Without a paddle... support for anyone starting a DMP in 2010 (part2)

~evanesco~

I got my first letters from CCCS today, they haven't put a start date on it, but have told me to put the start date on the letters i'm sending to creditors. What do i put?

~evanesco~

Office's are lol I just tried them. I think it will have to be 1st September to be honest. I'm not going to get a payslip until 12th July, and HB/CTB probably won't be decided until after 28th July either, because they need 2 more payslips, and CCCS need both these docs to start it all off. I'll give them a ring either tomorrow or Monday.

mikon

i Everyone

Started DMP and first payment sent this month received statement from ARGOS who have agreed to offer and reduced interest from 27.7% to 9.9% which at the time I thought well at least they have accepted and reduced the interest. However when I received the statement today it showing my offer £8.00 and then the interest for the month is £6.10 therefore only £1.90 is coming off the total debt.

I have calculated it will take approx 45yrs to repay the debt. At my age I will be dead so I guess if they don't stop the interest they will not get the debt repaid so ha ha ha ha.

QUESTION

1. Should I contact CCCS and ask them to write to ARGOS and ask them to stop the interest or
2. Should I contact them myself and make the request or
3. Should I just let it go and be grateful that they have accepted the offer.

Any help is much appreciated.



Regards

Mikon

pure_dead_dopey

Hi Vic, we missed you, still doing the mad running????

got my CCCS review next week, can't see it going up much to be honest.

Mikon, Lloyds have done this to OH, only reduced from 26.9 to 6, but it still swallows almost 2 thirds of the payment, (which just illustrates how much we've all paid in the past.) I looked at it at the beginning that 6% had to be better than 26.9% but now I'm doing the same sums as you and its not fair. So I think I may challenge on the grounds of fairness although one dopey Lloyds employee told OH that we were paying too much to have the interest cancelled, not sure that's fair either!!!!

ljm23k

mikon wrote: »

i Everyone

Started DMP and first payment sent this month received statement from ARGOS who have agreed to offer and reduced interest from 27.7% to 9.9% which at the time I thought well at least they have accepted and reduced the interest. However when I received the statement today it showing my offer £8.00 and then the interest for the month is £6.10 therefore only £1.90 is coming off the total debt.

I have calculated it will take approx 45yrs to repay the debt. At my age I will be dead so I guess if they don't stop the interest they will not get the debt repaid so ha ha ha ha.

QUESTION

1. Should I contact CCCS and ask them to write to ARGOS and ask them to stop the interest or
2. Should I contact them myself and make the request or
3. Should I just let it go and be grateful that they have accepted the offer.

Any help is much appreciated.



Regards

Mikon

Hi Mikon, I have the same problem with Halifax. It seems some of them reduce the interest so that your debt with them won't increase while on the dmp but its barely taking anything off the balance. I phoned Halifax and they said I was paying too much (about half or slightly less than the pre dmp min payment) to get frozen interest but that I was on a 12 month plan "to give me breathing space" until I can resume payments, at which point they will put the rate back to 29.9%.

I do plan to call cccs about it so maybe thats what you should do. I think we'll get the "creditors don't have to reduce or freeze interest" story, though:(

mikon

This is so frustrating.....

I have examined the statement and it does not even show the payment from CCCS. The statement was sent out the day before the CCCS made the payment so the interest is based on a higher figure than it actually is. I cannot get my head around it. Surely to show an accurate figure they should have waited for my monthly payment and then calculated the interest figure. Do not know what to do. I might wait until next months statement to see what the interest is.

Professor_Pat_Pending

ljm23k wrote: »

Hi Mikon, I have the same problem with Halifax. It seems some of them reduce the interest so that your debt with them won't increase while on the dmp but its barely taking anything off the balance. I phoned Halifax and they said I was paying too much (about half or slightly less than the pre dmp min payment) to get frozen interest but that I was on a 12 month plan "to give me breathing space" until I can resume payments, at which point they will put the rate back to 29.9%.

I do plan to call cccs about it so maybe thats what you should do. I think we'll get the "creditors don't have to reduce or freeze interest" story, though:(

Luckily all mine froze interest immediately apart from BoS (Halifax), I got Payplan to ring them and they froze after that.
I always advocated ringing creditors myself but when it comes to freezing interest CCCS/Payplan seem to have a lot of clout, but there is no pattern to who freezes and who doesn't.
Having said that MBNA and Egg seem to be quite good and hence don't get much of a mention here, the others are very random.

ljm23k

mikon wrote: »

This is so frustrating.....

I have examined the statement and it does not even show the payment from CCCS. The statement was sent out the day before the CCCS made the payment so the interest is based on a higher figure than it actually is. I cannot get my head around it. Surely to show an accurate figure they should have waited for my monthly payment and then calculated the interest figure. Do not know what to do. I might wait until next months statement to see what the interest is.

This is the sort of annoying ups and downs we've all been through here. The first statements after the dmp starts can be hard to understand as they will still be issued at the same time as before, so the cccs payment hasn't reached yet in this case. Look out for the acceptance being cancelled as you didn't "pay on time" Might be worth calling Argos.

mikon

I have read that there is a % level which dictates what level of interest you pay. ljm23 stated this about the Halifax. It appears that if you pay above a certain amount and try and clear your debt then you get persecuted and hammered with interest.

Oh i am tired and exhausted with all of this.

Professor_Pat_Pending

mikon wrote: »

This is so frustrating.....

I have examined the statement and it does not even show the payment from CCCS. The statement was sent out the day before the CCCS made the payment so the interest is based on a higher figure than it actually is. I cannot get my head around it. Surely to show an accurate figure they should have waited for my monthly payment and then calculated the interest figure. Do not know what to do. I might wait until next months statement to see what the interest is.

The trouble is Mikon that these statements are computer generated at the same time of the month each time and until one or two DMP payments have gone through nothing will register.
3 months in and I still get statements sent out the same time as pre DMP.
It will all settle down after a payment or two. PP