DMP & Mutual Support Thread - Part 9

moohound

Barclaycard have not charged me any interest, I only owe them £421 and it is my smallest debt by a long way, I know a lot of other people have been charged interest by them. (mine was Egg as well originally)
Maybe because I have a small balance it would not be worth the hassle for them if I complained/wrote to the ombudsman.

They have offered £295 as a Full and Final and I am waiting for their letter.:D

My worst experiences have been with the Lloyds Group, including Blackhorse, who were rude, harassing, disorganised and sent letters with conflicting information. Most human beings would offer condolence when told by someone that they had lost a parent to cancer that week, but not them. I think their employees have their souls extracted at interview.:(

Hopelessly_Hopeful

GibbsRule_No3 wrote: »

I know there is a big difference between what Payplan say I still owe to Barclaycard and what Barclaycard want because the interest is still being added by BC. Payplan know this, (seem happy for me to pay BC what PP think I owe them because if I paid more the interest would go up even more) so I was wondering if anyone has finished a DMP with either CC or PP and what happened when they asked the companies for the final total? Did they negotiate to get the interest refunded or anything or ask if you had any spare money to offer a F&F on the interest added?

Hi Gibbs

Am still in the midst of debt clearing as you know but have read that both PP and SC call you a few months before they think the plan is going to finish. They do this to check on balances!!!!!!! It amazes me that their records are not upto date. Have read a few posts from people with PP who are apparently told they will seek to get interest cleared at the end of the plan....... no surprise that this has not been seen to come to fruition.

Hope someone comes along with answers for you soon.

HHx

Hopelessly_Hopeful

zenshi wrote: »

Having read through multiple threads, I wonder what criteria CC have for freezing interest?

BC were one of the first to reply to me stating that interest was frozen. It appears they don't do it for everyone?

One of the downsides to DMP land is the lack of consistency, transparency and formalisation. It varies between creditors and individuals. You see two people with same debt and they are not necessarily treated in the same way. There does appear to be an increasing trend of creditors upping interest as debtors meet the minimum repayments.

HHx

moohound

It scared me that I might pay for 105 months then still owe just as much. I am thankful I can bin some off with F+Fs.Those that remain will get paid off quicker with a bigger share so they all benefit.

I think the best strategy seems to be sending the 'please stop interest/lending code' letter every time they start adding interest.

I think being reported to the ombudsman costs them money.

PayPlan did not seem very interested in negotiating this for me, they said that creditors are not obliged to stop interest, and suggested I write to them myself.

Blackhorse added £30 a month against a £15 payment then sold it off, which is ursury in my mind.

LLoyds overdraft added £28 a month against a £14 payment.

Hopelessly_Hopeful

moohound wrote: »

It scared me that I might pay for 105 months then still owe just as much. I am thankful I can bin some off with F+Fs.Those that remain will get paid off quicker with a bigger share so they all benefit.

I think the best strategy seems to be sending the 'please stop interest/lending code' letter every time they start adding interest.

I think being reported to the ombudsman costs them money.

PayPlan did not seem very interested in negotiating this for me, they said that creditors are not obliged to stop interest, and suggested I write to them myself.

Blackhorse added £30 a month against a £15 payment then sold it off, which is ursury in my mind.

LLoyds overdraft added £28 a month against a £14 payment.

I think lots of us can identify with your concerns. Looking at history here though most do get significant amount of interest stopped. Given your initial DFD is 8 years ago I'd say you are in with a good chance of getting it sorted.

Had I my time again I'd have tried for an IVA first and if not accepted then DMP.

If the debts get sold you are in with more of a chance of getting it stopped or reduced.

You are quite correct in writing to them yourself, inaction is not going to do anything for you. Be a pain in the bottom if need be. If you need to scream or shout we are here.

I always recommend setting small milestones to keep you going. Also looking at what you have already achieved compared to a few months ago.

Good Luck with it.

HHx

moohound

Hopelessly_Hopeful wrote: »

I think lots of us can identify

If the debts get sold you are in with more of a chance of getting it stopped or reduced.

