Debt been sold but no default?

booandboo

So today I got a letter from a PayPal and it mentioned no default even though it is showing on my credit report via monzo.

Im starting to to worry as I thought the process was different to this, Im not sure what I thought to be honest! 
I really appreciate if anyone can help with my query above.

sourcrates

What are you worried about?

If the debts have now defaulted, don`t expect them to keep mentioning this, as its just a "one time event".

Its common practice for lenders to appoint collection companies to manage these accounts, so you simply set up arrangements with Moorcroft and the like, and that`s it basically, all very basic and straightforward.

PayPal will go down the same path eventually, if they haven't already.

booandboo

Yeah perhaps Im over thinking everything! Ill try and chill a bit

RAS

Now you are not paying your consumer debts, how much "spare" money do you have each month? And how much have you saved into your emergency fund? 

You'll probably get a better rate in a normal savings account than an ISA but since ISA interest is tax free and there are going to be lower allowances you might want to open on as your emergency fund.

You need at least a month's essential spends in the emergency fund in case of job loss, job closure or ill-health.