DMP Mutual Support Thread (Part 6)

Hamstan

Hi everyone

iwillgetoutofdebt....you get a visa debit card with co-op cashminder and I opened one over the phone with no trouble and very straightforward. Like you there isn't a branch locally but you can use the post office to pay-in and yes the online banking is fine aswell.I went for this account after researching on here and has been great so far.

Good luck

Gpuk

Hi everyone, nice to see people getting on with things nicely TH well done on increasing your Payments, I am looking to do that hopefully by august next year, just need to wait for a few contractual things to end! IWGOOD - Co-op cashminder account is really good, although I do have one close-ish I use the Post Office all the time for moving money etc and always found them really helpful!

I have had one of my Barclaycard accounts now handed over to Mercers and I'm sure the other one won't be far behind! Still haven't heard anything from Barclays about my bank account????? Anyway Mercers are calling me about 4/5 times a day they have left messages but I haven't answered or called them back yet, question is do I need to speak to them to give them all my Payplan stuff or do Barclaycard normally hand it all over????? Just wondered if anyone had, had any experience of this?? Thanks

iwillgetoutofdebt

Thank-you Hamstan and Gpuk. So it's a straight-forward Visa debit card, not an Electron? My DH is being a bit funny about me moving away from LloydsTSB as his grandad was the area manager back in the days when banks were responsible and wouldn't lend to the likes of me:p.

I really like the idea of moving to the Co-Op though, as I believe that they are a bit more ethical than most other banks.

mozzyc

We’re on a dmp, been on since 2005. One of our creditors is Lloyds TSB. We owe them roughly £10660.22. When we started our dmp, we owed them around £12000. Our payment on the loan should be £344.86 per month. But we have arranged with them on our dmp to pay them £202 per month. But each month, they are charging us roughly £120 interest, and the difference between the £344.86 and £202, and adding this to our balance. So the debt is credited with £202, then debited with £120 and £132.86. So each month the debt is going up and up. From June 2009 to now, the overall debt has gone up from £9662.26 to £10660.22. This basically means we could be paying this off for the rest of our lives with it constantly going up. We can’t afford to pay anymore. Our income and expenditure gives us £700 to pay to our creditors, and £202 of this goes to Lloyds. We’ve tried phoning, going into our local branch (they can’t help as it’s being dealt with collections) writing letters, asking them to either please stop the interest, or pass it onto a debt collector so that the interest can be stopped. But have had no luck. So now we are thinking of defaulting on the payment and going to court so that we can get the interest stopped, and finally have a figure we can work towards clearing. After 5 years on our dmp, the debt has basically stayed the same, so we see no other option. Please could you give us some advice on what to do, and what our options are. As we are at a complete loss over this. If it carries on like this, the debt could be well over £20000 in a few years. We’re trying our hardest, but getting no-where. Please help.

DotNetter

iwillgetoutofdebt wrote: »

Morning everyone.

I am in the process of changing my bank account before my DMP gets underway and I am looking at the Coop Cashminder account. Does anyone have one of these? Could you tell me what sort of debit card that you get with it? They don't have any local branches where I live, but assume that with on-line banking etc, I wouldn't really need that?

I did have a bit of a wobble this morning, and my poor hubbie found an emotional wreck sobbing over breakfast. I don't know why I am so worried about my credit files as I don't ever intend taking out credit every again - it's back to go old saving-up for me (why didn't I listen to my Dad all those years ago). I guess we are all brought up to believe that being imprudent with money is one step away from being a criminal. Also I wonder why I am so anxious about my status with financial institutions who have been behaving so badly over the past few years.

I am anxious about the oncoming onslaught of telephone calls, letters etc. Has anyone bought one of these http://www.callblocker.co.uk/ Do they work?

Sorry, I warned you I would have lots of questions

Hi there and welcome to the thread.

We are with HSBC bank but I opened a Co-Op Cashminder account simply because it came with a Visa Debit card (which is pretty much accepted everywhere).

They have online banking and you can easily setup standing orders and direct debits online or alternatively they will send you a switching form if you ask which you complete and then they arrange with your current bank to have all of your DD's and SO's moved.

So far I'm very happy with them!

I hope this helps but feel free to ask any more questions or check out my blog (url in my signature).

Regards,


Wayne

DotNetter

mozzyc wrote: »

We’re on a dmp, been on since 2005. One of our creditors is Lloyds TSB. We owe them roughly £10660.22. When we started our dmp, we owed them around £12000. Our payment on the loan should be £344.86 per month. But we have arranged with them on our dmp to pay them £202 per month. But each month, they are charging us roughly £120 interest, and the difference between the £344.86 and £202, and adding this to our balance. So the debt is credited with £202, then debited with £120 and £132.86. So each month the debt is going up and up. From June 2009 to now, the overall debt has gone up from £9662.26 to £10660.22. This basically means we could be paying this off for the rest of our lives with it constantly going up. We can’t afford to pay anymore. Our income and expenditure gives us £700 to pay to our creditors, and £202 of this goes to Lloyds. We’ve tried phoning, going into our local branch (they can’t help as it’s being dealt with collections) writing letters, asking them to either please stop the interest, or pass it onto a debt collector so that the interest can be stopped. But have had no luck. So now we are thinking of defaulting on the payment and going to court so that we can get the interest stopped, and finally have a figure we can work towards clearing. After 5 years on our dmp, the debt has basically stayed the same, so we see no other option. Please could you give us some advice on what to do, and what our options are. As we are at a complete loss over this. If it carries on like this, the debt could be well over £20000 in a few years. We’re trying our hardest, but getting no-where. Please help.

HI there,

Sorry I don't have any advice, I just thought I'd 'bump' your message and try and get it some coverage as I'm jut about to start my DMP and we owe Lloyds TSB £12,960!

I'm worried that I'll end up in the same situation as you now!

Anyone got any advice for us??

Cheers,


Wayne

DotNetter

mozzyc wrote: »

...One of our creditors is Lloyds TSB. We owe them roughly £10660.22. When we started our dmp, we owed them around £12000. Our payment on the loan should be £344.86 per month. But we have arranged with them on our dmp to pay them £202 per month.

Is this a loan or a Credit Card as the monthly repayment is a lot higher than mine and I owe more money?? I wonder if they will be dealt with in the same way?

My Lloyds TSB debt is on a credit card and my minimum payment is £269 a month. We're going to be paying £543 a month on our DMP and I have no idea what proportion of that will be offered to LLoyds?

50broke

There is a letter on nationaldebtline website asking them to freeze charges and interest, use this. also ask you DMP company to write to them as well.
Good luck

mozzyc

DotNetter wrote: »

Is this a loan or a Credit Card as the monthly repayment is a lot higher than mine and I owe more money?? I wonder if they will be dealt with in the same way?

My Lloyds TSB debt is on a credit card and my minimum payment is £269 a month. We're going to be paying £543 a month on our DMP and I have no idea what proportion of that will be offered to LLoyds?

HI

It's a loan. We have about 11 creditors, but they are all much smaller than the lloyds. This is our big one, and looks to be the one that's going to drag us down.

mozzyc

And even though they have agreed for us to pay 202, they are still adding the difference to the balance every month. So paying 202 is doing nothing for us other than probably keeping us from going to court etc. It's not helping us out financially at all.