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*NoMoreCredit*

Hi,

I am looking for some information/advice. We have a DMP with CCCS for the last nearly 2 years.

For the first year HBoS (who most of our debt is with) refused to stop the interest.

I recall reading on here somewhere that you can claim this interest back but am not sure how to go about this - can you advise please?

Many thanks,

NMC

mum2one

*NoMoreCredit* wrote: »

Hi,

I am looking for some information/advice. We have a DMP with CCCS for the last nearly 2 years.

For the first year HBoS (who most of our debt is with) refused to stop the interest.

I recall reading on here somewhere that you can claim this interest back but am not sure how to go about this - can you advise please?

Many thanks,

NMC

If you were missold ppi, then you can put a claim in for that, the PPI is doing the rounds at the moment, but as for stopping interest on a dmp that is entirely the decision of the company, and if they do stop interest its more of a goodwill gesture, theres no legal right to get them to stop interest,
Sorry. x

System

*NoMoreCredit* wrote: »

Hi,

I am looking for some information/advice. We have a DMP with CCCS for the last nearly 2 years.

For the first year HBoS (who most of our debt is with) refused to stop the interest.

I recall reading on here somewhere that you can claim this interest back but am not sure how to go about this - can you advise please?

Many thanks,

NMC

Hello,

Mum2one is right. We always try to get interest and charges stopped on DMPs but it is your creditors who decide if they will and they are entitled to continue to add them (though it sounds like they have now stopped, which is good news).

If you had PPI then you could look into claiming that back, there is a great guide on the main site: http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance.

Hope this helps.

Mat

davesdaughter

Hi

I am in position whereby I am struggling to meet my all my repayments. My worry is that I have a car on finance which is necessary for my job. Would entering into a DMP affect my finance agreement for my car? If I don't have a car, I can't work. Would I be better to negotiate with the credit card companies, rather than enter into a full DMP? I am not at crisis point but it's beginning to be a struggle.

thanks

System

davesdaughter wrote: »

Hi

I am in position whereby I am struggling to meet my all my repayments. My worry is that I have a car on finance which is necessary for my job. Would entering into a DMP affect my finance agreement for my car? If I don't have a car, I can't work. Would I be better to negotiate with the credit card companies, rather than enter into a full DMP? I am not at crisis point but it's beginning to be a struggle.

thanks

It would depend on the kind of finance your car was bought with. If it was a hire purchase agreement and you needed the car then we would include the payment as a priority in your budget and advice you to try to maintain full payments, so you could keep the car.

If your car was bought with a normal sort of loan then you could treat it as a non-priority alongside your other debts as your car would not be at risk if you reduced payments to this sort of finance.

From reading your post it sounds like your car might be on hire purchase (though it is always best to check), so we would not include it in a DMP. You can see if a DMP is a good option by completing our online advice tool, Debt Remedy (http://www.cccs.co.uk/ref/drcu).

It will help you create a realistic monthly budget and talk you through your options.

Hope this helps.

Mat

janeypoo

Hi,

I have 1 cc debt of £8k (which is my credit limit) and I'm struggling to get it down as the interest negates what I can pay off. Is it worth asing the bank if they can freeze interest if I make a set payment, and if so, how is best to approach them?

Thank you in advance

jasperconran

hi,

I would like to ask a CCCS debt advisor a question. I started my dmp (again!) lol last month first payment went out on the 10th. this month I will be sorting out creditors on my own (CCCS know about this) and then CCCS will start paying my creditors again out of my new bank account on the 10th November. phew think thats right.

anyhow, I have been getting pestering letters from HSBC/D & G solicitors their in house peeps and I cant seem to find my template letter to send to them again. could anyone send me one?? pretty please? thanks. am sick of telling them the same thing over and over again!:mad:

reckyroo

I am not working at the moment and haven't done for the past 10 years. I have brought my family up, but for the last 2 years, have been trying to find employment without success. I have about 15k in credit card debts and have negotiated with one who have frozen the interest and accepted low monthly payments for the forseeable future (until I can find a job)! BUT, one will not respond to any of my letters until I tell them my husbands income. He refuses to disclose this information to them (he has his own cc debts and we are behind with the mortgage) as the cc's are in my name. Technically he is not responsible, but the cc company won't listen and refuse to co-operate further until I give them this information (without my husbands consent)! I have always managed to pay off the minimum payments every month, but contacted them as soon as I knew I was going to struggle. It's been a battle ever since. They have threatened to put a charge against my house but if I had known this would happen, I would simply have added an extral little onto the mortgage and paid 3% interest all those years ago (I haven't spent on the cc's for years but due to high interest rates, the amount has barely reduced) - are they allowed to do this - I though credit cards were purely non-securable debt - hence the high interest rates? I'm struggling to function with dread at the postman calling each day. Any suggestions would be great. p.s. my hubby refuses point blank to go to a debt help company.

mum2one

in on a dmp with cccs, 1st payment is being pd this month, but have recieved a letter from a debt collectors for full payment of 8k, yet the bank had previuosly said yes to repayment, don't know what to do?

Do I ignore it, do I ring them and explain, do I write to them or do I ring CCCS and shout help! xx

System

janeypoo wrote: »

Hi,

I have 1 cc debt of £8k (which is my credit limit) and I'm struggling to get it down as the interest negates what I can pay off. Is it worth asing the bank if they can freeze interest if I make a set payment, and if so, how is best to approach them?

Thank you in advance

Hello,

In my experience banks will only stop interest and charges if they think you are in financial difficulty and cannot afford the full payments. Even then it is not certain, but if you can show a breakdown of your finances showing that you can’t manage they are sometimes willing to freeze interest and charges and reduce the payment to an affordable amount.

I know you mention that you currently are managing your payments but I would still recommend planning out a budget and seeing what you can actually afford as it is often less than you think. We can help you put together an income and expenditure budget and talk you through your options to try and get the card sorted out.

The first thing to do is visit our online debt advice service Debt Remedy (http://www.cccs.co.uk/ref/drcu) to help you find a solution to your debt problem quickly.

Debt Remedy will assist you in completing a financial statement with information on your household, employment, income, expenditure and debts. From this the service will automatically determine your options.

To help you fill in the form, it’s best to gather together information about:
• Your income
• Your expenditure
• The creditors you owe money to

You’ll receive a downloadable advice booklet providing a tailored solution for you based on your current circumstances and advice on ways you may be able to improve your situation.

If you’re not confident with computers or would like to speak to an advisor then you’re welcome to ring our Helpline on 0800 138 1111 (free including from mobiles). We’re open Monday to Friday 8am - 8pm and Saturdays 9am – 3pm.

If you phone us it may be possible to refer you directly to a counsellor for immediate advice. Alternatively, we will arrange for an appointment to be booked at a time convenient for you.

Thanks for posting.

Mat