www.iva.co.uk

Hi everyone,

Happy new year.

Wasn't it nice,I had 2 days with NO PHONE CALLS!!!! I really thought that MBNA would call on Chrismas day!!

Just opened a letter from royal bank of scotland inside is a default notice.
I've not been paying anyone now for a couple of months and just wondered how long I've got before people start knocking at my door??

How serious is this default notice?? It just seems to mention that they will register me with credit reference agencies and it will be difficult for me to get credit(not really a problem considering the state of my finances!!)
Can anybody shed any light on this for me??

Thanks in advance

Depends on the levels of debt.....

Firstly your payment profile or non payments have already been registered at the CRA.

The default notice is the first thing required to terminate your agreement with them and potentially start court proceedings.

Letters will normally get a bit more threatening... normally potential court action etc. There is usually an increase in phone calls etc as well.

One of two things will happen -

The lender will sell the debt to a third party or the lender will commence court action to secure a CCJ.

It is rare that doorstep collection is used - as it is very ineffective and costly whereas legal proceedings are computer driven and farely cost effective.

MBNA are possibly the worse for there collection methods although the number of complaints about them mean they will soon be brought to task.

Looking to go BR by March,in your opinion will I manage to avoid CCJ's and balliffs??

It depends on how you manage it......

If your creditors obtain CCJ's ensure you provide an offer to pay something from the document pack (Form N9) - include a complete income and expecture document.

Providing the payment is reasonable the court will make an order for such. Providing you make the payments the courts will not allow bailiff action or other actions such as charging orders.

Resist all attempts to obtain a charging order, this in essence turns the unsecured debt to secured.

The above is a favorite of GE Money........

hi there

I've just had a default notice from Black Horse, i have informed them of my planned route of an iva, but it seems thatthe omputer generated letters still keep coming.

MBNA have actually been ok, HFC are my bug bear with about 5 or 6 calls a day!

Hi,
My IVA was accepted in December and I'm still getting letters from MBNA and RBS. I write back and tell them details of when IVA was accepted etc and forward letters to my IP.
Think there's a delay between IVA and computers stopping sending "normal" letters. Since all is now signed and sealed, I refuse to let it bother me or get to me.

Yes,they are not allowed to contact you as you are now in a legally binding agreement.This is,as you rightly say,just one dept that has not been informed of the IVA.Keep forwarding them to your IP.
Regards