DMP Mutual Support Thread - Part 12

January2015 · 5 January 2018 at 3:39PM

leanne12345 wrote: »

Hi, haven't posted on here for a while but wondering if anyone has any experience with Very/NCO. I've read a lot of people saying they are rubbish for defaulting etc.
I have been paying token payments for 6 months but received a letter saying they wanted to review it so I replied saying circumstances haven't changed so I will continue to pay £1.
They have now started again with the phone calls (which I've blocked) and adding interest on again. My plan was just to ignore them completely until they default now as these are my only creditor not to default but just want to check I'm doing the right thing?
Thanks

Write to them again. Advise them your circumstances have not changed since you last sent them an income and expenditure statement. Send the same I&E statement again and confirm it is a current reflection of your financial situation. Tell them in the letter you do not give them permission to telephone you. Advise you will respond to written communication and will keep them updated of any changes in your circumstances. Advise you do not anticipate a change for the next year, but will contact them should anything change. Re-iterate you do not give them permission to contact you by phone and request they delete your telephone contact information.

They are proverbial pain in the rears.

January2015 · 5 January 2018 at 3:45PM

torheb wrote: »

Hi just after a bit of reassurance we started our dmp with sc in May last year it has ran pretty smoothly just a few hiccups with wescot which got finally sorted last week - now this week next have sent a letter saying we have finished our 6 month reduced payment plan and terms resume back to normal - they have added interest again and I’m getting emails and texts about paying them the full minimum payment - I think sc have recently sent a letter to everyone reaffrirming our situation should I wait a week and see what happens or should I search for an email address for next and contact them directly - I thought things were finally all settled and going well then another spanner is thrown in the works!

I would write to Wescot now. There correspondence address is

PO Box 137
Jarratt Street
Hull
HU2 8HF

Write and advise you are being supported by SC to deal with your debts - which they are already aware of. Write that the only way you will be able to do this is if creditors support you by zeroing interest. Formally request the account be defaulted as quickly as possible. Wescot are just the monkeys chasing the debt. If interest is still being added it is still owned by the original creditor - so I would CC the original creditor in on the letter.

Don't stress too much. I had interest added and chased down creditors and DCAs when I first started my DMP. All interest was refunded eventually. BC were the worst and my battle with them took almost 2 years. They still hold the debts and haven't moved them to DCAs but have defaulted and backdated the defaults right to the beginning of my DMP - which is fine with me.

Billy12345 · 5 January 2018 at 3:56PM

Afternoon all

Just been completing my annual review with SC updating the I&E and slightly reducing it (only by £20). SC went through the usual "we will see if this is the best plan for you", which I suppose they have to and after 15 minutes decided the DMP was still the best way forwards. I told them this at the outset but they have their job to do I suppose.

Anywhoo, SC said they will write to the creditors asking them to freeze interest. The majority of my creditors have defaulted so I said that interest can't be added once the account is defaulted. SC said I was wrong and they could still add interest even on a defaulted account.

Surely that can't be right. Anyone else had this from SC ?

I don't think it will be a problem however and if it is I'll go self managed and reduce to token payments for a few months to increase my F&F fund but I really don't want to do this until we have moved house (in the process of selling and managed to obtain the services of a good broker who has found me a lender without stupidly high interest rates, received offer in principle and just awaiting formal mortgage offer but don't yet know who it is...was so excited to have found a company willing to take me I forgot to ask).

Anyway waffle on pause for now.....has anyone else heard of creditors defaulting then adding interest onto accounts.

January2015 · 5 January 2018 at 5:08PM

Billy12345 wrote: »

Anyway waffle on pause for now.....has anyone else heard of creditors defaulting then adding interest onto accounts.

My understanding is creditors and DCAs can only continue to charge interest after default if the original credit agreement allows for this to happen.

In reality it rarely happens - once defaulted interest and charges generally stop. I wouldn't worry about it too much.

leanne12345 · 5 January 2018 at 6:21PM

January2015 wrote: »

Write to them again. Advise them your circumstances have not changed since you last sent them an income and expenditure statement. Send the same I&E statement again and confirm it is a current reflection of your financial situation. Tell them in the letter you do not give them permission to telephone you. Advise you will respond to written communication and will keep them updated of any changes in your circumstances. Advise you do not anticipate a change for the next year, but will contact them should anything change. Re-iterate you do not give them permission to contact you by phone and request they delete your telephone contact information.

