DMP Mutual Support Thread (Part 6)

Bigdi

Hello all

Not posted for a while as everything has been going smoothly with my DMP with PP but today received a letter from Lloyds saying that my arrangement with them has come to an end. I now need to pay 2% of the outstanding debt (not possible) and the interest charged will revert to the standard terms and conditions. I have been on the DMP for 2 1/2 years so don't know why they have made the changes now. I am sending the letter off to PP today and wondered if anyone else had received similar.
The roller coaste never really goes away does it?

thestealer

Yesterday Barclaycard said they had received my letter regarding financial difficulties and the CSSS DMP. They ave said they will wait to hear from CSSS regarding the proposed amount and decide whether to freeze interest based on that. Not too bad a result, at least they are acknowledging the process.

...but today, I get a letter from Barclaycard raising my credit limit to £6000 as a "trusted and loyal customer". :wall:

You couldn't make it up.

yippeedoo

scouselad1974 wrote: »

The Halifax (Aqua) saga continues.
I came home to a letter asking for me to write to them if there was a problem with them calling me and they would arrange another method of communication, they even supplied an address to write to and yes you guessed it, it's the address I have already sent letter after letter to without a response.

They really are disorganised or totally taking the !!!!

I don't know what's wrong with Halifax over the last few months. I entered a DMP last September and all my creditors accepted the reduced payment and froze interest, etc. After 6 months, Halifax have changed their mind and are charging me interest at a rate that means it will take 43 YEARS to pay my debt off with them. :mad:

Reading the last 10 pages of this thread, it seems that others are beginning to have trouble with them too. It's as though there's been a change of policy and they want to make life as difficult as possible nowadays.

Their actions have actually prompted me to manage my own DMP now as CCCS have said Halifax are within their rights to do this and they cannot do anything about it. CCCS have been brilliant getting my finances back in order but they do lack any flexibility when things aren't going to plan (understandable I guess). When I challenged Halifax, they said if I was only able to pay £1 per month, then they would freeze interest. In effect penalising me for wanting to pay more. :huh: Err.....ok, I'll drop out of CCCS then and pay you £1 per month instead of the pro-rata CCCS payment of £122 per month you were getting (and then applying £95 interest). Absolutely ridiculous as this becomes a lose/lose instead of a win/win. Idiots.

Anyway, couple of questions if anyone can help please;

* Do I need to let my creditors know that I'm moving away from CCCS and running my own DMP? I'm intending on just making the same payment on the same date as CCCS (apart from Halifax) so can't see what difference it will make to them.

* Is there any way of 'encouraging' Halifax to pass my debt to a DCA? Will paying £1 per month mean they can't sell it on?

ianmak

Yes you do need to let the creditors know, as effectively you'll be negotiating new agreements with your creditors when you do this.

Not sure about passing debt over to DCAs. I guess a default would help. I really think it's down to each individual. I have around 12k of debt with 'Halifax' spread over 3 CCs (Halifax, Sainsburys & IF), and 2 are with Blair, Oliver & Scott, and 1 is with Wescot. I believe both of these maybe in house? I've just renewed my agreement with them for another year, and are always open to me paying off the debt at a discount if I have the money available.

They all passed over to the DCAs within about 6 months after defaulting me.

scouselad1974

I have actually asked Halifax to pass my account to their in house or external DCA if they are unable to accept my DMP but they are yet to reply.
Like you say they accepted my DMP without a problem to for 6 months then changed their minds, of course they are totally entitled to do this as I got myself into this mess in the first place and they are a money making business not a friend loaning me a few quid.

I just wish they would make their minds up and let me get on with trying to pay them back.

If the remainder of my creditors all decide to act in this way I may have to look at other options myself. (hopefully not)

thestealer

I received my CCCS welcome pack this morning...:j

Seems sort of 'official' now. Debt free date is 2016 :eek: Better that though than the 145 years or thereabouts it would have taken otherwise.:D

My creditors have been strangely quiet apart from Barclaycard who wanted details of income and expenditure as well as the amount I would be paying. (I just told them it's the same as the CCCS sent them :rolleyes: ) and RBS credit card who say they have defaulted the debt and will pass it on to their own debt collectors.

Hope other newbies are doing ok.

sandalwood_2

Hello to all,
Haven’t been on here since before xmas,had a bad last few months with family and stuff...
Any whoo,my DMP is going ok (ish) a few creditors have threatened court action, but I have spoken to them and will pay an extra few pounds myself direct outside the payplan payment and they are happy with that...
I would like an opinion on the following:
I was gifted a small amount of money and wanted to pay off a couple of the smaller debts as full and final settlements:

Creditor 1) owe them around £800-offered £200-they declined
Creditor 2) owe them around £1150-offered £300-they have got back to me asking what I have offered the other creditors before they can make a decision-do I tell them I had offered the £200 to creditor 1,and they have declined or just tell them they were the only one I had offered as I had an emergency boiler repair or something and the £200 was swallowed up in that? Because I have had to use the £200 on other expenses(family stuff at start of year)Also they have said, if they do this the account would be registered at "partially settled" on my credit file, is this acceptable or should I push for the fully settled as the partially settled would still impact my credit file-is that correct?
Would appreciate any help or suggestions

Thanking you guys in advance

ianmak

I reckon on the smaller debts, you're less likely to get a low percentage pay off. Prob 50% minimum, as they've got less to lose than the larger debts. The one I paid off is partially satisfied. I'm happy as it was defaulted already, and tbh, it is only partially satisfied.

It's up to you what you do really? If they've refused now, they definitely will if you request a fully satisfied account?

sandalwood_2

ianmak wrote: »

I reckon on the smaller debts, you're less likely to get a low percentage pay off. Prob 50% minimum, as they've got less to lose than the larger debts. The one I paid off is partially satisfied. I'm happy as it was defaulted already, and tbh, it is only partially satisfied.

It's up to you what you do really? If they've refused now, they definitely will if you request a fully satisfied account?

They havent refused,just wanna see the info on the creditors that I offered a FF to aswell before they make a decission,may as well do it,got nothing to loose I guess...and If I can get a £1150 debt wiped out for £300 then that cant be bad...

magical28

Just had my first two letters back from MBNA (for the virgin and MBNA cards) and they have accepted my DMP from cccs and have frozen the interest and stopped charging me for late payments :j:j

Lets hope all the rest do the same now