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Just_Me_4

Hi my query is about Lloyds TSB. I don't understand why they can't be more understanding like other creditors. Most of them will make an agreement and even freeze the interest but with LTSB its no no you have to review it every six months and then phone them to see if you can continue with the agreement. Anyway with one of our debts with them they did freeze the interest for the last year. We got one of the six monthly letters, rang them and they have been totally adamant that they will not continue to freeze the interest. We can pay the same amount but they will now add the interest on to it which means it will take us probably 25 years to pay them off. If they just kept the interest frozen we would actually get somewhere with it. Is there anything we can do to stop them from treating us like this? We have never ever missed a payment, not when we were paying the loan amounts nor since starting the DMP, so why do they have to penalise us like this?:(

scouselad1974

Just_Me wrote: »

Hi my query is about Lloyds TSB. I don't understand why they can't be more understanding like other creditors. Most of them will make an agreement and even freeze the interest but with LTSB its no no you have to review it every six months and then phone them to see if you can continue with the agreement. Anyway with one of our debts with them they did freeze the interest for the last year. We got one of the six monthly letters, rang them and they have been totally adamant that they will not continue to freeze the interest. We can pay the same amount but they will now add the interest on to it which means it will take us probably 25 years to pay them off. If they just kept the interest frozen we would actually get somewhere with it. Is there anything we can do to stop them from treating us like this? We have never ever missed a payment, not when we were paying the loan amounts nor since starting the DMP, so why do they have to penalise us like this?:(

Hi

I'm having the same problem with Halifax, everyone else has been great.

debtqueen

Hi,
I currently have about £24,000 on credit cards and have been managing the debt using my salary and also a 2nd job. The interest that I'm paying is huge and now I will never manage to pay off the debt (not while I'm alive anyway). I also have £90,000 mortgage (little or no equity as I refinanced a few years ago). I have never defaulted on any of my payments for either mortgage or the 4 credit cards that I owe. I do have a steady income, good job and also have beening doing a 2nd job to make ends meet, however income is variable.

I've been advised to contact my credit card companies (MBNA, RBS, Halifax, Egg) through a credit association (charitable, so no charges) who will write a formal letter to them all asking them to freeze the interest (for MBNA I pay £379 a month, £350 is interest).

My question is - what sort of response will I receive from them. My stress levels are at their peak and I don't think that I could cope with demands for payment or threatening letters etc, or bailiffs calling. Is it likely that they will agree to the proposal - freeze interest and then I can hopefully repay the debt.

Any advice would be much appreciated.

(I do have an alternative and my parents have said that they will lend me money to cover some of the debt, but obviously they would prefer not to)

maeeve

We have a DMP with CCCS which has been brilliant and a complete weight was taken off our shoulders a couple of years ag when we began.
We have a debt with just £347 owing to ABBEY and was wondering if you think it might be worh making an offer to them to finish the debt early with a settlement figure?
we also have £522 to M&S but maybe one at a time for now??

We maybe in a psoition to ask family for a small loan to pay this so we can then offer the other companies bigger payments.

What would your advice be on this please?

thankyou

ducatifrog996

CCCS_Matthew wrote: »

Hi there.

A DMP would take into account whatever money you pay yourself to cover your living costs. Anything that's used to go back into the business would not be looked at. You can do a DMP or IVA as a director of a limited company, but bankruptcy you cannot.

Hope that helps,
Matthew.

hi, my wage is only £1250 a month but gets topped up to around £2300 on average with dividends but my girlfriend does contribute £600 a month towards bills.
which makes our total house income up too £2900 will they then take in to account that i have £400 extra cash a month and put that towards my debts. will they just take my word for the top up in dividends or need proof, as goes up and down depending on business profits?
can i go bankrupted if i am only a secretery of the business but hold shares?
thanks

linkslow

Hi

I'm just wondering what I should do, I'm about to do a request with cccs however I have a save as you earn poilcy to buy shares with my earnings which I'm unable to stop should I not include this as it taken before I get my wages and I also work overtime each month so do I remove this from my earning and just include my basic monthly wage..

one other thing is I'm thinking about clearing my banks accounts, overdrafts and loans and closing all but 1 bank account before I start a dmp by using some shares I'm about to get so I only have 3 creditors rather then 8


what would be your advice regading this.

jazeda

Hi, I just wanted to ask a couple of questions. my husband and I are on a joint DMP with the CCCS at the moment. we are in the process of seperating and my husband is moving out. the only joint debt in both our names is the mortgage. we have children and to save having to uproot them from schools etc, he wants me to stay in the house with them. our individual debts are prob about £13000 each. my questions are these - my husband is talking about declaring himself bankrupt to manage his debts, how would this affect our joint mortgage (we dont think there is any equity in the house)? and will i be able to go onto a DMP in my own name? I have worked out roughly my income and expenditure and think I should have about £190 that I could pay to my creditors and this includes me paying the whole mortgage payment myself. I'm worried sick about whats going to happen so any advice would be greatly appreciated.

scouselad1974

I have an account on my DMP that has a balance of £25, this creditor receives £5 per month from my DMP, would it be possible for me to pay this off in full now, as I have earned a little extra this month, or will I be in trouble with CCCS if I do so.
The thought of paying off a creditor, the first since my DMP began excites me so much .

xmickeyx

hey I am new on this website I have a telephone interview with cccs next week was wondering when it all goes thorugh do i have to send proof of income of my wages to cccs ?? to start my plan? i have around 4500 debt trying to clear it.

workinonit

hoping to see the light at the end of the tunnel a little quicker than my plans suggests as it looks like my income will be going up soon.

I already do a pretty reasonable portion of what the minimum payments would be - I guess around 60%.
I've been on my plan around 3 years and I'm wondering if there are any thresholds that going over might lead to to the credit cards reverting me back to regular, interest paying payments?

Does anyone have experience on this?