Barclay Loan default

Nivea_2

Hi DFW's,

My DMP is not due to start till 1st July, i have missed one payment on my Barclay Loan but made a token payment instead, and will make another token payment for June.

I have this morning recieved a Default Notice, there is no mention of the DMP although CCCS say they have written to them, plus 2 other of my creditors have written to me aknowledging the DMP and advising interest stopping and acceptance of the payment plan.

On this defalut notice form Barclays they say they are adding interest at £6.59 a day! that is ridiculour - that will be £197 a onth just on interest????

But on the letter is says if i make payment to repay the arrears of £0.00????????????????????

I am a bit worried, can they default me immediatley because I have advised them I am entering a DMP, should I worry about this? I thought once they default you they can not charge interest or am I wrong?

I will pass the letter to CCCS anyway but would be grateful for some advice

Thanks

Nivea_2

should I call Barclays or just let CCCS deal with it? I don't know what to do

Tixy

If you have informed them you will be entering a DMP its not unusual for a default notice to be sent out straight away, rather than waiting the usual 3months-ish.

When on a DMP early default notices are usually good news - the sooner you receive them, the sooner the 6year period is up.

Yes they can continue to charge interest after a default notice has been issued.

CCCS will ask them to freeze interest & charges once they write to Barclays with your DMP payment amount.

If they do't freeze interest within a couple of months its worth writing yourself to ask them to reconsider.

Nivea_2

has anyone else had experience of Barclay Loans, do they stop the horrendous interest charges? do they default straight away? and will they come after me with a CCJ?

Thank you

TakingControl

I entered a DMP in 2009 and had a default notice with barclaycard loans (masterloans) straight away. No interest was added and after 10 months they offered me a F&F at 70%

Nivea_2

thank you that is reassuring to know, will call CCCS today and will let them know about the default letter I have recieved

Hatecreditors.com

I had a Barclays overdraft included in my DMP with CCCS (balance was £3,000). I know you’re referring to a loan but they may have similar procedures.

When I moved bank accounts, Barcalys sent a default notice advising that interest would be added at a rate of £1 per day.

The account was defaulted but they never added a penny of interest and now it’s paid off in full.

Top-ranking_Bug

I have a Barclays loan, overdraft and credit card on DMP with CCCS. I also got default letters for each of them, but within about 6 weeks of my DMP kicking in, I got acknowledgement letters and that they would stop the interest - which they did! In fact, I've just finished paying my overdraft - my first creditor to be paid off! Such a great feeling!