New DFW - Learn from my pain!

saltnvinegar

Consumerist wrote: »

Hi SNV,

Wondered, though, if I could clarify a point regarding the DMP.

It was my understanding that a DMP was a legally binding commitment on all parties and creditors were required to stop adding interest and charges from the date of the DMP. Since your arrangements are informal, wouldn't they be better described as IVAs ?

Hi Consumerist

Thanks for your message and support. You're right on the CCJ front I'm really not bothered about my credit score, I have no intention of getting further credit even for a mortgage.

Re: DMP's as far as I am aware they are not legally binding commitments and creditors are neither obliged to accept them or freeze interest or charges. Happy to be corrected however!

However, if creditors do choose to refuse your DMP and then take you to court this is something that you would invariably use in your defense, and your creditors are likely to be looked on unfavourably as a result and the award will only make you pay what you offered in the first place.

Again only based on my own experience!

SNV

SNV

Consumerist

saltnvinegar wrote: »

Re: DMP's as far as I am aware they are not legally binding commitments and creditors are neither obliged to accept them or freeze interest or charges. Happy to be corrected however!

Hi again SNV,

In fact it's I who got it wrong, not you. Many appologies. I've been online to check and it's IVAs that are legally binding not DMPs. At least I now know what's what on that score. Should have checked first, really.

I don't have any problem debts so I'm new to the DFW forum and a bit out of touch with the experience I gained as a CAB advisor. But I have to say what a remarkable experience the DFW forum is. It is truly an inspiration to read the stories from a world many of us ignore and, in fact, don't really appreciate.

Right behind you, needless to say. Keep us posted. :beer:

Consumerist

saltnvinegar wrote: »

Well unfortunately I am going to default as there will be no money in the account they will try so we shall see what happens.

Watch out for an unexpected overdraft if the bank decides to pay.

From the Wonga website :-

They will do their best to come to an arrangement with you and help you resolve things, which is always our goal. Wonga doesn't believe in hitting you with ongoing and multiple charges, like most traditional lenders will, but interest will continue to accrue on your balance for up to 60 days if we can't reach a fair agreement in the meantime. . .

Try quoting that right back at them.

bottleofred

Saltnvinegar,

What an excellent, informative and inspiring post for new and old DFW members alike. Good luck on your DMP journey and if you ever get days of doubt, read your own post, as it should regalvanise you to carry on the DMP journey.

Regards,

Red

saltnvinegar

Hi All

Quick update on Wonga. They have rejected by DMP and offer.

:wall:

So have emailed them back explaining my offer is the most I can afford etc.

Wasn't expecting them to roll over the day after I default so no doubt they will ramp up the interest. Still I can only pay what I can afford so lets see where this goes!

SnV

Consumerist

Hi SnV,

Just so that you know what to expect from Wonga, I've quoted a couple of paragraphs from their website.

Failure to stick to your side of the deal

The only way costs will mount beyond our initial calculation is if you don’t keep your promise. In other words, if you ask us to change your repayment date, or don’t ensure sufficient funds are available for the automated collection. If we can’t collect payment from your debit card first thing on the day you selected, you will incur a missed payment fee of £7.50. If we still can't collect payment at the end of the due date (5pm), you will incur a further fee of £17.50 towards the cost of a failed collection. Your account will then be handled by our professional collections team.

They will do their best to come to an arrangement with you and help you resolve things, which is always our goal. Wonga doesn't believe in hitting you with ongoing and multiple charges, like most traditional lenders will, but interest will continue to accrue on your balance for up to 60 days if we can't reach a fair agreement in the meantime. If you don't work with us and we can't recover the money over a reasonable period, your account may be passed to an external collections partner.

Nothing you didn't expect, I suspect but just keep on with your offers to show willing. Don't let the b**ds get you down.

Smilingnow

Hi, I am fairly new to this forum but i just wanted to share my experience with WONGA and QuickQuid. Unfortunately I was unable to pay back the payday loans on the due dates. I immeadiately took out a DMPto which 6 out of the 7 creditors accepted. However within 8 months I started receiving correspondence from Mackenzie Hall requesting the full amount for the Quick Quid loan and they would not accept the monthly arrangement already in place. I managed to pay this in full the following month, leaving me slightly short for the month but I managed, just! However, WONGA instructed a debt collection agency to deal with my loan, then after about 4 months they instructed a different collection agency to collect payments. After numerous telephone battles I was finally told who should be dealing with this (I only contacted the collection agencies, not WONGA). Then about a week later I started receiving emails from WONGA pursuing the debt again but with a lower amount than the collection agency quoted. After another telephone battle and a few emails the collections agency agreed the final settlement of £55.10 on 18/8/10. However I am still receiving daily emails from WONGA pursuing the debt which has now changed to £56.37. I forwarded the email from the collection agents to confirm closure but they have still not responded. I rang WONGA to confirm they have received the email but they didn't even ask my details to look into this they just told me to ignore the emails. I received the latest email today quoting that this was the final warning! I am concerned that they will try to send someone round to the house now to collect this amount and want to know where I stand legally. Can this be considered as harrassment?

saltnvinegar

Hi Smiling Now

I'd recommend starting a new thread as you'll get more answers from the forum members

From my knowledge and experience to answer your post though:

Muck Hall - water under the bridge now as its paid but you should have stuck to your guns and not backed down from your payment plan

Wonga - several breaches of OFT guidelines on debt collection of which you can read here but specifically:

"using more than one debt collection business at the same time

resulting in repetitive and/or frequent contact by different parties"

If they send a 'doorstep collector' round to your house (very unlikely however much they threaten) tell them to sling their hook as they have no rights whatsoever.

I would consider a complaint to the OFT though on the breach of their guidelines.

Keep paying your payment plan to Wonga though, as theres a good change you will get a F&F settlement offer from them after a period of time.

SnV

saltnvinegar

No response from Wonga today other than the automated early morning 'threatogram'.

:rotfl:

Consumerist

saltnvinegar wrote: »

No response from Wonga today other than the automated early morning 'threatogram'.

It seems to me that you could play them at their own game.

Thank them for their email, keeping it polite and busioness-like, and then repeat your offer to them telling them that you look forward to their response.

Every time you receive one of their 'threatograms' just continue to repeat your offer in this way. After a week or two of this nonsense, reduce your offer and repeat again.

I really can't wait to hear what happens. Please, please, keep us posted.

All the best.