DMP Mutual Support Thread - Part 7

Jaystag

Just started my DMP with the CCCS. First payments have gone out. Wonga, Quick Quid, Capital 1, Vanquis, Aqua all accepted and (I think) frozen charges and interest. HSBC stalling with the standard excuse of "signature mismatch". Everyday Loans have accepted I think but they are a bit slippery so I think there's a spanner in the works on the way from them. Argos store card seem to have disappeared off the planet so I presume they have accepted it. Santander however...........I have a £500 overdraft with them which is on the DMP. They have withdrew the overdraft, added charges already totalling £53 and have informed me via internet banking that I'll be charged a further £100 in November. Is this them preparing to forward to a DCA?

It's all been relatively easy so far, if a little confusing at times, onwards and upwards.

bluemaiden123

Twit_Head wrote: »

Hi
Don't want to say too much because I'm involved in delicate stages of offering/rejecting on F + F's (this is to ALL my creditors) and it's been a long, drawn out process.
What is acceptable is a huge grey area!!! Some on other sites will go lower but are prepared for huge amounts of legal stuff.
I will post fully when my affairs are settled but for now, will only say we're higher than 30%.......
HTH

'Twitty'

Thanks Twiity, well good luck, hope you get everything sorted soon.

freedomfromdebt_2

BevieB wrote: »

I am feeling very fustrated today. Our DMP is going well all have frozen interest or reduced to 3% except the Hellifax. They have increased my rate from approx 7% as on special deal to their standard rate and are also charging me £12x2 for late payment/over credit limit. Both myself and husband have CC with them and owe between us £25K!!
I have written today and asked the to stop interest etc and advised them that I will pass case to the Financial Ombudsman as they have made our situation much worse and feels like they are punishing us for facing up to our debts (Rate etc increased due to late payments as CCCS pay after pay date!!)
I know they most prob will play ball eventually but this is causing me to become depressed.
Sorry to rant on about the Hellifax but it helps to share my misery!!

Hi,
Just to let you know I had same problems with Halifax. 2years into DMP and they have continually refused to freeze interest and then in August hiked interest back to 23% so that we were hardly paying off any debt each month and would have taken forever to pay off. I had tried ringing Halifax but they wouldn't budge on 23% so after advice on here I wrote a letter of complaint quoting the Lending Code sections 224 and 225. I had a swift response, They rang me and agreed to freeze all interest and charges for 12mths. When I said I still wasn't happy - they agreed to refund almost 3k of interest charged todate. Result. So definitately worth complaining in writing and then haggle with them - don't just accept their first offer!! Good Luck and hang in there

DevonGirl

powerchimp wrote: »

I do have one question; does anyone know how CCCS go about calculating how much each creditor gets from our payment to them?

PC

Hi PC
I think that CCCS work out via contractual payments. So the equation is:
surplus income x contractual monthly payment / total combined monthly payments.

So for example if your contractual payments are £500, and you pay Creditor A £50 per month, then that's 10%. So if your DMP payment is £100, you will pay Creditor A £10 a month.

Hope that makes sense!
DG
p.s. if my maths is wrong hopefully someone will correct it!

Tigger1980

Hello all,

I'm new to this forum and have just sent off my pack and direct debit instructions to CCCS. I guess I'm on here for a bit of moral support. Really I have got it into my head that nobody is going to accept the offer and bailiffs will turn up at my parents house (I have not told them about my situation as I know they would be a) disappointed in me, and b) mug themselves to pay off the debt I ran up).

Anyways, I am going through CCCS and have 9 creditors. Three of which are payday loans, the ones which really pushed me over the edge with monthly payments. In a nutshell I have 43000 of debt and CCCS are going to be taking £519. This is basically going to offer the creditors about 65% of what I would have normally paid them. I guess I would like my mind to be put at ease with regards to them accepting the offer, and whether as I have already called to advise I am going with DMP they may hold off a little on phone calls if I pre-empt and make token payments until accepted........does this sentence even make sense? lol

Thanks in advance

H

DevonGirl

Hello Tigger

You seem to be going through the same emotions that all DMPers experience in the initial setting up phase, so rest assured your feelings are entirely normal.
To be honest 65% of the agreed payment actually sounds quite generous compared to some pickles people find themselves in. Some people end up on a low start DMP and offer creditors about £5 each per month. The bottom line, and this is where you need to change your way of thinking, is that CCCS will have worked out a budget to include reasonable living costs, and have worked out your monthly payments according to agreed financial guidelines. This is opposed to before when you were paying your creditors, i.e. minimum payments etc, and you ended up living on the crumbs that were left behind.

