Forum Home» Debt-Free Wannabe

DMP & Mutual Support Thread - Part 8 - Page 2

New Post Advanced Search

DMP & Mutual Support Thread - Part 8

edited 30 November -1 at 1:00AM in Debt-Free Wannabe
5.1K replies 327.5K views
24567506

Replies

  • Hopelessly_HopefulHopelessly_Hopeful Forumite
    2.9K posts
    Debt-free and Proud!
    ✭✭✭✭
    Typhoo wrote: »
    Hi all,

    So my DMP plan is starting up. I've set up another bank account and my first payment to CCCS will be 1st Feb.

    Few questions:

    I have to pay MBNA CC bill on 22 Jan for £80 and today I sent them a postal order of £10 recorded delivery. I made it payable to 'MBNA', is this correct? Also, how will I know if this payment is accepted? Also, do I need to let CCCS know that I sent this token payment? I also mentioned in the letter that for February, CCCS will take money and distribute to my creditors pro-rata and that they will receive around 25th Feb (couple days later than scheduled bill date) and hence please don't charge me. but my main question is how I can track these payments etc? What shall I do if they DO charge me?

    Thanks for reading.

    They will find and cash it, they can sense blood in a stone that lot!!!!

    Have you looked on post office site re PO's?

    HHx
  • dazladazla Forumite
    191 posts
    Hi Everyone,

    We are coming up to our 1 year review and unfortunatley our income has gone down a little and we all know that prices are going up....

    I jsut wondered has anyone had any experience of reducing their payments and the creditors reaction to this? I am a bit scared they will get all aggressive if we have to reduce them. I think we will we have really struggled the last few months mainly due to the reduced income.

    Any thoughts would be appreciated.

    Thanks H1983H

    Hi hopeful

    I'm in the same boat as you, my first yr review is not too far away but my disposable income is going down this year, because I'm a civil servant and i have to start paying £60 a month extra for my pension. Also my gas bill has gone up too. Payplan have told me that creditors like to see an increase in contribtions each yr of the dmp, so I am worried they may get a bit angry if I don;t increase the payments

    Daz
  • We were talking about perhaps having to reduce our payments soon, and we've only just started our DMP.
    I think I'm a bit depressed as I can't stop worrying and crying at stuff these days. I've been prone to depression in the past. Mr BR says he's really worried about me, as I just seem sad all the time.
    Our LBM: Dec 2011. DMP started: Jan 2012. Debt at LBM: £41,568

    Oct 2012 = Current debt: £40,548.93
    Oct 2013 = Current debt: £39.054.70


    DMP Support number 424 - Long haul number 308
  • Hi All

    Any advice greatly recieved. I am in a dmp with payplan and one of my creditors (Halifax) have been quite difficult. Basically I owe them about £8k and the payment to them is £148 a month however they charge £131 in interest. After numerous letters requesting they freeze or reduce the interest giving my current situation which were ignored, I wrote a complaint letter quoting the lending code etc. This letter was ignored so I complained to the Financial Ombudsman Service. Halifax wrote to me today denying they recieved my letter of complaint (despite it been sent recorded delivery!). In the letter they have reimbursed 6 months interest, but state they will still be continuing to charge the high amount of interest from this point on as their policy is to reduce interest for 12months, followed by 12months on standard interest before considering this again.

    i feel as though this is still against the lending code in terms of how creditors should deal with customers who are in financial difficulties, and i should pursue the complaint with the financial ombudsman service? Based upon the amount of interest they are planning to charge over the next 12 months it would take 42 years to pay the debt off....and the lending code states that the time to pay off the debt should not be "excessive", I think most people would say 42 years is excessive!

    Halifax have also suggested in the letter that it may be an option to pass the debt over to the recoveries department, which would mean a default notice been issued, however more likely to freeze interest and charges....would most people pursue this option? I hope this makes sense! any advice greatly appreciated!
  • Hopelessly_HopefulHopelessly_Hopeful Forumite
    2.9K posts
    Debt-free and Proud!
    ✭✭✭✭
    dazla wrote: »
    Hi hopeful

    I'm in the same boat as you, my first yr review is not too far away but my disposable income is going down this year, because I'm a civil servant and i have to start paying £60 a month extra for my pension. Also my gas bill has gone up too. Payplan have told me that creditors like to see an increase in contribtions each yr of the dmp, so I am worried they may get a bit angry if I don;t increase the payments

    Daz


    Folks, they like to see an increase but so we would. Fact outgoings have gone up! They just need to know situation reviewed. They can't have what you haven't got. Get with the mantra. Come on, we can do it together.

