Claiming in a DMP/IVA (merged)

carrielouise80

i am in the same situation and to be honest i kind of have the mentality that the debt i owe with them would be wiped clean so it is one less thing to pay back. I would love the money in my pocket etc, but i have accepted that rightfully the money is theirs to clear my debt with them. Sorry - just thought i'd pitch in...

aussielovell

carrielouise80 wrote:

i am in the same situation and to be honest i kind of have the mentality that the debt i owe with them would be wiped clean so it is one less thing to pay back. I would love the money in my pocket etc, but i have accepted that rightfully the money is theirs to clear my debt with them. Sorry - just thought i'd pitch in...

I agree, I know from experience that if i am suspecting money coming to me, i spend it about 20 different ways before its even in my pocket. Done that with my bonus this year and have just found out not getting any. Spent it before it even came in and now am bit behind where i wanted to be. My experience is that the debts should go first. If i think about money coming in, i always overspend.

Would prob say in true money saving style that the only way you should get the cash is if you are paying of a higher apr loan first?? and that all the money you get back goes to clear off debts. Just my opinion.

Stradders

I can understand where you're coming from but you're going off topic, and i'd rather have the money than reduce a number on a debt collection agencies file.

What is the point of paying it off early ? An arrangement is already in place, if i get a settlement figure i will only save about £100 or so, i'll still have the default etc. on my file, i'll still have a bad credit rating if i pay it towards the debt, all i'll be doing is slightly reducing the amount of time it'll take to pay it all off, so what is the point of throwing £3,000 away for the sake of £100 or so ?

As i said i appreciate your situation and your comments, but

a) there's absolutely no point

b) you're not answering my question

Stradders

It seems to me everyone is asking the same question as me here but no-one's providing an answer

Neenos

Hello,
I've recently written to Halifax to claim back all my bank charges, however as I'm on a debt management programme. Does anyone know whether they can award you your money but as a discount on the amount you owe them?.
For example i have an £8,000 loan with them, can they say " yes we will award you your £2,000 by way off reducing your debt to us by £2,000". Does that make sense?. I'm really hoping that when they send the offer letter I send back written acceptance with my new 'safe account' details. has anyone who is on a DMP or has a large overdraft with the bank they are claiming from have FIRST hand experience of this......................or know for a FACT where i stand?.

This would be really really REALLY helpful and greatly appreciated

carole_twigg

As I am in debt due to illness i have come to an arrangement with two banks to pay them £5.00 per month. However, they will still be charging interest of £29.00 - 29.30p per month. I owe Barclays £1,100 and Halifax £2,200. Can I reclaim bank charges now or do I have to wait until I repay them which will obviously take years.
Thanks

The_Bouncing_Cheque

it doesnt sound like you have much of an agreement with them, as your balance will continue to rise, i once entered into an agreement with MBNA where i promised to make a set payment each month and they suspended all interest and charges for an agreed period (it was 3 months)

However, in your situation, if they are both bank accounts, i wouldnt make the claim yet, just incase they closed your accounts? If you arent bothered by this, then go for it, itll stop them making illegal charges in the future as well, but you will be liable for Legal charges still.

thesaint

Reclaim your charges now, there are other accounts that you can move to with defaults etc. There is a lot of information on this site.

livvy

I currently am dealing with the Consumer Credit counselling Service who i have a debt management plan with. i am considering trying to recliam all the bank charges i have paid in the past, to pay towards my outstanding debts, but i am concerned that the companies may no longer accept my debt management plan and reduced payments if i pursue this. Does anyone else have experience of doing this when they have debt repayment agreements with the banks and credit companies?

Edinburghlass_2

No-body seems to be reporting much about actually having claimed but I would suggest you ask CCS what they think and keep them informed.