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Claiming in a DMP/IVA (merged)
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I am about to send out my letters for credit card and bank charges, can anyone tell me, seeing as i am on a dmp, if any of my charges are refunded ( i am claiming from 4 creditors) will i get a cheque or will they use the funds to reduce my debts automatically
Payment will likely go to your creditors.0 -
Gutted, ah well i suppose it reduces my debt.0
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Hi
My husband and I have just contacted the Consumer Credit Counselling Service (CCCS) to get help with a Debt Management Plan (DMP). Now I am not sure whether to contact our creidt card issuers to request refunds of the charges for fear that they may refuse to freeze interest on the accounts so we can start to pay them back. I had thought about requesting them and asking them to be refunded to the credit card account to reduce our debts. Has anyone else been in a similar situation? i would really appreciate some advice.
Thanks0 -
You can start a reclaim but yes, any monies reclaimed will be put towards any debt held by the credit card but of course this will reduce your debt. If you hang on I'll merge your thread into the main thread regarding this where Martin posted a response he had from CCCS regarding claiming.0
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I am new please help, I don't know what you mean???!!0
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MSE_Martin wrote: »The following is the view of the top lot at the CCCS
Martin
"The answer is not very clear I'm afraid because there are too many variables.
Not all lenders freeze interest, so there may be no impact. For those that do, it may affect their decision whether to continue the freeze, particularly if they have had to fork out a lot in charge refunds.
I'm not aware that any have very specific policies regarding how they will treat DMP clients who request refunds. I'm certainly not aware of any clients who have suffered as a result of reclaiming their charges.
If a bank overdraft is comprised almost entirely of charges that were then refunded, that would essentially wipe one of the debts out altogether and remove it from the plan.We would expect the client to use the money towards clearance of the debts, unfortunately, as we are not actively involved in the process (i.e. we don't do it for them) we don't know to what extent they are successful and how much they get - we're reliant on their honesty!)"
I've merged your thread into this one and if you read back over previous posts you'll find out how other users have got on with their reclaim and the above quote is what CCCS said to Martin regarding reclaiming in a DMP. The same policy would apply to reclaiming your credit card charges.0 -
Hello peeps
This is my first time here and would appreciate any advice.
I am currently with a debt management company , where I pay a certain amount each month to all my creditors, 2 of which are credit card companies.
Does anyone know if its still worth me putting in claims and if this will affect any arrangements that i have?0 -
im on a DMP too and im doing mine i look it as the quicker i can pay off my debt the better0
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thanks for the reply, julie0
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I am 1 year into a 5 year IVA and things are going well. I started off owing about £40K but after 12 months of a voluntary agreement @£500/pm and 12 months of the IVA @£400/pm this has come down.
I know I still owe the Banks (natwest & barclays) money but if I could claim some of it back I wouldn't owe them as much and could finish my IVA sooner.
Is it possible to claim on bank accounts and credit card companies that I still owe money too? I think that some months it got so bad I was being charge £90-200 every month. Perhaps without these charges it would have been easier to keep up with payment and I wouldn't have had to enter an IVA.
One other thing - My current bank Nationwide charged me £30 for an unpaid direct debit. This is the only charge I have had on this account in 2 years - is it worth trying to claim this back? Would it put me in a bad light with them?0
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