DMP & Mutual Support Thread - Part 8

Coolbeans2010

Also is there a template letter I should use to request an up to date statement?

Should I say that I am nearing the end of my plan and would like to see where I am?

Thanks for your help I do appreciate it.

carlyfluck

hi everyone havent posted for a while. well we are in month 2 of dmp with sc and so far lloyds have said they havent receieved anything from sc but they have!! so sc sent letters out again and so far credit card intrest and charges are frozen, and the loan is only agreed for 6 months but no intrest frozen!!! what can i do about the 6 months thing?? this dmp is going on till 2022!!!
i have also just noticed that one of the overdrafts havent been but on which is the one with most outstanding? i dont no if this was my mistake or theres.

help xxxxx

Time_to_face_the_music

Coolbeans2010 wrote: »

Also is there a template letter I should use to request an up to date statement?

Should I say that I am nearing the end of my plan and would like to see where I am?

Thanks for your help I do appreciate it.

This thread is all about help, advice and mutual support. I try and give back what has been given to me many times

You could try and send something like this:

You

Date

Them

Dear Sir/Madam

Account No: XXXXXXXXXXXXXXX

With reference to the above agreement, we would be grateful if you would send us a full current statement of the account.

We understand that under the Consumer Credit Act 1974 (section 77b), We are are entitled to receive a statement of account, showing details of the instalment payments that we still have to pay and any arrears. Please include a breakdown of any interest or other charges applied to the account. We understand there is no charge for sending us this information.

We understand a statement of account should be supplied as soon as is reasonably possible.

As you are aware, we are in a Payplan DMP reference number XXXXXXXXXXX, as this will soon be coming to an end, we are keen to ensure we are fully aware of all outstanding balances on our credit accounts.

We look forward to your reply.

Yours faithfully

You

fermi

Time_to_face_the_music wrote: »

I believe it is law that creditors have to supply you with a statement at least once a year ...

On running account agreements, yes. And on fixed sum loan agreements made after 2006 I think?

Plus on fixed sum loans made after 2010/11 you can demand a statement on demand under CCD provisions. And on running account agreements you can request a statement of account at any time under CCA1974.

Time_to_face_the_music

carlyfluck wrote: »

hi everyone havent posted for a while. well we are in month 2 of dmp with sc and so far lloyds have said they havent receieved anything from sc but they have!! so sc sent letters out again and so far credit card intrest and charges are frozen, and the loan is only agreed for 6 months but no intrest frozen!!! what can i do about the 6 months thing?? this dmp is going on till 2022!!!
i have also just noticed that one of the overdrafts havent been but on which is the one with most outstanding? i dont no if this was my mistake or theres.

help xxxxx

Hi Carly :hello:

Lloyds have told us that they expect 6 month reviews throughout our DMP. We spoke to StepChange (ex CCCS) about this and they said they send a review once a year anyway and to set a reminder to ask them to send the 6 monthly one. I our experience, Lloyds immediately re-introduced interest when they did not receive this on time so it's well worth asking StepChange a couple of weeks in advance of the due date.

Do you mean that an overdraft has been missed off your DMP? if so, you need to speak to StepChange as soon as possible and tell them this so they can re-assess your payments and let your creditors know.

If any of your creditors do not stop interest, please write them a letter of complaint, then follow this up with FOS action if you do not get the result you want. The FOS don't always win the case but they managed to get interest stopped on 2 out of 3 accounts we complained on.

Good luck and please let us know how you get on

Time_to_face_the_music

fermi wrote: »

On running account agreements, yes. And on fixed sum loan agreements made after 2006 I think?

Plus on fixed sum loans made after 2010/11 you can demand a statement on demand under CCD provisions. And on running account agreements you can request a statement of account at any time under CCA1974.

Thanks very much Fermi :T

Could you check the template letter above I have advised Coolbeans to send and see if you think it's ok for the purpose?

fermi

Time_to_face_the_music wrote: »

Thanks very much Fermi :T

Could you check the template letter above I have advised Coolbeans to send and see if you think it's ok for the purpose?

Well, maybe.

s77 is for fixed sum loan agreements.

If it was a credit card account it should be made under s78 with a £1 fee.

NDL have a factsheet here:

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=39_getting_information_about_your_credit_agreement

Time_to_face_the_music

fermi wrote: »

Well, maybe.

s77 is for fixed sum loan agreements.

If it was a credit card account it should be made under s78 with a £1 fee.

NDL have a factsheet here:

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=39_getting_information_about_your_credit_agreement

So you aren't entitled to a free credit card account statement, you have to pay a CCA fee?

The OP only needs a statement not the agreement.

coffeedog

Hi all,

Looking for some thoughts and advice on whether to downsize my car. I have a Nissan x trail, ( 4x4) worth about £6000, 2004 Plate with pretty low mileage for its age.

I need a reliable car as I'm in rural cornwall and drive between 200-300 miles per week for work. That's why I have the x trail - also the weather can be extreme here sometimes!

I currently have £16,000 of debt that I have managed to reduce from £30,000 over last two/three years. Through overpaying and also through PPI repayments. I'm pleased with my progress but want to pay it off quicker!

My snowball currently shows 22 months left to pay. If I downsize my car to one worth £3000 I can pay off the high interest credit card I have. Can not for all of my efforts get a rate for life or 0% balance transfer card. This reduces time left down to 17 months and means I will have extra money to snowball from lower petrol costs/ tax.

Now, here's my dilemma. Writing all of that down, it seems so obvious that I should downsize. However, my fear is that a cheaper car will break down etc and I'd not be able to get to work. The x trail will hold its value . I only bought it six months ago and it's in excellent condition.

Does anyone have any advice either telling me to stop being stupid! or suggestions for any cars worth about £3000 that would be reliable. Have a dog who needs space in the boot.
Thanks !

fermi

Time_to_face_the_music wrote: »

So you aren't entitled to a free credit card account statement, you have to pay a CCA fee?

The OP only needs a statement not the agreement.

Not if I recall once a running account (credit/store card) agreement has defaulted and the normal monthly billing has stopped.

The CCD provision for a statement free on demand only apply to fixed sum loan agreements.

However, OFT guidelines do state that it is an unfair practice not to provide a balance statement when reasonably requested.

You can ask for the statement without the fee and see what they say. Then if they refuse, consider stumping up the £1.