One of mine has been sold on to 1st Credit from Blackdonkey, and they want the full amount of £1881, this includes £350 interest and charges added by BH. I don't know if they will try to add charges to this or not, I want to get rid of it as I don't want to deal with them, I spoke to them twice on the phone, and they don't have two braincells to rub together. Definitely on the F+F target list.

My Halifax account has been sold to Moorcroft, and they have offered over the phone a 70% settlement, but want a SOA sending as well, is this normal? no-one else has asked for it. They are not having a brass farthing without it in writing though.

Hopelessly_Hopeful

moohound wrote: »

One of mine has been sold on to 1st Credit from Blackdonkey, and they want the full amount of £1881, this includes £350 interest and charges added by BH. I don't know if they will try to add charges to this or not, I want to get rid of it as I don't want to deal with them, I spoke to them twice on the phone, and they don't have two braincells to rub together. Definitely on the F+F target list.

My Halifax account has been sold to Moorcroft, and they have offered over the phone a 70% settlement, but want a SOA sending as well, is this normal? no-one else has asked for it. They are not having a brass farthing without it in writing though.

From what I understand you have to play pretty hard ball to get a decent F&F.

I wouldn't let them have I&E. Don't trust them is my advice. Also they may come back to you and say you should be paying more per month.

HHx

dmb_2

Had I my time again I'd have tried for an IVA first and if not accepted then DMP.

Hi HH,

I think the problem with an IVA is that if you're a homeowner they can ask for equity in the the last year. Could be wrong of course!

Thanks for all your input on her. A mind of information along with TTFTM

Suseka

Okay, I need to catch up on peoples posts on this thread. So forgive me if I don't make comments on how well, or otherwise, things are going for you all. I will do later

I've been stressing for several days now about our situation - and I realise negative thoughts will not help the situation, so today I have tried to be much more positive.

Letters with token payments have been written and sent. StepChange agreement and all requisite documentation is ready to send Monday morning. Debt DDs cancelled and salaries transferred to new account as of next month.

So now we wait.....

Anxious - yes
Scared - yes, yes and again yes
Positive about the future... not sure

All I can say is that I wouldn't even be where we/I am now if it wasn't for the unwavering support of folks in this forum.

Thank you everyone.... you're the best x

I feel I have to add as an addendum... I feel quite bruised from reading a former mse poster on here, who I so tried to help, even though I have little to offer... who has since dissed so many helpful and kind people on here on this other forum.

So what I want to say is you guys are AWESOME :T

gettingbackontrack

Suseka wrote: »

Okay, I need to catch up on peoples posts on this thread. So forgive me if I don't make comments on how well, or otherwise, things are going for you all. I will do later

I've been stressing for several days now about our situation - and I realise negative thoughts will not help the situation, so today I have tried to be much more positive.

Letters with token payments have been written and sent. StepChange agreement and all requisite documentation is ready to send Monday morning. Debt DDs cancelled and salaries transferred to new account as of next month.

So now we wait.....

Anxious - yes
Scared - yes, yes and again yes
Positive about the future... not sure

All I can say is that I wouldn't even be where we/I am now if it wasn't for the unwavering support of folks in this forum.

Thank you everyone.... you're the best x

I feel I have to add as an addendum... I feel quite bruised from reading a former mse poster on here, who I so tried to help, even though I have little to offer... who has since dissed so many helpful and kind people on here on this other forum.

So what I want to say is you guys are AWESOME :T

Suseka, I don't really post here (don't post a lot though I read loads!) but all I can say, is try not to worry. Things will get better.

I'm not on a formal DMP (I didn't know this website existed when my house of cards came tumbling down six years ago) but I suppose I'm on an informal one, having made arrangements with all my creditors except the bank with which I have an overdraft.

Six years ago, I owed £52,000. I'm single, earned £30,000ish a year and was made redundant three years ago. Now I owe £11,000 (plus OD!) and can see the end in sight. When I look back, I wonder how I coped but it's surprising how you can get through things. I honestly believe that Martin is right - there is no debt that can't be dealt with. And I believe I'm a better person for tackling it, for learning to live within my means and for starting to appreciate the important things in life.

Don't let one person lower your spirits. This forum is made up of generous souls who not only give of their time but give of themselves to help others. You're one of those people I know, from reading your posts.

Edited because I missed out an important "not"!