DMP Mutual Support Thread - Part 7

mikon

Postman delivered the following gift today:

Default Notice from Barclays. Then they rang me to inform me that my overdraft had been passed from collections to recovery and that they would contact me shortly. I asked if the CCCS monthly payment needed to be changed but they advised me to continue to make the payments and that the interest that had been added will be refunded when the recovery department take the debt over.

So I have updated CCCS and filed the default notice.

Guess I will just have to wait now.

Regards

Seaxwyn

Hello all, I'm considering going on a DMP.

I have approx £30k of debt to 8 creditors (1 loan, 4 credit cards, 3 overdrafts). None of them are late or default because I've been using the ODs to pay the loan and CCs.

I'm wondering if my creditors would agree to the DMP and to freeze interest as I have been a 'good' customer til now? Does it make it less likely they will accept my offer?

I would be very grateful to hear anyone's experiences.

mikon

Seaxwyn wrote: »

Hello all, I'm considering going on a DMP.

I have approx £30k of debt to 8 creditors (1 loan, 4 credit cards, 3 overdrafts). None of them are late or default because I've been using the ODs to pay the loan and CCs.

I'm wondering if my creditors would agree to the DMP and to freeze interest as I have been a 'good' customer til now? Does it make it less likely they will accept my offer?

I would be very grateful to hear anyone's experiences.

Seaxwyn

I embarked on a DMP and it is the best thing I have done. The thought of living within my means is a great feeling. As for creditors looking at your loyalty they will not give a stuff how long you have been with them. Creditors look at individual circumstances and what you offer them depends if they accept. 8 out of my 10 creditors accepted and Barclays who I have banked with for over 30yrs refused.

Each creditor applies there criteria and some will accept and freeze interest, some will accept and reduce interest others will not accept.

If they do not accept they normally pass it off to a debt collection agency either internally or externally when this happens the DCA freeze the interest.

Like I say the majority of my creditors accepted and froze interest but other people with the same creditor have been refused. My advice is to proceed with the DMP with a non fee Debt Management Company such as CCCS, Payplan or Citizens Advice Bureau.

Good Luck

Regards

smcshane

mikon wrote: »

Postman delivered the following gift today:

Default Notice from Barclays. Then they rang me to inform me that my overdraft had been passed from collections to recovery and that they would contact me shortly. I asked if the CCCS monthly payment needed to be changed but they advised me to continue to make the payments and that the interest that had been added will be refunded when the recovery department take the debt over.

So I have updated CCCS and filed the default notice.

Guess I will just have to wait now.

Regards

Filing sounds like a reasonable think to do:) I had 3 defaults from Barclays, one o/d and 2 loans which I also filed. I too phoned them and was told a similar thing. I then got another default for each account 6 months later. Again phoned but they just said it was a letter advising me of the current arrears and was automated so the actual default date on my credit file was the one 6 months earlier. Important so it drops of a bit earlier:D I have to say my accounts did stay with collections for 1 year with interest being added as per the info in the default notice but they have now refunded this on the loans but I have had no further correspondance.

Sx

mikon

smcshane wrote: »

Filing sounds like a reasonable think to do:) I had 3 defaults from Barclays, one o/d and 2 loans which I also filed. I too phoned them and was told a similar thing. I then got another default for each account 6 months later. Again phoned but they just said it was a letter advising me of the current arrears and was automated so the actual default date on my credit file was the one 6 months earlier. Important so it drops of a bit earlier:D I have to say my accounts did stay with collections for 1 year with interest being added as per the info in the default notice but they have now refunded this on the loans but I have had no further correspondance.

Sx

Hi smcshane

I have a 1 loan and an Overdraft. My worry is that the debt gets passed to Mercers who seem to hassle and hound you by phone. Strangely Barclaycard accepted my offer.

I guess I will just keep paying the monthly amount via CCCS and see what happens.

Thanks for your response.

Regards

mikon

Hi everyone

Came across this snippet of information on this site. Very interesting apparently the FSA are clamping down on the banks to stop them raiding accounts to pay of debts. New guidelines are being drawn up. http://www.moneysavingexpert.com/new...m_campaign=box

Well Done FSA.

Hopelessly_Hopeful

mikon wrote: »

Hi everyone

Came across this snippet of information on this site. Very interesting apparently the FSA are clamping down on the banks to stop them raiding accounts to pay of debts. New guidelines are being drawn up. http://www.moneysavingexpert.com/new...m_campaign=box

Well Done FSA.

Very useful Mikon thanks

HH x

Triggles

I have approx £30k of debt to 8 creditors (1 loan, 4 credit cards, 3 overdrafts). None of them are late or default because I've been using the ODs to pay the loan and CCs.

I'm wondering if my creditors would agree to the DMP and to freeze interest as I have been a 'good' customer til now? Does it make it less likely they will accept my offer?

Unfortunately, just because you have been a "good" customer up until now, they still immediately seem to shift their view to "bad" customer the minute you start paying them less for the DMP. We had never ever missed a payment to any of our creditors, and we started getting phone calls and nasty letters almost immediately. And this was after we'd sent letters right away letting them know the situation and such. This is something DH found hard to get his head around, to be honest. He felt that since we had always made our payments on time every month, they should at least be nice about it and try to work with us. Not so. There is no guarantee that they will cooperate or cut interest and such. Many of ours haven't, and oddly enough some on here have stated that the same company will cut interest for one of their accounts but not for another. There just seems to be no "normal" route. We all just do the best we can, and that's all we can do, I think. Best of luck!

cloudy-day

Duplicate post removed

cloudy-day

Morning All, well DMP chugging along nicely, pretty tough to live on but that’s cos I like the ‘treats’ in life too much - how I got here in the first place unfortunately!

Anyhow, Fixed Rate Mortgage is about to end. Had a standard letter from the Bank (Santander) asking if we fancy another deal. Will they Credit Check if we do? Will the DMP stop us from being offered the good stuff?

TBH not overly worried at the mo, as the variable rate is exactly the same as our fixed rate, but predictions are that rates are gonna go up, and I prefer the stability of a fixed rate.

Has anyone else done this whilst on a DMP?
Thoughts please?

x