Help/ advice with GOODF 3 letter process

by mackenzie_molly Sun Jan 31, 2021 1:49 am

Hi guys i'm new and wondered if im on the right path please.

Ive sent 2 letters of the the bank letter process so far before estoppel etc. These have been sent separately to each bank. Would you advise to continue paying for the debts in the meantime? (I have a loan and x2 credit cards).

i received an initial replay from 1 credit card - of course denying all claims - however what i'm concerned about is any negative entry on my credit file should should my letters not be acknowledged ahead of my remortgage in july.

your help on this would be appreciated

by **Mrblue2015** Sun Jan 31, 2021 8:50 am

Hi Molly,

Please make sure you read and digest the following section (inc all links within it) before going any further otherwise the GOODF process will be an unsuccessful one for you.

This will also answer your question “would you advise to continue paying”... We’ve never heard that question before!) Wink

https://goodf.forumotion.com/f17-the-goodf-letters-and-templates-process

Regarding your credit report. Take a look. Presumably it will have defaults now which I would imagine will affect your remortgage. If your priority is to remortgage then this is not a good time to be going through the GOODF process...

All the best!

by **daveiron** Sun Jan 31, 2021 9:24 am

Hi Molly,
Having reread your original post,are you still making payments ?
As you are going to re mortgage soon it important that you keep making payments
on everything until its completed.It would be foolish at this stage to screw up
your ratings . In the mean time use this time to research this system,links and
pointers can be provided for you ,just ask.

by mackenzie_molly Sun Jan 31, 2021 12:46 pm

Hi guys, thanks for your help

I currently have no defaults/ late payments. However last week I took some time to download the GOODF pdf and read websites such as https://livingintheprivate.blogspot.com/ which I found by reading through this forum and helped better my understanding.

Still far from an expert, but im at the 3rd letter stage now of the GOODF process which is due to be sent tomorrow dated 31/01/21. and Estoppel to be sent 30 days from this according to the process...

My concern is unless I can start the remortgage process early then yes - my credit rating would negatively impacted.

are there any other things I should look out for that would make the GOODF process not work? Do banks usually take it all the way to court / sell debt on? I have personalised all the letters as instructed.

Sorry for all the questions

by mackenzie_molly Sun Jan 31, 2021 12:52 pm

Hi guys,

Ive just read about the notice of conditional acceptance - which can be sent after the the 3rd letter and before the estoppel right?

This may give me more breathing space re leading up to my remortgage which could provide a solution.

I want to continue to go through with the GOODF process if possible - as if i stop no will that constitute as acceptance of my debts?

Thanks again

by **daveiron** Sun Jan 31, 2021 12:57 pm

Hi Molly,
Please do not send anymore letters UNTILL you have your mortgage sorted,
otherwise you wil probably have difficulty in obtaining a new mortgage or in any
event having to pay a higher intrest rate.

by **Mrblue2015** Sun Jan 31, 2021 7:35 pm

Agreed with DaveIron. Do NOT use the GOODF until AFTER your remortgage.

mackenzie_molly wrote:I want to continue to go through with the GOODF process if possible - as if i stop now will that constitute as acceptance of my debts?

And regarding your point: if you stop, that will not constitute acceptance of an alleged debt. Acceptance of an alleged debt only happens if you state or imply in a that an alleged debt exists or if you make any payments AFTER you have received a default notice.

So: -

1. STOP the GOODF Process now.
2. Keep up your payments.
3. Sort out your remortgage.
4. Start the GOODF process again IF you still want to after your remortgage (I would recommend starting with letter 1 again if you do)

All the best with your remortgage!

by mackenzie_molly Sun Jan 31, 2021 10:43 pm

Thanks for your help and clarity on this guys.

Very much appreciated as always

by **Mrblue2015** Mon Feb 01, 2021 10:28 am

You're welcome Molly, all the best / hope to see you in the future if you decide to go through the GOODF process Smile

by mackenzie_molly Tue Apr 06, 2021 4:26 pm

Hi All,

Im looking for advice on next steps with the GOODF process.

I initially halted the process as was awaiting my remortgage to go through initially in June. However I have managed to complete this process ahead of time via advice from my mortgage advisor

I have previously sent x3 letters of the GOODF process to my creditors - PAYPAL (no responses as yet), MBNA (x3 responses and have advised they will will not reply anymore in their latest letter to me in march) & First Direct (responded once in January and nothing since).

Can I continue the process now by sending the the notice of conditional acceptance followed by the estoppel in 30 days to my creditors?

Also from your experience what is the general behavior like in terms of response, acceptance, entries on credit file from these lenders once the letters have been sent - and should I expect to be taken to court/ debt collection letters etc?

Your help and guidance would be much appreciate.

by **daveiron** Tue Apr 06, 2021 4:53 pm

Firstly you need to seperate these accounts ,keep a seperate folder for each
one and file all correspondance in date order.
You will need to start a different thread for each one ,dont bother yet,wait
for further contact from them.

In the meantime do as much research as you can in order to comprehend
the process so you know what you are doing and why. Some very good info
can be found on youtube (observation deck) and "You and your cash".
I think MBNA will likely engage DC's and then sell on when that fails.

by **Mrblue2015** Tue Apr 06, 2021 5:01 pm

Totally agree with Daveiron. As and when you get your next letter, please start a NEW post. One for PayPal ONLY, one for MBNA ONLY and one for First Direct ONLY. Otherwise it will be impossible to support you. Thank you.

by mackenzie_molly Tue Apr 06, 2021 5:54 pm

Thanks guys I will definitely start separate threads when I hear from each lender.

'keep a separate folder for each one and file all correspondence in date order' (ive done this so far so feel really organised - and had a good read of the e-book)

'Some very good info can be found on youtube (observation deck) and "You and your cash"' (i'll definitely give these videos a watch next)

by **Mrblue2015** Tue Apr 06, 2021 6:27 pm

mackenzie_molly wrote:ive done this so far so feel really organised - and had a good read of the e-book

To make sure you're bang up to date, ensure you check out this link too (which will in turn refer to other links e.g. the template letters etc) Smile

https://goodf.forumotion.com/t4129-please-read-this-first

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