DMP Mutual Support Thread (Part 5)

HSBC are complete bankers! ;)

Will not entertain the DMP offer and request we take out a loan, if we don't they're going to default us and pass us to an agency! Lovely!

Despite me being a student, the DMP and having to take cash out of credit cards they refuse to think we're in financial hardship in terms of reclaiming charges. It's quite scary as the amount in charges we're accruing every month will send the debt through the roof within a few months.

Everyone else has been fine, majority have frozen interest etc.

Can someone talk to me about final settlements whilst on a DMP? I've got a job for over the summer and will be in a position to make a one off extra payment of around £3k at the end of August (possibly more depending on the ammount the tax me as atm I'm on emergency tax rate and it's high). Would it be better spent offering HSBC (who are the most troublesome at this point) a final settlement (total HSBC debt is just under £9k)?

thatcherschild wrote: »

HSBC are complete bankers! ;)

Will not entertain the DMP offer and request we take out a loan, if we don't they're going to default us and pass us to an agency! Lovely!

Despite me being a student, the DMP and having to take cash out of credit cards they refuse to think we're in financial hardship in terms of reclaiming charges. It's quite scary as the amount in charges we're accruing every month will send the debt through the roof within a few months.

Everyone else has been fine, majority have frozen interest etc.

Can someone talk to me about final settlements whilst on a DMP? I've got a job for over the summer and will be in a position to make a one off extra payment of around £3k at the end of August (possibly more depending on the ammount the tax me as atm I'm on emergency tax rate and it's high). Would it be better spent offering HSBC (who are the most troublesome at this point) a final settlement (total HSBC debt is just under £9k)?

Don't worry about being defaulted its par for the course!!! i,ve been defaulted by nearly every one of my creditors now!!!:T means they come off my credit rating quicker!!!

Why not offer HSBC 3k when you have it?, you never know they might be glad to see some money and cut their losses!!!

I have been referred to one DCA so far and thats the only thing that scares me is that a bailiff might come round? i don't want anyone near my property!!! can this happen? i thought they needed a court order?

VanillaDelia wrote: »

Has anyone ever added a debt to their cccs plan after a month or so of starting. My husband has a debt which I didnt know about that I need to add to the plan, Its only £325 but I just wondered what cccs are like when it comes to having to add something. I can also up our payment by £10 a month though, so our outgoings will be a tiny bit less etc..

hi

My OH added one to his plan for £75 with O2, they were fine but said they can't add more on now.

Just_Me wrote: »

Hi there. I haven't posted in here for a while. It is almost a year since our lightbulb moment. We have been on a plan with CCCS but came across a problem in that Lloyds TSB have still not frozen the interest and on one particular loan our payment to them amounts to less than the interest so we are getting nowhere with it.

A very helpful solicitor for LTSB rang us and said if we lowered our payment on this loan she would be able to freeze the interest. CCCS said they cannot do that because the amount we pay to them is distributed in a certain way.

CCCS have advised us to come off the plan with them but carry on the payments ourselves. Has anyone done this? DH is determined to go ahead with this but I am just a little nervous about it really. Will the creditors see us going it alone as a vulnerability and perhaps try to scare us into paying more than we can afford?

TIA for any advice.

HI Just Me
I am doing both, CCCS for my debts and, later a self administered for OH and can honestly say theres not much difference, have had roughly the same amount of success with each way in terms of getting the interest stopped etc.
I was initially apprehensive about going it alone for OH but am now ok with it and in fact am considering doing it for my debts as well. In fact I have found, although CCCS have been great, that I have done most of the negotiating where it comes to getting interest and what have you stopped myself anyway.
I think for me in the first instance CCCS were great in that they set everything up and it's good to be able to make just one payment, but once I researched stuff a bit more I felt more confident in setting up a self admin'd plan for OH myself.
I would say that creditors will try every trick in the book to get you to pay more but stay strong, and be firm after all, as it's been said many times before they can't have what you ain't got:rolleyes:
Failing that don't answer the phone and just correspond in writing.
There is a good thread somewhere along these lines, do a search, it's got some great advice from people in the same situation.

thatcherschild wrote: »

HSBC are complete bankers! ;)

Will not entertain the DMP offer and request we take out a loan, if we don't they're going to default us and pass us to an agency! Lovely!

Despite me being a student, the DMP and having to take cash out of credit cards they refuse to think we're in financial hardship in terms of reclaiming charges. It's quite scary as the amount in charges we're accruing every month will send the debt through the roof within a few months.

Everyone else has been fine, majority have frozen interest etc.

Can someone talk to me about final settlements whilst on a DMP? I've got a job for over the summer and will be in a position to make a one off extra payment of around £3k at the end of August (possibly more depending on the ammount the tax me as atm I'm on emergency tax rate and it's high). Would it be better spent offering HSBC (who are the most troublesome at this point) a final settlement (total HSBC debt is just under £9k)?

I'm having exactly the same problem with HSBC. They have said they won't accept my DMP unless I take out a managed loan with them (although they have taken my token and CCCS payment!). They've set the monthly repayment amount for the managed loan at £95 which is exactly the same as the amount that CCCS have allocated them. It's really tempting to just sign the documents just to get them off my back, but from what I've read on here and the Consumer Forum, managed loans are v. v. bad.....

Am I right in thinking that by taking on their loan I will end up paying a lot more overall, and that they are going against Office of Fair Trading guidelines whereby creditors are not supposed to offer you more debt to pay off an existing debt? (sure I read that somewhere - can anyone confirm this??? )

I must be strong and resist - let them refer me to their DCA/Metropolitan who will probably accept my DMP - right??!! Support needed fellow DMP-ers please!!

Thanks in advance
DG