Default and DMP Plan thoughts

burgervanman

Month and a bit later, (A reminder I stopped paying all unsecured debt in Feb)

All 5 loans defaulted now and on credit rating (4 with zopa, 1 RateSetter)

Ratesetter appointed ArcEurope as a collector, not purchaser. Now its defaulted, I've setup a SO and posted a letter telling them what they will get monthly. It might get sold on but this loan is fairly small so not bothered either way.

Crikey stamps are expensive!, £7 odd for a book of 2nd class!

Affordability Complaint in with ZOPA - I wont be engaging with anyone until loans are sold on and CCA done.

Cards wise, MBNA/Halifax still just sending 'we can help' texts and emails.

Pulse/Newday have appointed Moorcroft as collector but no default on credit rating yet - not engaging until it does. Offered a crap monthly offer 'to avoid a default'.

Paypal just as incompetent as any other and dawdling.

I have my pro rated amounts all lined up and as mentioned a chase account purely just for DMP payments.

I'll be sending CCA letters to any sold on debts before paying.

I have a decent emergency fund now but any extra months is a bonus.

With not going with Stepchange, I have balanced debt repayment amounts with a decent amount a month to purely save aside (either for settlements or general savings).

Most stress has gone now, given once defaulted, it's killed my credit rating for 6 year but it's saved me a ton in interest!

Out of all the debtors, Ratesetter (metro bank) were the quickest to default but sent the least paperwork

Newday/Pulse sent 5million letters and as many phonecalls, all blocked.

MBNA/Halifax just want to be your friend

Zopa were persistent but not harsh.

Paypal, just cold and persistent.

ManyWays

I would send affordability complaints to Pulse and Paypal. There is no reason to delay as many refunds only go back 6 years.

burgervanman

Bit of an update

A reminder I stopped paying my 10 debts of around 50k in February, here we are in July

I'm paying ARCEurope for my Ratesetter Debt seeing as it's defaulted, just sent them a generic affordability SOA to keep them happy and it worked.

I won my complaint with Zopa on my largest loan so instead of £14000 (original loan inc Interest would have been £24k) so with what I've paid them I now owe them around 11k (That's one of 4 loans, the others are fairly small so not contesting affordability).

No response from MBNA yet for their complaint.

Default notices from MBNA/Halifax but nothing on credit rating yet.

Paypal Just defaulted, so out of my 5 credit cards I'm just waiting Halifax and MBNA to default.

I lie, Newday haven't defaulted yet, Moorcroft are working on their behalf offering repayments, I've told them I just want to default, but obviously that's not in Moorcroft's financial interests :)

I'm ignoring Zopa until the debt gets sold on, which I'm guessing will be soon.

Emergency fund isn't too bad now but the more I can save the better

5 months into plan, life is much better, zero bothered about debt now, but I am lucky in that my mortgage is small and I have access to multiple cars so no car finance needed.

burgervanman

How do, another update,

A reminder I stopped paying my 10 debts of around 50k in February, here we are in Late Oct

All defaulted now on credit report.

Only ones I've started Paying are Ratesetter via ARCEurope and..

PRA Bought my Halifax debt, so just started paying that this month.

ZOPA have been told their payments will start in Dec (Already set up SO)

MBNA x2 have both defaulted, affordability complaint put in with them, so not sure if this will delay sale.

Barclays defaulted ages ago but no reminders or debt sale yet.

With ZOPA agreeing with my complaint, I've made the deiscion to pay them rather than awaiting sale (which might still happen). Given they removed the default on my biggest loan, and reading replies on here, it makes sense to pay now.

Pulse, weird one. Got hounded via Moorcroft. Offering a settlement before default. Evenually told them I'm not paying anything till it defaults. It then mysteriously defaulted (guessing they told newday my reply) last month. No word off newday yet or a sale….

Paypal have defaulted my account but no resale or anything yet (not even moorcroft).

For all eventual payments, I've just followed the same pattern. Sent them a self-dmp letter from ChatGPT, mentions how much they get and when and a request to remove phone calls. (Emails/Letters only).

If they ask for a SOA, I just send them a generic SOA from ChatGPT based on my outgoings, roughly rounded up. Seems to have worked thus far.

Again, I'm happier than ever in terms of money and the feeling of financial control. It will get repaid but now without interest and my emergency fund is enough for car repairs/boiler and slowly getting bigger.

All purchases are more thought out and savings come first after food/monthly costs.

Again, I'm lucky though (at present) as stable income and small mortgage.

Things could be very different if I had a larger mortgage…..

Finance wise, I might be overly complicating it, but I like to compartmentalise my finances

Monzo - Shopping and Fuel

Chase - Two accounts, Direct debits personal and dmp

Nationwide - Savings and A Joint Debit account

CO-OP - Salary

Santander - Pocket Money Account

Non are related to any debts.

Again, I track everything on a rather large spreadsheet, whilst keeping all paper contact filed incase.

ManyWays

Have you made other affordability complaints? Eg Pulse? Ratesetter? Barclays? Paypal?