DMP Mutual Support Thread (Part Three)

rayday2

There are no set guidelines to default notices and basically they can issue it whenever you break the consumer credit act that you signed - all its saying is you broke that credit agreement - so in theory it can be after a month of not paying. Not all creditors issue them.

I think that would help us as consumers if there was a nice easy x,y and z system - you do this and that makes them to that within so many days etc but its all over and no set rules even in the same companies.

Look forward to hearing what CCCS say.

loopylu36

This brings me back to the fact that as the loan is over £25k it's not regulated by CCA anyway in which case I have no idea how it is govened and what they can and can't do! Not really bothered by the default anyway - I guess it will the first of many and as I said currently it doesn't appear on my credit file - I would say that I have received about a dozen of these from NR over the last couple of years as I am always a month behind but then I have always caught up again before they could take it any further.

All of this is certainly a learning curve!

rayday2

I am pretty sure normally you should only get one default but then like you said if its not on your credit file its just a paperwork exercise so irrelevant.

What is interesting re Northern Rock is that they hope to basically get rid of a lot of mortgage accounts as quick as possible in order to pay back the bank of england ASAP. I wonder if that means that they will sell debts onto DCA quickly too?

loopylu36

Yes, I heard that on the news this morning too! Whether they will sell on quickly to DCA or pursue themselves via ccj and charging order who knows? I guess the former would a much quicker way for them to cut their losses and raise revenue - the latter route will take months and putting a charging order on my house doesn't give them their money back any quicker does it?

I understand that the nationalisation of NR means that each member of the British public has effectively "lent" NR £3,000 - do you think they would offset £6000 of my loan (joint loan) plus interest if I asked them ??:rotfl:

rayday2

I have a feeling the government is so embarassed with it all that if they have any sense (oh gowd expect a government who can't keep data files safe to have sense) encourage the first option - or I would if I get elected

Could make an interesting letter that requesting it to be offset lol!

loopylu36

Yeah I really think that there is going to be a backlash against the Government effectively "condoning" NR to repossess almost at will. It sounds very much like they are going to go straight for the jugular when in the past they would have been much more accomodating. Effectively the Government are going to be making people homeless and adding them to their own, already far too long, council house waiting lists. And who will pick up the bill when these poor people end up in B&B's - yep the Government = us silly tax payers! Which means we are in effect doubly financing the whole debacle!!

suexxx

Hi everyone
ive sent all my paper work to CCCs and sent letters to my creditors informing them about DMP.....i am worried sick incase they don,t except

My agreed overdraft was 3,625..i had to wait till end of month to stop using this account as wages were going in etc ..but just look at online banking and ive gone upto £4,020..my rent went out !..i have now stopped using this acount as from today..all direct debits now changed to my new account etc....but what shall i do about going over my overdraft ? will this go against me even more ?..also what will CCCs think about this ? had to make sure my rent went out !

rayday2

Do you have a new bank account opened or do you mean you are overdrawn in your new account?

If you are overdrawn in your old account then you just ask CCCS to offer payments to your bank and it is treated as another debt.

suexxx

Gone over on my old account,but when i filled the forms in on line i told them my overdraft with barclays was £3,625 but now its over 4k...i won,t lie i knew it would go over as its been a hard month but had to make sure my rent went out before i stopped using this account ..as of this month wages will go into my new account which is just a basic account

it makes me feel sick all these bloody debt worries,its all i think about,day and night...i worry about being took to court and things like that !

loopylu36

Try not to worry Sue. CCCS will not judge you on your o/d like Rayday said it will just be added to your debt.

AS also pointed out by Rayday in the past, most people on DMP's seem to tick along quite nicely aside from the stubborn one or two persistant creditors and I don't think the vast majority of people end up in Court either - this does seem to be the minority - would you agree Rayday?

Try to take each day as it comes, worrying yourself sick over something that hasn't happened yet won't stop it happening even if it is going to, which it probably won't! Hope that makes sense

L x