Advice Please

Fru_T_Bun

Currently on a DMP with CCCS.

One of my Credit cards and my old bank overdraft with Lloyds TSB, I am still being charged interest.
I am aware that they are under no obligation to freeze interest, but does anyone know if its worthwhile contacting them to ask them to freeze interest?
If so, whats the best method of contact?

Would i maybe be best looking at a Trust Deed?

chevalier

How long have you had the DMP with CCCS? I have noticed when others have talked about different companies, that Lloyds seems to be one of those, that take longer to freeze interest than others. Worth CCCS writing them again.

I don't know what a trust deed is exactly, but if it is anything like an IVA, then I would think seriously about it, as you have NO wiggle room like you do with a DMP
good luck
chev

fermi

Always worth a go. Also may be worth complaining to the FOS if they refuse and it means that it will then take an unreasonably long time to pay off the account. I think some people have had success via that route,

Can ask on the DMP & Mutual Support Thread - Part 8

southernbelle

I have the same problem with HSBC. I've been on my DMP for a year now :eek: and HSBC still haven't stopped interest on my O/D. I have written to them twice.

I think I may write a letter each week and try to wear them down!! :rotfl:

Time_to_face_the_music

Hi Fru T Bun :hello:

We contacted the FOS about Lloyds TSB charging us interest on our OD while on a CCCS DMP. The FOS managed to get this stopped but unfortunately Lloyds TSB decided to "retaliate" by then re-adding interest to our CC :mad:

Lloyds TSB have made it clear that any payment above minimum on statement means that they will no longer consider us to be in financial difficulty and will reapply full interest across the board. As CCCS are not able to reduce payments to individual creditors to accommodate this and we are in a similar situation with M&S charging interest, we may end up coming out of the CCCS DMP to be able to adjust our own payments

One thing to remember is that Lloyds TSB expect 6 monthly reviews rather than annual and when CCCS did not send this 7 months into our DMP, Lloyds TSB reapplied full charges across our accounts. We were unaware of this but have now added all the applicable dates to our calendar and will remind CCCS to send the reviews next time.

We are currently paying £230 interest per month and do everything within our power to make this money up rather than extend our debt. I know this is not strictly allowed within the DMP and seen as being unfair to creditors but are they being fair with us?

Good luck and please let us know how you get on

artyfartyem

Hi,

We managed to get interest frozen and refunded on our tsb loan and cc, purely because of the terrible service we received. We complained as every time they gave us conflicting and misleading information each time we rang and got through to the overseas call centre. I do believe it is the luck of the draw as we are now paying 498 to our loan when it was originally 360, and our interest is still frozen... Makes no sense. Defo worth trying to complain!

Em

Fru_T_Bun

Thanks for the replies folks.
I have been with CCCS since January.
They pay LTSB £68 per month out my monthly payment, of which almost £50 is being swallowed up with interest.
I did think about paying extra direct to this account to cover this amount, but I have heard how that is not really allowed on a DMP.
I think I will contact them to see what they say.

Thanks again.