They are proverbial pain in the rears.

Thanks for that January 😊
The reason I was reluctant to send them another I&E was that I thought if they accept my payment they will be less likely to default me and just mark my credit files as having an arrangement to pay. I'm not sure if I'm thinking about that wrong now though?

January2015 · 5 January 2018 at 6:38PM

leanne12345 wrote: »

Thanks for that January 😊
The reason I was reluctant to send them another I&E was that I thought if they accept my payment they will be less likely to default me and just mark my credit files as having an arrangement to pay. I'm not sure if I'm thinking about that wrong now though?

When you write to them explain you have not taken the decision to enter a DMP lightly. You realise the long term impact it will have on your credit reference files. Formally request they default the account as soon as possible. I wrote and asked my creditors to back date defaults to the date of the start of the DMP. Some did, some didn't - but all my accounts are now defaulted and all defaults registered within six months of start date of DMP. I'm ok with that

However, I kept formally requesting, and pointing out the credit relationship had broken down. Keep on at them, don't be afraid of them.

motivated · 5 January 2018 at 6:40PM

Hi all, me again

Today I recieved 2 letters from PRA Group. They state that they have purchased our MBNA accounts and we now have to pay them not the original creditor. ( this is good right?) There is also a letter in there from MBNA saying they have sold the debt to PRA and have transferred ownership and any rights to collect the outstanding debt etc etc.

I have currently been paying them token payments and want to continue for a while to build up a decent F & F fund which I hope I will be able to do now the accounts are sold on. Do I just change payment details etc and carry on?

Both accounts are defaulted so I’m guessing no more interest will go on :think:

Edit: just looked on the PRA site and it says to set up a payment plan I have to complete a financial assessment on there. I’m thinking I just copy my current I&E that I’ve been using.
M

leanne12345 · 5 January 2018 at 6:49PM

January2015 wrote: »

When you write to them explain you have not taken the decision to enter a DMP lightly. You realise the long term impact it will have on your credit reference files. Formally request they default the account as soon as possible. I wrote and asked my creditors to back date defaults to the date of the start of the DMP. Some did, some didn't - but all my accounts are now defaulted and all defaults registered within six months of start date of DMP. I'm ok with that However, I kept formally requesting, and pointing out the credit relationship had broken down. Keep on at them, don't be afraid of them.

I shall do that this weekend then, thank you again. If I can get these to default within the next 6 months then I will be happy with that as I know they are not the most sympathetic of creditors. I will try to channel you when writing my letters :laugh:

January2015 · 5 January 2018 at 6:50PM

motivated wrote: »

Hi all, me again

Today I recieved 2 letters from PRA Group. They state that they have purchased our MBNA accounts and we now have to pay them not the original creditor. ( this is good right?) There is also a letter in there from MBNA saying they have sold the debt to PRA and have transferred ownership and any rights to collect the outstanding debt etc etc.

I have currently been paying them token payments and want to continue for a while to build up a decent F & F fund which I hope I will be able to do now the accounts are sold on. Do I just change payment details etc and carry on?

Both accounts are defaulted so I’m guessing no more interest will go on :think:

Edit: just looked on the PRA site and it says to set up a payment plan I have to complete a financial assessment on there. I’m thinking I just copy my current I&E that I’ve been using.
M

How old are your MBNA accounts???

motivated · 5 January 2018 at 6:58PM

January2015 wrote: »

How old are your MBNA accounts???

Hi January

The biggest of the two was March 2013 and the smaller of the two was July 2015

Just having a slight wobble here On PRA’s site it’s got a section about litigation and it’s worried me. “We have a team of customer agents who are trained to investigate customer financial circumstances” :eek:

I don’t know if I should fill in their I&E they have on there as it won’t let me into the site to set up payments until I do.
M

DMP Mutual Support Thread - Part 12

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