DMP Mutual Support Thread (Part 6)

crafty1

3rd payment to CCCS due anyday.
Well, we've still not had a single phone call.:j
Barclays 2x loan and 2 x overdraft haven't accepted DMP but have said will refund charges, not heard anything though since beginning of June.
Barclaycard x 2 not heard from them both on both statements it says to continue paying amount through CCCS.
Citibank refused offer but have stopped charges
Capital one, MBNA x 2 - both accepted.
RBS still charging interest, so need to send them a letter.

Things are not half as bad as i thought they might be, especially as the phone hasn't rang yet.......still time

Twit_Head

ianmak wrote: »

I would imagine you're still entitled to go for a better deal, and credit checks shouldn't affect you when changing Insurance.

A savings account may however. I ended up going with Coop (Who I have a cashminder with) when opening a new savings account. Poss better off sticking with same bank?

Thanks very much for this. Bit suprised by your answer though - imagined checks might be done for paying monthly by D/D but savings account would be OK. Was going to open Tesco account with £1-00, leave till October and cash in on the Clubcard points before closing account. (Hope no one from Tesco reads in!!!)

DMP Member 330

Sagaris

Oooohh - can I sound off here please? I'm well annoyed and perhaps someone on here will know if this is right.

DH started on a DMP around 4 years ago with CCCS - they have been excellent throughout, and have been a real lifesaver. All payments have been made on time, and it's been going really well. All his debts (3) are with Barclays, they didn't send statements, but then a few months ago the Gold Mastercard ones started to appear.

On checking today's statement, they are charging interest again! I thought they stopped the interest once you are on a DMP, it will take years to pay off at this rate as the payment of £42.26 every month is being reduced by £19.79 in interest.

I rang Barclays, they said there is nothing they can do to stop it! But if I contact CCCS they might be able to get the interest frozen again. I have sent them a message and will await their reply - but does anyone know if this is normal, and are they likely to refund the interest he has paid, as we were under the inpression it was frozen for good.

Kudox

Sagaris wrote: »

Oooohh - can I sound off here please? I'm well annoyed and perhaps someone on here will know if this is right.

DH started on a DMP around 4 years ago with CCCS - they have been excellent throughout, and have been a real lifesaver. All payments have been made on time, and it's been going really well. All his debts (3) are with Barclays, they didn't send statements, but then a few months ago the Gold Mastercard ones started to appear.

On checking today's statement, they are charging interest again! I thought they stopped the interest once you are on a DMP, it will take years to pay off at this rate as the payment of £42.26 every month is being reduced by £19.79 in interest.

I rang Barclays, they said there is nothing they can do to stop it! But if I contact CCCS they might be able to get the interest frozen again. I have sent them a message and will await their reply - but does anyone know if this is normal, and are they likely to refund the interest he has paid, as we were under the inpression it was frozen for good.

Hi Sagaris.
Creditors are under no obligation to stop or reduce interest when you're on a DMP.
I am in the same boat with a couple of mine and I know others on here are too, in fact with one of mine, my monthley payments dont even cover the interest!
It is really disheartening, I think the only thing you can do is contact them and try to appeal to their "better nature", though considering who we're talking about does such a thing exist:rolleyes:
Good luck I hope you get something sorted.

Sagaris

Thank you very much Kudox!

It's not like they haven't made enough out of him with charges etc over the years - this just adds insult to injury!

In a fit of pique I've just done a letter offering them a F & F of 26% of the debt - we shall see how that pans out. I had a F & F accepted on another of his accounts in January - but that was a smaller amount than this one, and around 50% of what was owed. His payments to all of them will reduce drastically soon as he will be going on to statutory sick pay for about 3 months - perhaps they will agree to that amount for a settlement with virtually no money coming their way. We shall see!!

Kudox

Sagaris wrote: »

Thank you very much Kudox!

It's not like they haven't made enough out of him with charges etc over the years - this just adds insult to injury!

In a fit of pique I've just done a letter offering them a F & F of 26% of the debt - we shall see how that pans out. I had a F & F accepted on another of his accounts in January - but that was a smaller amount than this one, and around 50% of what was owed. His payments to all of them will reduce drastically soon as he will be going on to statutory sick pay for about 3 months - perhaps they will agree to that amount for a settlement with virtually no money coming their way. We shall see!!

Good luck with your F&F I hope they agree.
Personally I think even thats too much considering as you say all the interest etc you put in over the years but I guess we have to be realistic:rolleyes:
Keep us posted how you go I would love to know the outcome.

Sagaris

Thank you - will let you know what happens - the letter is all typed up and ready to go!

Is there any set amount or percentage that these companies will accept in a full and final settlement? I offered the 50% earlier in the year as I had a bit of spare money (saved on Christmas presents thanks to this site!) so thought that paying one of the debts off would be a sensible use of the money, and help get that debt free date here even quicker. I've managed to squirrel away a bit more so thought I would chance my arm and try again - if you don't ask, you don't get, after all!

ianmak

Twit_Head wrote: »

Thanks very much for this. Bit suprised by your answer though - imagined checks might be done for paying monthly by D/D but savings account would be OK. Was going to open Tesco account with £1-00, leave till October and cash in on the Clubcard points before closing account. (Hope no one from Tesco reads in!!!)

DMP Member 330

I see it as banks will look at your 'form' with accounts and such and may say no.

Insurances and other stuff will just look at other DDs you have made (I think), and provided you haven't missed DD payments, I think they will generally say yes.

Kudox

Sagaris wrote: »

Thank you - will let you know what happens - the letter is all typed up and ready to go!

Is there any set amount or percentage that these companies will accept in a full and final settlement? I offered the 50% earlier in the year as I had a bit of spare money (saved on Christmas presents thanks to this site!) so thought that paying one of the debts off would be a sensible use of the money, and help get that debt free date here even quicker. I've managed to squirrel away a bit more so thought I would chance my arm and try again - if you don't ask, you don't get, after all!

I don't know about there being a set %age they will accept, I suspect not, it's probably just as much as a lottery as whether they accept the DMP in the first place or stop the interest etc, or what side of the bed the person who opens the letter got out of:rotfl:

pinkpower

Hi everyone. It looks like a lot of us are starting on a DMP over the next few weeks, so good luck to all of us. So far I've had letters about direct debits being cancelled but that's all. I expect letters will come about payments will come over the next month as I make token payments to everyone. I must admit I'm a bit worried about that, my instinct is to divide up what I will be paying under the DMP, but I understand that if I do that it might mess up anything CCCS do, so am I better off putting that amount aside? I suppose like most of us here I want to pay as much as I can, so to deliberately not pay things just seems dishonest.
Also I included my small OD with HSBC but when my salary goes in I won't have an overdraft anymore, so it seems wrong to include it on the DMP - has anyone else had this?