DMP & Mutual Support Thread - Part 8

Growurown

stupid-fool wrote: »

I'm having a strange day today and I think I need some advice.

Firstly I got my StepChange password today :-) so I logged in and decided to correct any wrong balances. When I logged into my Asda card account (Santander) I found a small £5ish interest refund. Is this likely to mean that they are going to reduce/stop interest charges? Normal interest charge is around £50 per month.

Second is that despite not yet having missed any payments my wife received a default notice relating to her Lloyds TSB CC stating that she's broken her agreement and they require full repayment including the arrears of £0. It scared the life out of her as I hadn't warned her about defaults intending to do it when we fell into arrears. I'm away from home this weekend so haven't seen the letter, but should I be worried about the request for immediate repayment or is it a standard default notice? Also how can they default me when I'm not yet in arrears, and is this actually a good thing meaning interest is going to be stopped?

Thanks for any help

We had an Asda card and they stopped interest straight away. No I wouldn't be worried about them asking for immediate payment it is probably a standard letter trying it on. Anyway you can't pay what you don't have so they will have to accept a reduced payment whether they like it or not.

stupid-fool wrote: »

We are only just starting our DMP but have switched to First Direct (part of HSBC) and so far I'm very impressed. I did have to ask them to remove the £500 overdraft they gave me though:p

As said previously I'm sure they would be just like the others if we got into trouble, but hey I'm already wearing that T-shirt

Confession time - I didn't cancel the overdraft facility. Felt like I needed a little cushion just in case something went drastically wrong. Ah come on it's hard to break the habit of a lifetime:o

Enough_Now

Hi everyone

I just wanted to say a big thanks for the information and advice that can be found on this thread.

After countless years of overspending on credit for a variety of reasons, I have finally admitted to myself that I need to sort myself and my debts out!

I began thinking about a DMP last month when I received a letter from Santander saying that due to my credit rating they were increasing my APR to 34.9% from 29.9%. This from the same company that regularly sends me letters stating that they are aware that I am only making minimum payments and by doing this my debt will take longer to pay off.:mad:

I have decided the vicious circle stops here and now have a DMP with StepChange. They have been great so far, first payment goes out on 1st December.

Fingers crossed, if I can get through Christmas on my new budget then the rest of the year will be easier.

Ellieseleven

Well done and welcome, Enough now - we are two and a bit years into our DMP but it has been the best thing for us and has given us a new lease of life.

Take care
Ellie xx

stupid-fool

Enough_Now wrote: »

Hi everyone

I just wanted to say a big thanks for the information and advice that can be found on this thread.

After countless years of overspending on credit for a variety of reasons, I have finally admitted to myself that I need to sort myself and my debts out!

I began thinking about a DMP last month when I received a letter from Santander saying that due to my credit rating they were increasing my APR to 34.9% from 29.9%. This from the same company that regularly sends me letters stating that they are aware that I am only making minimum payments and by doing this my debt will take longer to pay off.:mad:

I have decided the vicious circle stops here and now have a DMP with StepChange. They have been great so far, first payment goes out on 1st December.

Fingers crossed, if I can get through Christmas on my new budget then the rest of the year will be easier.

First thing to do - but it means you cannot spend more on the card which is the case anyway on a dmp - is reject the rate increase if you still have time. The information on how to do this is on MSE somewhere

Enough_Now

Thanks for that advice SF, but I think the deadline has passed. I was afraid of freezing the rate as they said the account would be closed and the balance payable within a 'reasonable time'. My current account was with Santander and I didn't want to have my balance off-set against the CC.

Looks like I may be stuck with the rate, if they don't agree to reduce or freeze on the DMP.

debtdawg

Hey all, despite having a house full of poorly people I am feeling positive (albeit slightly sick and very tired!)

Looking at our shiny new spreadsheet budget is very satisfying now our debt repayments have reduced from nearly £700 to £298. I've just managed to switch mobile phone providers and cut my bill down from £36 odd a month to £16.50. That was only because my 2 year stupidly priced contract with Vodafone was coming to an end and I could escape their grasp.

We noticed today that two of DH's credit cards had increased his limit, one by £900 and the other by £750. I guess they want people to have some extra funds available near Christmas. Urgh, they are a naughty bunch of moneygrabbers.

We need to cancel the empty credit cards actually, that should be fun. I cancelled a MBNA one nearly a year ago, spent ages on the phone and then they never actually cancelled the thing and a payment that I forgot about went on it in October, putting me back in debt with them. DH cancelled his Tesco one ages ago and they too gave him the hard sell to keep it and Lloyds told me to keep mine as it was important to have it there for large purchases and a back-up!

jubilee14

hi all got some good news today got my statement from Barclaycard and theres no interest and the minimum payment is less than the agreed rate from cccs which is a bit weird see how that pans out. Did get another call from BOS saying they hadnt had anything from stepchange but knew i had a DMP set up so very strange. have said they will freeze interest for another 30 days before the DMP kicks in then will see what happens next month. but at least in right direction. hope all have a good weekend. Oh yes and DH to my Bankcard to work and with no cash have an enforced NSD so off to take the kids and dog for a walk.

Hopelessly_Hopeful

Enough_Now wrote: »

Thanks for that advice SF, but I think the deadline has passed. I was afraid of freezing the rate as they said the account would be closed and the balance payable within a 'reasonable time'. My current account was with Santander and I didn't want to have my balance off-set against the CC.

Looks like I may be stuck with the rate, if they don't agree to reduce or freeze on the DMP.

Hi and welcome

I though 25.9% was outrageous enough. Request a freeze once you start DMP, then complain then go to FOS. You have your best chance of success in the first few months of the DMP.

Good luck

HHx

Hopelessly_Hopeful

debtdawg wrote: »

Hey all, despite having a house full of poorly people I am feeling positive (albeit slightly sick and very tired!)

Looking at our shiny new spreadsheet budget is very satisfying now our debt repayments have reduced from nearly £700 to £298. I've just managed to switch mobile phone providers and cut my bill down from £36 odd a month to £16.50. That was only because my 2 year stupidly priced contract with Vodafone was coming to an end and I could escape their grasp.

We noticed today that two of DH's credit cards had increased his limit, one by £900 and the other by £750. I guess they want people to have some extra funds available near Christmas. Urgh, they are a naughty bunch of moneygrabbers.

We need to cancel the empty credit cards actually, that should be fun. I cancelled a MBNA one nearly a year ago, spent ages on the phone and then they never actually cancelled the thing and a payment that I forgot about went on it in October, putting me back in debt with them. DH cancelled his Tesco one ages ago and they too gave him the hard sell to keep it and Lloyds told me to keep mine as it was important to have it there for large purchases and a back-up!

They really do try to make it hard for us dont they!

HHx

Hopelessly_Hopeful

jubilee14 wrote: »

hi all got some good news today got my statement from Barclaycard and theres no interest and the minimum payment is less than the agreed rate from cccs which is a bit weird see how that pans out. Did get another call from BOS saying they hadnt had anything from stepchange but knew i had a DMP set up so very strange. have said they will freeze interest for another 30 days before the DMP kicks in then will see what happens next month. but at least in right direction. hope all have a good weekend. Oh yes and DH to my Bankcard to work and with no cash have an enforced NSD so off to take the kids and dog for a walk.

Good progress. Well done!

HHx