DMP & Mutual Support Thread - Part 8

925pws

iwilldoitthistime wrote: »

I got six of those letters from MBNA and got another one on Monday, but they yesterday I got a letter saying they have frozen charges and agreed to 0% interest, so hopefully you will get the same in the next couple of days;)

Oh I hope so too thanks. That would make my day

Growurown

925pws wrote: »

Well received first letter from creditor No 1. MBNA. It just said they have reviewed my account and that no further transactions would be allowed so please cut up the card.

I'm assuming this is standard letter no.1? Do they get in touch again once they receive the CCCS offer? When do they let you know about interest?

Thanks again everyone for the support.

MBNA stopped interest for us pretty much straight away. They didn't tell us - we just found out when our next statement arrived.

The only creditor who hasn't stopped interest in our case is the Halifax. My CC has been passed onto BOS but OH's hasn't and is still being charged at 30% interest. We have two bank accounts with them too and we are being charged £1 per day overdraft fee on both of them. I argued the point with them that this charge was punitive but they disagreed because they have stopped interest:eek:

However the lady was very helpful and said if we reduced our payment from £54 per month to £40 per month :huh: they would stop charging the overdraft fee too. Not quite sure how that works but I am going to call CCCS tomorrow (day off work:j) and see what they say because it means the way our monthly payment is divided between our creditors would have to change. However in a couple of months time we will have finished paying off the HP on the car so more cash to go towards payments so I can't see how we can realistically carry on paying £40 a month then.

Hang in there newbies - all will be well:)

925pws

Growurown wrote: »

MBNA stopped interest for us pretty much straight away. They didn't tell us - we just found out when our next statement arrived.

The only creditor who hasn't stopped interest in our case is the Halifax. My CC has been passed onto BOS but OH's hasn't and is still being charged at 30% interest. We have two bank accounts with them too and we are being charged £1 per day overdraft fee on both of them. I argued the point with them that this charge was punitive but they disagreed because they have stopped interest:eek:

However the lady was very helpful and said if we reduced our payment from £54 per month to £40 per month :huh: they would stop charging the overdraft fee too. Not quite sure how that works but I am going to call CCCS tomorrow (day off work:j) and see what they say because it means the way our monthly payment is divided between our creditors would have to change. However in a couple of months time we will have finished paying off the HP on the car so more cash to go towards payments so I can't see how we can realistically carry on paying £40 a month then.

Hang in there newbies - all will be well:)

That's potentially good news about MBNA then. But not so great about Halifax as I've one massive CC and a loan with them :eek:

Ah well, since recovering from my wobbly the other day I have now come to the conclusion that I will fight tooth and nail to get the charges stopped. At the end of the day they can't have what I don't have. I have admitted my debt problem, I have showed my commitment by signing up to a DMP, and I have done my damned hardest to reduce my outgoings. In fact, just managed to get another fiver shaved off my monthly outgoings :cool:

So there you have it, together we will get through this DMPers, we will support each other, offer a shoulder to cry on, if you want to rant, go ahead or if you need a kick up the a** we're here for you

I've a feeling in my bones things are going to work out great for us all - that or I'm getting arthritis :rotfl::rotfl::rotfl:

Growurown

925pws wrote: »

That's potentially good news about MBNA then. But not so great about Halifax as I've one massive CC and a loan with them :eek:

I've a feeling in my bones things are going to work out great for us all - that or I'm getting arthritis :rotfl::rotfl::rotfl:

My Halifax CC had about £600 but OH's was about 4K so I am guessing that's why mine was passed onto BOS and his hasn't. We had a loan with intelligent finance which is Halifax too but they passed that over to BOS pretty quickly as well.

Hope the arthritis doesn't get too bad:rotfl::rotfl::rotfl:

925pws

Growurown wrote: »

My Halifax CC had about £600 but OH's was about 4K so I am guessing that's why mine was passed onto BOS and his hasn't. We had a loan with intelligent finance which is Halifax too but they passed that over to BOS pretty quickly as well.

Hope the arthritis doesn't get too bad:rotfl::rotfl::rotfl:

So you don't reckon the feeling I have is a good one then?:rotfl::rotfl::rotfl:

Seriously, thanks for the info. Both the loan and cc is higher than your OH's so I'm assuming they may well keep hold of it but since I'm being made redundant it could be they get rid of it quickly. I mean who knows how their brains work - I certainly don't and from all the stories on here they seem to have a range of ways of dealing with it.

It would be so much easier if the banks were forced to deal with those in financial difficulties in the same way. At least we would know where we stand.

