DMP & Mutual Support Thread - Part 10

ldhme · 18 September 2014 at 9:21AM

Monkeyballs wrote: »

Morning all!

Idhme, I'm happy to have been of service and it's good to see some progress being made so early in the morning!

I've never had any dealings with HSBC so can't advise much since I've no idea what a 'loan account' even is, surely it's just a loan? perhaps they mean the interest is front loaded and the balance already includes all interest due? Someone will be able to advise I'm sure...

I'm not sure which letter it would be, possibly just a generic complaint but you could try getting their customer service team on Twitter saying something like "I've received poor customer service today and need some help"?

MB of G x

It's a Flexi Loan, essentially just an account that's sole purpose is to be a very big overdraft. In short it's a flexible credit facility where interest is charged daily, just like an overdraft. No front loading of interest etc, so I don't understand why it isn't being treated the same as the others.
Still, early days and i'm sure something will happen with it.

Thanks again btw. Oh and I work nights, hence the early morning phone calls lol.

Puzzcat · 18 September 2014 at 12:38PM

Nellie1331 wrote: »

Thanks Ellieseleven for the welcome ,just wanted to say Barclays have sent 2 letters saying they are charging me 6.30 a day on each loan interest ,do I contact stepchange or do I send a letter direct to them asking them to freeze interest ? if so has anyone got a template freeze interest letter? thank you all for the support don't know what I would do without you xx

Hi Nellie,

If you go onto the previous thread part 9, link is on the first page of this thread, page 115 post 2285 courtesy of TTFTM has a lovely worded letter that you may be able to use or adapt for your use.

Puzz.

jessbaird · 18 September 2014 at 12:40PM

Hello all

I'm wondering if anyone has had any problems with Lloyds bank? I have an overdraft with them that's I've put on my DMP but for some reason they keep telling Payplan the details are incorrect but they aren't, I've given the correct account & sort code number so I'm unsure what I'm suppose to do.

Anyone any ideas?
xx

Puzzcat · 18 September 2014 at 1:06PM

jessbaird wrote: »

Hello all

I'm wondering if anyone has had any problems with Lloyds bank? I have an overdraft with them that's I've put on my DMP but for some reason they keep telling Payplan the details are incorrect but they aren't, I've given the correct account & sort code number so I'm unsure what I'm suppose to do.

Anyone any ideas?
xx

Hi Jessbaird,

Sorry that is one creditor I don't have... I do have most of the others.. oh joy... Have you tried contacting Lloyds direct, may be a quickish route to discovering what the problem is.

Puzz.

Coinmachine · 18 September 2014 at 2:38PM

Quick update, I dont post as often as I really should. anyway some time ago in thread 9 I had mentioned that Halifax had whacked on two months interest over a misunderstanding over the start date of the DMP.

Anyway I complained about this and have just heard back after three times chasing it up. They still maintain they are right and I am wrong but as a goodwill gesture have refunded the interest which amounted to £83. This has knocked a month off my end date! In addition, and much to my surprise they have also sent my £75 for the delay in dealing with my complaint!

Well chuffed as I was feeling a bit down about the debt this week. The majority of time I am fine and can cope but sometimes it just feels on top of me so the timing of this was great!

Just sharing this for others that just beacuse you are on a DMP you can still question interest charged and you still have a right to expect your complaint to be dealt with efficently.

Mothermercury30 · 18 September 2014 at 7:25PM

Hi everyone

My DMP ended on 1st September 2014. It's a great feeling.

Although I still have a little debt (Student loan till March, and a car loan I had to have to get to work) I have nonetheless freed up a massive amount of dosh now (Over £550 a month). It's taken three years, and we've cleared nearly £20,000.

Have I learned anything? Hell yeah! You MUST. You have to look at what you're doing. Where are the pennies going? What don't you need? Are you getting good deals? I read a wonderful book by Rob Parsons called "The Money Secret" about a year ago. If you haven't read this, and you need bolstering, and simple advice that will take no more than about 2 hours to read, then please have a look at this. It makes PERFECT sense.

I would like to say Thanks to Payplan for their help. They've been really great, and I can only reiterate- do NOT go to a fee paying DMP company, because you can either do your own or go to a free service. I would have been debt free about a year earlier had it not been for DCM money solutions, who ripped me, as well as many others, off.

Here's to you all. Keep persevering. It's worth it.

BeingDebtFreeStartsHere · 18 September 2014 at 8:22PM

Hi all!

Hope everyone is ok

Quick update - had a letter from Natwest who I have an overdraft and loan with. The letter starts with 'Formal notice of intention to file a default and to take action to recover debt' :eek:

It states 'The bank intends to demand payment of the total amount outstanding (£5601.54) if necessary by court action and accordingly terminate the overdraft arrangement on or after 2 October, 2014 unless by the date you have made an alternative arrangement for repayment which is acceptable to the bank.'

I have read that defaults are a good thing??

I'm assuming by 'alternative arrangement' they mean the DMP with SC?

Just need a bit of advice as this letter sounded a bit more threatening than the lovely letter we had from MBNA.

Thanks in advance.

BDFSH x

Monkeyballs · 18 September 2014 at 9:32PM

Hi BDFSH,

I'd not worry about it, it's probably just their standard letter as it states "if necessary by court action".

If you're unsure then give Step Change a buzz and let them know, I'm sure they'll tell you the same

Some creditors are just nicer in the way that they word their letters advising of issuing a default, defaults are good because you know that 6 years from them appearing on your credit file they drop off!

Don't stress it and certainly don't lose sleep over it

MB of G x

FuzzyDF · 18 September 2014 at 10:08PM

Hello New and Old(er) Peeps and welcome back MB!

I'm just catching up with all the old threads. Just some good news on my health, 6 scans later my liver tumour is not actually a benign tumour but a bunch of twisted blood vessels, all that worry for nothing. Onwards and upwards. Health is so much more important than money worries!

Anyway, moving on, I've noticed that 2 of the catalogue companies have marked me down on Noddle as DMP and I have Arrangement to Pay on a credit card. I've received a few defaults which I now know is a good thing. How do I go about trying to get defaults on the AP's and DMP's as I want them hanging around after 6 years. I've had a look for letter templates but cannot find anything suitable?

Any help would be gratefully appreciated as always.

Keep well everybody

Sazzie23 · 18 September 2014 at 10:11PM

BeingDebtFreeStartsHere wrote: »

Hi all!

Hope everyone is ok

Quick update - had a letter from Natwest who I have an overdraft and loan with. The letter starts with 'Formal notice of intention to file a default and to take action to recover debt' :eek:

It states 'The bank intends to demand payment of the total amount outstanding (£5601.54) if necessary by court action and accordingly terminate the overdraft arrangement on or after 2 October, 2014 unless by the date you have made an alternative arrangement for repayment which is acceptable to the bank.'

I have read that defaults are a good thing??

I'm assuming by 'alternative arrangement' they mean the DMP with SC?

Just need a bit of advice as this letter sounded a bit more threatening than the lovely letter we had from MBNA.

Thanks in advance.

BDFSH x

Yup standard letter, give them a call to make sure they have the SC DMP and all should be fine. Defaults are good because they only last 6 years on your credit file from the start date whereas late payments & arrangement to pay markers can stay on forever.

A lot of the default stuff is very formal because they have to cover certain text legally in case it goes to CCJ (but don't panic its very very very rare for DMPers to even get considered for a CCJ once the DMP has started).

DMP & Mutual Support Thread - Part 10

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