As to whether they will accept straight away, and whether you will receive lots of phone calls, it's anyone's guess really. Perhaps take a read of the posts in the last 20 pages of this thread and you'll see creditors acting in different ways, obviously depending on people's individual circumstances, but also sometimes I think it just depends on how they happen to be feeling on the day and time they deal with your case! There is a mine of information on this site, so also look at the 'stickys' and seek further advice re Pay Days Loans, and the rights creditors have.

With regards to bailiffs, someone more experienced can maybe advise but I think that's one of the last options in a long list that creditors use. Some people choose to tell their families, others don't - it's obviously up to you, but creditors shouldn't be discussing your financial affairs with anyone else. To make sure they don't handle any phone calls, just go online to your accounts and change your contact number to your mobile perhaps? Other than that, it should be letters only.
Keep smiling
DG

Tigger1980

Thanks DG,

I guess a lot of you are old hats at this now judging by some of the posts . I guess it's just nice to talk to people who understand and won't judge me for the financial mess I have created for myself.
Just got to await response from cccs and as soon as payday comes in make those token payments to creditors

BevieB

freedomfromdebt wrote: »

Hi,
Just to let you know I had same problems with Halifax. 2years into DMP and they have continually refused to freeze interest and then in August hiked interest back to 23% so that we were hardly paying off any debt each month and would have taken forever to pay off. I had tried ringing Halifax but they wouldn't budge on 23% so after advice on here I wrote a letter of complaint quoting the Lending Code sections 224 and 225. I had a swift response, They rang me and agreed to freeze all interest and charges for 12mths. When I said I still wasn't happy - they agreed to refund almost 3k of interest charged todate. Result. So definitately worth complaining in writing and then haggle with them - don't just accept their first offer!! Good Luck and hang in there

Thanks for this. I have written and sent letter by recorded delivery today. After reading the Lending Code I feel that they should play ball. I have also stated that I will contact the FO if they do not respond within 14 days. I will keep you all informed of the outcome.

DevonGirl

Hello Tigger

Don't worry, no one will judge you on this thread - most of us have made mistakes with finances but the main thing is that we're now trying to solve them and get things straight. To be honest I have seen some pretty harsh comments on other areas of money savings expert, mainly when people rack up loads of debt and have no intention of paying it back and are looking for loopholes, but on the DMP thread we really are in similar boats and it's generally a very supportive environment. You'll soon get to know the experts, such as Tixy and RAS and Ianmak (apologies to anyone who I've forgotten, just 3 names that came to mind) who can give sound advice too.

Also, to those people mentioning Hellifax - I don't have any accounts or debts with them myself, but having read stories about their service on this site I always have a cynical chuckle when I see their new advert - the one where they're singing 'I'll be there for you" - what a joke!!

DG

PoshPants

freedomfromdebt wrote: »

Hi,
Just to let you know I had same problems with Halifax. 2years into DMP and they have continually refused to freeze interest and then in August hiked interest back to 23% so that we were hardly paying off any debt each month and would have taken forever to pay off. I had tried ringing Halifax but they wouldn't budge on 23% so after advice on here I wrote a letter of complaint quoting the Lending Code sections 224 and 225. I had a swift response, They rang me and agreed to freeze all interest and charges for 12mths. When I said I still wasn't happy - they agreed to refund almost 3k of interest charged todate. Result. So definitately worth complaining in writing and then haggle with them - don't just accept their first offer!! Good Luck and hang in there

Thanks for sharing this - All interesting stuff. Halifax have probably been the most difficult with me too and realised today that they have decided to add on late fees + interest although I've been on a DMP for the last 5 months.

Am writing to them today but will follow your steps if they don't play ball. Seeing that DFD extend rather than reduce is a bit disheartening though