To be honest I have gone past the point of caring at the moment, like I said I can't pay any more than what CCCS are taking and even that will probably reduce once redundancy hits or even if I get another job it will not be on the same salary. At the end of the day my health and my family have to come first. Please don't think I'm being flippant - I'm not, I will pay back everything I have borrowed, it will just take me a bit longer and at a reduced rate. Although with the number of months that CCCS quoted me I'll be a pensioner :rotfl::rotfl::rotfl:

the_tooth_fairy

2spicy wrote: »

To be honest, were pleased. Although we dont yet have the money, its nice to know there is "room to negotiate". Our Current oustanding creditors & rounded down debts are ...

• Apex - Was Egg Loan
• £6,000

• Barclays Bank - Credit Card
• £1,800

• Barclays Bank - Loan
• £3,400

• Cabot - Was Egg - Credit card
• £5,400

• MBNA - Credit Card
• £5,400

• MBNA - (Virgin)Credit Card
• £2,900

• Natwest/RBS - Credit Card
• £3,800

• Paragon Personal Finance Ltd - Loan
• £7,200

** The ones making the offers seem to be the sold Egg debt & Barclays CC

Funny enough thoughm the Virgin CC was on a 0% balance TX when we went onto the DMP. The repayments to that are actually more than the minimum repayment when we started the DMP anyway:D

Many thanks for that, 2Spicy. We don't have any business with Egg or Barclays but OH has c/c and small loan debt with Virgin and MBNA. We have four of our debts bought over now, both our BOS c/c's the virgin c/c and MBNA loan. About time too really, in nearly three years of paying £54 per month, my Sainsburys Visa only came down £700, so hopefully can make some progress with it now! Good luck and thanks again,

ttf

the_tooth_fairy

Time_to_face_the_music wrote: »

Great news about paying off the OD - well done :T

We are counting the months until we can pay off the first of our ODs, the dreaded NatWest one, then start hitting the Lloyds TSB one. NatWest have currently refunded/stopped interest for 3 months but have told us they are starting it again at end of June so we are desperate to make as much of an impact as we can before then.

Greek DMP? Haha that one really made me laugh! Have got some old drachmas somewhere, think they will be valuable again soon? :rotfl:

Ha ha ha!!! That made me laugh, are the drachmas in 'the man drawer' with that old nokia handset?:rotfl:
See you in the Taverna the drinks are on you!:beer:

ttfx

the_tooth_fairy

Time_to_face_the_music wrote: »

Thanks very much for the support, it's greatly appreciated.

Thank you too to 2spicy who has been extremely helpful.

You are all wonderful :T

We won't know until the weekend what is wrong and how much it will cost, we'll deal with it then but fingers crossed that it doesn't mean missing a CCCS payment

Hi, please keep the bill for any repairs. We had a car crisis last May, and had to reduce our DMP payment by £700. When I spoke to Payplan they asked me to scan the bill and email it over. All the creditors were ok, just one nasty letter which was solved with a phone call. Try not to worry, these things happen, and remember you are honestly trying to pay back what you owe. I think sometimes the trouble with creditors is that they treat everyone who owes them money like criminals who are going to skip the country!!

ttf

sickasachip13

Hey up,

On who will drop % etc, there's little rhyme or reason (go figure!).

I know others have had a hell of a time with Halifax but, over 18 months in, they really couldn't have been better with us. % dropped straight away, they returned to us some benefit payment that went into the closed account, we continue on 0% and no-one has every queried it.

MBNA were odd. They sent us a letter immediately when we sent of the token payment prior to the DMP, on both accounts they said they would not accept any reduced payments, would not stop % and would basically see us in court. We got another two like that in quick succession but then, on our following statements, it was clear they had stopped the %. To this day they've never actually written down that they have accepted the dmp.

We had 19 creditors. 17 stopped all %, Barclaycard (on one of our four debts with them) told us that they never completely stop % and so charge us about 2%. Argos card also reduced % to a nominal level. We've now 17 creditors and the situation remains the same.

SAAC

murphs2

925pws wrote: »

Well the DMP will start in June. I am not jumping for joy to be honest. CCCS just told me how long it will take and to be honest I just can't repeat the number of months

They had initially suggested an IVA but I really don't want to go down that route at all. I want to pay back everything.

The best I can do is continuing to try and make a payment a day and look for additional work or sell stuff to bring in extra money to pay this off.

I just want the ground to open up and swallow me whole

Hi 925,
I just wanted to wish you luck on your debt free journey. Accepting your situation and deciding to face it, is an amazing achievement and shows real strength of character.
I also wanted to assure you that your debt free date WILL change. Initially, I was going to be paying £24,000 off over 60 months (5years) but once I got into it I managed to up my payments a few times and became debt free in November 2011, after 3 and a half years. It was hard but like you, I wanted to pay it back, I had spent it after all.
Use the boards and your family and friends for support, you will get there.