DMP & Mutual Support Thread - Part 8

Giraffeseeker

Growurown wrote: »

I don't think it is anything to worry about. A while back on the forum lots of people with MBNA said their debts were passed on. It is odd how some creditors do things. Some people have lots of trouble with a creditor whilst others say they are fine. I have a cc with Virgin and they have stopped interest completely and not passed the debt on yet even though I have been on the DMP for 6 months now.

Thanks for replying, I don't really mind them passing it on as I am thinking the interest may well stop if they do that. It was just odd as I've spoken to them on the phone and had letters and this hasn't been mentioned. But I won't worry about it

BlushingRose

tintingirl wrote: »

Thanks for replying, I don't really mind them passing it on as I am thinking the interest may well stop if they do that. It was just odd as I've spoken to them on the phone and had letters and this hasn't been mentioned. But I won't worry about it

Yeah, it's just a general note on the site but not directed at you personally
We also have MBNA as one of our creditors and they've not got rid of us either.

LaCoco

Hello everyone,
I've posted this in the main forum, but then I found this thread, and thought this would be the best place to post it - I'm really new here, but as a fairly recent lurker I'm hugely grateful to have learned about DMPs and that there is a way to slowly climb out of this horrendous trench I've got myself into.

Anyway, I've finally started to tackle my debts and have filled in CCCS's Debt Remedy tool, which advised a DMP. I've set up a new bank account (Co-Op cashminder) and on the 28th March my creditors will start to realise my direct debit repayments have stopped. I'm quite terrified!

My question is this: as stupid as this sounds, having finally exhausted all sources of credit, I'm going to end this month £186 over my official overdraft with HSBC. This amount seems pretty small compared to my other debts - but it's the fact that it's unauthorised that frightens me. I mean, I knowingly took the money and let payments go through without authorisation - yes, they 'let' me have it - and I was completely desperate - it was for my family to live on for the rest of the month after I realised way too late the magnitude of our debts. I've convinced myself that they will see this almost as a form of stealing, and refuse to agree to any DMP terms, force me into bankrupty or take me to court.

Somehow this last, relatively small debt, seems the worst, because it's all completely unauthorised - and I do feel very stupid for not confronting all this sooner.

Do you think this will mean the bank refuse to accept my (much) reduced payments? Can they force me to go bankrupt?

Many thanks for reading, and I hope nobody minds me joining this thread.

AmyV_2

shortie1205 wrote: »

Hi

I have been through the FOS and ' lost' .

What you have to be aware of is the different situations that some of these quotes/documents are referring to.

Not allowed to increase interest rates will probably refer to the agreed rate of interest in the contract you signed for the credit , not the reduced interest rate that the lender is currently charging you. Which according to the FSA they are nor obliged to offer zero interest just as long as your agreed payment reduces your debt then they are within there rights to charge what they like in interest.

Good luck though in your case.

Thanks for the info - useful to know! Its still worth a shot though

manimibe

Hi all

Just in the process of settingg up a DMP. Done all our creditor letters today and about to post them off.

I'm so scared by all this, worried about what the creditors will say etc, it's all so daunting! Can't believe we've got ourselves in such a mess

BlushingRose

LaCoco wrote: »

Anyway, I've finally started to tackle my debts and have filled in CCCS's Debt Remedy tool, which advised a DMP. I've set up a new bank account (Co-Op cashminder) and on the 28th March my creditors will start to realise my direct debit repayments have stopped.

Well done for taking that step. I was terrified too, it gets better, I promise x

LaCoco wrote: »

I've convinced myself that they will see this almost as a form of stealing, and refuse to agree to any DMP terms, force me into bankrupty or take me to court.....
Do you think this will mean the bank refuse to accept my (much) reduced payments? Can they force me to go bankrupt?

They *might* say that they don't accept your DMP 'due to recent movement on the account' (our bank did as we did the same thing) but this won't last long. The CCCS will still send the payments and the bank will accept them. IF the bank are a pain in the beginning, just let them get on with it, they can't have what you haven't got. They won;t make you go bankrupt, they won;t take you to court. They are just another creditor now. They might request that you close that account though (ours did)

LaCoco wrote: »

Many thanks for reading, and I hope nobody minds me joining this thread.

Don't be a silly sausage x

BlushingRose

manimibe wrote: »

Hi all

Just in the process of settingg up a DMP. Done all our creditor letters today and about to post them off.

I'm so scared by all this, worried about what the creditors will say etc, it's all so daunting! Can't believe we've got ourselves in such a mess

It'll be fine - get the letters sent off. Most likely thing to happen is that you'll get some letters back from them in a couple of weeks saying 'righty ho'

mummum2

Hello all, I self manage my own DMP. I have/had MBNA and note I've been on DMP since October 2007, on Friday (9/3) got a letter from them saying that they have passed my debt (MBNA and Abbey) to Moorgate Loan servicing (these are two credit cards - balance on one just over £1k and on other just over 2K). Anyhow, spoke to Moorgate, must admit a very nice woman who informed me that all payments remains the same, they do not expect any higher payment as my original agreement with MBNA still stands and apparently I can continue the same payment till the debt is paid, so all I have to do is change account numbers and keep paying as normal!

Just wanted to also add from day one MBNA & Abbey have been brilliant, stopped interest and slowly been chipping away at the debt. The only bit of worry for me, is that as I was almost at the end they sold this on, so does my default starts now? but to be honest I'm not really bothered as I seriously do not intend to get any credit for the remainder of the time under the Good Lord sees fit to call me home! Hubby has credit card and cheque book so if I need anything like that will/have got him to pay/write cheque and I put the money into his account, it's better that way for me as I do admit I was terrible with credit.

Good luck all, keep plugging away, there's light at the end of the dark tunnel!

MM2

ravens72

Hi All,
I've been on a DMP with the CCCS for the last two months. As in a previous post I mentioned two of my creditors (HBOS and Bank of Scotland) won't freeze the interest.

I've moved my current account and the bank I have moved it to could potentially offer me a credit card which includes 20month 0% on transfer balances. I was thinking that if I was to shift the debt from at least one of these creditors (HBOS or BOS) I would save about £700 per year on interest. The only problem is the CCCS said they would not support me in this as they see it as requesting more credit. Its incredibly frustrating as the Debt was built up by my wife and I have always been incredibly careful with money. Does anyone have any thoughts on this? I guess I just have to keep harrassing the two creditors and keep asking them to stop the interest.

On a side issue, I think this is an excellent forum and is very comforting to know I'm not on my own. Thanks everyone to all of you.

Cheers
Ravens72

wannabee_in_credit

I just did my latest review with CCCS, and they've told me that my payments need to come down slightly to £239 a month (currently paying £274). I can't understand it - I want rid of this debt more than anything and I can't seem to make any headway with it.
My childcare costs have come down since January, but I have lost my tax credits, and OH is currently off work sick only on ssp. Plus my transport costs have increased with the price of petrol, and when it all pans out that is the figure I have left over. I asked her if I could keep paying the current figure and her exact words were, 'Your budget is far from extravagant and that's what the numbers say you have left each month, so I'd leave it at the lower number for now'. I've agreed.
Since I started my dmp my payments have lowered at every review and my dfd is getting further and further away.
I sound so ungrateful don't I? But I can't believe that with such a well paid job I have so little left over each month.
Sorry to just barge on here and post - I regularly lurk....