Best way to handle several defaulted accounts which have been sold on

[jamie1991]

Hi

 

I have several defaults for various amounts totalling approx. £5000.

For whatever reason I didn't pay my bills for several months and am now in a position to begin tackling this mess.

I can probably pay off all of the debt in around nine months settling several smaller accounts within three months.

 

Lots of the debts have been sold on to various debt collection agencies.

They're offering me various discounts to write off part of the debt which I am open to for obvious reasons.

 

However I am also keen to begin the process of rebuilding my credit rating ASAP and am wondering whether it is better to settle in full for this reason?

 

I've also read that if you only settle partially, the remainder of the debt can be sold on which is concerning.

If I decide to offer a partial settlement which is then accepted, how do I avoid that scenario?

 

Thanks

[dx100uk]

firstly

check the debts are even enforceable?

please list them

 

paying the debts off

wont improve your score

nor remove the defaults

 

and if dca's are offering discounts

nar on 100% theres something dodgy about the debt anyway.

 

don't go wasting your money!!

 

get all the info first

[jamie1991]

Hello. Thank you for your reply and sorry for the delay in getting back to you.

 

I'll post the info you requested below but wanted to ask a couple of questions based on your response..

 

1) Would the defaults showing as settled not improve my score?

2) If I don't pay them can they not take me to court and give me a CCJ which starts the six years off again?

 

My overall aim is to improve my credit score... here are my debts and current state:

 

HSBC credit card - £635 balance, default. Last paid Deb 2015 and account sold on

 

Wageday Ltd - £386 balance, default since Jan 16

 

Cabot Financial Europe Ltd - £2257 balance, default since Mar 16

 

Lending Stream - £549 balance, default since Sept 15

 

Uncle Buck - £338 balance, default since Oct 15

 

Instant Cash Loans t/a Payday UK - £609 balance. Late payment since Jun 15

 

Madison CF UK Ltd - £851 balance. Late payment since June 15

 

Three Mobile - £46 balance. Default since Apr 16

 

EE - £208 balance. Late payment since June 16

 

Shop Direct Finance Company Ltd - £980, default since Jun 16

 

Debts that have been sold:

 

HSBC credit card to Westcot

 

Cabot Financial Europe Ltd sold to Mortimer Clark

 

Lending Stream - sold to Asset Collections and Investigations

 

Shop Direct Finance - sold to 1st Credit Finance

 

What I have done so far:

 

Three Mobile - settled debt

HSBC credit card - agreed £100pcm

Uncle Buck - agreed settlement plan to clear in 2 months

EE Ltd - agreed £40pcm

Madison Cf - agreed £30pcm x 3 months then review

 

Edit: the Uncle Buck settlement plan is for a partial settlement only.

Would it be best to settle in full?

 

I have not yet managed to contact all of the companies but have worked out how much I an afford to pay each month.

 

Additionally,

I have received letters from a company which I can only link to accounts which are showing as settled.

Would they show as settled once they've been sold because none of the others have..?

 

What is the best way to begin improving my credit file and also to prevent any CCJs?

 

Thanks for reading

[Old Cogger]

westcot (Wetcloths) will on be servicing HSBC on their behalf not own it! you will probably find. they are nor debt purchasers.?

[dx100uk]

in terms of all the PDL stuff

go start a thread in the PDL forum

hive those off

they need to be dealt with separately;

 

 

dx

[dx100uk]

HSBC credit card - £635 balance, default. Last paid Deb 2015 and account sold on - to whom

Cabot Financial Europe Ltd - £2257 balance, default since Mar 16 - what was the debt/OC?

Three Mobile - £46 balance. Default since Apr 16

 

EE - £208 balance. Late payment since June 16

 

Shop Direct Finance Company Ltd - £980, default since Jun 16

 

Debts that have been sold:

 

HSBC credit card to Westcot

 

Cabot Financial Europe Ltd sold to Mortimer Clark

 

Shop Direct Finance - sold to 1st Credit Finance

 

What I have done so far:

 

Three Mobile - settled debt

HSBC credit card - agreed £100pcm

EE Ltd - agreed £40pcm

 

Additionally,

I have received letters from a company which I can only link to accounts which are showing as settled.

Would they show as settled once they've been sold because none of the others have..?

 

What is the best way to begin improving my credit file and also to prevent any CCJs?

 

Thanks for reading

 

defaults are there for 6yrs

then the whole account vanishes

doesn't mean it not owed mind.

 

a settled account or partial settled account only improves your score by a few clicks thatsall

 

it will be the defaults that are killing your score

not a lot you can do about them.

 

as for if i don't pay, i'll get a CCJ

only if they have an enforceable agreement

 

dx

[jamie1991]

Hello again

 

The HSBC account has been sold to Westcot

altho another poster has advised me they don't buy debts but are collecting on HSBC's behalf..?

 

The Cabot Financial account was Hitachi for a TV

but when I contacted them recently they said the debt was now with Mortimer Clarke ....?

 

I'll look into finding out whether the agreements are enforceable.

 

Thanks again

[dx100uk]

cabot & MC are the same lot - next desk

bloke in a diff coloured skirt

 

 

yes wetcloth don't buy debts

so look on their letters

see who they state is their 'client'

 

 

dx