At breaking point

SleepyPanda85

Another question from me, when the accounts have defaulted and eventually potentially sold on, do only the default notices appear on my credit report or does the outstanding balance also remain?

sourcrates

https://forums.moneysavingexpert.com/discussion/comment/82085176#Comment_82085176

The entry on your credit file remains exactly the same, all that changes is the accounts status, which will change from "open" to "default".

If the debt is sold, its common for the original entry to remain alongside the new owners entry, which is fine, so long as the default dates tally, and the original entry should show a balance of zero, whilst the new entry will show the outstanding balance.

Usually the original entry will be deleted after a while leaving just the new owner to report on the account.

Rob5342

https://forums.moneysavingexpert.com/discussion/comment/82083409#Comment_82083409

It's the opposite really, you are taking decisive action to sort things out, and once defaulted you will have a clear date when your credit report will be clear.

I started a DMP in 2021. I was very apprehensive about the process and had a lot of concerns, but it all went very smoothly. After trying every trick I could think of to make the minimum payments I couldn't believe how simple a DMP actually was and my only regret was that I hadn't done it earlier. I'm sure you will find the same and before too long you could well be helping others on here.

SleepyPanda85

Pay day has been and gone, money has been moved into an emergency savings fund but I am now starting to get the notifications/texts that payments have been missed. It has made me panic a little but I know I need to go through this process. I’m always one to follow the rules so this is completely alien to me!

Is it best to block notifications from the apps and ignore texts as best I can?

Smudgeismydog

absolutely, yes, for your sanity

Can you block any calls from unknown numbers?

RAS

You can write and ask that all communications are sent by snail mail. Or create a burner email and change your contact on line. It's for you to decide whether to read them.

All important letters have to be sent by snail mail, including defaults, letters before action and any court proceedings.

So it remains important to set aside time to open and read them every week or so. Then file by creditor, most recent on top.

sourcrates

These "missed payment" alerts are all computer generated, and are triggered automatically when a payment is missed, its going to be par for the course going forward, so you have to get used to ignoring such things.

There are certain things you can do to make things easier, apart from changing your phone number and email to a random one that isn`t connected to you, you can also delete apps, as you no longer need them.

Once your debts default, they will be passed on to collectors or sold to 3rd parties, so the companies that currently own your debts, might not be the ones you enter debt management with in 6 months time, they will have changed most likely, so you won`t need the old companies apps any more.

SleepyPanda85

I feel oddly freed, for the past few weeks I haven’t had to worry if I have enough money in my account to go food shopping, or checking which credit card I can use for basic essentials that isn’t maxed. Is this how it’s supposed to be?!

I’m going to contact my creditors and ask them to remove my phone number. I have been absolutely hounded with calls and voicemails. Multiple calls in one day from the same company. Thankfully I have unknown numbers silenced and go to voicemail, but the voicemail notifications are still bothering me

RAS

By law all essential legal documents have to go to the last known address. So you need to read and file that.

You should be able to change some contact details on line. Maybe add a throw away email address you use for them all? Read if you feel like it.

SleepyPanda85

https://forums.moneysavingexpert.com/discussion/comment/82105434#Comment_82105434

Yes that’s my plan, I’m keeping all the letters which come through but ignoring all other forms of communication.

Great idea, although it’s more the phone calls I’m receiving as opposed to emails.