Addresses to send creditors letters to re: starting a DMP?

Rochdale_Guy

Afternoon everyone, hope you are all okay?
(they say talking to yourself is a sign of madness don't they....!) :rotfl:

Just an update to say I had letters off;

a) MBNA who have accepted the £41.16 a month offer off CCCS and have reduced the interest rate on my account to 0% per annum and will waive all future late, over limit and returned payment charges during this time!

:j :T

b) A letter off The Co-Op Bank saying they are charging me £15 for non payment of the BT direct debit that they tried to take out my Co-Op account on the 15th, before I could withdraw my wages from the old account and pay it into the new Co-Op account.
Not happy with that so phoned them up and vented, nice lady said they will waive the £15 as she understood my circumstances but stressed I must have money in my account before any D/Ds come out, so I bored her with the details off my employers NOT paying my wage into the Co-Op account so I had to withdraw it, run across town to the Co-Op and pay the cash in! She warned me automated D/Ds cam come out at 1 second past midnight on the day they are due to make sure it didn't happen again! Hey, if I wanted punishment over the phone I'd phone one of those dodgy looking adverts you see, ahem! Phone me now for a good wrist slapping.... 0898 (or so I hear!)

Time to be serious again now.

The MBNA letter did also scare me and say:

Registering a default
The repayment offer you have made will not be sufficient to prevent us registering a default with the credit reference agencies even if you continue to maintain payments at this level; however we will give you 30 days advance notice of this action (unless you have already received this notice).

Scared, what exactly does that mean?

It also said: my payment is (or was) due on 28th February. If you have already made payment you do not have to make further payment this month. If you have not made payment please make this as due. Further payments will be due every 30 days until your outstanding balance is paid off. If you do not make the agreed monthly payments we will take further action.

So, am I meant to send them another £1 token payment until the CCCS £41.16p reaches them? The CCCS DMP starts on March 1st, sorry, I have just answered my own question I guess?

I will have to try and scan all these letters in at work and email them over to CCCS with a covering email and my DMP Reference Number, on Monday.

So, the ball is rolling, shame about the Co-Op throwing a wobbler when there switching team was meant to take care of all the direct debits for me.

Oh well. Thanks for reading and for the help & support you offer me!

I will double check all my new D/Ds now, and once the first payment of each one has come out my Co-Op account, make sure all future ones aren't due out on the 15th in case they come out before my wage goes in. I cant afford a £15 charge for each one that comes out when there is no money on the account.

Bye :A

eyeopener2

Hi

Well done on getting this far, its a major milestone receiving your first acceptance!

The warning of a default from MBNA is nothing really, they may default you they may not but that have to warn you that this is a possibility as your not paying your contractual payments. Your crdit records in tatters anyway so don't worry about it.

There is no problem in sending more token payments, if need be. One of the merry gang on our DMP thread did this for three or four months so, again, don't worry. Token payments show a willingness to pay, which is a good thing.

E2

scared-sick

Wow....get you going full steam ahead!!:T

You have managed to set everything up really fast. Sounds like you are doing great.

I started all this before you and i am still nowhere near.

I have set up new bank account. Getting letters through now from direct debits confirming the change. Waiting to see if wages and ctc goes into bank ok, then I am good to go.

I am taking this at my own pace though. I want everything to be in place before I take the plunge as I dont need the added stress!

I though it was very cheeky of your new bank to try and charge you for the unpaid dd. Mine said that if i incurred any charges because of the switch from with old bank or new, they would pay for them!

Glad you are getting there though. Bet its a relief for you!

Now all you need to do is live within your budget....easy!! (joke!)

Rochdale_Guy

Rochdale_Guy wrote: »

Registering a default
The repayment offer you have made will not be sufficient to prevent us registering a default with the credit reference agencies even if you continue to maintain payments at this level; however we will give you 30 days advance notice of this action (unless you have already received this notice).

I take it they mean the £1 token offer?

If so, what about the £41.16 they will soon get from CCCS? Will that STOP them registering a default?

I still don't understand what registering a default really means!

Oh, can I open a basic savings account with the Co-Op while on a DMP to transfer some of my money into? Just helps me organise what are essential outgoing spends, and the money in a savings account will be things like the monthly car spend "saves", if you follow me?

:beer:

Rochdale_Guy

scared-sick wrote: »

Wow....get you going full steam ahead!!:T

You have managed to set everything up really fast. Sounds like you are doing great.

I started all this before you and i am still nowhere near.

I have set up new bank account. Getting letters through now from direct debits confirming the change. Waiting to see if wages and ctc goes into bank ok, then I am good to go.

I am taking this at my own pace though. I want everything to be in place before I take the plunge as I dont need the added stress!

I though it was very cheeky of your new bank to try and charge you for the unpaid dd. Mine said that if i incurred any charges because of the switch from with old bank or new, they would pay for them!

Glad you are getting there though. Bet its a relief for you!

Now all you need to do is live within your budget....easy!! (joke!)

Thanks scared-sick :beer:

I do seem to be moving faster than others on here in my situation, such as your good self and my pal FeeFeeDee.

I'm sure we all get sorted soon :j

BlushingRose

Rochdale_Guy wrote: »

I take it they mean the £1 token offer?

If so, what about the £41.16 they will soon get from CCCS? Will that STOP them registering a default?

I still don't understand what registering a default really means!

Oh, can I open a basic savings account with the Co-Op while on a DMP to transfer some of my money into? Just helps me organise what are essential outgoing spends, and the money in a savings account will be things like the monthly car spend "saves", if you follow me?

:beer:

Some creditors issue defaults regardless, some never do. A default (I am told) is actually a good thing.

Re: the Co-op account. Yes, our basic account is with them.

eyeopener2

A default means you are officially, in the eyes of the creditor, in arrears. They issue the 'default' notice so they can, if they wish, take further action BUT THEY PROBABLY WON'T! They have to do this by law before they could do anything else.

A default will have a settlement figure, a time frame and what the consequences of not paying the arrears, etc.

Its just an official notification. The earlier you get one, the sooner it drops off your credit report.

http://www.payplan.com/debt-library/debt-management-default-notices.php

backinbusiness

A default means that you are in breach of your original credit agreement.

It is reported to the Credit Reference Agencies and will stay on your Credit File for 6 years from date of default.

Defaults on your Credit File will make it very difficult to obtain credit, certainly until they "drop off", however as you are in a DMP you are not allowed additional credit anyway.

Good luck.

BiB

PinotGrigio41

We have two defaults and have been advised to actually ask the other creditors to issue a default notice. The sooner the do the sooner the it drops off of your credit report. Personally I wouldn't worry too much about the default notices.

Rochdale_Guy

Thanks everyone :beer: