DMP Mutual Support Thread (Part 6)

cheesedoffwithdebt

scouselad1974 wrote: »

Wow where is everyone I feel cheeky posting so many times.

When a debt has been passed to a DCA and they say that they are offically acting on behalf of their client to recover the monies owed to them, does this mean that the original lender still owns the debt and have employed the DCA to do the dirty work, or has the DCA bought the debt outright.

If the original lender still owns the debt and the DCA is working on their behalf, is their less chance of a low full and final being accepted.

Thanks

Hey scouselad- ok this is what I think the situation is... there are different layers of DCA companies. Initially some companies, the banks for instance RBS and Crapwest use a company called Triton (try it on?) who collect debts on their behalf, they will accept offers for the debt, but they only operate for a time. If it becomes obvious that the debtor won't have the funds within a certain amount of time, or that their repayment proposals don't fit the criteria set down, then they sell it on again.

I also believe that the longer the debt exists, the lower the offer they will accept- once you become a long term debt to them, the more money they can get as soon as possible the better. But debts are a profit making venture for alot of companies- the in house ones mentioned above do act on behalf of the bank and I would imagine are owned by them- but the external private operations do buy the book of old debts for a fraction of their notional value, and their profit is from anything more they can get from the debtor-I was told by Payplan that once the debt is sold on it becomes assigned to the new company- so once that happens you can start making offers- lucky you if you have the funds to do that!!!!

scouselad1974

cheesedoffwithdebt wrote: »

Hey scouselad- ok this is what I think the situation is... there are different layers of DCA companies. Initially some companies, the banks for instance RBS and Crapwest use a company called Triton (try it on?) who collect debts on their behalf, they will accept offers for the debt, but they only operate for a time. If it becomes obvious that the debtor won't have the funds within a certain amount of time, or that their repayment proposals don't fit the criteria set down, then they sell it on again.

I also believe that the longer the debt exists, the lower the offer they will accept- once you become a long term debt to them, the more money they can get as soon as possible the better. But debts are a profit making venture for alot of companies- the in house ones mentioned above do act on behalf of the bank and I would imagine are owned by them- but the external private operations do buy the book of old debts for a fraction of their notional value, and their profit is from anything more they can get from the debtor-I was told by Payplan that once the debt is sold on it becomes assigned to the new company- so once that happens you can start making offers- lucky you if you have the funds to do that!!!!

Hi

Thanks for clearing that up, this debt has a very small balance and as I have managed to earn a little extra this month I thought it may be an idea to try and get shut, the rest are going to be a very very very long haul

scouselad1974

Twit_Head wrote: »

1) Out buying Euromillions tickets?
2) Busy stuffing fivers under the mattress?
3) Writing begging letters and offering to sell their souls to creditors?

Answers on a postcard please!:)

So sorry to hear you've been having a rough ride lately Scouselad. It just don't make no sense does it??? But remember 'never let the b*st*rds grind you down'

'Twitty'

Thanks Twitty

susiewong1

bobbyday wrote: »

Hi

I entered into a DMP with the CCCS in Novemeber and have made regular payments since. Most of my creditors have frozen, or severely reduced my interest. Unfortunately, HSBC and LLoyds have not.

HSBC represent my largest creditor (about 45% of the debt) and it is broken up between a loan, credit card and debit card. They are still charging full interest on the credit card (22.9%) and debit card (having already applied the interest to the loan when repayment began). DMP repayments on the credit card are lower than the interest on the credit card, so the overall debt is increasing. Similarly, the repayment on the debit card barely covers the interest charged by HSBC.

I've tried writing to them asking them to reduce interest but all I receive is some standard letter saying they've tried to contact me by phone. They have not, but anyway, I've asked to continue correspondance via post due to the harrassment I received by phone when first suffering difficulty.

I face a similar problem with LLoyds, though they represent a much smaller percentage of the debt. The interest of the credit card is larger than the payment I can afford to make to them.

With Lloyds I also face a different problem with my debit card. I'm making payments to the debit card, but the payments don't seem to be crediting due to some payment block that appears to have been placed on the account. It has meant for some time that no payments into or out of the account can be made (except interest being charged).

So in summary, my questions are: Has anyone faced similar difficulties with HSBC and how did they deal with them? Does anyone have an address for HSBC collections or email address for someone more senior who has the power to freeze or reduce interest.

Similarly for Lloyds, does anyone know who to contact within Lloyds. Also has anyone experienced this apparent payment block?

Thanks very much in advance

Hi Bobby,

Came on tonight as haven't had chance to come on for about 3 weeks and came across your post.

I have got a DMP with CCCS which I started in Feb last year, so have just passed the 1 year mark.

HSBC are who I owe the most to, £5000 loan, £800 Overdraft and £1500 credit card.

To be honest Bobby they have been a complete nightmare, a year on we are still no further forward with anything, as they simply refuse to accept that I am on a DMP. CCCS still pay them every month, and the payments are appearing on my statement, but it is like taking 1 step forward and 2 steps back as they continue to add interest and charges.

