DMP & Mutual Support Thread - Part 8

Alice_in_Welfareland

Time_to_face_the_music wrote: »

Hi Jubilee :hello:

You are in a position to make a complaint and I would suggest doing so ASAP.

Write to Halifax again, use something like this, using one letter for each account you have with them:

You

Date

Them


Dear Sir/Madam

Re: Halifax account No: XXXXXXXXXXXXXXX

Thank you for your letter/statement concerning the above account. I am sorry that you feel unable to suspend interest charges on the above account.

As you are aware, I/we am/are in a DMP with StepChange, reference number XXXXXXXX. The majority of my/our other creditors have agreed to the offer of payment and agreed to suspend any interest charges still accruing. They have accepted that to continue to charge interest would not assist us in my/our present financial difficulties, and can only serve to increase my/our total debt.

I/we have already paid considerable sums in interest to my/our account. If interest charges continue, the monthly instalments I/we am/are paying will not even cover that interest. Also, the cooperation of my/our other creditors who have agreed to freeze interest already would be put at risk.

I am aware that Halifax subscribes to the Lending Code which states that lenders will consider reducing or suspending interest and charges if these would cause the debt to increase or lead to the repayment term becoming too extended. I would therefore be grateful if you would reconsider your decision not to freeze the interest. This would mean that the monthly payments I/we make would actually reduce the balance outstanding to your company.

If you are unable to help me with this issue, I will have no alternative but to take this case to the Financial Ombudsman Service.

I look forward to hearing from you as soon as possible.

Yours faithfully

You


At the same time, contact the FOS and explain the situation. You do not have to wait for Halifax to reply, the FOS will work at the same time as your letter:

How to complain

1. Complain to your bank, insurance company or finance firm

It's important that you complain first to the business you're unhappy with –and give them a chance to look into your problem. They have eight weeks to dothis. We can help by contacting the business for you, and telling them aboutyour complaint.

• phone our consumer helpline on
  0300 123 9 123 or 0800 023 4567
  Monday to Friday – 8am to 8pm
  Saturday – 9am to 1pm

http://www.financial-ombudsman.org.u...complaints.htm

You can ring the FOS now, they are open to 8pm, so give it a go.

Good luck and please let us know how you get on

I have used a letter similar to this with success but I also included the word complaint in the header and text to make it clear this was a complaint and not a request.

Alice_in_Welfareland

Hopelessly_Hopeful wrote: »

Did people see the adverts on TV for both moneyadviceservice and stepchange?

My cynical head asks me who pays for Stepchange advertising campaigns on TV and in the papers. More customers, more debt management plans, more money back from the banks and credit card companies. What does this charity do with all these funds :question:

Mossop01

Hi everyone I've been reading these posts since the end of November when I had my LBM, which was quite terrifying to say the least, we have 31000 on credit cards and loans, just typing it makes me queasy! We have a story like everyone else, but this makes no difference to the amount we owe or the situation we find ourselves in, the main thing is that we are taking the bull by the horns and tackling this. I do suffer with my nerves and my main concern at the moment is how i am going to deal with the phone calls and letters that will start to come through. The guilt about defaulting on our credit is crippling, until now we have never missed a payment or reduced any payments. But in my heart of hearts I know that this is the way forward to see an end (although a long way off) to these debts. It's terrifying and exhilarating at the same time! Reading ur posts u have all done fantastically well so far, I just hope with good budgeting and not sticking my head in the sand anymore we can have success with this! I'm determined to get my family through this! Anyway just wanted to say hi, this forum is amazing its given me really good advice so far and actually makes me feel abit better. Thanks!

SparkleShark

Hi and welcome

You need to bank where you dont have debt.

Just declare regular amount.

Are you sure DMP the way forward. You may be eligible for a debt relief order?

Hope that helps

HHx

Thanks Hopelessly Hopeful,

I have a mortgage and a car on finance so wouldn't be eligible for DRO as I guess I own too much in assets. Also, it seems a bit more intimidating than DMP with a charity I feel.

Thanks for your advice. I already have a bank ac without debt, so that's a good start!

