DMP Mutual Support Thread - Part 7

hopefully1983happy

Hi all,

I am a newbie on here. I am trying to decide whether to take a DMP out or not, I would love the idea that all my debts are taken care off every month.

However... (dont laugh!) I am currently training to be an accountant (started 2005) with the association of chartered certified accountants (ACCA). I know that some accountancy bodies wont let you be an accountant if you have a DMP, however does anyone know if there are any restrictions with the ACCA? I have rung them but the assistant on the phone did not know the answer...

Any help would be appreciated! Thank you

HC1971

Thanks Mikon that has helped.

You say i shouldnt sign anything. but HSBC wouldnt accept payplan involvement a couple of weeks ago saying the signature from payplan didnt match the one on the account and they insisted i had to go into the branch to do another and hand over my cards. Though why they couldnt find a match when ive banked with them for 13 years, and they must have had hundreds of specimens, is beyond me. I found it very embarrassing going into the branch especially as there was noone able to see me in private so it was all conducted at the counter, perhaps that is why they made me do it!

Anyway, should i not have done this, and if not what can happen?

secretshopper75

Good Morning, sneaky visit from me as at work...just wanted to bob in and say hello and wish you all a good day.

Hopelessly_Hopeful

HC1971 wrote: »

Hi everyone

Im hoping someone can help. Im new to this and in fact this is the first time I have ever posted on a forum, so please bear with me if I inadvertently don't follow ettiquette.

I began a DMP with Payplan in January this year and have just made my second payment. I have a car loan with Santander Finance, for approximately £3800. This is a loan and not a HP agreement and so it is included in my DMP. I have now missed four payments. Santander passed this debt to Code Red (their own debt recovery firm) and have now passed it to Credit . The offer of payment has been turned down and they told me they do not accept DMPs.

I have spoken to Credit and they have given me 3 options:
1) pay off the arrears which will be £800+ and resume the monthly payment as originally agreed, around £225. Not an option, if I had the arrears I would have paid them. Also now I am on the DMP their allocated payment is around £55.
2)Sell the car and pay them off completely. They keep telling me I have an asset and as such it is their policy to pursue the asset. They have suggested I can sell this myself or surrender the car to them. I have explained that it is a requirement of my job that I have a car as I need to travel and visit people in their homes.
3)Downsize the car. I have explained that I do not think there is any equity in my car to allow me to pay them off and have some left over. So they suggested I ask for a loan. I pointed out that I am not able to get a loan on a DMP as it could be considered fraudulent. They then said I could downsize by selling the car but only paying off the arrears, leaving me the rest of the money to buy another car and then resume the monthly payments of £225. As stated previously there is only £55 allocated for this debt and wouldn't this leave me in the same situation in a few months time when they are threatening court action again as they do not accept reduced payments? My other concern is that I need a reliable car; over the last year this one has cost me around £1000 in repairs and it currently needs a new spring and new tyre (i darent ask what thats going to cost!). Its only a punto so selling it would involve buying an older car that would likely be less reliable and cost even more and threaten the whole DMP.

If anyone has been in a similar situation particularly with Santander I'd really appreciate your ideas. Im really worried I will lose the car and this will jeopardise my job.

Thanks

Politely tell them to whistle. No car will presumably make your job considerably harder. No job no money. You have to be seen to be treating all creditors favourably, they are asking for preferential treatment. My advice is call you DMP provider ASAP and do not agree to anything without them being involved.

Good luck

HH x

Hopelessly_Hopeful

hopefully1983happy wrote: »

Hi all,

I am a newbie on here. I am trying to decide whether to take a DMP out or not, I would love the idea that all my debts are taken care off every month.

However... (dont laugh!) I am currently training to be an accountant (started 2005) with the association of chartered certified accountants (ACCA). I know that some accountancy bodies wont let you be an accountant if you have a DMP, however does anyone know if there are any restrictions with the ACCA? I have rung them but the assistant on the phone did not know the answer...

Any help would be appreciated! Thank you

Sorry I can't help. You would think the diversity and experience would be a bonus wouldn't you. Time they updated their regulations.

Good luck

HHx

Hopelessly_Hopeful

HC1971 wrote: »

Thanks Mikon that has helped.

You say i shouldnt sign anything. but HSBC wouldnt accept payplan involvement a couple of weeks ago saying the signature from payplan didnt match the one on the account and they insisted i had to go into the branch to do another and hand over my cards. Though why they couldnt find a match when ive banked with them for 13 years, and they must have had hundreds of specimens, is beyond me. I found it very embarrassing going into the branch especially as there was noone able to see me in private so it was all conducted at the counter, perhaps that is why they made me do it!

Anyway, should i not have done this, and if not what can happen?

They are devils. Don't do anymore in case you decide to go down UE route if the goodship DMP starts to sink!

HHx

ald65

All going ok with DMP, out of the 15 creditors Barclays are the only ones to restart interest,but from reading on this forum that seems to be the norm for them.

wish all the best to people starting out on their DMP journey:beer:

HELENC1984_2

HC1971 wrote: »

Thanks Mikon that has helped.

You say i shouldnt sign anything. but HSBC wouldnt accept payplan involvement a couple of weeks ago saying the signature from payplan didnt match the one on the account and they insisted i had to go into the branch to do another and hand over my cards. Though why they couldnt find a match when ive banked with them for 13 years, and they must have had hundreds of specimens, is beyond me. I found it very embarrassing going into the branch especially as there was noone able to see me in private so it was all conducted at the counter, perhaps that is why they made me do it!

Anyway, should i not have done this, and if not what can happen?

i have received a letter from HSBC saying the exact same thing!! i have sent the correspondence to my DMP but should i go back in and re-sign something as i personally dont see why they need my signature as it hasnt changed plus i have been a customer of theirs since i was 16 so i thought that wa a bit weird, shall i go in and sign something?

Thanks in advance

x

Raksha

HELENC1984 wrote: »

i have received a letter from HSBC saying the exact same thing!! i have sent the correspondence to my DMP but should i go back in and re-sign something as i personally dont see why they need my signature as it hasnt changed plus i have been a customer of theirs since i was 16 so i thought that wa a bit weird, shall i go in and sign something?

Thanks in advance

x

The same thing has happened to us, I suspect it's just HSBC being plain awkward. I've forwarded the details HSBC supplied on to PayPlan anyway.

HC1971

Thank you, ill do that. Im going to take Mikon's advice and write to them asking them not to phone and let Payplan deal with it all.