Moving away from DMP Company

lala9

Well sent the letters to the creditors and most accepted our terms. HSBC and Santander are being idiots however. Santander has ramped up the interest rate to 29.9% from zero and HSBC have sent a threatening letter about defaults and going to court. How should we tackle these?

Bettingmad

lala9 wrote: »

Well sent the letters to the creditors and most accepted our terms. HSBC and Santander are being idiots however. Santander has ramped up the interest rate to 29.9% from zero and HSBC have sent a threatening letter about defaults and going to court. How should we tackle these?

Doing your own leaves you in far more control. They can't treat you any less favourably doing your own as per OFT guidelines. Ignore the HSBC letter, file it away and just keep sending them the payments. As for Santander I would write a strongly worded complaint again using the guidelines of the OFT and The Lending Code and tell them that if you do not get a favourable response you will refer the matter to the FSA. You have clear evidence that they are treating you less favourably by putting up the interest just because you are managing it yourself. Also threaten in the circumstances that you will have no alternative to reduce the ammount you pay them to a token ammount.

Bettingmad

OFT Guidelines
Deceptive and/or unfair methods

c. refusing to engage, appropriately or at all, with a third party
representative, such as a debt adviser at a free advice centre or
a debt management business, or with a debtor developing his
own repayment plan unless there is an objectively
justifiable reason for doing so.

I would really look at using the Cashflow system as the creditors will be more likely to provided a positive response. HSBC are probably just frightened that you are looking to withdraw from your liabilities and have generated a computer generated threatogram.

jon1965

Definitely write to both and quote the OFT guidelines . The actually OFT thing is OFT664(rev) which I have a copy of if you need it. It's the guidelines on debt collection.
I would send any important letters by recorded delivery and keep a copy. That way if HSBC or Santander do take you to court then you have evidence that you have played ball.
There are other experts on this and other sites that will help you.
I have recently taken over my own DMP and without certain peoples support I would have caved in. I now know what to send back when they send me idiotic replies.
When were the loans or credit cards taken out? as that might lead to other options

lala9 wrote: »

Well sent the letters to the creditors and most accepted our terms. HSBC and Santander are being idiots however. Santander has ramped up the interest rate to 29.9% from zero and HSBC have sent a threatening letter about defaults and going to court. How should we tackle these?

lala9

Thanks for the interesting responses guys. I will come back with the dates of when the credit was taken out as the paperwork is my partners and we are away. However, I looked at the letter from HSBC this morning at my partners house, it was a default notice. Why would they send out a default notice now, my partner has been on a debt management plan since September 2010, bizarre. Has this been bought on by the fact that we sent the letters saying we were doing it ourselves? What will happen now with HSBC, will this debt get sold on. As for the Santander one, we will compose a sh*togram and let them have it, it is totally disgraceful. We offered them £80 and now they have decided to up the interest to £60, it just doesn't make sense!

I will be back soon :-)

JustinCredibleGillespie

Hey lala just saw your post, I hope your doing alright

Happy Easter to you & your family!

JCG

xx

sgtbush

remember your creditors dont have to accept a dmp

lala9

JustinCredibleGillespie wrote: »

Hey lala just saw your post, I hope your doing alright

Happy Easter to you & your family!

JCG

xx

Hey JCG

Nice to hear from you, I don't come on here as much as I did. We are all fine thank you, looking forward to my week off next week with my girls. Hope you are ok to. Not long til your wedding now is it How exciting. Happy Easter to you and your family also, don't eat too much chocolate xx