Thanks all,
SS.

ianmak

Alice_in_Welfareland wrote: »

My cynical head asks me who pays for Stepchange advertising campaigns on TV and in the papers. More customers, more debt management plans, more money back from the banks and credit card companies. What does this charity do with all these funds :question:

Stepchange certainly are funded in part by voluntary contributions from the credit industry (TSB Natwest etc)..

Time_to_face_the_music

Mossop01 wrote: »

Hi everyone I've been reading these posts since the end of November when I had my LBM, which was quite terrifying to say the least, we have 31000 on credit cards and loans, just typing it makes me queasy! We have a story like everyone else, but this makes no difference to the amount we owe or the situation we find ourselves in, the main thing is that we are taking the bull by the horns and tackling this. I do suffer with my nerves and my main concern at the moment is how i am going to deal with the phone calls and letters that will start to come through. The guilt about defaulting on our credit is crippling, until now we have never missed a payment or reduced any payments. But in my heart of hearts I know that this is the way forward to see an end (although a long way off) to these debts. It's terrifying and exhilarating at the same time! Reading ur posts u have all done fantastically well so far, I just hope with good budgeting and not sticking my head in the sand anymore we can have success with this! I'm determined to get my family through this! Anyway just wanted to say hi, this forum is amazing its given me really good advice so far and actually makes me feel abit better. Thanks!

Hi and welcome Mossop01 :hello:

The phonecalls and letters are a bit rough at first but they do stop quite quickly, in our case I think it was around 6 weeks. Have a little script prepared "I am in a DMP with XXXXXXX and my reference number is YYYYYYYY. You need to speak to them". If it gets really bad, turn the phone off or put it on answering machine or pretend to be an answering machine with an automated DMP message, like I did

The first few days/weeks are a real emotional rollercoaster, I know that terrifying yet exhilarating feeling very well. The first month can be hard as many people see their debt increase rather than decrease, due to interest, charges and account fees. But from the second month, we saw a real difference in our debt and that is the best feeling :j

I have found the advice, experience, help and support on this thread absolutely invaluable so please stick around and ask anything you need to. There is no such thing as a daft question .... and if there were, I would have asked it already!

Well done on starting this debt free journey and good luck

Time_to_face_the_music

SparkleShark wrote: »

Thanks Hopelessly Hopeful,

I have a mortgage and a car on finance so wouldn't be eligible for DRO as I guess I own too much in assets. Also, it seems a bit more intimidating than DMP with a charity I feel.

Thanks for your advice. I already have a bank ac without debt, so that's a good start!

Thanks all,
SS.

Great start SS, it seems like you are all ready to go! :T

Alice_in_Welfareland

ianmak wrote: »

Stepchange certainly are funded in part by voluntary contributions from the credit industry (TSB Natwest etc)..

Yes I am aware of this funding though not convinced it is either partial or voluntary. I would still like to know what the charity does with its funds when it is not spending on rebranding and prime time advertising.

Time_to_face_the_music

Alice_in_Welfareland wrote: »

Yes I am aware of this funding though not convinced it is either partial or voluntary. I would still like to know what the charity does with its funds when it is not spending on rebranding and prime time advertising.

I have read that the creditors give back 11% of all debt recovered to StepChange (ex CCCS). Does anyone know if this figure is correct?

I have to confess to wondering what they do with their funds too. What's the betting someone will be along to tell us tomorrow

lizzy23

Time_to_face_the_music wrote: »

I have read that the creditors give back 11% of all debt recovered to StepChange (ex CCCS). Does anyone know if this figure is correct?

I have to confess to wondering what they do with their funds too. What's the betting someone will be along to tell us tomorrow

I don't wonder, they employ people in an office in Leeds city centre, they have overheads, websites to run and people to pay none of that will come cheap, at the end of the day they make our life easier and don't cost ME anything, so however they get their money is fine by me.

If you really want to get on to what a charity does with their money, have a look at the RSPCA accounts, and contrary to popular believe none of the money donated centrally goes to help animals, the individual branches have to fundraise themseleves.

And no before anyone says i don't work for Stepchange i'm just a realist that understands nothing in this life is free, and if you really want to know their incoming and outgoings go to the charity commision website and have a look at their accounts it all has to be audited

http://www.charity-commission.gov.uk/Showcharity/RegisterOfCharities/CharityWithPartB.aspx?RegisteredCharityNumber=1016630&SubsidiaryNumber=0