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.