DMP & Mutual Support Thread - Part 8

sickasachip13

...actually Nicro, if you want to be sure, you can always ask the CCCS advisors a question on their thread here: https://forums.moneysavingexpert.com/discussion/2402327

SAAC

nicrobx4

sickasachip13 wrote: »

Hi Nicro,

I don't know all the legal ins and outs but, from my limited knowledge, the defaults accrued during a DMP will be 'attached' to the actual individual lender only. So unless you have joint accounts with your kids, joint loans etc etc, they shouldn't be. There are some people around that have DMPs without their partners knowing, when they have no combined financial interests.

SAAC

As always this is the place to be for the best advise. Thanks again SAAC whether you realise it or not for the majority of us that lurk your support along with everyone else's is invaluable. Your an :A
Nik

mon1o

Hi all!

Well ive had written confirmation today of my dmp being set up with CCCS and final confirmation that the start date is 1st April. Finally i feel like a weight has been lifted and i think that focussing on budgeting, using envelopes, getting a new bank account etc has been really helpful during what would have been a horrid time. I feel like im making positive steps towards a debt free life, my attitude to money is changing ( I do have to fight myself if i see something while out and i have no cash - i find myself reaching for the debit card but have managed to stop myself so far :T)

Hope everyone else is well!

smcshane

Hi all

As promised a little update on my F&F. Has been a week since my letters and not heard from anyone so decided to start making calls. I'm a little impatient at times!!!
Thought I'd phone the only debt who was with a collection agent first and got a completely unexpected answer! Basically Cabot have said they won't consider any F&F because the debt will be paid off in 18 months!
So going to keep up with the calls and at least I know where I will stand as it may get to the point where I pay off the biggest (already been offered 50% discount from bank collections) and then work to pay the remainder over 6mnth.
Still paying cccs though monthly so at least outstanding in still coming down.
Take Care All
Sx

AmyV_2

smcshane wrote: »

Hi all

Basically Cabot have said they won't consider any F&F because the debt will be paid off in 18 months!
So going to keep up with the calls and at least I know where I will stand as it may get to the point where I pay off the biggest (already been offered 50% discount from bank collections) and then work to pay the remainder over 6mnth.Sx

Thasts really interesting. We are hoping to try for F&F's some time in the future, nearly all ours are with DCAs, so the timescale is something to think about! Let us know how you get on with the rest.

Thanks!

sickasachip13

nicrobx4 wrote: »

As always this is the place to be for the best advise. Thanks again SAAC whether you realise it or not for the majority of us that lurk your support along with everyone else's is invaluable. Your an :A
Nik

Well, it's not often I've been called an angel, but thanks Nik :beer:

Time_to_face_the_music

Part of our DMP is a credit card and an overdraft with Lloyds TSB. The credit card is carrying on as per normal with same interest rate and us having fingers crossed that they may drop it some time soon. However the way they are treating the overdraft is totally confusing me. My salary is no longer going into the account so the overdraft charges have nowhere to come out of, so they are increasing my overdraft to take in the charges. Is this normal?

ianmak

Time_to_face_the_music wrote: »

Part of our DMP is a credit card and an overdraft with Lloyds TSB. The credit card is carrying on as per normal with same interest rate and us having fingers crossed that they may drop it some time soon. However the way they are treating the overdraft is totally confusing me. My salary is no longer going into the account so the overdraft charges have nowhere to come out of, so they are increasing my overdraft to take in the charges. Is this normal?

I'd imagine they just keep adding the charges. Just because there is an overdraft 'limit' doesn't stop them from going over it!

Em586

Time_to_face_the_music wrote: »

Part of our DMP is a credit card and an overdraft with Lloyds TSB. The credit card is carrying on as per normal with same interest rate and us having fingers crossed that they may drop it some time soon. However the way they are treating the overdraft is totally confusing me. My salary is no longer going into the account so the overdraft charges have nowhere to come out of, so they are increasing my overdraft to take in the charges. Is this normal?

we keep getting this too, my husband's meant to ring today (in his name) to cancel the overdraft facility and close the account so it can just be seen as debt and not an active account. They've refused our DMP payment too for the CC, so presuming we@re still getting hit with interest too. Will be writing letters if this doesn't change by next month's payment (this was our first one)

BlushingRose

Time_to_face_the_music wrote: »

Part of our DMP is a credit card and an overdraft with Lloyds TSB. The credit card is carrying on as per normal with same interest rate and us having fingers crossed that they may drop it some time soon. However the way they are treating the overdraft is totally confusing me. My salary is no longer going into the account so the overdraft charges have nowhere to come out of, so they are increasing my overdraft to take in the charges. Is this normal?

Part of Mr BR's DMP is also a current account OD. The bank requested that we closed the account before they accepted the DMP. Might be a suggestion to ask the bank to close the account as you're on a DMP.