DMP & Mutual Support Thread - Part 8

Growurown

Time_to_face_the_music wrote: »

You will be skip-diving next :rotfl:

How did you know? I love looking in skips:D

Time_to_face_the_music wrote: »

I love Aldi and we have decided that their ultimate bacon makes the best bacon butties ever

I haven't tried the bacon yet. Due to do a shop soon so will give a try. Thanks for the tip.

BevieB

It is inappropriate for interest and charges to continue to be taken where the result would be that the repayment period for the customer becomes excessive. In forming a judgement on what might be excessive, a subscriber should take into account the type of product and the individual circumstances of the borrower." (225)

Our Halifax repayments would mean it would take over 100years to repay which I feel is "excessive" however the FSO did not feel the Halifax was in the wrong. Feel bitter!!

Time_to_face_the_music

BevieB wrote: »

It is inappropriate for interest and charges to continue to be taken where the result would be that the repayment period for the customer becomes excessive. In forming a judgement on what might be excessive, a subscriber should take into account the type of product and the individual circumstances of the borrower." (225)

Our Halifax repayments would mean it would take over 100years to repay which I feel is "excessive" however the FSO did not feel the Halifax was in the wrong. Feel bitter!!

Did the FOS give a reason why?

Did you appeal the decision?

We lost a case against M&S but have won against Lloyds TSB and recently NatWest.

BevieB

Time_to_face_the_music wrote: »

Did the FOS give a reason why?

Did you appeal the decision?

We lost a case against M&S but have won against Lloyds TSB and recently NatWest.

I had complained to the Halifax several times about the interest rate but the last time I was told that if I stopped 2 payments they would default me and then stop interest. The CCCS will not stop payment and thus Halifax would not default.
The FSO state that as Halifax compensated me £175 for wrong information and has reduced interest rate to 12%apr they have acted positively and sympatheticaly. They state I could contact them by 9/11/2012 if I have any new points. I owe £12,330 and my payment only deducts about £10per month of the capital.
My husband is awaiting a decision re his Halifax CC so will be interesting if they come up with another decision.
Also we have recently reduceded our CCCS payment and payments to the Halifax will not cover interest.

Time_to_face_the_music

BevieB wrote: »

I had complained to the Halifax several times about the interest rate but the last time I was told that if I stopped 2 payments they would default me and then stop interest. The CCCS will not stop payment and thus Halifax would not default.
The FSO state that as Halifax compensated me £175 for wrong information and has reduced interest rate to 12%apr they have acted positively and sympatheticaly. They state I could contact them by 9/11/2012 if I have any new points. I owe £12,330 and my payment only deducts about £10per month of the capital.
My husband is awaiting a decision re his Halifax CC so will be interesting if they come up with another decision.
Also we have recently reduceded our CCCS payment and payments to the Halifax will not cover interest.

We had the same situation with M&S, they actually advised us to lower the payment and they would stop interest, CCCS said they were unable to do this so the interest is still on and this is at the full rate, as it has been since the DMP started :mad:

Seems really unfair on you BevieB. We actually considered coming out of the CCCS DMP and running our own so we could adjust payments to creditors. Is that worth considering?

Ellieseleven

debtdawg wrote: »

We had our first trip to Aldi today - it was worth the drive! We're converts!

We are also Aldi converts, we get most of our shopping from there nowadays and just pop in to other supermarkets for the stuff that they don't stock. We save money and the quality of items is very good

BevieB

Time_to_face_the_music wrote: »

We had the same situation with M&S, they actually advised us to lower the payment and they would stop interest, CCCS said they were unable to do this so the interest is still on and this is at the full rate, as it has been since the DMP started :mad:

Seems really unfair on you BevieB. We actually considered coming out of the CCCS DMP and running our own so we could adjust payments to creditors. Is that worth considering?[/QUOTE

Is strange as we owe £6900 to MS and they suspended interest from day 1. There does not seem to be any logic.
I have considered going alone although may wait another 6 months or so first.]

Growurown

BevieB wrote: »

Is strange as we owe £6900 to MS and they suspended interest from day 1. There does not seem to be any logic. I have considered going alone although may wait another 6 months or so first.]

You're right there doesn't seem to be any logic to it, but I suspect there is some sort of formula they use. I am getting concerned that when I increase my payments now that I have finished paying for the car that some of my creditors will start charging again. The car loan was £280 a month so that is quite a lot more to be paying back each month. It will be gutting to start paying that over to have it all eaten up in interest:(

Ellieseleven

Growurown wrote: »

You're right there doesn't seem to be any logic to it, but I suspect there is some sort of formula they use. I am getting concerned that when I increase my payments now that I have finished paying for the car that some of my creditors will start charging again. The car loan was £280 a month so that is quite a lot more to be paying back each month. It will be gutting to start paying that over to have it all eaten up in interest:(

Our payments went up by £260 a month and so far (touch wood) no one has started applying interest again although there's no set rules with the cc company's unfortunately

Time_to_face_the_music

Ellieseleven wrote: »

Our payments went up by £260 a month and so far (touch wood) no one has started applying interest again although there's no set rules with the cc company's unfortunately

HH and I have both had similar experiences that as we reach minimum payment, they reapply interest