Debt advice please

[Beaumont27]

In 2020 I lost my job due to covid,

 

I arranged a 6 month payment holiday. I got a job therefore began payments again and have done for over a year.

 

What I wasn't aware of was to pay more to cover the 6mth payment holiday I assumed an extra 6 months would be added on to the loan to cover what I owed.

 

I received a letter from M&S saying the credit agency will now take over as its in default. Are M&S not supposed to give you a heads up. As my payment plan is reviewed in March 2022.

 

They have told me not to pay them anymore and wait to hear from credit agency. I called collections at M&S saying I've not missed any payments of the payment plan, why have they not made me aware of paying any extra.

 

I will lose my job if this goes to an credit agency. They have informed me to call them back tomorrow and speak to the team leader. I'm full of anxiety any advise would be appreciated 

Edited January 11, 2022 by dx100uk
added A few blank lines only..dx

[dx100uk]

By credit agency, i will guess you mean Debt Collection Agency? A DCA.

 

have you received a notice of assign from the dca? And who are they please?

 

or is it just a letter that says we are xxx dca our client m&s have asked us to collect the debt?

 

a  dca is not a BAILIFF

and have

ZERO legal powers on any debt , no matter what its type!!

 

Dx

[Beaumont27]

I received a letter from M&S stating wescot will be dealing with the account, no warning from M&S at all.

Can they do this?

They can see I've paid on time other than the 6 month payment holiday. 

Edited January 12, 2022 by dx100uk
Format

[dx100uk]

Haha powerless wetcloths.

ignore them

Continue as is

 

dx

[Beaumont27]

I have 2 barclay credit cards.

 

During covid I lost my job, so I had payment holidays on my cards.

 

After the payment holidays I still had not found a job, they suspended my cards.

 

I got agency work and began to pay the minimum amount. I have been paying for well over a year on time.

 

I've received a letter saying I'm in persistent debt can I pay more. I cannot im paying back to several cards and trying to keep on top of the repayments.

 

Should I call to set up a repayment plan, will this stop interest being added to the account.

 

I'm struggling to keep up the minimum payments.

 

Will they allow me to pay less if I request a payment plan.

I owe £2500 on one card and £2000 on the other card.

 

TIA

[dx100uk]

What are you other debt

Now blindly paying any dca's are you on historical old debts?

 

Dx

[Beaumont27]

10k m&s £300 monthly

Aqua £2700 repay £120 mth

Mbna £2000 repay 50 mth

Capital £1700 - 60 mth

Capital £1700 £80 mother

PayPal account £1900 repay £60

 

I have a default on my account due to not being able to repay the m&s. Which I'm now paying £300 back monthly 

[dx100uk]

When did you take each one out please ?

Dx

[Beaumont27]

around 2017/2018 I do not have specific dates. 

M&S 2018 

[dx100uk]

ok very recent

 

i think for your whole picture you need to go down the pro rata route (see the debt collection section of our library).

and also understand your credit file will be shot for 6yrs, but better to get everything defaulted now, rather than dribs and drabs.

 

with that amount of recent credit theres no otherway.

[Beaumont27]

Yes I understand the default is on for 6 yes, I will take a look at the debt collection but I don't understand what you mean by 

but better to get everything defaulted now, rather than dribs and drabs.

 

[dx100uk]

Do your own dmp.

via our pro rata letters

 

all o f your debts need to be defaulted asap . Else you know things will only comeback  later. Once defaulted a debt vanishes from your credit files on the defaults 6th birthday. paid or not,  paying or not.

 

youve got to be realistic here thats a lot of consumer debt to run up in 3yrs.. 

 

Dx

[Beaumont27]

Yes I used the cards to live off pay bills etc when I lost my job. I still pay it all back if defaulted? 

Thank you for the advice 

[dx100uk]

yes doesnt mean the debt goes too!!

 

have a good read of a few user threads here.

 

Debt management and Debt self-help - Consumer Action Group

[Beaumont27]

Yes I used the cards to live off pay bills etc when I lost my job. I still pay it all back if defaulted? 

Also if I have debts owing and I arrange a dmp, a third agency maybe contacted to collect the debt on behalf of the credit card company. In which I will lose my job I work for a cash in transit company therefore I will be classed as a high risk. 

[dx100uk]

11 minutes ago, Beaumont27 said:

a third agency maybe contacted to collect the debt on behalf of the credit card company

nope

 

11 minutes ago, Beaumont27 said:

In which I will lose my job I work for a cash in transit company therefore I will be classed as a high risk. 

nope

 

and anyway - a DCA is NOT A BAILIFF

 

only YOU will know as its your self managed DMP.

 

sorry you've got some really wild ideas and thoughts here

not sure where you are getting them from 

but throw the morality cards out the windows...they do.

 

tackle all you debt under your own pro rata DMP, stop borrowing from peter to pay paul.

if they all get £5PCM, they all get that!!

end of!!

nothing they can do to you or your job!!

 

dx

 

[Beaumont27]

Yes im thinking all things, many thanks for you advice, I really do appreciate it 

[Beaumont27]

I have sent token payment letters out with an outgoings info letter attached so they can see my financial situation.

 

But I am currently being hounded by calls from aqua due to not paying the minimum payment. And paid the £5 to all creditors.

 

Do I take these calls, im assuming I will be receiving more calls. 

 

Do I take the calls, I'm getting anxious 

Many thanks 

[dx100uk]

no you never talk on the phone about debt.

 

so you have other debts and are doing the pro rata method?

 

none sold to DCA's i hope?

 

dx

 

 

 

[Beaumont27]

I have sent  token payment letter with income and outgoings. With an offer of 5.00 per month. To all my creditors

I am at present being hounded by calls especially aqua. Do I take these calls or do I stick to emails so I have a paper trail. I'm full of anxiety, concernd I will have payment plans higher than I can afford pushed on me Any advice would be grateful. 

Tia

[dx100uk]

Please refrain from creating new topics asking the same questions when they have already been answered.

 

3 threads merged. I recommend you now re read rhis thread from post 1

 

just pay what you said when you said you would.

You do not need their permission.

 

DX

[Beaumont27]

Yes, I've sent them all token letters and paid £5 to each of them, like you said which is true i had been borrowing more to pay to creditors. Which I feel as though I'm drowning.

 

I do believe that these could be sold to DCA which I presume I pay £5 to them.

 

I am a tad scared of what may happen but its my own stupidity for borrowing. 

 

Sorry for the confusion on threads, it did not show on my phone that you replied. 

 

Thank you for your help 

[dx100uk]

If any debt has been sold you'd have a notice of assignment letter and the DCA will show as the owner on your credit file.  If not always pay the OC and totally ignore any DCA 

 

Dx

[Beaumont27]

Advice please,

 

I contacted all my creditors with a finance document stating my income and expenditure, and have made a token payment.

 

I am now being hounded by PayPal and aqua. I have received a arrears notice from capital one.

 

Now this has caused anxiety do I have to call them back? TiA

[dx100uk]

Nope.

carry on.

you stated you position to everyone.

 

You are in control of your money not them.

 

its a std letter they have to send being a creditor