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DMP & Mutual Support Thread - Part 8
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Just had a statement through from HALIFAX BANK and they have hiked up the apr from 6.9 to 11.9APR. I owe around £8400 so out of the £110 I pay them each month £74 is going on the interest. I'm currently on a DMP with the CCCS(have been since January). I'm thinking whatsw the point of paying this off when nearly all of it is going on interest - I'm very angry.
All in all I have around 38K worth of debt (nearly all of the debt was built up from my wife who is currently suffering from depression), I think that maybe the best option for me is to go on a IVA? What does anyone else think? Right now because of interest its going to take me a lot longer to pay the whole debt off. I'd just like to say the Bank of Scotland and Halifax banks have been no help whatsoever and have not at all been sympahtic to my struggle, right now I'm livid with them, seeing as I didn't acutally borrow a single penny from them in the first place, as mentioned my wife got the credit in my name without my consent and now I'm paying the price!! I go to work every day to keep these B$%stads in the banks in work!!! I hate them. I'm just another number to them and thats what really hurts. They don't think about the human side of things!!
Hi Raven
I'm really sorry you are going through this. I too have several debts with Halifax and just started on the DMP route. They sent me such a confusing letter, in the first line accepting my payment plan, in the second not! You are right we are only a number so try and treat them with the same distain as they treat us.
I can't advise on whether to go down the IVA route, maybe you could call CCCS to discuss it? At least it would be over and done with in 5 years for you, especially if you are having to deal with your wife having mental health problems.
Good luck my friend.0 -
Just had a statement through from HALIFAX BANK and they have hiked up the apr from 6.9 to 11.9APR. I owe around £8400 so out of the £110 I pay them each month £74 is going on the interest. I'm currently on a DMP with the CCCS(have been since January). I'm thinking whatsw the point of paying this off when nearly all of it is going on interest - I'm very angry.
All in all I have around 38K worth of debt (nearly all of the debt was built up from my wife who is currently suffering from depression), I think that maybe the best option for me is to go on a IVA? What does anyone else think? Right now because of interest its going to take me a lot longer to pay the whole debt off. I'd just like to say the Bank of Scotland and Halifax banks have been no help whatsoever and have not at all been sympahtic to my struggle, right now I'm livid with them, seeing as I didn't acutally borrow a single penny from them in the first place, as mentioned my wife got the credit in my name without my consent and now I'm paying the price!! I go to work every day to keep these B$%stads in the banks in work!!! I hate them. I'm just another number to them and thats what really hurts. They don't think about the human side of things!!
Hi ravens72 :wave:
Have you approached the FOS over the Halifax's actions? If not, it's definitely worth a go, they are extremely helpful, pleasant and efficient. We contacted them recently about Lloyds TSB interest charges and the charges were stopped within 9 days plus we received a refund of the last 2 months interest.
Please give it a go, it costs nothing and could make a massive amount of difference:
"FOS consumer helpline
Monday to Friday – 8am to 6pm
Saturday – 9am to 1pm- 0800 023 4567
free for people phoning from a "fixed line" (for example, a landline at home) - 0300 123 9 123
free for mobile-phone users who pay a monthly charge for calls to numbers starting 01 or 02
Please let us know how you get on. Good luckLBM 10/1/12 ~ DFW Start 6/2/12: £82,344 ~ Now Zero:staradmin:starmod::staradmin Debt free 17th April 2015 :staradmin:starmod::staradmin
Eternal thanks to the DMP & Mutual Support (no.439) and Payment a Day ThreadsMortgage free 3rd July 2014 - Grateful thanks to the 2013/14 MFW threads"Debt is normal. Be weird!" Dave RamseyProud to have dealt with our debt0 - 0800 023 4567
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Well just had a letter from Halifax. In the first line they say they agree to the payment plan, in the second line they say they can't agree to it as there was recent activity on the account. They don't state if it's the current account, cc or loan.
To hell with them, they are getting a pro rata payment from CCCS and they can either like it or lump it. The way us taxpayers have to lump the fact that our taxes went to bail the blooming banks out.
I'm not even going to worry myself replying to such a badly worded and confusing letter.
