www.iva.co.uk

would a token payment do ?
If there is a credit card debt, and then no payments have been made for 3+ months, collection agencies letters + calls came.

If there is a credit card debt, and then no payments have been made for 3+ months, collection agencies letters + calls came.

then 4 more months (in the future) the worse case scenario is they can go through court to do a CCJ correct?

and bailiffs come to try to possess things?

3 months = No payment made, Letters come from collection agencies
4 Months after = What action can be taken in these 4 months? to reduce the chances that if it went to court over a judgement, that the judge will be more lenient?

eg, £5 a month with Direct debit can be paid towards the card, so that at least they can show that you are making something... rather than Nothing.

or, eg, tell the creditor , you will be getting £5 a month, or you will be declaring yourself bankrupt? (which case they will be happy to have the £5)

but just asking, for a way to get them off our back... so something that we can do, (eg the £5 month payment)

- to be shielded from the bailiffs/courts... so it shows 'something has been done' compared to nothing.


NOTE- the option we are asking for, Cannot be a DRO, DMP, or IVA... but asking for something that can be done ourselves, rather than a 3rd party.

If you go for a less formal, "gentleman's agreement" between you and your creditors they are at liberty to take whatever action they wish at any time. They are not obliged to stick to any agreement and can call in the total outstanding debt at any time -- especially likely to happen if they sell on the debt and the new creditors wants it paid.

Regarding shielding yourself from bailiffs, all will depend upon the legal status of the collectors and the terms of their warrant.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy
[brespecially likely to happen if they sell on the debt and the new creditors wants it paid.

Sell on the debt to new creditors? do you mean to debt collection agencies? (such as Westcott?)

If not, and you mean sell on to new creditors, then when does this likely tend to happen? (after how many months usually?)?

Debt collection agencies either collect on behalf of a creditor, usually for a commission, or purchase the debt themselves and, then, become the new creditor.

There is no hard and fast timescale and such debts are usually sold on in lots containing debts at all stages of default.

From my understanding the only way of preventing court action is to
- go for a formal debt solution
- pay the debt as per original agreement

The timescales probably depend on
- assests (do you have anything worth seizing)
- income (can they get an attachment on earnings)

If you do have assets/income they may move quickly to secure this, if you have no assets or income there's no point in court action. I personally doubt whether token payment would have much bearing

Martin

Creditors are entitled to use whatever means they deem fit to pursue these debts. Flamingate - given the amount of time you have been asking your numerous questions over, don't you think you might be better served by looking at a more formal solution?

If you're considering bankruptcy seriously, then there's not really any point in paying your creditors anything.

Would be interesting to know why Flamingate has ruled out every formal option bar bankruptcy, and if bankruptcy is all that's left why delay ?

Martin