Letter from Cherry Godfrey

curlu

Morning all, like many I am 6 months into waiting for defaults with the plan to start a DMP. None have defaulted yet although I have had a couple of notices. One of my loans is with Cherry Godfrey and as they are a mainly off shore outfit, they seem to operate a bit differently. They have gone down the route of trying to extend the term of my loan and reduce payments, see if they can offer me a consolidation loan and when all that failed they have started to write to me monthly. Below is the latest letter. As they have not defaulted this debt yet I assume I continue to ignore? I took out this loan when I lived in Guernsey but now live on the IOW and their local branch is FCA registered. It’s the threat to seek judgement and arrest assets that sounds a bit different to me.

sourcrates

If they were to be granted a CCJ, there is a mechanism that allows them to apply for an attachment to your earnings, and also a charging order should you be a homeowner.

If the property is owned jointly, then just a restriction can be granted.

Most CCJ`s are never enforced further, especially if you stick to the judgement payments.

Never heard of this lender before, a lot of the time these letters threaten more than they deliver, however the debt would need to default before any of the above can happen.

ManyWays

is this your only debt?

curlu

https://forums.moneysavingexpert.com/discussion/comment/82040786#Comment_82040786

no, I have others

ManyWays

what are you doing about the others? not paying any of them?

curlu

https://forums.moneysavingexpert.com/discussion/comment/82041118#Comment_82041118

yes, I’m following the advice of this forum and have stopped paying all and am waiting for defaults before starting a DMP

ManyWays

how long since you stopped paying CG?
have the others defaulted yet?

RAS

Given that Island law can be very different to England and Wales, it would be a very good idea to ring Citizens Advice Bureau Guernsey, preferably on Monday. It would be unwise for English posters to advise without understanding the status of your debts and CI processes.

You need to understand Guernsey debt enforcement processes and most importantly whether any action on debts taken out in Guernsey can be enforced in England.

It might be a good idea at the very least to have paperwork for the biggest loans available. As you need to be very clear about the "domicile" of the lenders. Was the lender based in CI or was it just a CI branch of UK lender?

LillythePink

Cherry Godfrey are a Guernsey based company, not part of a UK lender and they also have an IOW office, so it may be an idea to call them as that's where you're based to advise them of the position?

I don't know how they would pursue UK debts, but calling Citizens Advice would be a good starting point for you - details below

curlu

https://forums.moneysavingexpert.com/discussion/comment/82042266#Comment_82042266

Cherry Godfrey have a branch on the IOW that I have spoken to and appear to be managing my collection, they are FCA registered so I believe they are operating with uk processes. They have not defaulted yet, my last payment was December. I have told them my plan to start a DMP after default and they have tried to persuade me to keep them outside of the DMP by extending my repayment period- at huge extra cost.

LillythePink

I'd still call Guernsey Citizens advice tomorrow, whilst IOW may be managing the communication (understandable as they are close to you), if your agreement was with CG (Guernsey), then surely you would still fall under Guernsey jurisdiction for the debt. If you have your original agreement, see if it mentions about moving the agreement between CG offices and therefore changing a Guernsey contract into a UK one.

They will try and persuade you to still carry on, pay reduced amounts etc rather than go straight to official collection methods, it's not about you paying more in the long run (which may be the case), it's about retaining business on the books even if it the agreed repayments aren't being met and only partially are.