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

mikon

NittyGritty wrote: »

hi all , is there anything you can do like any templates to send creditors asking them to stop intrest n charges, i mean is there anything we can do, if they refuse to stop intrest,? is there any law on our side that can maybe force them to stop, i know its not likely as we have broken the terms etc,

aslo what is the Lending Code of Practice? does that help in anyway with getting charges reduced or stopped maybe?

Hi NittyGritty

Firstly if your on a DMP a creditor is not legally obliged to stop interest charges. If you go down the route of an IVA then a legally binding court order is issued which stipulates the payments and you are debt free in approx 5 - 6yrs however your property maybe at risk. There are letter templates which ask the creditor to stop charging interest etc on the National Debt Helpline website. The other option is that you can ask a creditor to take you to court in relation to the debt.

If a bank/building society or credit card company subscribe to the Lending Code they should follow the guidance which states that if you have provided evidence that you cannot make the original payments then they should support you and stop interest. Google Lending Code I think it is section 9 if memory serves me right.

I hope this helps.

Regards

Professor_Pat_Pending

mikon wrote: »

Professor Pat Pending.

Update on Shiti. Received letter yesterday informing me that no further interest or charges will be applied to my account. No time frame given but thank you shiti. It was a long and hard battle but i am thankful it is over. Now it is wait and see what happens next I do not want to underestimate what they can do next but i will continue to make the monthly payments. If nothing else I now have a full and comprehensive understanding of the Lending Code of Practice.

Thank you PPP for hanging in there with me.

Good news, my understanding with SCHITI pants is that only when they have received your first DMP payment will they stop interest and charges, at least you can rest easy now Mikon.
I still don't know what's going on with them my end, no interest or charges but apparently they still haven't accepted the DMP?
Cheers. PP_

Professor_Pat_Pending

jackies41 wrote: »

Hi
Have £14000 unsecured debt dont really know how it happened, has crept up on me over the last few years. Finally realised that couldnt survive on about £150 a month to buy food run a car etc.

Have taken the plunge done debt remedy on line CCCS say I have £169 to pay my creditors sent everyting off now just waiting for CCCS to write to creditors.

Fingers crossed they will agree to freeze interest
Barclaycard
Argos
Barclays o/draft
Barclays loan
Vanquis
Aqua anyone had success with these companies?

Sorry, haven't got anything with those creditors myself but here's the letter I used in the pre DMP stage and shared with a few others on this forum.
If you can stomach it I would also call each creditor and tell them what's going on, quote your CCCS number but refuse to be drawn on anything, that really helped me
Good luck, once you start the DMP it becomes much, much easier. PP

Dear Sir/Madam

Account number:

Since making the above mentioned agreement with you my circumstances have changed.

I do want to repay my debts but at the present time I am not in the position to pay the minimum monthly payments. I have recently joined Payplan who offer a non fee-charging debt management plan, which I hope to start on May 1st. (ID no: ********)

In the interim month or so I shall make a token monthly payment(s) of £** as a sign of good faith. As soon as I have updated my situation and the Debt management plan is fully set up I / Payplan will contact you again.

As other people answer the telephone who are not aware of my situation, ie, my children. I would ask that all correspondence between us should be in writing.

I hope this is acceptable on a temporary basis.

Yours faithfully

Professor_Pat_Pending

NittyGritty wrote: »

hi all , is there anything you can do like any templates to send creditors asking them to stop intrest n charges, i mean is there anything we can do, if they refuse to stop intrest,? is there any law on our side that can maybe force them to stop, i know its not likely as we have broken the terms etc,

aslo what is the Lending Code of Practice? does that help in anyway with getting charges reduced or stopped maybe?

It very much depends on the creditor and there is no consistency to their approach.
All mine (Egg, MBNA, Citi and BoS) have stopped but BoS refused in the first month so I got Payplan to call them and after that they stopped.
Unfortunately a DMP is an informal agreement so they is no legal obligation on their part to stop, sorry can't be of more help. PP

mikon

Professor_Pat_Pending wrote: »

Good news, my understanding with SCHITI pants is that only when they have received your first DMP payment will they stop interest and charges, at least you can rest easy now Mikon.
I still don't know what's going on with them my end, no interest or charges but apparently they still haven't accepted the DMP?
Cheers. PP_

Professor Pat Pending.

I am in exactly the same position as your good self, but bloody glad those horrendous interest charges have now been stopped. So I am happy with that result for today. I guess you were right that once they received the first DMP payment they stop the charges and the interest. Just wondering now if I can claim those charges back, but that is a battle for another day.

Regards

Hopelessly_Hopeful

tedsd wrote: »

Just had a letter from a creditor, my credit facility has been withdrawn....Gutted... NOT! There should be an emoticon on here which shakes it's head in disbelief but here's the nearest I could find :wall:

:T Oh what a shame Teds:T - Get the wackos opened. Almost another day closer to DFD so you don't have to deal with the legalised robbers!

HHx

pure_dead_dopey

ohh Ted how will you survive, OH got one from Lloyds to say that they were lowering his credit limit because of the current financial climate!!!!!

eyeopener2

Evening

Quick update and waffle from me.

Got a letter today from MBNA setting out the terms of my repayment plan (DMP). All very official, quoting 0% on all the varying types of balance and stating my repayment amount due to my dire financial circumstances. So things are settling down it would seem.

I wish that Santander would reply to my letter though (the phonecalls have stopped but nothing in writing) that would mean everything was sorted. Maybe tomorrow.

I think this does show that the DMP way does work if you are willing to work with CCCS (and the creditors to a certain extent). If the creditors become difficult you can bite back and they seem, from my experience anyway, to back off. I'm missing the daily fight with PDUK though, that was fun knowing the worst they could do was take me to court and not caring a jot.

Long way to go but I keep looking forward to my next payment now thinking - 2 down 39 to go and then 3 down 38 to go. My OH thinks i'm losing it but, as I said to her tother day, this is the first time in at least 7 years that my debt is going down and not up!

Lets hope things continue this way.

candypop

Hi everyone

Two letters today one from NRock to say they wanted a new financial statement within 7 says as my DMP with them is due for renew soon.(September!) Another letter from MBNA with new account number to pay to (anyone else had these?) Rang CCCS to ask do I send info to NRock or them. They said that they will send my statement again but they have sent a letter to me today with my CCCS review date at the end of this month. Came over all brave and rang NRock just to let them know CCCS were sending information I mentioned my review with CCCS and they then said to wait and to send the information after that. So the reply with 7 days must have been a scare tactic (which worked) as I got that sickly feeling again. Sadly I cant seem my payments changing as the extra I got in tax credits has been swallowed up by rises in water, gas, elec and council tax. NRock were quite understanding on the phone tho even tho I was shaking like a leaf. Soo wish I hadnt got myself in the situation, she did say my credit rating will be affected and I would struggle to obtain credit in the future. Not that I want credit ever again.

NittyGritty

eyeopener2 wrote: »

Evening

Quick update and waffle from me.

Got a letter today from MBNA setting out the terms of my repayment plan (DMP). All very official, quoting 0% on all the varying types of balance and stating my repayment amount due to my dire financial circumstances. So things are settling down it would seem.

I wish that Santander would reply to my letter though (the phonecalls have stopped but nothing in writing) that would mean everything was sorted. Maybe tomorrow.

I think this does show that the DMP way does work if you are willing to work with CCCS (and the creditors to a certain extent). If the creditors become difficult you can bite back and they seem, from my experience anyway, to back off. I'm missing the daily fight with PDUK though, that was fun knowing the worst they could do was take me to court and not caring a jot.

Long way to go but I keep looking forward to my next payment now thinking - 2 down 39 to go and then 3 down 38 to go. My OH thinks i'm losing it but, as I said to her tother day, this is the first time in at least 7 years that my debt is going down and not up!

Lets hope things continue this way.

can i ask how soon it was before got in contact with all creditors and also how long it was from your first dmp payment did the intrest stop, i got my first payment on the 1st of august, not heard from CCCS tho regarding them getting in touch with creditors
will wait till after first payment to see how things pan out with them(creditors)