    HHx
  • Hopelessly_HopefulHopelessly_Hopeful Forumite
    2.9K posts
    Debt-free and Proud!
    ✭✭✭✭
    We were talking about perhaps having to reduce our payments soon, and we've only just started our DMP.
    I think I'm a bit depressed as I can't stop worrying and crying at stuff these days. I've been prone to depression in the past. Mr BR says he's really worried about me, as I just seem sad all the time.


    Sorry to hear that BR. Try to think about what you have achieved too. Compared to the alternatives you have made some significant steps. Hope you feel brighter soon.

    HHx
  • Hopelessly_HopefulHopelessly_Hopeful Forumite
    2.9K posts
    Debt-free and Proud!
    ✭✭✭✭
    bitbot wrote: »
    Hi All

    Any advice greatly recieved. I am in a dmp with payplan and one of my creditors (Halifax) have been quite difficult. Basically I owe them about £8k and the payment to them is £148 a month however they charge £131 in interest. After numerous letters requesting they freeze or reduce the interest giving my current situation which were ignored, I wrote a complaint letter quoting the lending code etc. This letter was ignored so I complained to the Financial Ombudsman Service. Halifax wrote to me today denying they recieved my letter of complaint (despite it been sent recorded delivery!). In the letter they have reimbursed 6 months interest, but state they will still be continuing to charge the high amount of interest from this point on as their policy is to reduce interest for 12months, followed by 12months on standard interest before considering this again.

    i feel as though this is still against the lending code in terms of how creditors should deal with customers who are in financial difficulties, and i should pursue the complaint with the financial ombudsman service? Based upon the amount of interest they are planning to charge over the next 12 months it would take 42 years to pay the debt off....and the lending code states that the time to pay off the debt should not be "excessive", I think most people would say 42 years is excessive!

    Halifax have also suggested in the letter that it may be an option to pass the debt over to the recoveries department, which would mean a default notice been issued, however more likely to freeze interest and charges....would most people pursue this option? I hope this makes sense! any advice greatly appreciated!


    I would refer it back to the FOS to say you don't feel suitably dealt with. Yes you are quite right, totally unreasonable.

    Please let us know how you get on an stick around to show others support.

    HHx

    Good luck
  • My dmp payments have gone down in both reviews since I started. Pay freeze and increased cost of living. I'm hoping to increase payments once I have my next review in April, but I think I might lose my tax credits this year (over the income threshold) so who knows. My creditors have so far been ok with this.

    BR it is an incredibly stressful time for you at the moment. If you're prone to depression is it worth you speaking to your doctor? January can be miserable at the best of times, never mind with this big change going on.
    As I say, it will get better for you. x
    Ninja Saving Turtle
  • BevieBBevieB Forumite
    139 posts
    bitbot wrote: »
    Hi All

    Any advice greatly recieved. I am in a dmp with payplan and one of my creditors (Halifax) have been quite difficult. Basically I owe them about £8k and the payment to them is £148 a month however they charge £131 in interest. After numerous letters requesting they freeze or reduce the interest giving my current situation which were ignored, I wrote a complaint letter quoting the lending code etc. This letter was ignored so I complained to the Financial Ombudsman Service. Halifax wrote to me today denying they recieved my letter of complaint (despite it been sent recorded delivery!). In the letter they have reimbursed 6 months interest, but state they will still be continuing to charge the high amount of interest from this point on as their policy is to reduce interest for 12months, followed by 12months on standard interest before considering this again.

    i feel as though this is still against the lending code in terms of how creditors should deal with customers who are in financial difficulties, and i should pursue the complaint with the financial ombudsman service? Based upon the amount of interest they are planning to charge over the next 12 months it would take 42 years to pay the debt off....and the lending code states that the time to pay off the debt should not be "excessive", I think most people would say 42 years is excessive!

    Halifax have also suggested in the letter that it may be an option to pass the debt over to the recoveries department, which would mean a default notice been issued, however more likely to freeze interest and charges....would most people pursue this option? I hope this makes sense! any advice greatly appreciated!

    Did the FSO write to you about your complaint? If not why dont you ring the Halifax and make a statement over the telephone stating that you feel that they have not resolved your dispute and that you will be contacting the FSO again for them to look at it as their action will not improve your situation.
    Regarding the default/recoveries department this most prob would be the best option all round. We are with the Halifax and after compalining they have refunded all interest/charges since Oct 11 although they have not given any information about time scales although with our OD they did say that normally after 12months its passed to the recovery.
    Dont you just love the Halifax.
  • Hi all,

    Nothing to add really, I just thought I'd have a little shufty at our new thread.

    Oh also, we got £17.50 unexpected payment into our account today - from Moneysupermarket, something to do with when I changed energy providers. That was a nice surprise :-)

    Everyone that's at the start of the DMP, it is stressful and scary, huge changes are taking place and you're having to change your mindset and spending habits. Please try to remember, it soon settles down for most people and also brings enormous relief.

    laters taters, SAAC
This discussion has been closed.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support