Overseas and struggling

[Bandy75]

Hi

 

So I'm ready to submit my letter and income/expenses. I have a quick question. As I am only asking for reduced payments on some creditors but not all, how will it be received by the creditors I am asking for reduced payments for, when they can see I am going to continue paying others in full?

[dx100uk]

not your problem original creditors wont care about it

[Bandy75]

Thanks

Sorry one more. Do I need to list the names of the creditors or can I just refer to them as creditor 1, creditor 2 etc?

[dx100uk]

if they don't like that they can always ask...its a only a outline view , i'd go for it.

 

get things in place and running...PAY THEM when you say regardless to if they accept or not or ignore

don't leave payment until each accept.

 

we can deal with non acceptance later by the 2nd letter

[Bandy75]

Ok thanks,. Whats the benefit of paying them regardless of if they accept?

[dx100uk]

think about it........

 

showing you are taking control rather than being controlled........

[Bandy75]

Just received an email from one of the loan creditors. Asking if any of my other creditors are secured loans, if my circumstances will change in the next 3-6 or 6-12 months and to reconfirm my income. 
 

Is this a standard response?

[dx100uk]

usual practice, they want to check if their slice of the pie is a fair slice 

who?

 

 

 

[Bandy75]

Thanks for the quick reply. Rate setter.  So ok to confirm that one of the creditors is indeed secured. And do I need to declare my income?  

[dx100uk]

So rate setters is a secured loan then?

For ho w much?

[Bandy75]

No Rate setter is unsecured who wrote to me. The secured loan is about 12k with another bank UTB

[dx100uk]

Well if you wish to reply simply state 

 

i do have creditors in the same plan that hold mortgages or secured loans.

 

Dont be specific none of their business.

 

There is also no harm in stating you will be reviewing your plan at around 6mts.

 

No dont reaffirm anything else

 

[Bandy75]

Ok thanks. I’m surprised they were not more aggressive. I’ll see how things go. Thanks again. 

[unclebulgaria67]

What can they really do in this situation ?  No point in being agressive, as it is not really going to change what is possible. 

 

Creditors can be very sneaky and stitch up debt buyers.  Would not surprise me, if your debts were sold on as part of a larger package of non performing debts and they did note disclose any information about you being abroad or about the communications they have had with you.  Many years ago a relative of mine moved abroad leaving a number of debts. The foreign address was known to creditors, but they decided to just sell on the debts and the debt buyers resold the debts. The debts just circulated around for years, until they were written off.  But these were not secured debts.  Sometimes creditors just want the debts off their books and given to another company to worry about.

 

 

[Bandy75]

Thanks.  I’m still paying the secured debt in full so it’s only two unsecured debts I’ll end up defaulting on. I’ll continue to pay them with what I can while I can and in the meantime ensure I have lots of evidence of informing them of my being overseas 

[Bandy75]

I replied asking for the bank account details so I can send the amount I can afford monthly from my overseas bank account and received this reply today.

 

Can you please confirm all of your creditors and the outstanding balances? Please also state which creditors are secure and unsecured. 

Can you please also confirm your income in GBP?

As we use pro-rata , we will need these figures to review an arrangement. 

 

The thing is, some of the creditors are not in the UK and some of them in the UK are still receiving full payment. Should I stick to my guns and state this is what I can offer, either send me details to make the payments or don't. 

 

Or is there any angle they can pull here if I don't give them everything they are asking for?

[dx100uk]

thank you.

i am already using a pro rata method to calculate your share during my probable short term financial issues.

i have no wish, nor am i duty bound, to supply you all my personal financial details.

 

you are one of my much smaller creditors and to be frank, the only one which has not agreed to accepted my plan and provided payment details to allow me to use BACS transfer.

 

should you continue to refuse, i can only assume you do not wish payment and i will remove you from my plan, i will of course also inform the relevant authorities that govern you and dictate how you must help people with financial issue, that you have failed me.

 

i thank you for your time.

[Bandy75]

Awesome!  Thank you very much 

[Bandy75]

Well that worked thank you. They have immediately accepted my offer and placed me under 'COVID breathing space'

 

Thanks again

[honeybee13]

Well done, what a relief.   Thank you for letting us know, maybe the guys will have a couple more comments for you.

 

HB

[unclebulgaria67]

It may be worth looking into notes that you can add to your UK credit reference information, that you are living abroad and noting your foreign address.

 

The reason why this may be helpful, is that creditors do not normally add foreign address information to credit records.   If any debts are then sold on without disclosing information,  it is possible that your previous communications are ignored by new debt owners/DCA and they obtain a CCJ using last noted UK address. Of course you could then try to set aside later, but this would still be a hassle.  If your UK credit record had notes about living abroad, then they cannot really have any excuse for not contacting you using your foreign address.

 

Just a thought.

[Bandy75]

Hi sorry but I need some advice again. Amex have ignored the letter I sent at the beginning of March (tracked but not recorded) so I am not sure if I should make the reduced payment I can afford again this week as they are still applying interest and late payment fees. 

[dx100uk]

pro rata letter two? drop them to £1PCM for life? as they have failed, when they are duty bound to help you?

[Bandy75]

Thanks. I’ll look up pro rata  letter two and send it with a copy of letter 1 and send it recoded this time. 
 

some good news is that all three creditors have accepted my overseas address in their system and they have all dropped off my experian file as a result. My credit score has actually gone up!

[dx100uk]

thats good news

amex can be a pain.