DMP Mutual Support Thread (Part 6)

suze72

Hi there everyone
Just wondering if anyone on here has managed to get HSBC to accept their DMP and if so how long did it take?
We started our DMP back at the beginning of the year but they are still applying interest and charges which are more than our monthly DMP payments. It's so frustrating to see our debt rising every month!:mad: I have written to them again today to ask them to stop so we'll see! I just wish they would hurry up and pass the debt on to a DCA like they keep threatening to.
On a positive note Barclaycard/Mercers have not officially said that they have accepted but they have stopped all charges which is great.
Hope you're all bearing up OK
Sue.xxx

cocker100

cleomolly wrote: »

evening all, hope you're all having a nice evening so far. if anyone could answer my question re defaults, I'd be more than grateful (posted earlier today).

ahhh a glass of wibe doesn't half taste better when it's worked hard for : )

Hiya,

A default stays on your credit file for 6 years from when it is listed on there. Your credit file will state the exact date the default was registered against you.

Some creditors dont automatically issue defaults when you enter a DMP. Instead, they mark the account as being "in arrangement" or something similar. I think it is a way of seeing if your financial circumstances improve, so that you can eventually revert back to the original repayments further down the line.

However, they may review the account at a later date and then decide to default you. If this is the case, then it would take longer for the account to drop off your file, as the default would remain on your file for another 6 years from that date.

Of my 7 DMP accounts, 5 were defaulted straight away and 2 were marked in arrangement. One of these was defaulted over a year later, but the other one still has not and I am now 20 month into my DMP.

Hope this answers your question.


Cocker:)

gaztop26

Hi all,

Hope you had a good weekend!
My DMP starts with the CCCS on 01st July.

I have sent token payments and notification letters.

Started getting replies over the weekend.

Capital one (credit card) agreed to the reduced payment plan but didn't say whether they would stop the interest charges.

Barclays Bank who I have been with for over 15 years have refused the offer and given me a Termination Notice (sounds scary). Thay are referring my joint and sole accounts (2 overdrafts) to a recovery agency.

I phoned and informed CCCS and was told Mercers would be dealing with it. Any ideas on what they will be like?

cleomolly

cocker - thank you, I now understandMorning everyone, hope today is a good day for all : )

emmiloam

Hi all

We've been on our DMP with CCCS for 4 months now and had our first review yesterday.

Was a really lovely lady called Anneka. She was so, so helpful.

Anyway, had to up a couple of the figures - ie gas/elec to cover the winter bills, but hopefully they will be dropping back again soon. We also managed to reduce a few....we were allowed £460p/m for shopping, but we reduced this to £380 as we were spending nowhere near that (approx £60 for 2 adults and 3 & 1 year old (so incl nappies)). Still leaves us a big enough surplus should we need it. Also reduced a couple of other bits and to cut a long story short have managed to up our payments by £50 which has cut over 2 years off. Will hopefully be able to up it again once we're back from hols.

So to all of you who have reviews coming up, it really is nothing to worry about, and the staff at the end of the phone really do know what they're talking about and will make suggestions as to where you can amend your budget (it was suggested we up our entertainment budget as we were allowed more, but we really didn't need it).

Ems
x

leese2504

suze72 wrote: »

Hi there everyone
Just wondering if anyone on here has managed to get HSBC to accept their DMP and if so how long did it take?
We started our DMP back at the beginning of the year but they are still applying interest and charges which are more than our monthly DMP payments. It's so frustrating to see our debt rising every month!:mad: I have written to them again today to ask them to stop so we'll see! I just wish they would hurry up and pass the debt on to a DCA like they keep threatening to.
On a positive note Barclaycard/Mercers have not officially said that they have accepted but they have stopped all charges which is great.
Hope you're all bearing up OK
Sue.xxx

Hi Sue,

HSBC accepted one of our credit cards after sending a letter ( doing a self DMP ) a month ago, although they haven't stoped interest altogether they have reduced to 6%. x

smcshane

gaztop26 wrote: »

Hi all,

Hope you had a good weekend!
My DMP starts with the CCCS on 01st July.

I have sent token payments and notification letters.

Started getting replies over the weekend.

Capital one (credit card) agreed to the reduced payment plan but didn't say whether they would stop the interest charges.

Barclays Bank who I have been with for over 15 years have refused the offer and given me a Termination Notice (sounds scary). Thay are referring my joint and sole accounts (2 overdrafts) to a recovery agency.

I phoned and informed CCCS and was told Mercers would be dealing with it. Any ideas on what they will be like?

Hi,

I too had this letter from Barclays mid May about a week after I sent my DMP letters off but have heard nothing since. The 14 days which are required to give you the opportunity to pay off the balance ended on 5th July, so I have been expecting details of Mercers ever since but nothing!!!

Same for 2 x loans, not accepting DMP but no defaults notices, as of yet!!! They will proabably arrive tomorrow now:eek:.

I made the decision to remain with Barclays using their basic bank account, nothing to do with loyalty, it just made life easier and had a nightmare at the end of May due to salary going into wrong account becuase of inempt payroll but spoke to a nice man in collections who sorted it.

I too have banked with Barclays since about age 7 and when I went for advise they suggested taking a further secured loan on my house, I think not, been there, done that got the T-shirt and made the mistake..........

So I have also opened a Step Account with Natwest for the everyday stuff ect.

So, guess its just a waiting game for now.

Sx

PayingMyDebts

My DMP's been running a year and a bit now, most of my creditors have been OK. Two debts have cleared and when my A&L goes in a few months my other creditors will get £90 or so more spread between them. On my calculations I've got about two years to go paying at about £700 per month.

So chin up you new starters - it does get better and you'll stop feeling sick everytime the postie calls.

I'm sure that there used to be a government website showing what was considered to be reasonable living costs - does anyone know where it is?

gaztop26

Smcshane,

Our situations look identical. Our DMP's started around the same time, our debt is nearly the same, Barclays talked both of us into getting secured loans in the past and our old Barclays accounts have now been terminated! We're DMP buddies :beer:
I'll let you know what the postman brings next.
Good luck with your situation.

Eupho

leese2504 wrote: »

Hi Sue,

HSBC accepted one of our credit cards after sending a letter ( doing a self DMP ) a month ago, although they haven't stoped interest altogether they have reduced to 6%. x

:T Oo thats great Leese!.. a good start from HSBC anyway.. :rotfl:

They stillllllll have not written to me at all... (but are now calling every day again.. from a new number (num: 4) :rolleyes:

I am reeeeeeally struggling with it all at the moment.. Its doing my head in. (just because everything is still up in the air) aaand.. the realisation that my budget is reeeeeally tight.. :rolleyes:
I'm umming and arring as to whether I could fit in a 2nd job somewhere.. (tho I could probably only do it a few afternoons a week)
:wave: