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debrag15

Trying to get out of trouble!

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I'm finally starting to get my credit file looking better but I now feel I may need to start a DMP.

 

I can probably just about pay bills + debts but I'm struggling and in Feb I *may* be going to uni so my income will reduce to about half.

 

I pay the household bills through my bank account and my OH pays me his share. How would I work that into a DMP? Would I ignore his money and budget only my half of everything etc?

 

My debts are:

Natwest loan - £5000

Credit Union loan - £1550 (paid through wage so isn't an issue yet)

Avant loan - £1900

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tell us about the debts 1st please

 

are these still with the original creditors or with DCA's


please don't hit Quote...just type we know what we said earlier..

 

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There are all with the original creditors, I haven't missed payments yet

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use the offer letters in the DCA section of our library

the one that says please freeze all interest and charges etc

offer them a reduced PCM figure


please don't hit Quote...just type we know what we said earlier..

 

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I'm off to uni in Feb 2018 to study nursing and I'll be there for 45 weeks of the year.

 

My plan was to stay at work for 23 hrs (2 shifts) a week but that isn't looking possible if I need to be in uni 4-5 days a week.

 

I can't survive on just the loan alone so I do need to work, therefore I will stay on the bank and work as much as I can.

 

I have 6 low balance / credit high Apr credit cards that I'm hoping to clear before I start.

 

My issue is with my loans / overdraft.

 

I have:

Natwest loan @ 4500 (189 per month)

Natwest overdraft @1250 (a student account so no fees)

Credit union loan @ 1250 (120 per month)

JD Williams @1600 (55 a month but should be more)

 

I'm thinking my only option is to default but scared of ccjs. Anyone go advice or experience with these companies?

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I have just converted my natwest current account to a student account so my uni loan will go in there. If I default on their loan I'll need to move this money somewhere else

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original creditor don't take people to court.

 

pers id be getting ALL your income out of natwests hands as they could legally offset.

 

open a parachute account and get your income/student loan paid in elsewhere.

 

dx


please don't hit Quote...just type we know what we said earlier..

 

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I have 3 other account and don't use natwest anyways.

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not what you say in post 2?

 

dx


please don't hit Quote...just type we know what we said earlier..

 

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I don't start uni till Feb 2018 so don't have my loan yet.

 

I convert to a student account so I wouldn't be charge for my overdraft.nothing goes in or out of it at present.

 

I am trying to find out what my best option would be come Feb. I'm looking at just defaulting but would like to know if any would go for a ccj even though I rent.

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so as post 3 then.

 

whats renting got to do with a CCJ?


please don't hit Quote...just type we know what we said earlier..

 

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Having to move and needing a guarantor.

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oc's don't do ccj's theyll sell it on first

cant see it being an issue that quick

but wont a default hurt you too?


please don't hit Quote...just type we know what we said earlier..

 

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Defaults don't show up on a rental check as they are public information like bankruptcy, ccj, dro etc

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So I've started the ball rolling:

 

1) Emailed my credit union to see if they can refinance my loan to half from £120 to £60 a month, I have just over £1k left to pay off.

2) Cancelled my Natwest Loan DD and plan to pay them £50 this month.

3) Worked out budget til March 2018 when my credit cards will be paid off.

4) Contacted Payplan to start a DMP.

 

What I still need to do:

 

1) Contact creditors to let them know I am entering a DMP.

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why bother...

they soon findout!!!


please don't hit Quote...just type we know what we said earlier..

 

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So Natwest are deciding to be difficult.

The details Payplan gave them aren't the same as they have for me (not true)

so won't give Payplan up to date balances etc,

they want to me to go into a branch to sort it out

- no chance!

 

Think I am just going to write them a letter,

the reason I'm using Payplan is so I don't have to deal with my creditors and all the stress/pressure etc

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Defaults don't show up on a rental check as they are public information like bankruptcy, ccj, dro etc

 

Landlords and Letting Agents will do a credit check on prospective tenants and would see defaults

 

https://england.shelter.org.uk/housing_advice/private_renting/how_landlords_and_letting_agents_check_tenants

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Yes they do - But most are concerned if you can pay the rent (and have no ccj's or bankrupt) rather than defaults, and that you have good references and not been behind in any rent before.

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That's a pretty big assumption, that L/Ls aren't much concerned about defaults. Given that OP is thinking of defaulting on all his credit cards/overdrafts in one go many L/Ls might be very hesitant about having him as a tenant.

 

Generalising about what L/Ls think of defaults wasn't really my point though. OP appears to be under the impression (post #10) that rental credit checks wouldn't show defaults so L/Ls wouldn't know if he defaults them all now. But that's not correct.

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It's not an assumption.

 

Generalising yourself does not help either

- I have been in the same situation and had defaults and renting was not a problem with 9 out of 10 agents.

 

Also I never said that letting agents don't see defaults, just that it's not their main concern.

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Also I never said that letting agents don't see defaults,.

 

I was replying to OP post #10, not you.

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Letting agents are not financial institutions so therefore only see public information

they can not see your account history.

Getting a mortgage on the other hand is almost impossible.

 

So I've made my first DMP payment.

 

Very have passed it to their in house DCA but still sent me my monthly statement

JD Williams are just reminding me I've overdue for a payment

Natwest nothing so far they have only added my monthly interest.

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