DMP Mutual Support Thread (Part 6)

St0lli

thewad wrote: »

What's a SAR.
I've had 3 of my cc's for over 20 years.

John

Hi John A SAR is a subject access report and when you request this the CC company should supply you with all data they hold on your/your account from your original application form to any phone calls, interest charges, late payment fees etc. Your application form should comply with the CCA and if it doesn't it could 'technically' be unenforceable.

I think thats a very very brief description of an SAR. In essence if they are unable to provide a compliant CCA then they are unable to chase the debt - this DOES NOT mean that the debt is written off. However I think it can be useful in negotiating the interest fees and any charges to being stopped.

Well that's my understanding but I'm sure someone will be along to correct me if I'm wrong.

HTH

quagmire_sw

Hi all

Taking first steps towards a DMP.

Lucky enough not to be behind on anything buy our circumstances are about to change significantly and a DMP is looking inevitable.

Anyway - found this thread - and had a few questions that I was hoping people may be able to answer....

1 - Anybody had any experiences with Moneyway and a DMP? The loan was with Liverpool Victoria but was sold on to Moneyway last year some time.

2 - Bank with Cahoot - owned by Abbey/Santander - could they take money from another Abbey account of ours to pay for Cahoot loan when a DMP kicks in?

3 - Is PayPlan a better option than CCCS? Personally I prefer CCCS but our mortage lender has recommended PayPlan.

Many thanks in advance
quagmire_sw

thewad

kew63 wrote: »

We're going for Bankruptcy over DMP or IVA for the simple reason with DMP we could pay every penny we can to creditors and in 5 years time when OH has built up a beneficial interest in my house (doesnt have one at the mo) one of the creditors could take into their heads to put in a charge on the house.

Thought if you went BR you lost your house anyway, and your possessions to the bailiffs.
Or isn't it as bad as that??

John

ianmak

quagmire_sw wrote: »

Hi all

Taking first steps towards a DMP.

Lucky enough not to be behind on anything buy our circumstances are about to change significantly and a DMP is looking inevitable.

Anyway - found this thread - and had a few questions that I was hoping people may be able to answer....

1 - Anybody had any experiences with Moneyway and a DMP? The loan was with Liverpool Victoria but was sold on to Moneyway last year some time.
Can't help there, hopefully someone will be along soon!

2 - Bank with Cahoot - owned by Abbey/Santander - could they take money from another Abbey account of ours to pay for Cahoot loan when a DMP kicks in?
I had savings accounts with Cahoot, Abbey & B&B, and although there wasn't much money in any of those accounts, Abbey haven't taken any of it to pay off my debts. I'd be cautious though.

3 - Is PayPlan a better option than CCCS? Personally I prefer CCCS but our mortage lender has recommended PayPlan.
Much of a muchness really. I got put through to PayPlan by a 'Help' facility through my work. They're kinda the same, with differences such as how they work out the distribution of your payment to each creditor.

Many thanks in advance
quagmire_sw

Welcome Quagmire!

gags

If one goes for an DMP say through Payplan and have a suggested payment amount each month....can one make a one off over payment to them at will if they come into some money or are the payment amounts set in stone over the term of the DMP?

Hersheme

Bahamas wrote: »

Hi everyone, I'm still pretty new and coming to grips with everything. Sorry to but in but I need some advice. I have a pretty large debt that my OH doesn't know about (for very valid reasons!) He tried to get a loan today for some home improvements and the lender told him there was a default at this address and that he should speak to his wife:eek:!! Are they allowed to do this. He asked me about it but I was terrified and feigned ignorance. Can anyone tell me if there is any way I can get him "disassociated" from my debt as he's extremely careful with his money and my stupidity shouldnot affect him! Any advice would be appreciated.
Thanks to all for the support, the forums are very comforting and informative:rotfl:

Bahamas - I just read your posting. I was in the same position as you up until Monday evening when it all came crashing down. Hubby went to use his credit card over the phone and it was declined. He phoned the bank to be told he was over his limit - I had been hiding the statements from him. I felt so sick knowing it was the tip of the iceburg. Anyway, he didnt speak to me all Monday evening and went to bed early. We both took the next day off work and through my tears and sobs I confessed the huge mountain of debt I had got us in. Its not that I have been spending it on shoes etc, it is mainly the cost of having moved to a new house which has turned into a money pit. Anyway, to cut a long story short, once he got over the shock, he has been really lovely about it. He said that he knew something was wrong at the back of his mind but didnt do anything about it. We have now contacted CCCS and are looking at a DMP.
Basically, what I am saying is just bite the bullet - as hard as it is. I really thought it would be instant divorce for the years of deceit but, if anything, it has made us stronger. He said last night I had my 'bounce' back and he can now see how much I must have been suffering trying to keep it all under wraps and deal with it on my own. Please, speak to him - yes, its hard, yes, you will feel sick and want to run away but if my hubby can take it so well (and after 26 years I thought I knew him), I would say there is a good chance yours will eventually be okay too.

quagmire_sw

Thanks ianmak.

We've actually realised that we only have one loan that is associated with Santander (and hence Abbey/Cahoot) in anyway and we have decided to use a small pot of money we have left to clear that rather than one of the credit cards before all our money is gone.

At least that way we won't need to be changing bank accounts, which believe me is a relief - I haven't painted the full picture here, but it really is a relief!

Looking forward to anyone offering their experiences in relation to my question ref. Moneyway

My OH and I are looking at going with PayPlan now after more research - ianmak, I think you're right, both quite comparable. Although I hadn't realised the distribution difference - can anyone briefly explain the differences with CCCS? Is one a much better way than the other?

A question ref. CCJs - the 6 years they are on your credit file for - does that start from the date of the CCJ or from the day the CCJ is satisfied (paid off)?

Many thanks
quagmire

ianmak

Quagmire,

PayPlan generally distribute payments according to total debt owed, whereas CCCS distribute according to minimum payments, again, I could be wrong!

Hersheme

Can I have a number please?

Sorry to be thick - but what do I need one for?

CharliesAngel

Hello All

Hope we're all in fine spirits... at least it's Friday :T

Got home after a nightmare babysitting session (unpaid i might add) to find a dreaded Virgin card (MBNA) statement on my doormat... having not heard a squeak out of them for the last two months I started to poo myself :rotfl:opened it, prepared to have to argue shout and cry... but they've actually frozen interest :j... interest charged this month 0.00.. estimated interest next month 0.00... oh i love that number!

Not sure how long for but I'm certainly not grumbling... I might actually get to reduce the balance now... the minimum payment got to being 80p less than the interest added each month :mad: grr...

Alliance, Nationwide and MBNA on my side ish... now just Lloyds... eeek

Sorry for the rant...

CA xxx