DMP & Mutual Support Thread - Part 9

Hopelessly_Hopeful

keepingcalm wrote: »

So, my dh has spent the last few days cancelling our dd's and so's online with the bank but when I called to give our new details most of the companies said that it was too late to stop this months request:eek: we have cleared out our account already and I'm now worried that we'll be charged for failed dd's?

Hopefully the fact that we cancelled with the bank removes our authorisation to pay:o

Apologies for all the questions...maybe when I've been here a while I'll be full of useful advice, but in the meantime thanks to everyone who takes the time to help, I'm really very grateful.

Kc

They are trying it on. Takes seconds to cancel dd online. My advice is cancel with bank asap. Get your letters re DMP in the post recorded delivery, make sure they contain all issues, that you're using xyz, request interest be moved, remind them days SC pay on and ask for coms only in writing. If they do charge you complain complain and complain!

Let us know how you get on.

HHx

wannabee_in_credit

Hi all,

Sorry to ask a question that I'm certain has been asked before but I'm sure that someone who posts regularly on this thread has done this...
I'm in a DMP with Stepchange, have been for just over 3 years now with a couple more to go. Recently, one of my debts was sold on to CallQuest who have started charging interest. I've sent 3 letters requesting that they freeze interest and have been told no every time. At the moment they're charging 0.517% a month, which is working out at a little over £5 on a £1300 balance.
I'm very lucky in that all other creditors have frozen interest and it's piddling me off that these are not. I've tried the letter game, so now I'm wondering about extra payments on top of the stepchange monthly amount. I thought that if I PAD a few pence every day onto that balance I might be able to cancel out the effects of the interest being added.
Only question is, does that put me in breach of my terms with Stepchange as I'm not treating creditors equally? I just don't want to end up with loads of extra payments to them because they won't play ball with the interest.

Time_to_face_the_music

wannabee_in_credit wrote: »

Hi all,

Sorry to ask a question that I'm certain has been asked before but I'm sure that someone who posts regularly on this thread has done this...
I'm in a DMP with Stepchange, have been for just over 3 years now with a couple more to go. Recently, one of my debts was sold on to CallQuest who have started charging interest. I've sent 3 letters requesting that they freeze interest and have been told no every time. At the moment they're charging 0.517% a month, which is working out at a little over £5 on a £1300 balance.
I'm very lucky in that all other creditors have frozen interest and it's piddling me off that these are not. I've tried the letter game, so now I'm wondering about extra payments on top of the stepchange monthly amount. I thought that if I PAD a few pence every day onto that balance I might be able to cancel out the effects of the interest being added.
Only question is, does that put me in breach of my terms with Stepchange as I'm not treating creditors equally? I just don't want to end up with loads of extra payments to them because they won't play ball with the interest.

I know other people won't agree with this but yes, I did it every month that I was with CCCS/StepChange. Which ever creditor was charging us interest, I made an extra payment each month to negate the interest. We are self managed now but I still do this with MBNA and pay them an extra £30 or so per month, as I can't bear to see that our payment does not make the full difference to the debt

It probably is against StepChange's rules but you are only talking about £5 per month, it's not like one creditor is getting hundreds extra per month.

Before you do this, have you tried the FOS?

wannabee_in_credit

Time_to_face_the_music wrote: »

Before you do this, have you tried the FOS?

I haven't tried the FOS - I've just tried various versions of the template letter asking them to freeze the interest.
I'm not sure what 0.517% equates to as an APR (I am good at maths but financial stuff really stumps me), but £5 a month interest on a payment of £23 means the balance isn't coming down as quickly as I'd like. I know that creditors aren't obliged to freeze interest but I'm annoyed that they're the only ones not playing ball.
Do you think it's worth me going to the FOS? If so, can you point me in the direction of a relevant template?
Thanks so much.

Still_skint

Having setup my DMP I am now starting to have second thoughts. I wasn't too worried about CCJ's and charging orders but I have just learnt that they can now force someone to sell their property.:eek:

Not sure I've got the stomach for it anymore lol !

Has anyone else on here had a charging order placed on their property or am I worrying unduly ?

Hopelessly_Hopeful

Still_skint wrote: »

Having setup my DMP I am now starting to have second thoughts. I wasn't too worried about CCJ's and charging orders but I have just learnt that they can now force someone to sell their property.:eek:

Not sure I've got the stomach for it anymore lol !

Has anyone else on here had a charging order placed on their property or am I worrying unduly ?

Hi

Most of what we worry about never happens. Please keep repeating that.

I think it was Grantalien that got a charging order but that's the only one I have ever known of in the four years I have been reading this thread. Charging orders done make you sell. It's just saying in the event you sell your house you need to pay the debt out of the proceeds.

I hope you feel more positive tomorrow. Whenever I fret ( which is rare re finances these days) I find it helpful to channel the energy into preparing lists and what if scenarios. Every little helps.

I think your concerns are what we most struggled with but reading back pages you will see its very rare.

HTH

HHx

Hopelessly_Hopeful

wannabee_in_credit wrote: »

I haven't tried the FOS - I've just tried various versions of the template letter asking them to freeze the interest.
I'm not sure what 0.517% equates to as an APR (I am good at maths but financial stuff really stumps me), but £5 a month interest on a payment of £23 means the balance isn't coming down as quickly as I'd like. I know that creditors aren't obliged to freeze interest but I'm annoyed that they're the only ones not playing ball.
Do you think it's worth me going to the FOS? If so, can you point me in the direction of a relevant template?
Thanks so much.

Hi

If that's the monthly interest you just multiply by 12 so 6.02%.

Re FOS the easiest and their preferred way is just to ring them up. It's very easy, not intimidating at all, they have a standard template they work through with you on the phone and then they sent to you and your preditors. Easy peasy.

Let us know how you get on.

HHx

gettingontop

Thanks for all the replies guys!

So, I called Wonga today and spoke to a very helpful guy who gave me my account number and agreed to cancel the CPA and freeze all interest for 38 days whilst SC get in touch.
I've got 1 more account number to get hold of with Mr Lender - does anyone have any experience of dealing with them?
New bank account has been set up and all DD's and CPA's have been cancelled with my old bank.

Tomorrow I will be sending off all my info to SC and all my letters (with token payments for June) to all my creditors.

When sending the letters to the creditors should I just use the template that SC sent me or should I add in a couple of lines as follows:

'Please accept a token payment of £5 for my next payment until step hage have been in touch.
I request that all communication is either through step change or in writing.'

I'm not great at writing letters so any advice is more than welcome!

Thanks again!

Hopelessly_Hopeful

gettingontop wrote: »

Thanks for all the replies guys!

So, I called Wonga today and spoke to a very helpful guy who gave me my account number and agreed to cancel the CPA and freeze all interest for 38 days whilst SC get in touch.
I've got 1 more account number to get hold of with Mr Lender - does anyone have any experience of dealing with them?
New bank account has been set up and all DD's and CPA's have been cancelled with my old bank.

Tomorrow I will be sending off all my info to SC and all my letters (with token payments for June) to all my creditors.

When sending the letters to the creditors should I just use the template that SC sent me or should I add in a couple of lines as follows:

'Please accept a token payment of £5 for my next payment until step hage have been in touch.
I request that all communication is either through step change or in writing.'

I'm not great at writing letters so any advice is more than welcome!

Thanks again!

Hi

I paid a tenner to each but I may as well just paid £1 and saved myself £100 for the emergency fund. Worth a consideration for you?

I would ask all communications in writing, I would leave the via SC stuff out as they sometimes hide behind that as SC aren't good at passing comments on!

Sounds like you are making great progress well done.

HHx

Still_skint

Hopelessly_Hopeful wrote: »

Hi

Most of what we worry about never happens. Please keep repeating that.

I think it was Grantalien that got a charging order but that's the only one I have ever known of in the four years I have been reading this thread. Charging orders done make you sell. It's just saying in the event you sell your house you need to pay the debt out of the proceeds.

I hope you feel more positive tomorrow. Whenever I fret ( which is rare re finances these days) I find it helpful to channel the energy into preparing lists and what if scenarios. Every little helps.

I think your concerns are what we most struggled with but reading back pages you will see its very rare.

HTH

HHx

Thanks for your support. I am sure you are right but as I understand it as of last year if a charging order is granted they can now force you to sell.
Maybe I'll just have to see what happens and hope I am lucky because this is my only way out.
Sink or swim