DMP in place, am I paying interest? - Lloyds

spiderhoof_2

Hi all, I've had a dmp in place for a short while and when I look on the cccs statements my estimated debt is falling nicely. I moved my bank but I can still log back into Lloyds and see my massive credit card and personal loan debts. But that total is not falling because interest is still being applied there. I spoke to Lloyds recently and they told me that interest is frozen. I've got nothing on paper confirming this. Is this normal? Am I actually paying off the debt, or just standing still?

Cheers - Rich

mummum2

:mad:I have Lloyds, loan, card and overdraft (was main bank for over 20 years). Since being on DMP, 2007, Lloyds have been the worst of my creditors, all others have stopped interest, DMP payments going nicely. Lloyds say they stop interest, but just keep adding it on....go figure DMP into 4th year and still getting calls, letters etc, no matter what you do these people just don't care!

Good luck and hopefully someone else can have maybe a better word to say about Lloyds, but for me can't wait till I get rid of them once and for all....lol: but the way it's going with them, looks like long after paying off all other creditors will be paying Lloyds for at least a year if not more after, all because of the interest added :mad:

MM2

angeldiva

Lloyds were the only one of my creditors that did not freeze the interest and charges. They have been a nightmare but I am finally seeing light at the end of my debt tunnel so I dont care about them anymore.

BigCraigJohn

I think the only way you'll get them to freeze it is to completely ignore them for a while and wait until it goes to a DCA. They'll probably default you eventually if they havn't already so sooner rather than later imo.
In my experience it took 6 months for them to close the account and forward to a DCA at which point the balance was frozen.

boo80

Yup, they're a nightmare! My loan got forwarded to recoveries after about a year, then the interest stopped, my OD (2 yrs in) is apparently going that way but I'm still waiting for it to actually happen, and don't know what's going on with my CC.

I'd say, if it looks like interest is being added, it probably is. How long have you been on your DMP? Lloyds normally reduce the interest for 6 months, then hoik it back up again and say your agreement has ended. Good luck! x x

dancingfairy

can write a letter of complaint to them and then complain to ombudsman if still not happy citing 'unfair relationship' not in customers interests, you are doing the decent thing in admitting the problem yet despire repeated letters they will not freeze interest like all the others etc. ombudsman might rule in your favour or threat might be enough to convince them. look on their website for any bits where they sayu they are sympathetic to peoplke in hardship,or they put their customers first or something like thst to put in yoiur letter.
df

bluemonday3

Lloyds are might nightmare too and have recently complained to ombudsman. I have been in DMP with CCCS since Sept 2009 and they have never acknowledged this at all. I have a credit card and overdraft on a current account.
I complained as they were taking funds from the overdraft to pay the credit card(which I know they can do) I asked them to downgrade the account so the monthly fee ceased also. They upheld some of the complaint by refunding the overdraft account with the account fees and credit card payments, howevr they forgot to downgrade the account so charges applied again.
I complained further and was advised by them to cancel the overdraft so the account passes to debt management to freeze interest.
I have requested this several times to no avail, so I have complained that they advised me to do this and they have not acknowledged.
I have sent letters by recorded delivery yet they still claim they don't have them.
I have complained to ombudsman, as they are not doing what they advised me to do. They also recommended talking to CCCS but don't acknowledge them either.
Sorry for the long winded response but they are a real headache.
they did stop the credit card interest for a few months but have noticed on this months statement they have applied again.
It's exhausting keeping up this constant battle.
Good luck

thechippy

I don't know how this stance would work with cccs etc, but I would not pay them one blasted pence until they agree to freeze interest.

I see no point in making ANY monthly payment for the debt to just increase - a pointless excercise imo.

Sometimes I think it may be better to have a self managed dmp, as you have more control.

Anyway, I'm ranting 'cos I'm hungry - going to get some dinner...:D;)

spiderhoof_2

Thank you everybody for all your replies!! It really is much appreciated! Cheers - Rich