some applications. Though shouldn't the lender have checked rather than take our word? Any advice would be welcome pls

Rob5342

Wait until you have confirmation that the debt has defaulted, ideally by seeing that it's showing on your credit report, then engage with whoever is chasing it. 

Definitely make some affordability complaints, if you look on the FOS website their are some cases where people have lied on their application but they said the lender should have done more to check what they said. The worst that can happen when making a complaint is nothing. 

booandboo

Rob5342 said:

Wait until you have confirmation that the debt has defaulted, ideally by seeing that it's showing on your credit report, then engage with whoever is chasing it. 

Definitely make some affordability complaints, if you look on the FOS website their are some cases where people have lied on their application but they said the lender should have done more to check what they said. The worst that can happen when making a complaint is nothing. 

Thankyou I will make those complaints then if I have nothing to lose. Its just mono Im checking for defaults on is that ok do you think?

Grumpelstiltskin

OK Check for defaults but not every  day  things just don't happen as quick as you would like. If and when defaults do appear it doesn't mean you have to do something with 24 hours, just slow down and let things happen.

booandboo

Grumpelstiltskin said:

OK Check for defaults but not every  day  things just don't happen as quick as you would like. If and when defaults do appear it doesn't mean you have to do something with 24 hours, just slow down and let things happen.

Grumpelstiltskin said:

OK Check for defaults but not every  day  things just don't happen as quick as you would like. If and when defaults do appear it doesn't mean you have to do something with 24 hours, just slow down and let things happen.

Sorry another question! Who are link financial then? Will they issue the default rather than lloyds? I am researching but not finding a definite answer online.

Because I thought this means that my debt has been sold? I am checking my monszo account for defaults but nothing so far

sourcrates

Link Financial are a large debt purchasing company, debts can be bought and sold without the account actually defaulting, have they stopped charging interest? what type of debt was it?

Lloyds have washed their hands of your debt now, so it would be down to link to issue a default, but that might not happen, you have to judge how to respond on a case by case basis, as sometimes they don`t issue a default notice.

booandboo

sourcrates said:

Link Financial are a large debt purchasing company, debts can be bought and sold without the account actually defaulting, have they stopped charging interest? what type of debt was it?

Lloyds have washed their hands of your debt now, so it would be down to link to issue a default, but that might not happen, you have to judge how to respond on a case by case basis, as sometimes they don`t issue a default notice.

Thanks Soucrates! Im not sure if interest has stopped being added?


But upon checking my monzo account I now have 2 defaults

1st default - Lloyds credit card debt - I have a letter of Link Financial basically giving me new account details to pay too and set up a self service portal.

2nd Default off Paypal - But I have not had notification of this I don't think?

And then I have 2 friendly sounding letters from Moorcroft debt recovery saying they are now acting as a collection agent on behalf of HSBC - Credit card and M&S Credit card 

im not sure how to respond to any of these but I imagine I need to star trying to arrange to pay Link (on behalf of lloyds) and Paypal?