Should OH be worried by Default Notice

empty_wallet_2

Not really sure what a default notice is or the implications as Barclaycard have said they are going to send my OH one due to non payment due to the fact they reckon they have no record of any contact with the IVA company my OH is setting up an IVA with, they are such a bunch of idiots, barclaycard were the same with me when i went BR, they reckoned the knew nothing about it, even though i gave them my BR number and didnt want my OR's details as its not for them to chase the OR, its for the OR to contact them, which he had, they just do not communicate within themselves.

So should she be worried about this default notice? or is it likely to be an idle threat to try and scare her into making a payment. At the moment OH is ready to just say stuff the IVA and go BR, which i think she will probably do on wednesday when we meet with her IVA company to discuss the proposal as she's had enough of all the phone calls and letters.

fermi

If it's a choice between an IVA and BR for your other half, then a default notice means "sweet FA".

shinyhead

I've just mentioned default notices in another thread! fermi's right, in that situation a default notice is probably meaningless. It is usually issued a short while after payments are stopped and I believe is a formality before any legal action can be taken. Often the notice is issued but nothing else happens.

Toon_Dave

fermi wrote: »

If it's a choice between an IVA and BR for your other half, then a default notice means "sweet FA".

Nice reply Fermi.

Says it all i think.i guess if the IVA is inplace then wouldnt worry about the notice.

fermi

shinyhead wrote: »

I've just mentioned default notices in another thread! fermi's right, in that situation a default notice is probably meaningless. It is usually issued a short while after payments are stopped and I believe is a formality before any legal action can be taken. Often the notice is issued but nothing else happens.

Yep.

It's just a formal way of ending the agreement when you have failed to make the contractual payments.

It needs to be done before further action can be taken, but it doesn't mean it will.

Here when you are looking at a choice between an IVA or BR, the lender would automatically default the account if you went into either of those, so it is an empty threat.

Plus the IVA or BR on your CRF is a lot worse than a default.:rolleyes:

empty_wallet_2

Toon_Dave wrote: »

Nice reply Fermi.

Says it all i think.i guess if the IVA is inplace then wouldnt worry about the notice.

Dave the IVA isn't in place yet, at the pace its going it could be another couple of months dependent on whether the creditors except the proposal as i believe they have 21 days to respond to the proposal, then the courts have to be contacted and a creditors meeting is then called within 28 days of the court application (75% off the creditors by value of debt need to agree to the proposal for it to be accepted), then if its not accepted the IP has 2 weeks to resubmit and it continues on like that untill they ultimately agree or OH decides it not viable and takes a different route.

So due to the time frame OH is worried that this would give her creditors time to start court proceedings for CCJ's due to the fact its now at least 2 months since she stopped paying her creditors on the advice of the IVA company.

tigerfeet2006

EW if I were you and hadn't paid them much I would cut your losses and find someone else to run the IVA. If they are this slow now, how are they going to be when you are paying them monthly. Why don't you chat to one of the debt carities and see if they can help as I think someone else suggested in another of your threads.