Newby.. in need of some advice re. defaults if possible

[redbird1]

Hello everyone.. im new to the site.

I've done lots of reading around the subject of defaults here and primarily i'm looking to get some removed if possible.

In 2005 I got into a financial mess - own fault - just built up too much debt and couldn't manage all the repayment. I wrote to all my creditors at the time I knew it was all going to go pear shaped to try to agree arrangements with them worked out on a pro-rata basis across all my creditors. Everyone agreed - although all issued defaults on my credit file so I now have about 6 of them. Some of the accounts were passed over to "other debt collecting agencies" who just accepted the same arrangements I had agreed. I have been maintaining the payments since that time but due to the substantial total amount of debt it's going to take me about 6 years to pay everything off.

 

So I have a couple of queries about my situation. Will the defaults only be registered from six years after they were registered or six years after the account is settled?

 

Secondly, ive read the posts about removing them at the end of the contracts (i.e. settlement) but as I say they're not likely to be settled for the next six years so is there anything I can do in the meantime about it? I've seen the post about asking the CRA's to not process my data in an automated way which would mean there would be a nil return if I applied for credit. Sounds like an option as I've nothing to lose if after doing so I still can't get credit anyway (not that I want any for the time being in any event - but you never know in the future !!) But I read somewhere that you can opt back in to the automated processing later - but is there a process for this somewhere and what happens about the old information then? does it just re-appear?

 

Third query is on a slightly different issue and relates to the arrangements that I currently have in place. In particular the debt management agencies who appear to have taken over the debts are constantly hassling me every few months to review the arrangement and I keep resetting them saying there is no change in my circumstances - (albeit a lot of the time this involves me having to keep sending i&e information to them which is tiresome now) but I'm worried that as time passes they're putting more and more pressure to pay more (particularly Triton and Direct and legal Collections) - I'm worried if I can't pay more that they'll say no arrangment and issue court papers - is there anything I can do to prevent this? I'm going to be in a right pickle if I get CCJs as I work in the legal profession and it's not acceptable to have them.

 

Sorry for the long message - but any advice would be gratefully received.

 

Red

 

p.s. Im sorry if I've posted this in the wrong placed but it was the only place I could see an option to start a new thread... slightly confusing site to me .. sorry

[irhut]

Hello Redbird

 

I sympathise with your situation has I have been there. I am sorry but I can't answer all your questions but you might want to look at using payplan. (Free Debt Management company | Payplan) They are a COMPLETELY free debt management agency that don't seem to be that well known. They are paid for by the loan companies themselves. I have nothing but huge praise for them, they dealt with all the companies. Any letters I received I just sent straight to them, they even managed to reduce many of the debts. They are fantastic. All you do is make one payment to them each month and they sort the lot out. They will work out how much you should pay and then distribute it.

 

Have a look at their website. They really took the worry out of the whole thing for me.

 

Ian

[redbird1]

hi, thanks for the reply irhut. I did consider payplan after much difficulty with the Halifax who wouldn't agree an arrangement with me and kept charging me fines for arrears on my credit card. I asked them to pass to debt agency and they said they don't until 6 months in arrears so I had six months of charges - phone calls on a daily (and usually several times per day) basis chasing the money. It was pure harrassment and very distressing. Anyway, they said I had to make arrangements through payplan (or similar) and couldn't do it direct with them. But, when I did that through payplan they said that they couldn't deal with me because I have an overdraft facility on my bank account. I couldn't pay it off (obviously) and they said I could risk losing my bank account if they became involved. Suggested I get another account lined up with another bank just incase. How the hell do you get a current account with defaults! no brainer.. so consequently i couldn't use that option and had to persevere with the Halifax. It was eventually passed over to Blair, Oliver and Scott and they were most reasonable about the arrangement.

[irhut]

Interesting, I am sure I had an overdraft at the time. I think we just decided not to include it as part of the payment plan, but I might be wrong about that.

 

Sorry that they were unable to help you as they were genuinely fantastic. Good luck with it all, you will get through it.

 

Ian

[rory32]

How the hell do you get a current account with defaults!

You don't, but you can get a basic bank account which will perform most of the functions of a current account e.g. SO's and DD's. However you won't have an overdraft facility or a cheque book or a swirch card.