DMP & Mutual Support Thread - Part 8

Time_to_face_the_music

Tigsmom wrote: »

Hi TTFTM

It reads as crazy what M&S are suggesting but I guess it makes sense in the world of automatic systems.

If you could arrange to pay the minimum or less then maybe you could save the extra £10 and then just make an overpayment every now and again to clear it a bit? That way you wouldn't pay interest and would still pay the same amount each month but clear it quicker.

Thanks Tigsmom

I don't think CCCS will agree to it but am going to scan and email M&S's letter to them later and see what they say.

I don't think an overpayment would work because I am pretty sure M&S would count that towards our monthly payment and again say we were above the minimum payment.

Whole thing just seems mad to me, we just want the whole debt paid off ASAP. Current system is reducing payment by massive amount of interest and so lengthening debt. Their suggested scheme would reduce payment and hence lengthen debt. Seems like a no win situation for everyone

Tigsmom

Time_to_face_the_music wrote: »

I don't think an overpayment would work because I am pretty sure M&S would count that towards our monthly payment and again say we were above the minimum payment.

In that case see if CCCS will use the extra to pay more on your other debts or save it up and use it for a f&f to m&s later on.

Tigsmom

HSBC have offered us another overdraft for the next 13 months!:rotfl:

This comes a week after we set up our DMP, transferred our DDs, cancelled our CC payments and sent tokens.

See what I mean about automated systems?

bertman

Tigsmom wrote: »

HSBC have offered us another overdraft for the next 13 months!:rotfl:

This comes a week after we set up our DMP, transferred our DDs, cancelled our CC payments and sent tokens.

See what I mean about automated systems?

I agree with you Tigsmom, the amount of times over the last 2/3 years we have had conflicting letters and phone calls from Halifax is ridiculous, one dep't will agree something and then another rings you with no knowledge of what has been agreed, I have spent literally hours on the phone to them - from now on though everything is in writing to them. I guess over the years staffing levels have been reduced and automated systems introduced with one person probably doing 2 peoples jobs... Great customer service!

Tigsmom

I intend to just quote themselves back to them! If you get a letter saying something favourable save it, copy it and send the copy back to them highlighted. It's hard for them to argue against themselves.:D

ianmak

2spicy wrote: »

Oooo .. Talk about offering alcohol to a recovering alcoholic .... Mr Spicy has just been given a "Company Credit Card" to help with his work related travels. ...

We both were sceptical to begin with, as its a temptation to use when money is tight towards the end of the month.. but he has been told that the card is for buisness expenses only, and must be cleared each month.
This should free up around £100 a month that we have had to put aside for his travels.

Also, checking the credit file, it would appear that dispite his name being on the card, it is not listed with Experian, so there is no need for us to worry about breaching the terms of the DMP agreement.

Now, must be strongotherwise im sure he would be off to Thomas Cook, then to get a new car !! ...

I have a credit card for work too, and as far as I know it's at the company's risk. I said I'm not allowed credit (I'm reasonably open with them), so they just said a £1500 limit rather than the usual 10k(!).

Everything is audited, so unless I did a runner to the Seychelles (would I get there for £1500??), it's not a problem, and I've never been tempted.

Hopelessly_Hopeful

Time_to_face_the_music wrote: »

M&S have reached a whole new level with us today with a letter in response to our FOS complaint.

According to this letter, they have not stopped interest because we are within our minimum payment and so they suggest that we contact CCCS and ask them to reduce their payment to M&S and they will then stop interest. They then go on to suggest that we keep doing this and each time, re reach minimum payment level, we then ask CCCS to reduce the payment again.

WHAT? :wall:

Current monthly payment is around £150, according to M&S minimum payment is £140, not what it says on our statement but hey let's go with the flow. So they are sugesting we contact CCCS and ask them to reduce the payment to £120 and then they will be happy to stop interest. They then say that when the minimum payment goes below £120, we reduce it again and so on.

DOUBLE WHAT?? :wall::wall:

This is madness. Current payment of £150 includes around £85 interest. We haven't asked yet but am sure CCCS won't agree to drop their payment because then it won't be a fair distribution across our debts. We are also not convinced that M&S will not protest if we drop, and continue to drop, the payment and/or not stop interest anyway.

Oh and as an added bonus, they also told us that they will be re-adding interest on the CC as soon as that reaches minimum payment too and suggested we take the same approach with dropping payments to that.

HH - I know M&S are on your favourites list too. Have you received any similar nonsense?

Anyone got any ideas on how to deal with this?

Please remember it's not just any financial nonsense, this is M&S financial nonsense

How frustrating for you.

This is what a number of places told me on the 'phone too. I have pointed out to them it is against the 'rules of engagement for DMPs'. Of course the main trouble is there are no formal 'rules' which is why these things are inconsistently applied. Running alongside this CCCS will not want to be seen to be adjusting the rules for one creditor. If you notice when these sort of things are posted on the ask a debt advisor thread they rarely answer in writting but instead as you to call them, i.e. the conversation is done offline. All I can suggest is you point this out to FOS that you are falling victim to their lack of transparency, lack of engagement with normal accepted practices within DMP land and that you are falling foul because they cannot implement fair, consistent and responsive processes.

Good luck with it, let us know how you get on.

HHx

ianmak

TTFTM - That is the outcome of a lot of DMPs, certainly through CCCS, that as the balances get lower, some creditors may start charging interest again when your payments go over the minimum payment, which they are well in their right to do, as some class DMPs as temporary arrangements until you get into a position whereby you can comfortably pay your debts.

Some, not all!

Time_to_face_the_music

Hopelessly_Hopeful wrote: »

How frustrating for you.

This is what a number of places told me on the 'phone too. I have pointed out to them it is against the 'rules of engagement for DMPs'. Of course the main trouble is there are no formal 'rules' which is why these things are inconsistently applied. Running alongside this CCCS will not want to be seen to be adjusting the rules for one creditor. If you notice when these sort of things are posted on the ask a debt advisor thread they rarely answer in writting but instead as you to call them, i.e. the conversation is done offline. All I can suggest is you point this out to FOS that you are falling victim to their lack of transparency, lack of engagement with normal accepted practices within DMP land and that you are falling foul because they cannot implement fair, consistent and responsive processes.

Good luck with it, let us know how you get on.

HHx

Thanks HH

I am going to send the letter to both CCCS and the FOS but am not holding out much hope.

Of course we could reconsider the self managed DMP and drop M&S's payment to whatever we feel like ....

How low can you go!

Time_to_face_the_music

ianmak wrote: »

TTFTM - That is the outcome of a lot of DMPs, certainly through CCCS, that as the balances get lower, some creditors may start charging interest again when your payments go over the minimum payment, which they are well in their right to do, as some class DMPs as temporary arrangements until you get into a position whereby you can comfortably pay your debts.

Some, not all!

Hi ianmak

We are only 6 months into the DMP and it's not a case of restarting charging interest, M&S never stopped it

Their minimum payment as stated in their letter certainly does not match the minimum payment according to our latest statement :mad: