DMP & Mutual Support Thread - Part 9

Hopelessly_Hopeful

grant1wish wrote: »

Hi All,

Been a while since I posted on here, but I have been reading daily since I started my DMP in November.

All going OK and have a couple of updates for you:

Barclaycard are still charging me interest of 3%, which whilst good is not ideal. I rang them last week and they stated the following:

Because I am paying between 1.5% and 2.5% of the balance I am charged 3% interest. If I was paying between 0.5% and 1.5% of the balance there would be no interest. So basically being punished for paying too much! I don't think I can do anything about this whilst on a DMP with stepchange.

Also, Argos are currently charging me £15 interest a month. My DMP payment is £11! However, when I first took out the DMP I was on an interest free period with Argos and this is why my plan was not accpeted. This period has now finished and therefore they have stated that the plan will be accepted. Stepchange are going to send everything through again, so fingers crossed Argos will keep to their word.

Thanks

G1W

The being punished for paying is a frustration isn't it. This is why I feel DMPS should be regulated or following something like the DAS Scotland have recently introduced.

I think Argos take is outrageous. Charging you more than you are paying is adding to your debt and against OFT guidance. I would be sending a strong letter and asking for a refund, if not then FOS.

HHx

Hopelessly_Hopeful

Jenjen wrote: »

That's interesting. Barclaycard are charging me 3% too but I just worked out based on our latest bill that our repayment is only 1.2%. I think after my recent success with getting HSBC to stop charging 19.9% I might take on Barclaycard next!

Go Jen Jen

HHx

Hopelessly_Hopeful

bmma wrote: »

Hi all letters and token payments sent-just waiting for new bank account paperwork -all cards cut up-not a patient person-probably one of the reasons for piling up the debts-did not have the patience to save up.well I'll be saving up now or doing without!

As Mossop says... onwards and upwards!

HHx

Hopelessly_Hopeful

catandy wrote: »

Already had a spanner thrown into the works courtesy of DS1 who has landed a fine on me today - thats another £50 to find with no warning....

oh and my freelance project is on hold and hence my income.

getting so close to just giving up on this and reading up on bankruptcy - I'm beginning that I cant see any other way out now.

Sorry to hear about the fine.

Why is the project on hold?

HHx

Hopelessly_Hopeful

Mossop01 wrote: »

Hiya, becareful cutting up cards because 3 of mine have asked for cards to be returned! God knows why, just being pedantic!!

They would have got them ground up from me.

Would have insisted on prepaid envelope from them in advance too!

HHx

Hopelessly_Hopeful

debtfree77 wrote: »

Hi Guys, Just thought I would post an update received two letters from Barclayloan today, both were notice of default letters and give me the normal get back on the regular repayments or else. Daft question is a "notice of default" and a "Default" the same thing? Or is the notice the warning before the actual default?

Other than that still haven't heard from NRAM, Barclaycard or Barclays (Overdraft), but in two days time the regular payment would have been missed so except more contact then.

Tomorrow is pay day and im praying that everything goes smoothly e.g Pay goes into correct bank :rotfl::) and all my DD use my new account, although I have triple checked everything. May is the first month for two odd years where I don't have to panic about finding money to pay my CC or OD.

Hope everybody elses DMP and budgeting are going to plan.

Hi

Roll on May!

Wages sorted?

Re default, I know what you mean, I thought I had loads and they were just fliers. Maybe worth calling National Debtline to confirm whether they are defaults or not. The other thing you can do is register o noddle for free online access, defaults will show up on there.

Good luck

HHx

Hopelessly_Hopeful

Suseka wrote: »

Phew.. creditor letters off in the post. Now we wait.

Hoping to hear about the agreement from SC soon - but then we've set the start date as 1 June, so plenty of time yet.

Will have the emergency fund up and running this month and then just need to see the debts reducing.

It's been a difficult day one way or another and so looking forward to an early night.

Am not sure whether to start a debt diary or not - those that do, does it help? Or perhaps I'll just post progress on here and/or the long haulers thread - not sure, but time to consider.

Night all

Well done for getting the stuff off. Hope today is a better one for you.

I don't have a diary but lots of people find them helpful. I guess if you start one you don't have to contribute to it every days and it doesn't matter whether it's short or long term, all your choice.

HHx

Hopelessly_Hopeful

Julie67 wrote: »

Morning all,

Thanks mossop it has been a tough month.
Well last day of the month and we've managed it, by the skin of our teeth. Literally managed just about to pay everything. Really hoping dh work picks up and we can get back to proper budgeting like we did in March and February.
catandy I know exactly how you feel, the bankruptcy route is something I do think about but I really really don't want to lose the house and fear we would if we went that route. Currently we only have less than a months mortgage arrears which we are paying off at £100 per month.
We've worked so hard to make it into a home for the past 7 years I would hate to lose it. Then there is all the hassle of trying to find a rental when your bankrupt.
Anyway we continue on the DMP and just hope that dh income steadies a bit. Also I will hopefully be bringing in some money soon once my leg op is done.
One our debts, Barclaycard seems to have been passed to a debt company, Mercury? I haven't got the letter here as dh has taken to work with him to call them later. Hopefully they will just carry on with the Sc payment.
Anyway off to do some ebaying, have a good day

As I understand it you don't necessarily loose your house with IVA or bankruptcy now although they could ask you to release equity later.

Mortgage is considered a priority payment so how come they are only allowing you £100 in your budget to pay it back? I would revisit that and challenge it with your DMP provider.

HHx

debtfree77

Hopelessly_Hopeful wrote: »

Hi

Roll on May!

Wages sorted?

Re default, I know what you mean, I thought I had loads and they were just fliers. Maybe worth calling National Debtline to confirm whether they are defaults or not. The other thing you can do is register o noddle for free online access, defaults will show up on there.

Good luck

HHx

Yep :T, DDs due to come out tomorrow, it so strange seeing my bank balance in credit :rotfl: !!. I think they are just a warning before they default me as it give me the option to get back on the original payment plan and withdraw my proposal of the DMP and if i do this i can avoid the default.

moohound

Hopelessly_Hopeful wrote: »

They would have got them ground up from me.

Would have insisted on prepaid envelope from them in advance too!

HHx

:rotfl:

I sometimes feel like putting the letters through a shreader and posting them back, like hamster bedding.