I think I am now £800 in arrears on the loan, the Overdraft has come down £76 despite me giving them £202, the only good thing they have done for me is get the credit card interest reduced to 6% but only for 6 months after which it will be reviewed.

You may get offered a 'managed loan' from them, but CCCS told me not to accept as the interest is variable and could take up to 20 years to clear!

I don't know if you have been getting any calls from them, mine were terrible in the early days, 8am in morning and as late as 9.40pm, not good with a newborn baby and 4 year old in bed.

The worst thing was most of the calls were from india so trying to explain that you were on a DMP was not the easiest of things to get across.

If your calls get too much, go into the branch you hold the accounts with, and ask them to remove your home number off their records and only deal with you via post or mobile phone, at least you can put that on silent!

As for writing to them, I find the best address is the one in Leeds, as this seems to be their head office, and alot of the complaints I have written have received a reply from the Leeds office.

Anyway sorry to go on, and sorry the reply was so late, just hope it has helped, it's always good to know there are people here in the same situation.

Will do my best to come on at least once a day from now on, it has just taken me over an hour to read the post that have been written since I last came on!

Take care and good luck with your journey

the_tooth_fairy

Hi everyone, sorry haven't posted for a while (life busy!), hope you are all well.

Been reading a few posts about interest being added on. OH got his BOS c/c statement the other day, and it said,"We are now adding interest at a reduced rate."
It was previously 0%, now its £58 a month against his payment of £85 - the thing is never going to be paid off!!! Does anyone think they are getting crafty about DMPs and are they likely to all start this? I hope not...

ttf.

Twit_Head

the_tooth_fairy wrote: »

Hi everyone, sorry haven't posted for a while (life busy!), hope you are all well.

Been reading a few posts about interest being added on. OH got his BOS c/c statement the other day, and it said,"We are now adding interest at a reduced rate."
It was previously 0%, now its £58 a month against his payment of £85 - the thing is never going to be paid off!!! Does anyone think they are getting crafty about DMPs and are they likely to all start this? I hope not...

ttf.

Hiya TF :hello:
Sincerely hope that creditors are not 'getting wise about DMPs' and feel they have carte blanche to trample over us.
I do believe that maybe they have a right to charge a wee bit of interest (but not ridiculous amounts) if they so choose (as Jilly O Jolly said we did borrow the money and it's their business-not a favour from a friend.)
But having said that, they in turn have acted in devious and forceful ways-paying off lowest interest debts 1st, sending out unsolicited 'sugar coated' invites to have take more money and then bumping up interest charges to the most vulnerable.
As I have said before on this thread most of us are not here through wilful overspending on luxuries but by the sheer need to buy food, fuel etc when the tide has turned against us.
I read an article today that stated the goverment was looking closely at C/C dodgy doings and would tighten up and bring them to heel.
Can only hope so for your sake (and mine-in much the same situation _pale_) Heartbreaking to be repaying all you can only to see the goalposts being moved further and further away.........
And whilst I'm in rant mode -- a plague on the Halifax for all their unsympathic actions to so many.
Can only suggest you plug on at the BOS. Remind them you're repaying every penny you can and doing your very best.
Don't let go of that Irish fighting spirit- go give 'em hell girl!

'Twitty'

Twit_Head

Ooh err! 24 hours after posting last message and still no-one else around. This is getting really scary now :eek:

Has ianmak eloped with Dolly Parton? . Where is geoffmr - growing carrots on his alotment? :cool:. Did the Tooth Fairy find gold under her own pillow? :jIs it only me out of all our members who hasn't come into money?
Hope it just means we're all just trundling on with our DMPs OK and having a life like 'normal' people! :beer:

'Twitty'

thestealer

I'm still waiting for the CCCS welcome pack and a definitive start date, there was a delay because I forgot to include a self-certified self-employed income declaration.

To be honest, I just want to get things cracking on now. Although I haven't heard a peep out of any creditors depite sending token payments and the CCCS template letter. I'll assume no news is good news.

the_tooth_fairy

Twit_Head wrote: »

Ooh err! 24 hours after posting last message and still no-one else around. This is getting really scary now :eek:

Has ianmak eloped with Dolly Parton? . Where is geoffmr - growing carrots on his alotment? :cool:. Did the Tooth Fairy find gold under her own pillow? :jIs it only me out of all our members who hasn't come into money?
Hope it just means we're all just trundling on with our DMPs OK and having a life like 'normal' people! :beer:

'Twitty'

Hey Twitty, If only I had found something under my pillow other than last weeks hanky!! Thank you so much for your words of support, OH is going to call BOS 2moro on a rare afternoon off. They did charge interest by mistake at the start, so maybe they will reconsider.
Did you see the BBC 'money' item during Breakfast this morning? They had this guy on from CCS, who said that (I think the sum is about right) 25% of people who applied for DMPs couldn't afford them? OMG, what is going to happen to those poor people, I can't even imagine where we would be now without starting out with Payplan.
Well pet, off for another 'trundle' on with life!!:rotfl:

ttf x

the_tooth_fairy

By the way, don't think Ian has run off with Dolly Parton, he was the only one of her triplets that was bottle - fed. You can't beat the old uns'. !