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Update on my self-administered DMP
robthesnapper
Posts: 104 Forumite
Now we're getting some results, I thought it might be useful for others to post our progress.
£55k debt on lots of credit cards.
The results so far:
MBNA - no response yet (haven't long sent the letter though)
Halifax - accepted reduced payment, reduced interest to 6.1%
Capital One - responded asking to see statements and proof of income but seem willing to accept.
Mint - accepted, 0% interest
Opus - accepted, 0% interest
Natwest - no response yet (letter only went off last week)
Tesco - accepted, 0% interest
Barclaycard - generally messing about and being useless
Paypal - run by Santander, lots of phone calls and asked to see statements and proof of income - which I've sent a couple of days ago.
M&S - accepted, 0% interest
Debenhams - run by Santander, same as the Paypal card
What has staggered me is how quickly so many of them have agreed and how they've put up no resistance. The ONLY phone calls we've had have been from Halifax (just for a few days), Barclaycard and Santander. NOBODY ELSE.
Although they're not all playing ball yet, it has been incredibly un-stressful to get this far. We don't answer the phone to banks though. ha!
£55k debt on lots of credit cards.
The results so far:
MBNA - no response yet (haven't long sent the letter though)
Halifax - accepted reduced payment, reduced interest to 6.1%
Capital One - responded asking to see statements and proof of income but seem willing to accept.
Mint - accepted, 0% interest
Opus - accepted, 0% interest
Natwest - no response yet (letter only went off last week)
Tesco - accepted, 0% interest
Barclaycard - generally messing about and being useless
Paypal - run by Santander, lots of phone calls and asked to see statements and proof of income - which I've sent a couple of days ago.
M&S - accepted, 0% interest
Debenhams - run by Santander, same as the Paypal card
What has staggered me is how quickly so many of them have agreed and how they've put up no resistance. The ONLY phone calls we've had have been from Halifax (just for a few days), Barclaycard and Santander. NOBODY ELSE.
Although they're not all playing ball yet, it has been incredibly un-stressful to get this far. We don't answer the phone to banks though. ha!
0
Comments
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Well done
Stick with it
Its hard to say who will and who wont play ball0 -
my first post on this site, good luck hope everything goes well for you.0
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Apologies for digging up an old thread.
Can you advise how you got opus to accept 0% interest? I've been making the minimum payment each month but struggle to do so and its only taking £20 or something off the balance and the rest is going on interest.
This would really help me out.0 -
I would be interested to hear this to. I just posted a thread about freezing interest but realised this might be a better place to ask. How long have they agreed to freeze it for?
Thanks0 -
Can you help with what letter you sent them? Been looking as i do need to ask for this also but really stuck with letter content.. other than obviously breaking down income and showing outgoings..0
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