DMP & Mutual Support Thread - Part 8

Reducemydebt

mr777 wrote: »

Hi all, don't lose hope with interest etc!
Long story (look at my previous posts and you can read it!),
Basically i had three accounts with NatWest, 2 x overdrafts, and 1 x loan account. When i started my DMP through Payplan all interest had been frozen (or so i thought). The only one what was actually frozen was the loan account. So after 4 years of making regular payments through DMP, NatWest decided to send me a letter last year saying i owed them £5500 on one overdraft (originally £1500)! and £2500 on the other (originally £1000!). I argued and argued and got nowhere. eventually they passed my debts on to CapQuest. By this time i lodged a complaint with the Financial Ombudsman and got the ball rolling. Here's the result........
Quote:
Hi all, i need help!! Been paying into a DMP from Payplan now since August 2007. Never missed a payment, paying 3 different creditors for various things. Nat West are one of the creditors to which i am paying 2 account overdrafts and one personal loan. I recently recieved a letter from Payplan saying that they had recieved a letter from NW regarding the overdraft accounts. Payplan had the balances at (1) £1,400ish and (2) £430ish but NW had the balances at (1) £5,500ish and (2) £2,700ish :mad:!!!!!!!! I spoke to NW and they said that it would be down to interest and charges etc etc and i need to get a statement from my local branch to confirm this. Then if i am unhappy i have to write a letter of complaint to them. Obviously i am unhappy! and does anyone have an experience of this or similar?? what are my options??? If they continue adding this interest / charges i will be falling deeper into debt and not coming out of debt like i assumed i was!!!! Please help.............

Update - Yesterday i had an email from the Financial Ombudsman, who i made an official complaint about Nat West too, basically saying that as a gesture of goodwill NW are going to write off the debt completely on both overdraft accounts! Not only that but they are going to reduce my loan account by £5,074.40, because had i not accrued interest on my overdrafts i would have paid them earlier, hence this amount would have been paid off my loan!! RESULT!! WAHOO!!! Over the moon is an understatement!!!!

Great news, from someone just about to start sorting out my debt it is good to see some good news stories.

sickasachip13

Oh my Goodness Mr777 - you took them on and you won! Well done and congratulations.

Reducemydebt

Hi, a couple of questions if I may about the DMP via CCCS:

Last night I filled it in and it looked ok but I think some of the payments for Credit Cards are overestimated on the CCCS website - for example I have a balance of £5,550 on one card which is £120 per month. I think on the website it entered this automatically as £177 - that normal? Does that bump up the payment I will send to CCCS?

Thanks

Time_to_face_the_music

mr777 wrote: »

Hi all, don't lose hope with interest etc!
Long story (look at my previous posts and you can read it!),
Basically i had three accounts with NatWest, 2 x overdrafts, and 1 x loan account. When i started my DMP through Payplan all interest had been frozen (or so i thought). The only one what was actually frozen was the loan account. So after 4 years of making regular payments through DMP, NatWest decided to send me a letter last year saying i owed them £5500 on one overdraft (originally £1500)! and £2500 on the other (originally £1000!). I argued and argued and got nowhere. eventually they passed my debts on to CapQuest. By this time i lodged a complaint with the Financial Ombudsman and got the ball rolling. Here's the result........
Quote:
Hi all, i need help!! Been paying into a DMP from Payplan now since August 2007. Never missed a payment, paying 3 different creditors for various things. Nat West are one of the creditors to which i am paying 2 account overdrafts and one personal loan. I recently recieved a letter from Payplan saying that they had recieved a letter from NW regarding the overdraft accounts. Payplan had the balances at (1) £1,400ish and (2) £430ish but NW had the balances at (1) £5,500ish and (2) £2,700ish :mad:!!!!!!!! I spoke to NW and they said that it would be down to interest and charges etc etc and i need to get a statement from my local branch to confirm this. Then if i am unhappy i have to write a letter of complaint to them. Obviously i am unhappy! and does anyone have an experience of this or similar?? what are my options??? If they continue adding this interest / charges i will be falling deeper into debt and not coming out of debt like i assumed i was!!!! Please help.............

Update - Yesterday i had an email from the Financial Ombudsman, who i made an official complaint about Nat West too, basically saying that as a gesture of goodwill NW are going to write off the debt completely on both overdraft accounts! Not only that but they are going to reduce my loan account by £5,074.40, because had i not accrued interest on my overdrafts i would have paid them earlier, hence this amount would have been paid off my loan!! RESULT!! WAHOO!!! Over the moon is an understatement!!!!

That is the most fantastic news Mr777 and shows it is always worth a fight and a complaint. You must be over the moon. Well done :T

BlushingRose

Reducemydebt wrote: »

Hi, a couple of questions if I may about the DMP via CCCS:

Last night I filled it in and it looked ok but I think some of the payments for Credit Cards are overestimated on the CCCS website - for example I have a balance of £5,550 on one card which is £120 per month. I think on the website it entered this automatically as £177 - that normal? Does that bump up the payment I will send to CCCS?

Thanks

If CCCS has agreed a monthly payment with you, then that is all you will pay. The CCCS then share out that amount to your creditors.
However, I'd be surprised if a monthly payment to a creditor was *more* than their minimum payment.
Might be worth ringing CCCS and asking about it?

paddles_2

Hey money-savers, it's been an age since I last posted, but today I managed to increase my monthly payment by £20... A tiny amount but a little victory for me as life seems to be getting pricier and pricier! As small as it may be, I'm thrilled!

Keep calm and carry on saving...

Paddles

sickasachip13

Reducemydebt wrote: »

Hi, a couple of questions if I may about the DMP via CCCS:

Last night I filled it in and it looked ok but I think some of the payments for Credit Cards are overestimated on the CCCS website - for example I have a balance of £5,550 on one card which is £120 per month. I think on the website it entered this automatically as £177 - that normal? Does that bump up the payment I will send to CCCS?

Thanks

I'm not quite clear - do you mean that when you are setting out all your debts in the forms? If so, then their system has a way of working out your contractual payment to each debt which may not accurately reflect what your actual payment has been. It's complicated! I think I remember it doing this to us too.

If this is the case, don't worry because once CCCS has all your debts - as in the amounts owed, not the monthly payments - they work out a pro-rata payment to each based on size of debt etc etc. The main thing is that they have accurate records of your debt with each creditor and all your outgoings - it is these figures that determine what you will pay per month

SAAC

sickasachip13

paddles wrote: »

Hey money-savers, it's been an age since I last posted, but today I managed to increase my monthly payment by £20... A tiny amount but a little victory for me as life seems to be getting pricier and pricier! As small as it may be, I'm thrilled!

Keep calm and carry on saving...

Paddles

Well done :T. It's exciting when you put up your payment. We've managed three small increases across the 16 months we've been DMPing.

toots1607

Hi all ,

I am having a thought and getting fed up about my mess of my finance but I thinking out of the box and not in a straight way wouldnt it be nice if the credit card or loan people would say as you are in financial trouble we will reduce you debt by all in the interest charged since a certain date charge you a yearly fee of £150.00 per year for admin charges and this will reduced what you owe. They still get there money, we still pay off the debt plus a admin fee. The debt get reduced by a large amout and now I have come out of my dream landed back on earth with a great thud!!!!! Oh well school run calling. Thanks for my dreams.:o:o:o;););)

Reducemydebt

sickasachip13 wrote: »

I'm not quite clear - do you mean that when you are setting out all your debts in the forms? If so, then their system has a way of working out your contractual payment to each debt which may not accurately reflect what your actual payment has been. It's complicated! I think I remember it doing this to us too.

If this is the case, don't worry because once CCCS has all your debts - as in the amounts owed, not the monthly payments - they work out a pro-rata payment to each based on size of debt etc etc. The main thing is that they have accurate records of your debt with each creditor and all your outgoings - it is these figures that determine what you will pay per month

SAAC

Yeah, when filling out the debt in their forms it automatically calculated the monthly payment for the credit cards which, in some cases, was significantly more than what I actually pay now, or not sometimes, as a minimum. I'm sure it'll work out as it is early days just a bit panicky about having enough money left over blah blah blah. I'm reviewing this now to make sure I included everything in the list.

Cheers.