DMP Mutual Support Thread (Part 5)

cocker100

Tigert wrote: »

Don't think this is true. 13 of my 15 creditors have defaulted me, but some are still charging interest.

quote]

I would check with your creditors if I were you if this is the case. Have you had written confirmation of the defaults? If they have defaulted your account, they cannot use the terms and conditions from the account to continue to add interest as these no longer apply!

This is why you hear creditors stating that they HAVE TO default the account in order to stop the interest increasing.

This has been the case with all of my accounts in the DMP. As soon as the account defaulted, the interest and charges stopped immediately!

I've gained all of my knowledge on MSE or the CAG website and i'm fairly certain this is definately the case!

Cocker:)

c7sdus

cheesypuff wrote: »

This Board is great with all the advice and support, thanks E1 for all the reassurance about the defaults:T Just one thing do I send the default letter to CCCS or keep it

Funny I was wondering about our mortgae too, ours is with Abbey and our fixed rate ends in August, they are one of our creditors I wonder will they still offer us a new deal? Anyone else had mortgage with a creditor? did it effect things?? Would be intersted to know.

Have all token pymts sent off, thankfully

Our mortgage is with one of our creditors Lloyds and I was offered a new deal whilst on DMP (tracker BOE +0.49%).

We took it as was all we good get and now down at 0.99% saving about £250 a month :j:j

geoffmr1

cheesypuff wrote: »

This Board is great with all the advice and support, thanks E1 for all the reassurance about the defaults:T Just one thing do I send the default letter to CCCS or keep it

Funny I was wondering about our mortgae too, ours is with Abbey and our fixed rate ends in August, they are one of our creditors I wonder will they still offer us a new deal? Anyone else had mortgage with a creditor? did it effect things?? Would be intersted to know.

Have all token pymts sent off, thankfully

You keep hold of your default notices, put them away nice & safe incase you ever need to refer to it.

With regards mortgages I was unfortunate in that my mortgage was on a fixed rate with Northern Rock (the first bank to need assistance) & my DMP started in 2007, my fixed rate finished in May 2008. It was awful as my mortgage payments increased £350 a month due to Northern Rocks then very high rate, no other lender would touch me & I had constant calls from Northern Rock telling me they weren't competitive & I should leave to get a better deal (I had to explain so many times it was impossible). Luckily at the moment the rates have gone down but I don't know how i'll cope when they go back up. Not much point worrying about it now though.

suze72

cheesypuff wrote: »

This Board is great with all the advice and support, thanks E1 for all the reassurance about the defaults:T Just one thing do I send the default letter to CCCS or keep it

Hi cheesypuff
If you logon to the cccs website they have a really useful page telling you what you should do when you receive various types of letter.
Sue.xx

debrag

cocker100 wrote: »

Tigert wrote: »

Don't think this is true. 13 of my 15 creditors have defaulted me, but some are still charging interest.

I would check with your creditors if I were you if this is the case. Have you had written confirmation of the defaults? If they have defaulted your account, they cannot use the terms and conditions from the account to continue to add interest as these no longer apply!

This is why you hear creditors stating that they HAVE TO default the account in order to stop the interest increasing.

This has been the case with all of my accounts in the DMP. As soon as the account defaulted, the interest and charges stopped immediately!

I've gained all of my knowledge on MSE or the CAG website and i'm fairly certain this is definately the case!

Cocker:)

my two defaults went to DCA's. Only 2 of the 9 defaulted

CornishMaid

I got my first default and acceptance of reduced payments from Capital One today! :beer:

I'm delighted - isn't it strange the things that make you happy when you're up the creek without a paddle! One down - only 8 to go! :eek:

I even managed to laugh at the letter from Skycard which stated "... as a demonstration of our commitment to helping you......Pay £470 and we will credit your account with £15 upon receipt of your payment..." If that's them helping me I'd hate to see what happens when they turn against me :rotfl: :rotfl: :rotfl:

CM x

bigmommamuppet

Moany_Money wrote: »

Hi everyone!

Well my DMP is now up and running. The most helpful and understanding creditor has actually been MBNA who accepted the plan almost immediately. The worst has to be Natwest, I've been sent all sorts of letters which annoyingly advertise the CCCS (whom I'm with) at the bottom of the letter. All my other debts are with RBOS owned companies (Halifax + Sainsbury's) and I've been informed they can be tough nuts. Anyone else had dealings with these ?

RBS have been fine with me (RBS CC & Tesco CC) so far, but I haven't heard from the other CC that I have with them (Style). They sent me notice of termination letters (defaults I presume) and have accepted DMP payment and stopped charges/ interest. :T

boot13t

5-0 and good night :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer:

Sod the debt for tonight........:D

ricbro

Received Co-op bank accounts today, I can now ask our finance at work to change my bank details, 9 letters with £5 cheques in them in the post

xgingerx

Tigert wrote: »

On a happyish note, I increased my payments last month. Looked on Justabank today (Payplan site) and my DFD is down to June 2012 - Only just over 3 years to go Started out with £75,000 of debt and a DFD in 2014. Now down to £53,000. So am feeling quite happy about that.

Wow, Well done Tigert thats encouraging !! I started at 33k and now down to 28k, slowly but surely.