DMP & Mutual Support Thread - Part 8

Time_to_face_the_music

Hopelessly_Hopeful wrote: »

Morning

Have you considered putting a price limit on a small present for him as it seems it means a lot to him to buy you something. May help manage his stress levels?

HHx

Great advice as always HH :T

OH and I do this and buy each other something tiny. I can deal with the no gift scenario but he really struggles with it so as long as we set a limit and stick to it, that works for me.

Of course I really enjoy the challenge of getting something for a low price

bertman

Bettingmad wrote: »

Barclaycard won't default you, they are the worst creditor as far as I am concerned. By not defaulting they will continue to apply higher and higher interest as your minimum payment figure compared to the debt increases.

I have found out that if you are paying between 1%-2% of the balance then they charge 6.9%, above 2% it goes to over 12%.
They want to keep you in debt to keep sucking you like a leech.

I wrote to them when they threatened me with a default for lowering my monthly payment on two occasions. I wrote back pleading with them to default me. Suddenly they didn't want to do that. Typical threat o grams to try and scare you. They prey on your fear and don't like it when you stand up to their threats and see through them for what they are.

We have been lucky with Barclaycard, we have 4 cards with them and from the start they froze all interest for 30 days. They immediately stopped all charges and interest from the moment that CCCS got involved. I don't know why we are so different from other posters, there is no clear and fast rule to all this, I am sure it depends on who presses the "cancel charges" button on the computer - I guess the person who did this to me was either having a great day or was leaving this shower of idiots for a better job!

bertman

Time_to_face_the_music wrote: »

We are lucky enough not to have debt with Barclaycard but I am with HH all the way on M&S being the worst of them all.

No reduction in interest whatsoever and charging 24.9%, no defaults, they don't believe we are in financial difficulty yet they mark us as 4 month in arrears with payments on our credit report and we have never missed a payment :mad:

It would be interesting to know across this board who has had interest and charges stopped with various companies as I have just posted there are no hard and fast rules. Perhaps a lurking creditor could let us know? My experience is as follows;

Halifax - froze interst 2 months in and have already sold the debt within 6 months
MBNA - froze and stopped interest from month 1
HSBC - Still applying 29.9% interest and claiming that they have never had info from SC
Natwest - still applying interest but "considering" freezing
Santander - Froze from month 2
Barclaycard - frozen interest and charges

It could be the amount owed versus the amount earned and the ratio of debt against inclome, we owe a considerable amount. It may also be due to the reason - ours was business failure. I really don't know - but it would be good to find out!!

bertman

Time_to_face_the_music wrote: »

Great advice as always HH :T

OH and I do this and buy each other something tiny. I can deal with the no gift scenario but he really struggles with it so as long as we set a limit and stick to it, that works for me.

Of course I really enjoy the challenge of getting something for a low price

A friend of mine has bought his wife a new Dyson vacuum cleaner for Christmas and is really excited about it - I think this excitement is going to be very short lived!!!

bertman

debtdawg wrote: »

Thank you

DH gets cross because we don't have any money for him to buy me something, which in turn stresses me out. I don't want anything! I bought him a couple of bits (only a books I know he wants) which then makes him feel bad for not getting me anything. I'd rather have a book of 'vouchers' from him for a neck rub on demand at the end of a bad day (bliss!) but he thinks he needs to buy something and doesn't accept that I'd be happy with that.
We also had to borrow some money to buy a washing machine, which we'll be paying back at the beginning of January when I receive my student finance, but it's annoying that the wm decided to pack up within weeks of starting the DMP. Such is life though!

Hey Debtdawg,

Unfortunately life is like that at times.... We have become pretty good at fixing things - which is not always the best option but it has saved us some cash over the years. Things will get better though.
Strange thing is - me and OH are closer than ever due to the money situation, the hardest thing is peer pressure, to begin with we got envious of other peoples presents, holidays etc. But most people are only one month away from the situation we are all in on this forum. I don't know anyone who isn't in debt to some degree. Its just that they have their heads above the water a little bit more than us.

NoMore

bertman wrote: »

It would be interesting to know across this board who has had interest and charges stopped with various companies as I have just posted there are no hard and fast rules. Perhaps a lurking creditor could let us know? .......[snip]......

It could be the amount owed versus the amount earned and the ratio of debt against income, we owe a considerable amount. It may also be due to the reason - ours was business failure. I really don't know - but it would be good to find out!!

The problem is people seem to expect the credit companies to treat everyone the same based on merely having an account, (e.g every barclay card account should have their interest frozen). In reality there will be rules that are applied on a case by case basis, I'm sure it will involve the amount of debt, the amount you can afford to pay, the total debt you owe etc. As this is different in every bodies cases, it explains why some get interest frozen and others don't. It is not that there are no 'hard and fast rules', there are, just not as simple as 'we freeze interest on all accounts in a DMP'

In short because Company 'X' freezes interest for one person, you cannot expect it to freeze it for you, as your situation is not the same.

I'm not saying you should not complain and try to get interest frozen, just don't have the expectation that it will happen automatically because it did for somebody else.

houseiseverything

I think it is nothing to do with it being business debts, bertman. Ours are and we are having a total nightmare with Barclays. They will not accept the DMP at all without a voluntary charging order. We can't work out why they are choosing to do this to us! We are thinking of borrowing money from family to offer them a Full and Final offer, but we think it may be too early to do that, as it's only been 2 months since the business went. Out of interest, are any of yours company debts that you guaranteed? I ask because the only thing we have worked out is that this type of debt is for some bizarre reason not covered by the consumer credit act.
I also wonder if it depends on how much interest has already been paid?

Prowler1973

Time_to_face_the_music wrote: »

Hi and welcome Prowler :hello:

Reading the whole of this thread was the best thing I ever did, the information, help and advice is absolutely invaluable :T

Once I started posting here I realised that the support was a real lifesaver. People here really do undertstand how you feel because we are in the same position. Any questions you have someone always tries to answer. When you feel down, someone tries to cheer you up. When you are angry with a bank, someone sympathises and tells you their experience. It's all about mutual support and it works :A

So now you have your head out of the sand, and it takes us all a while to get there, so well done on that, please stick around and join us

Thanks all for the advice I will stick around and keep you all posted on how it goes. just not feeling hopeful at the moment. I have my DMP amount and will post proof of income off this week.

Hopelessly_Hopeful

bertman wrote: »

A friend of mine has bought his wife a new Dyson vacuum cleaner for Christmas and is really excited about it - I think this excitement is going to be very short lived!!!

Fantastic. Someone once threatened to treat me to an iron!!!!! Errr, don't pass go.

HHx

MrDJB192

Prowler1973 wrote: »

Thanks all for the advice I will stick around and keep you all posted on how it goes. just not feeling hopeful at the moment. I have my DMP amount and will post proof of income off this week.

I'm glad I've found this post but I'm more glad I've found someone whose at the same point as me. I sent proof of income off last Friday. Stick around and keep us updated, I'm going to online chat seems to be the only place I can talk about it and not be made to feel useless.

I'm sure my missus doesn't mean to....but she now feels that the burden to provide is more on her and she drops little 'digs' I from time to time.

I'm still petrified that my creditors won't accept I can't afford to pay in full but I'm trying to take the 'not much more I can do' line of thought