DMP Mutual Support Thread - Part 7

mikon

scouselad1974 wrote: »

Hi

I was in the same boat with Argos, as soon as I received my first statement I noticed interest had been added to my account, I wrote a letter and interest was set to 0% and has been for the past 12 months, it's well worth a try.

Scouselad

Have you a copy of the letter you sent? What did you say?

Regards

Mikon

scouselad1974

mikon wrote: »

Scouselad

Have you a copy of the letter you sent? What did you say?

Regards

Mikon

Hi

I 'm not at home at the moment but I just asked them to consider freezing interest to help me reduce my balance as soon as possible, I pointed out that all of my other creditors had already frozen interest and that I would be grateful if they would also consider doing this.

I think I copied the template from The National Debtline website but altered it to suit my situation.

mikon

Scouselad1974

They have reduced the interest from 27.9% to 9.9% my worry is they will just revoke their offer.

scouselad1974

mikon wrote: »

Scouselad1974

They have reduced the interest from 27.9% to 9.9% my worry is they will just revoke their offer.

Hi

Another of my creditors has done a similar thing, I pay £5 per month and they charge £3.61 a month in interest so my debt reduces by £1.39 a month, I have sent a letter every month for the past 12 months and they wont budge, but they have never revocked on their offer. Argos did freeze mine though.

dlb

Hiya again,

In my experience at the begining all creditors will try it on as they are not happy they are about to recive alot lower payments than they want...but tough they know they will have to accept at some point whether this be straight away or after a few months of letters phone calls ect. BUT DONT WORRY your dmp compnay is there to help you, give them a call (as i did alot) they will advise you what to do and in most cases will contact the creditor for you.
I had alot of hassle at first but only for about 4 months and 4 years on i can honestly say i havent had a letter or phone call since that first 4 months apart from nice calls and letters to say they have agreed to the dmp.

One of my creditors is Halifax, all my creditors including halifax froze all interest within the first 6 months, halifax have now started to reapply interest as they say my account is in good order!!! lol this is because so much of the ballance has been clear over the past 4 years they are now getting double the minimum payment they are asking for via payplan, i rang payplan who contacted them and they have reduced the amount but not froze it, i am not worried by this at all as they get £58 a month an only £14 interest is applied meaning im still clearing £44 a month off the ballance in a way i can afford to do.

I really cant stress enough to ask you dmp any questions no matter who silly they seem, they are there to help you, and as i long time dmp member dont feel bad or upset about the journey you are about to start or are already on............it will give you your life back and a fresh start, yes it may seem a long time before you are debt free i know i freaked out at the thought of 5-6 years on a dmp at the beginning and now look, im almost at the end of my journey and the road hasnt been rough for a lot of years.
YOUR TAKING BACK CONTROL AND THAT IS GOOD!

DONNA
XX

the_tooth_fairy

scouselad1974 wrote: »

Hi

Another of my creditors has done a similar thing, I pay £5 per month and they charge £3.61 a month in interest so my debt reduces by £1.39 a month, I have sent a letter every month for the past 12 months and they wont budge, but they have never revocked on their offer. Argos did freeze mine though.

Yep, RBS (OH & mine) are the only 2 creditors who are still applying interest at a 'reduced rate' which makes it very hard to clear any of the debt. Payplan just ignored my last request for advice on this, so you have inspired me to write a TTF special to RBS. But hey, they sponsor a certain Mr A Murray so how intelligent are they? (I'm joking, honestly!!!)
I really don't expect to get anywhere with them, but it makes you wonder what happens at the end of the DMP, when you still have, perhaps 50% of the debt left? Hmm.

ttf

lyndorset

scouselad1974 wrote: »

Good idea Triggles, I totally agree with you.
I wish they would put as much effort into helping us to repay our debts as they do into harrasing and pressurising us to conjure up cash we just don't have.

Here here!!!

Re writing date letter recieved I have been in that habit for a while, it certianly helps alot, especially when letter arrives after we should have responded!

the_tooth_fairy

Well, I've written to Sainsburys Bank Visa (RBS) a letter which I will post in the morning. Looking back over the statements from the start, they did freeze interest for the first three months, then stuck it back on again!!
At this stage my letter was polite, stating that I had no chance of paying off a debt at £58 per month with £39 interest levied against that. They helpfully, had earlier enclosed a leaflet about their Ombudsman and the Office of Fair Trading to complain about unfair interest charges, so that may be my next point of contact.

No, I've had enough of this... I've paid them huge amounts of interest over the years, being a customer since 1992. So they can have their money and go to Hell.

ttf

dlb

the_tooth_fairy wrote: »

I really don't expect to get anywhere with them, but it makes you wonder what happens at the end of the DMP, when you still have, perhaps 50% of the debt left? Hmm.

ttf

Your DMP will run until your ballances are zero, so if they are still applying interest it means your DMP will run longer than you originally thought, i was told origially that i would be debt free within 5 years as it stand i have been on dmp for 4 and half yrs and have approx 15 payments left, i am fully aware this is a approx debt free date, and i will just continue to pay my set monthly amount via payplan until the ballances are zero. Or nearer the end payplan have informed me that they will start to offer full and final settlements to my creditors each being offered a % of my monthly payment as final settlement, if they dont accept then they continue to get what they are getting until ballance is clear.
Hope that makes sense?
Donna x

debrag

ok so I have a CC with Vanquis :eek: anyone had dealing with them? My limit is £250 but my balance is £457.91.

I am getting charged overlimit fee @ £12, late fee @ £12, purchase interest @ 3.991% and cash interest @ 4.496% each month, so basically £39 ish a month.

This months min payment is £63 with I can't afford.

Should I go on a DMP for them?