DMP Mutual Support Thread (Part 5)

MadDogWoman_2

MRSG2B wrote: »

Hi all,
HSBC have done their usual sending of a letter saying they'll accept the reduced payment of £211 (its not, its £209 dumb a**!) if I go into a managed loan with them. Do I need to respond to this, or let CCCS know. I've heard a load of bad things about the managed loans, what do I do now? Are HSBC likely to start getting awkward with me from this point?

Hi MrsG2B,

I recently received an offer for a managed loan off HSBC after 2.5 years waiting!!! I sent the agreement I received to the CCCS for review. They also told me that if they are still charging interest don't do it.

Today 2 of our overdrafts have been passed to Metropolitan, contacted CCCS who have amended my account and are sending the paperwork to them tonight. Finally we will start paying off the debt rather than adding to it as our payments won't be getting cancelled out by the interest charged. Just waiting for the joint account to be passed over now.

HTH

MDW

boo80

Tigert wrote: »

My experience of Capital One has been fine, so don't be scared of them. they were pushy on the phone and sent a lot of threatening letters, but once my DMP got underway they accepted and have been fine.

Thanks Tigert, phew! Here's hoping then! Boo.x

mcrfan

MRSG2B wrote: »

If your bank is one of your creditors they will more than likely put a stop on your overdraft. Also you may want to set up an account elsewhere if you've not already done so, as this way they cannot try and take money that you owe to them but cannot afford to pay.

I know...my account is not with one of my creditors I wouldn't risk that they are too sneaky these banks!!
It's an account I've had for ages so just switched everything over!

cocker100

rcpbiggles wrote: »

OMG !!

Please can someone help - I just logged onto my Lloyds acct (that is going on DMP) and my 2 Lloyds credit cards have taken payments - £77 and £80!! I cancelled the DD and the transaction is called 'pay'.

Surely they can't do this? I wrote to them with details of my DMP and a £1 token payment
Payment is dated today - is there anything I can do? My salary got paid into my old account so I arranged a transfer which hasn't gone through yet.

What can I do??!!!

Hiya,

Sorry, but the other posters are right on this one. Lloyds TSB are allowed to do this. It will be in the T's and C's of your agreement.

They did it with me before I started my DMP. I think this was the straw that broke the camels back and made me realise a DMP was my only realistic option. I tried to get it back, but they wouldn't budge. It made my mortgage direct debit bounce at the time. I tried to explain this but they wouldn't listen.:mad: :mad: :mad:

This is why it is vital to get a new bank account set up that is not connected to any of your creditors before starting the DMP. Once this is done, they cant touch your money!

Cocker:)

cocker100

redrose76 wrote: »

Rainman thank you ever so much for your advice I do appreciate it!
I will send my c/cards a token payment this month. I think payplan will start a DMP at the beginning of may - I hope, just waiting on my 3rd call this week as to what they think is the best solution. I am still a bit unsure what to do with regards to my loans and my o/drafts with my banks, so going to ring payplan and ask them what they advice me to do.

Also I have seen a few people who are due or starting a DMP soon ask the same question and I would also like it explained, so if anyone could tell us:

What is a CCA?

Why do you need to ask for it?

When do you need to ask for it?

How to ask for one?

What advantage does it give you?

I would be grateful if anyone could shed a bit of light on this subject as it baffles me....lol.....many thanks
Redrose xx

Hiya,

Lots of question, but here goes!

A CCA is a consumer credit agreement. This is the agreement you SHOULD have signed when you took out your credit card/loan or whatever.

You dont have to ask for it if you dont want to, but by asking for it you can see whether the creditor could enforce the debt in a court. This is because a large proportion of credit agreements are flawed as they do not contain all the perscribed terms that are set down in the Consumer Credit Act 1974, and therefore unenforceable. This means that no matter how much hot air a creditor thretens you with, they cannot legally take you to court for non payment of the debt. This leaves you free to decide how you want to pay off the debt, if you want to pay it off at all.:D

If it turns out that the agreement is unenforceable, it leaves you in a much greater position because the creditor will be much more likely to accept the DMP payments, or even a full and final settlement, much lower than the total debt amount.

Some creditors are so bad at record keeping that it is possible that they wont be able to locate the agreement at all. This is the best possible outcome and has led in some cases for the creditor to "write off" the debt and close the account with no further payments made. But it must be said that this is the expection rather than the rule.

You can request a copy of your credit agreement at any time, whether you are in arrears or not. You need to send a £1 fee (usually a postal order) with your request letter. There are template letters in various threads on this site to help you.

Have a look through the following thread for more advice and guideance. There will be a template letter somewhere in here, or at least a link to one.

http://forums.moneysavingexpert.com/showthread.html?t=767025


Hope this helps.

Cocker:)

jenevieve

Just catching up on the thread; Hi to everyone, hope you are all okay.

No big news with me, planning to send off all statements to CCCS next weekend once all statements are through. Also posting 2nd token payments to creditors.
MBNA & Barclaycard continue to call on a regular basis - MBNA more so - but am still ignoring the calls.:rolleyes:
Few letters - nothing alarming thankfully. Will be pleased when my DMP is up and running come May.

As scary as starting this is, am glad I am doing it and couldn't have carried on like I was doing!

50broke

Hi to all.. first few weeks of plan, MBNA and Cap One on board, Sainsbury statement 0 interest, so i guess they are on board. HALIFAX are ringing me and i'm ignoring. CCA'd barclaycard, sent back general terms and conditions. The others....Marbles etc taken £1,00 token, but still want money...........just chillin..............good luck to you all...............

redrose76_2

Thank you cocker for your response this has cleared up all my questions.
I am truly grateful for all the advice and response I have received from this forum, when you are needed of support or advice it really proves you are not in this alone! Redrose xx

mcrfan

I am now officially a DMPer!! Start date is now 1st April...do I get a badge?

I feel like I have joined some kind of cult...

I don't really know how to feel having seen my statement, feel quite despondent as it is going to be at least 5 years before everything is paid off...I'm such an idiot why have I run up all this debt for nothing?? :mad: V annoyed at myself. But I also don't know how I am going to live without shopping for a while ahhh!!!! How am I going to live without credit?!!!! OMG scary!!!!

MRSG2B_2

mcrfan wrote: »

I am now officially a DMPer!! Start date is now 1st April...do I get a badge?

I feel like I have joined some kind of cult...

I don't really know how to feel having seen my statement, feel quite despondent as it is going to be at least 5 years before everything is paid off...I'm such an idiot why have I run up all this debt for nothing?? :mad: V annoyed at myself. But I also don't know how I am going to live without shopping for a while ahhh!!!! How am I going to live without credit?!!!! OMG scary!!!!

I know this feeling! We're trying to plan our wedding for next year whilst I'm on the plan....its going to be tough but we're cutting right back on things and doing stuff ourselves where we can to cut costs! No average priced wedding for us, we'll be a fraction of the average £18k!

Mine is going to take 5 years too :eek: but I know at the end of it I'll be in a much better position, already feel I am now by taking the first step! I just wonder where all the money went looking at it now, but hey, we learn from it so its not all bad x