Today is my first no spend day of June so I'm over the moon and I'm about to transfer a few quid to my savings. :T I'm not going to overpay any of the creditors until they confirm acceptance and stop interest. This should be a very interesting wait :cool:
Hi 925pws
We are building up quite a collection of nonsensical letters like yours. Our current favourite is one from the NatWest which states they can't stop interest because we are not on a repayment plan, then goes on to thank us for the payments we have made on the arranged repayment plan. What a bunch of eejits :rotfl:
Well done on the no spend day, I think we are going to be having a lot of those in June. The car has been in the garage all day and the list of things wrong with it seems never ending. The garage can't get up prices until Wednesday but it looks like between £600 and £800. We are wondering if it's worth it and we should buy something else instead :think:LBM 10/1/12 ~ DFW Start 6/2/12: £82,344 ~ Now Zero:staradmin:starmod::staradmin Debt free 17th April 2015 :staradmin:starmod::staradmin
Eternal thanks to the DMP & Mutual Support (no.439) and Payment a Day ThreadsMortgage free 3rd July 2014 - Grateful thanks to the 2013/14 MFW threads"Debt is normal. Be weird!" Dave RamseyProud to have dealt with our debt0 -
Time_to_face_the_music wrote: »Hi 925pws
We are building up quite a collection of nonsensical letters like yours. Our current favourite is one from the NatWest which states they can't stop interest because we are not on a repayment plan, then goes on to thank us for the payments we have made on the arranged repayment plan. What a bunch of eejits :rotfl:
Well done on the no spend day, I think we are going to be having a lot of those in June. The car has been in the garage all day and the list of things wrong with it seems never ending. The garage can't get up prices until Wednesday but it looks like between £600 and £800. We are wondering if it's worth it and we should buy something else instead :think:
Hi TtFtM
Did you see the reply from Jinx on the other thread re: doing a self DMP? Seems straightforward - also if your debts were sold on there would be no more interest!0 -
Thanks hopelessy hopeful
Really dont know what to do! Just want to pay it back with the least hassle. CCCS say it will be better if fd pass the debt on as they have good relationships with all of their collectors and the interest will be stopped. Anyone else got any advice?0 -
Thanks hopelessy hopeful
Really dont know what to do! Just want to pay it back with the least hassle. CCCS say it will be better if fd pass the debt on as they have good relationships with all of their collectors and the interest will be stopped. Anyone else got any advice?
Hi Daisy
Unfortunately I don't have any experience of this as I've just started on the DMP journey but maybe it's best not to sign it especially if CCCS said not to. The thing is if you sign it and your circumstances change and you need to reduce the amount you're paying in to the DMP then you would be breaking the agreement.
Sorry I couldn't be of more help.0 -
Hi TtFtM
Did you see the reply from Jinx on the other thread re: doing a self DMP? Seems straightforward - also if your debts were sold on there would be no more interest!
Yes I did and am thinking very hard about it. Jinx seems to have done it right from the start and never used CCCS/Payplan etc, am beginning to wish we had done that. How easy do you think it would be to swap over from CCCS to self managed? I know where OH is coming from with not wanting to rock the boat and it already terrified me the first time around
We really don't care about the defaults as we are determined we will never have credit again but something inside me makes me want to keep on dealing with the original creditors instead of DCAs. I know that is silly but banks don't seem as frightening as debt collectors
I really don't know what to do :wall:LBM 10/1/12 ~ DFW Start 6/2/12: £82,344 ~ Now Zero:staradmin:starmod::staradmin Debt free 17th April 2015 :staradmin:starmod::staradmin
Eternal thanks to the DMP & Mutual Support (no.439) and Payment a Day ThreadsMortgage free 3rd July 2014 - Grateful thanks to the 2013/14 MFW threads"Debt is normal. Be weird!" Dave RamseyProud to have dealt with our debt0 -
Thanks hopelessy hopeful
Really dont know what to do! Just want to pay it back with the least hassle. CCCS say it will be better if fd pass the debt on as they have good relationships with all of their collectors and the interest will be stopped. Anyone else got any advice?
Hello Daisypop and welcome
CCCS are firm in their opinion that you should not sign anything that creditors send to you and instead you should refer them back to CCCS. I tend to ignore mail like this and if I get a follow up phone call, I then just quote my CCCS number and tell the creditor they need to deal with CCCS not me.
I am of the same opinion as HH that a signed CCA could be the way forward as the creditor could not then change the conditions, however the same would apply to you, i.e. if you could not afford to make a payment, had to make a lowered payment etc, you are breaking the agreement.
It's a tough one. I think I would ignore it and see what happens next. Good luckLBM 10/1/12 ~ DFW Start 6/2/12: £82,344 ~ Now Zero:staradmin:starmod::staradmin Debt free 17th April 2015 :staradmin:starmod::staradmin
Eternal thanks to the DMP & Mutual Support (no.439) and Payment a Day ThreadsMortgage free 3rd July 2014 - Grateful thanks to the 2013/14 MFW threads"Debt is normal. Be weird!" Dave RamseyProud to have dealt with our debt0 -
Hi all
Thanks for your replies, its a tough one! Will let you all know what I do and what happens.
Good luck everyone!:beer:0 -
Time_to_face_the_music wrote: »Yes I did and am thinking very hard about it. Jinx seems to have done it right from the start and never used CCCS/Payplan etc, am beginning to wish we had done that. How easy do you think it would be to swap over from CCCS to self managed? I know where OH is coming from with not wanting to rock the boat and it already terrified me the first time around
We really don't care about the defaults as we are determined we will never have credit again but something inside me makes me want to keep on dealing with the original creditors instead of DCAs. I know that is silly but banks don't seem as frightening as debt collectors
I really don't know what to do :wall:
That's actually a good point you raise - does anyone know when debts are likely / normally passed from original creditor to DCA?
TtFtM it would be interesting to know this as the more info we have the better informed we will be to make the right move / decision.
I know you've been overpaying some of your creditors but wanted to ask, do you also save? I've decided to save my extra pennies until all creditors get back to let me know whether they have stopped interest. Even if they don't I'll certainly go down the FOS route. Is there a point of law or something that you quoted regarding the interest not being stopped?0
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