which companies are difficult to deal with whilst on DMP

scottygees

I have just taken first steps regarding getting a DMP. Owe £25000. My query is which companies are less sympathetic than others and would like to know of other peoples experiences with the following:

Tesco
MBNA
Capital One
Santander
Vanquis
Yorkshire Bank

It appears that some firms make nuisance telephone calls etc

Any help would be appreciated

DGJsaver

all of them

davidjwest

MBNA have been pretty much OK with me, accepting the proposal to freeze interest and accept a reduced payment - they did increase the payment a few months ago in writing but I can afford it so no problem. Been using this new arrangement for about 16 months now, they might become more difficult at any time I suppose!

Never had any nuisance calls from any of my 5 creditors.

katu

davidjwest wrote: »

MBNA have been pretty much OK with me, accepting the proposal to freeze interest and accept a reduced payment - they did increase the payment a few months ago in writing but I can afford it so no problem. Been using this new arrangement for about 16 months now, they might become more difficult at any time I suppose!

Never had any nuisance calls from any of my 5 creditors.

Did you contact them directly to arrange reduced payments? I have heard they do their own form of IVA (not sure if that's correct) I've not found them much help

winner12

Hi there
MBNA were ok eventually freezing interest and charges but they were the first to default and sold onto DCA Lloyds no problems but coming out of their 9 month plan in November so will have to wait and see with that one Capital One a real pain still not got an agreement from them but the best thing to remember is they cant have what you cant give so once you have worked out a SOA and pro rata offers stick to it they will send a mountain of letters and call you 20 times a day but write and ask them to contact you in writing only and dont be bullied
Hope this helps

Teddyedwards

Hi

I'm on a DMP, although I can't comment about the companies you mentioned, I have experienced nuisance calls and letters. On each occasion I reported the calls/letter to the company dealing with it and they dealt with it, but the Nationwide refused to take any notice until I made a formal complaint to the Office of Fair Trading, then they wrote to me and apologised for the the "misunderstanding". Don't take the hassle from them, you've done the best thing to help yourself so don't let them bully you

saltnvinegar

Its a tricky one this as you will find that some peoples experiences differ greatly to others. E.g. MBNA have been fine to the above posters but do a search on the forum and you will see they have been complete %$%^&^ to others!

I think the best you can do is approach things in a reasonable manner then if they don't respond in the same way then they have a lot less leverage in (they very unlikely) event they take things to court.

All the advice given to you already is good, communication in writing only (anything you send ensure its via recorded delivery), and don't let them bully you into paying more than you can afford, and treat all your creditors fairly.

You will have some ups anb downs (is inevitable when starting a DMP) but keep positive as you're taking the right steps towards being debt free.

Good luck

SnV

davidjwest

katu wrote: »

Did you contact them directly to arrange reduced payments? I have heard they do their own form of IVA (not sure if that's correct) I've not found them much help

Initially I went onto a DMP and the DMP company arranged everything - MBNA did argue a little over the amount of repayment and I agreed to pay £103 a month instead of £99 the DMP company had suggested. So, not a big deal really.

Since then I have come off the DMP and initially MBNA asked for only £55 a month (which was about half what I had been paying) and now it's back up to £110 which is still fine as I can afford it.

Been on this arrangement for almost 18 months now, they just send me my statement every month as usual, with the correct minimum repayment amount on it and no interest.

I doubt this will continue forever but hopefully for a good few more months yet.

I've been lucky I suppose with all my creditors, Mint and Thomas Cook have both been the same, but I did contact them all before I had any missed payments etc, maybe that helps.

Loubylou2

We have a large Tesco Loan. Of our three creditors they are the only ones so far to accept the DMP BUT ( and its a big but) they have lumped all the interest on to the amount we owe so they end up with nearly the same amount each month anyway!!

Apparently this does happen and there's not a lot we can do about it. It may be a bargaining tool later down the line (I hope)