Royal Bank of Scotland and DMPs

ylesia

Hi

I have just got involved with helping a friend who is in a lot of debt and needs some help to get sorted out. My mum is already on a DMP so I have some experience but none of my mums debt is with RBS.

So my friend has a total of £35k unsecured debt, £27k of this is with RBS spread over 4 credit cards (£13k) and 1 personal loan (£14k), the other £8k is a Marks and Spencers credit card.

She has already had an appointment with CCCS but since her budget came in at £91 left over the CCCS have recommended bankruptcy. My friend is desperate at the thought of this and really wants to see if she can manage on a DMP. We worked on her SAR and she now has £350 per month for the creditors.

I feel in limbo as CCCS not open until Tuesday (I assume they are closed Monday). She has been making the minimum payments so this will come out of the blue for the creditors. I've worked out that her DMP payments would be approx 40-50% of the current minimum, so if they all freeze interest she should be debt free in around 9 years.

Does anyone have any recent experience of RBS (and/or Marks and Spencers) and what they are like for accepting DMPs and freezing interest? She is terrified of getting nasty letters through the door and phone calls.

Any advice welcome.

Cheers

Eupho

ylesia wrote: »

Hi

I have just got involved with helping a friend who is in a lot of debt and needs some help to get sorted out. My mum is already on a DMP so I have some experience but none of my mums debt is with RBS.

So my friend has a total of £35k unsecured debt, £27k of this is with RBS spread over 4 credit cards (£13k) and 1 personal loan (£14k), the other £8k is a Marks and Spencers credit card.

She has already had an appointment with CCCS but since her budget came in at £91 left over the CCCS have recommended bankruptcy. My friend is desperate at the thought of this and really wants to see if she can manage on a DMP. We worked on her SAR and she now has £350 per month for the creditors.

I feel in limbo as CCCS not open until Tuesday (I assume they are closed Monday). She has been making the minimum payments so this will come out of the blue for the creditors. I've worked out that her DMP payments would be approx 40-50% of the current minimum, so if they all freeze interest she should be debt free in around 9 years.

Does anyone have any recent experience of RBS (and/or Marks and Spencers) and what they are like for accepting DMPs and freezing interest? She is terrified of getting nasty letters through the door and phone calls.

Any advice welcome.

Cheers

I sent my letter (recorded delivery, so I knoww they have it) telling them of my problems.. offering/asking for a reduced payment.. asking that they freeze interest, stop charges while I do what I can to pay this back etc.

So far.. (nearly 10 days later) no reply.. except something about a default charges they have added to my account.

ylesia

Eupho wrote: »

I sent my letter (recorded delivery, so I knoww they have it) telling them of my problems.. offering/asking for a reduced payment.. asking that they freeze interest, stop charges while I do what I can to pay this back etc.

So far.. (nearly 10 days later) no reply.. except something about a default charges they have added to my account.

Not what I want to hear but thanks for replying. Please let me know when you get a response, are you trying to do a self managed DMP?

DevonGirl

Hi there
No experience with RBS, but M&S have been fine with me - I have a credit card. They only rang once, I explained I was in a DMP, and they were very polite and said they'd update my file, and I haven't heard from them since!

Until someone with a RBS debt comes along, why don't you enter RBS into the search box above, click forums and go through what it comes up with? There will probably be 100s, but you can skip past the ones that don't look relevant.

Eupho

ylesia wrote: »

Not what I want to hear but thanks for replying. Please let me know when you get a response, are you trying to do a self managed DMP?

:wave: Yes I am .. I did try to go through PayPlan first.. but they said I didn't have enough surplus income.

Eupho

DevonGirl wrote: »

Hi there
No experience with RBS, but M&S have been fine with me - I have a credit card. They only rang once, I explained I was in a DMP, and they were very polite and said they'd update my file, and I haven't heard from them since!

Until someone with a RBS debt comes along, why don't you enter RBS into the search box above, click forums and go through what it comes up with? There will probably be 100s, but you can skip past the ones that don't look relevant.

Coooo.. makes me wish one of my creditors was them instead. :rolleyes: haha.
:wave:

ylesia

DevonGirl wrote: »

Hi there
No experience with RBS, but M&S have been fine with me - I have a credit card. They only rang once, I explained I was in a DMP, and they were very polite and said they'd update my file, and I haven't heard from them since!

Until someone with a RBS debt comes along, why don't you enter RBS into the search box above, click forums and go through what it comes up with? There will probably be 100s, but you can skip past the ones that don't look relevant.

Thanks for the info on M&S. I did try searching for stuff on RBS but it was all from quite a while ago and not very positive so I was hoping for some recent "good" stories.

lmclean100

Hi

This is probably not something you want to hear but I've got a current account, mortgage and credit card with Royal Bank of Scotland.

When I realised that I was getting into problems, I went into see them for my annual review. I explained that I was beginning to get into debt their answer was that it wasn't their problem and I'd better make sure that I maintained my payments to them. Which I didn't think was very helpful. I said that I'd just have to live off my credit cards and they said that would be fine as long as I maintained payments to them.

Still with RBS at present, but trying to move my mortgage so that I can get away from RBS totally.

This was about 18 months ago so they may be a bit better about debts now given the position RBS are in. Hope your friend has better luck.

JES_F1

Hello!

I've had no problems with M&S despite them being my largest creditor - when I started my CCCS DMP, I owed them about £10,000. They accepted the DMP pretty much straight away and for 12 months. And they've recently accepted the reduced payments for a further 12 months. They froze interest and fees too.

Good luck and best wishes.

prada_man

very hypocritical of RBS is it not :mad:

is this not 1 of the banks responsible for the credit crunch & almost bringing this country to it's knees :eek:

wot about that cowboy "fred the shred"

RBS....sick bag time..... :rotfl:

Eupho

prada_man wrote: »

very hypocritical of RBS is it not :mad:

is this not 1 of the banks responsible for the credit crunch & almost bringing this country to it's knees :eek:

wot about that cowboy "fred the shred"

RBS....sick bag time..... :rotfl:

Hey *SNAP* ... we owe almost the same total debt! :T

:rotfl: