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

Mephista

tedsd wrote: »

:eek: darning socks AND tops, a step too far Mephista! Only joking, impressed that you have moved on from my just thinking about it to putting it in action :T

Oooooooooh - you're lucky you said sorry. I might have sent them to you to darn otherwise!!!!:D

mikon

Hi everyone hope you have all had a good day.

Interesting piece of post arrived today from NEXT.

It reads :

Further to your request to reduce your monthly payment to NEXT Directory (What Request?). To enable us to process the reduced payment, I would be grateful if you could sign and return the enclosed agreement.(I wonder why they want a signed agreement mmm..)

Please note the reduced payment and credit agreement must be returned. The agreement will commence Feb 2011.

I am a little confused one day they inform me that they are transferring the debt to a DCA (was this another method to get the o/s balance paid?). Then I receive a letter setting up a new payment plan. I think NEXT are desperate for me to sign a Credit Agreement. Especially as the original agreement was set up in 2005.

They finish by saying to support you further I have suspended the normal monthly service charge for the period of this agreement.

I am a little confused. I think I will just send a bland letter stating that I am on a DMP and CCCS are working on my behalf and I will continue to make reduced payments on time as I have done for the past 7 months. I will also ask them to refund the service charges.

What is everyones thoughts on this.

Regards

GibbsRule_No3

Mikon would the request have come from CCCS for reduced payment? I agree with you about not signing a proper signature just in case you need to do something at a later date. I am with Payplan and I just send my questions to my case officer and they reply, does CCCS do this as well? I sent my scanned DCA, HSBC letters to them this evening in response to the email they sent me today, as the follow up from the email I sent at the weekend. This time next week, unless they make us wait until Tuesday, there are two days set aside for the next 1-2-1s, I should know if I still have a job.

pure_dead_dopey

mikon wrote: »

Hi everyone hope you have all had a good day.

Interesting piece of post arrived today from NEXT.

It reads :

Further to your request to reduce your monthly payment to NEXT Directory (What Request?). To enable us to process the reduced payment, I would be grateful if you could sign and return the enclosed agreement.(I wonder why they want a signed agreement mmm..)

Please note the reduced payment and credit agreement must be returned. The agreement will commence Feb 2011.

I am a little confused one day they inform me that they are transferring the debt to a DCA (was this another method to get the o/s balance paid?). Then I receive a letter setting up a new payment plan. I think NEXT are desperate for me to sign a Credit Agreement. Especially as the original agreement was set up in 2005.

They finish by saying to support you further I have suspended the normal monthly service charge for the period of this agreement.

I am a little confused. I think I will just send a bland letter stating that I am on a DMP and CCCS are working on my behalf and I will continue to make reduced payments on time as I have done for the past 7 months. I will also ask them to refund the service charges.

What is everyones thoughts on this.

Regards

Good plan, DON'T sign anything, sounds as if the don't have a compliant CCA, so don't give them one in case you need to look at UE later. have you contacted CCCS re a review???? see now I sound like your mother!!!!

eyeopener2

Hi All

I received my reply from Barclaycard today.

Suffice to say it wasn't the reply I was looking for.

I will keep this brief.

My initial CCCS repayment was below the minimum required by BC therefore, as a gesture of goodwill (remember this please), interest was suspended.

When my payments increased to above 1.5% of the balance, BC repayment plan policies come into play and interest is applied at a low rate. 6.9% in my case or 0.5% a month.

There is, however, a big problem, or there will be and all of you need to take note of this for future reference.

My payment is now above the minimum required on my balance (due to me paying off payday loans quickly)

The repayment plan has already been set for the next 12 months so 'as a gesture of goodwill' my account will stay the same, based on 6.9%, but this will be reviewed after 12 months, with the implicit threat of a standard interest rate being applied to my account (16%,20%,30%?).

BC will stop interest if I reduce my payment to the original amount. ie pay less than I am now.

So i either pay interest, and pay over a longer period.

Or reduce my payment, and pay over a longer period.

Would it make sense to contact CCCS, reduce my BC payment and increase the payments to my loans (which are front loaded with interest anyway). If they would do this, that is, cos I think its against CCCS policy.

Grrrr

GibbsRule_No3

eyeopener2 wrote: »

Hi All

I received my reply from Barclaycard today.



Or reduce my payment, and pay over a longer period.

Would it make sense to contact CCCS, reduce my BC payment and increase the payments to my loans (which are front loaded with interest anyway). If they would do this, that is, cos I think its against CCCS policy.

Grrrr

Must admit before you got that kind of reply I thought I'd love to pay Barclaycard less, since they IMHO, deserve to get less everyone else has stopped interest. Them not stopping it is causing the ones that have a longer time to be paid off as well in the long run.

My Redundancy 1-2-1 is next Monday at 14.15 -15.00 :eek:
Been trying to research how not to pay as much tax on my lump sum. Putting into Pension, ISA and not taking JSA until the PILON has ended. Shame it happens in this tax year.

newbeginning_2

I wrote to Barclaycard just after Christmas but have yet to receive anything from them - not even had a response. How long did they take to get back to you??

I don't think CCCS will agree to lowering the payments either I'm afraid, you'll just keep on at them.

newbeginning_2

Good luck with the redundancy meeting Gibbs x

mikon

eyeopener2 wrote: »

Hi All

I received my reply from Barclaycard today.

Suffice to say it wasn't the reply I was looking for.

I will keep this brief.

My initial CCCS repayment was below the minimum required by BC therefore, as a gesture of goodwill (remember this please), interest was suspended.

When my payments increased to above 1.5% of the balance, BC repayment plan policies come into play and interest is applied at a low rate. 6.9% in my case or 0.5% a month.

There is, however, a big problem, or there will be and all of you need to take note of this for future reference.

My payment is now above the minimum required on my balance (due to me paying off payday loans quickly)

The repayment plan has already been set for the next 12 months so 'as a gesture of goodwill' my account will stay the same, based on 6.9%, but this will be reviewed after 12 months, with the implicit threat of a standard interest rate being applied to my account (16%,20%,30%?).

BC will stop interest if I reduce my payment to the original amount. ie pay less than I am now.

So i either pay interest, and pay over a longer period.

Or reduce my payment, and pay over a longer period.

Would it make sense to contact CCCS, reduce my BC payment and increase the payments to my loans (which are front loaded with interest anyway). If they would do this, that is, cos I think its against CCCS policy.

Grrrr

Eyeopener2

I don't understand as my repoayment plan has only been running for 7 months and I have not revised my payments so I do not understand why interest is being applied. I am certainly not paying anywhere near 1/2 the required minimum payment so its got me beat. I just wonder how they work?

mikon

GibbsRule_No3 wrote: »

My Redundancy 1-2-1 is next Monday at 14.15 -15.00 :eek: Been trying to research how not to pay as much tax on my lump sum. Putting into Pension, ISA and not taking JSA until the PILON has ended. Shame it happens in this tax year.

GibbsRule No3

Your entitlement to JSA is not affected by PILON. Legislation was changed ion 2007 so when if your made redundant and you get PILON you can register for JSA contribution based element the first day of unemployment. JSA Contribution based is for anyone that has paid NI for the previous two tax years and it is not means tested so savings, redundancy payments and PILON is not taken into account you can claim JSA (C) for 182 days then you would go onto JSA (income based) which is means tested. The only thing that effects JSA(C) is a private pension the first £50 is disregarded and then £1 for £1 is deducted from your £65.45 a week JSA payment.

So remember make a claim to JSA on the first day of unemployment even if you receive PILON. Visit http://www.direct.gov.uk/en/Employment/RedundancyAndLeavingYourJob/index.htm for more info on redundancy and visit

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/BenefitsTaxCreditsAndOtherSupport/Employedorlookingforwork/DG_10018757 for information on Jobseekers Allowance.

Apologies for going off subject but I am an expert on JSA and Redundancy.

Hope this has been of some help Gibbs.

Good Luck Gibbs I hope things work out for you.