Capital One & Self Dmp

carlos700

What are capital one like at accepting self DMP ? are they an understanding creditor ?

carlos700

ANYONE ?

Also anyone on a self DMP how do you make payments to creditors ? have you set up a standing orders ?

mary_mungo_+_midge

Hi!
I've been on a DMP with cap1 for last 12 months so may be able to help a little.

They were ok ish, in that they accepted my payment proposals but asked for far more info than other creditors did. As well as my SOA that I downloaded from National Debtline website, they wanted copies of OH's wage slips, bank statements, copies of child benefit notifications, even copies of childminding contracts ( I am a self employed childminder).

I did send all these when first asked although they have requested new more up to date copies at 6 months and then 12 months. I haven't resent them and no one has queried it.

They do seem to ask whether you want a long or short term DMP, and default you if you want long term, as I did.

I pay by internet banking , as I do all my creditors as have no wish to ever incur bank charges again by having a direct debit come out when I have no money.

Slightly off topic, they are useless at refunding charges and mis sold PPI as I am currently trying to reduce my debts by claiming anything and everything possible. Got over £1000 back from Tesco and Mint back this morning so may be worth a try.

Good luck, will follow your thread as you sound like you in same boat as I was 12 months ago x

Lucascain_2

I've found Capital One to be one of my most understanding creditors. I've been on a long term DMP with them for over a year.

They've frozen all interest and charges, and I've not had any trouble with them what-so-ever! I sent them the usual letter, with budget sheet. They were very prompt in getting back to me and actually accepted my offer straight away!

carlos700

Mary mungo & midge ( great name by the way ) -thankyou so much thats very helpful



Lucascain -thanks also but can i asked on your signiture for capital one you say you owe just over £2000 thats a similar amout to what i owe them, do you pay them £50 per month ? I think that it is great that they accepted your offer i hope they do with me but i could not give them £50 per month .

pania

hi carlos. I have a debt with cap 1 that was originally £1900. they accepted £8.15 per month to start with, that is now up to £45 and i have just over £700 oweing. it IS now with a DCA, so expect to be defaulted by them, Self managed DMP's can be a pain, i've been on one for quite some time, so don't be afraid to use CCCS if it all gets a bit out of your control.

Good Luck!!!
P
xxx

Leixlip1

I'm doing a self-managed dmp and like Lucascain i've found them to be helpful/reasonable. I have annual updates with them all of which have gone without a hitch.

mary_mungo_+_midge

My debt to Cap 1 was £6100, and they accepted £50 a month for next 10 years:eek: , have increased it to £60 a mo, without actually officially telling them, I just pay the increased amount. Theory behind this is, then when they ring asking for more money I can just show that I pay as much extra as I possibly can, when I can, if that makes sense.

Also have strongs doubts on the validity of their CCA so when I've saved a bit more will contact them and show that of the current balance of £5200, £1100 is charges, £1600 is mis sold PPI and see if they will accept a much reduced F&F ( will check out the CCA and if its not valid will use that to try and knock them down even further). Thanks x

RAS

Mary mungo and midge is right.

A lot of cap 1 CCAs are invalid - particulalry if the account was opened before 2006.

Lucascain_2

carlos700 wrote: »

Mary mungo & midge ( great name by the way ) -thankyou so much thats very helpful



Lucascain -thanks also but can i asked on your signiture for capital one you say you owe just over £2000 thats a similar amout to what i owe them, do you pay them £50 per month ? I think that it is great that they accepted your offer i hope they do with me but i could not give them £50 per month .

Hi Carlos,

Yeah, they are actually fine with £50 per month. I actually began paying them £70 per month. One month, I couldn't afford to pay them £70, only £50. So I sent the cheque in for £50, hoping they'd accept this.

To my astonishment, they DID accept! I had no formal communication with them stating I was not paying the agreed amount, they just sent me my next statement with the usual 'Thank you for your payment....'.

That was about 8 months ago, I've been paying £50 per month since and they seem happy with that! They've still not charged me a penny in interest since!

HTH

lady123_2

Can anyone tell me how you go about setting up a self DMP, I probably owe 20k on 5 cards and things are getting on top of me, my mortgage is low(for now) as its a tracker, but my credit cards are wiping me out every month.
If I were to write down my SOA and send it to them would they consider freezing the interest which is what is killing me?
I haven't missed any payments but will struggle in the next few months, have considered selling my home and buying a cheaper doer upper, but we all know how hard it is to sell house's at present, plus Im on a good mortgage deal which is 0.95 above BBBR so If i sold up I doubt the woolich would want me on the same deal.
Sorry to jump on thread, Im just in need of help and am so so down about this.