Help with Payplan interview.42000.00 in debt

debtfree1979

I have been on a DMP since Feb 2011 with Vincent Bond!(fee charging) My debts are 18k to 6 creditors. My monthly payment is £100 of which £85 is distributed between creditors. I did look into the free services but decided on Vincent bond due to their excellent customer feedback and a lovely man called Keith who spoke to me for over an hour. All my details were taken over the phone and then posted for me to sign. I then sent Vincent Bond my first payment by bank transfer and they immediatley sent faxes to all creditors informing them that they would be acting on my behalf. All creditors accepted and agreed to freeze interest. The whole thing was sorted in less than two weeks. I have not had one single phonecall from any of my creditors which is great. I honestly cant fault them. I have considered changing to a free or self managed Dmp but decided to stick with them as everything is going so good and will hopefully be doing some full & final offers soon of which I will be approaching the creditors myself as Vincent Bond do charge 10% of the amount they save. I recieved a letter from one creditor last week offering 50% discount on a 9000 debt which prompted me to start looking into the full and final offers. Hopefully if I can get them all to agree to 50% I am hoping to get the money from family. Will keep everyone updated on my progress. Also if anyone has any words of wisdon, I would be greatful for any tips etc.

somewhere_up_there

Hi Debtfree 1979.
I was debt free in that year.
I am just starting on my journey, so sadly no words of wisdom for
you.

Reading this forum , some people seem to be hassled by the card companies,and others never hear from them, hope i am the latter.

Going down the dmp route ,as hopefully in the future , they will offer me full and final offers.

Lilli was thinking of Vincent Bond, but if you read another post on mine,the amount you pay extra over the years is about 10000.00

For me that would be just like adding another debt.

But i think it is what each person feels more in control with.

Had you defaulted on any payments.?

Not paid egg[barclaycard].
Cancelled my direct debit,so will e-mail them on Friday.

First time in my life i have not made the payments

But cannot give them what i do not have.

42000.00 7 creditors.
Barclaycard
Halifax
egg
virgin
opus
asda
Postoffice.

Facing my debt.
Keep updating 1979

somewhere_up_there

1979
Is it okay to ask who offered 50% discount.

debtfree1979

Yes I do agree with regards to how much the fees will add to the debt. Currently it will take 20 years to pay!! I do however hope to get them all paid withing the next 6 months with full & finals. I will then owe the money to family but will only owe half as much and will only have to pay back when I am back on my feet. I was actually up to date with all my payments but found that I was going further into my overdraft each month to service the payments and also spending on my cards to pay for food, petrol etc. As soon as I had the first monthly payment I was told to cancel all direct debits and then transferred the payment to Vincent Bond. The 50% was offered by AIC(Allied international Credit) who I beleive are acting on behalf of Natwest. Cant seem to get a straight answer as to whether they have bought the debt or not!!!

debtfree1979

Post office sold the debt to BCW debt collectors as soon as they recieved the info I was starting the DMP and failed to make my normal payment!!

somewhere_up_there

Just spoken to payplan.
According to payplan .
Barclaycard
Halifax
egg.
Are unlikely to freeze interest.
He keeps trying to make me go down other options
Need to know more about the possibilities of interest freezing.

As i said to him we will not know until we ask.

!979.
Same as you been living day to day on my cards.
Even got cash out to pay my house loan.!!!!!!!!!!!!!!

Just do not feel comfortable going down iva etc.

Has anyone had experience of Bank Of Scotland and dmp

antonic

somewhere_up_there wrote: »

Just spoken to payplan.
According to payplan .
Barclaycard
Halifax
egg.
Are unlikely to freeze interest.
He keeps trying to make me go down other options
Need to know more about the possibilities of interest freezing.

As i said to him we will not know until we ask.

!979.
Same as you been living day to day on my cards.
Even got cash out to pay my house loan.!!!!!!!!!!!!!!

Just do not feel comfortable going down iva etc.

Has anyone had experience of Bank Of Scotland and dmp

I have, HBOS originally froze the interest for 2 years, then unfroze it telling me they had given me the maximum amount of help available, then they froze it again after a year.

I now 9 months to go till the end of my 7 year DMP.

euronorris

debtfree1979 wrote: »

Currently it will take 20 years to pay!!

This part doesn't make sense. Are you sure that Vincent Bond aren't taking more money than they said? At 85 quid pm, with a total 18k debt, and assuming all interest frozen, the debts should be repaid within 17 and a half years, not 20. Even when I allow for rounding up, and make the total debt 19k, it should be repaid within 18 and a half years.

Have I missed something here?

Plus, if you went with a free DMP, it would be done in 15 years. If you're currently paying Vincent Bond 100 quid pm, and the DMP will be 5 years longer, then you'll be paying an extra 6k!

I know you are hopeful that family can help, and so this will become a non issue, but.....what if they can't, or they change their mind etc? For that reason, I would be inclined to go down the cheaper route with CCCS or PayPlan. That way, you're in the best possible position, if the worst happens.

Good luck either way!

somewhere_up_there

Just a quick update.
It was Bank of Scotland,who suggested Payplan,said they will fight your corner.
So i hope they do

Standingtall

somewhere_up_there wrote: »

Just spoken to payplan.
According to payplan .
Barclaycard
Halifax
egg.
Are unlikely to freeze interest.
He keeps trying to make me go down other options
Need to know more about the possibilities of interest freezing.

As i said to him we will not know until we ask.

!979.
Same as you been living day to day on my cards.
Even got cash out to pay my house loan.!!!!!!!!!!!!!!

Just do not feel comfortable going down iva etc.

Has anyone had experience of Bank Of Scotland and dmp

Hi somewhere. Egg froze interest and charges on my CC. It was in fact part of their sell out to Barclaycard so my debt is now with them but still frozen. So do not lose hope. Having said that they have told me it is going to their in house DCA and will be defaulted. However, this is good news.