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Bonehead20

Default and Arrangement to Pay

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Hi all

Got myself in a mountain of unsecured debt so much as to a point now i cant afford the repayments.

 

I'm resigned to a debt management plan as all the debts have been accrued over the past few years.

 

Loans and Credit Cards are all currently up to date with no missed payments but that is going to have to give shortly as I'm close to breaking point.

 

Been reading a bit on here and think im going to attempt either a self managed dmp or perhaps a charity one.

 

Question is though how to start it?

 

I do have a reasonable amount of disposable income so wouldnt just be making token payments but from reading other threads I know a dmp trashes my credit file so ideally want creditors to default my account as opposed to marking it as on an arrangement to pay with the credit reference agencies as then this in the long term will tidy up the credit file sooner for future mortgage changes etc.

 

Has anyone got any experience in this.

I kind of think I could stop all payments and wait to see what they throw at me in the hope i get a default and once defaulted put the offers to them or do i write to them telling them im struggling and set up the dmp and hope i get defaulted instead of the arrangement to pay.

 

Thanks for reading

Edited by dx100uk
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Stopping payments is certainly a guaranteed why to ensure you get defaulted yes.

 

Can you possibly list your debts please?

 

And takeout date?

 

Dx


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

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, the whole DCA industry would collapse overnight.

 

 

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Hiya

 

All debts taken out post 2013 oustanding balances below

loans with barclays 13k and 11k

loan with natwest 8k

cc with mbna 8k

cc with virgin 4k

cc natwest 6k

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Also do I risk losing the goodwill (if that exists) of any of my creditors by just stopping payments to ensure I get defaulted? In reality I'll be offering each of them around 50-60% of the contractual payments. Was thinking if I didn't pay it would give me a chance to build up a few quid emergency fund

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use our pro rata letter in the debt collection section of the library.

 

add a line that states.

 

I wish you to default this debt please, not use any 'Arrangement to pay' marker or status.

this offer will be remove should you fail to do so.


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

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, the whole DCA industry would collapse overnight.

 

 

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Perfect, I will do just that. Thanks for your help

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