DMP & Mutual Support Thread - Part 9

brads39

Got a DMP with the help of STepChange. All my creditors agreed to it and stopped interest and other charges. This was with the exception of Aqua. Theybcontinue to take interest at a reduced rate. I pay them £31 per month and they are are adding over £17 per month interest. I have spoken and written to them as have StepChange but they won't budge. At the current rate they will be paid off in 2021. The other creditors who are being sensible will be paid off a lot sooner.
Anyone had any success in getting them to stop interest?

zenshi

brads39 wrote: »

Got a DMP with the help of STepChange. All my creditors agreed to it and stopped interest and other charges. This was with the exception of Aqua. Theybcontinue to take interest at a reduced rate. I pay them £31 per month and they are are adding over £17 per month interest. I have spoken and written to them as have StepChange but they won't budge. At the current rate they will be paid off in 2021. The other creditors who are being sensible will be paid off a lot sooner.
Anyone had any success in getting them to stop interest?

Not them but Tesco accepted my offer but wouldn't reduce the interest. On the National Debtline site there is a template letter regarding interest and complaints. I fired one off to Tesco saying that my next step would be to contact the FOS and they then stopped the interest. Worth a try!

catandy

brads39 wrote: »

Got a DMP with the help of STepChange. All my creditors agreed to it and stopped interest and other charges. This was with the exception of Aqua. Theybcontinue to take interest at a reduced rate. I pay them £31 per month and they are are adding over £17 per month interest. I have spoken and written to them as have StepChange but they won't budge. At the current rate they will be paid off in 2021. The other creditors who are being sensible will be paid off a lot sooner.
Anyone had any success in getting them to stop interest?

I'm currently having the same battle with them. I wrote to them last week pointing out the FOS guidelines and asking them to freeze interest as per all my other creditors have done to give me a chance to move forward (adding on £94 a month currently (interest fees and charges) when I'm paying them just short of £6 at the moment) - I just got a call from them to say they received my letter and are unable to help me unless I more than triple my payment to them as it is not pro rata according to their calculations.... figures have been verified by stepchange and NedCab online calculator... and if i was able to do that it would put the rest of my creditors at a disadvantage...

so far its an impasse on each side - they get what i have offered to pay them as I dont have any more at the moment, they refuse to reduce or freeze interest, and ive got the FOS as next point of call - at this rate I will be another couple of hundred pounds in debt by then. ive also asked that all contact is via post only which they have taken not a blind bit of notice of so far....

sorry not to be of more help but do let me know how you get on and what works with them. at the rate they are going they are going to make it that my dmp is not able to continue as i will be getting nowhere

ianmak

Most of mine stopped adding charges and interest after 6 months. I think you should expect it at the beginning, and as they always say, they are under no obligation to stop interest...

Thistooshallpass

Hi All

Firstly well done to those tackling their debts and posting on this forum. Until a few days ago I didnt even realise there was such things as DMP's and IVA's. There have been months of sleepness nights and stress but even before I have started to face my demons Im feeling more positive than I have in a long time.


I have about £13,700 in unsecured debt, which I was managing (just about) for the last few years. A few disasters pushed me into the dreaded payday loan spiral in January. This snowballed very quickly as I was borrowing more each month to try and keep my head afloat
I guess I finally had the LBM when 1 week into my wages (paid monthly) this month I was broke and having to borrow money from family just to get to work. It was then I started to look here for advice. So I have an appointment with a local debt counsellor on Monday morning to see where I can go........

I would guess some sort of DMP would be best for me I guess I will just have to wait and see...

A few quick questions I have -
I am due to get paid on Tuesday 25th - at the minute I owe about 1800 to payday loan compnays (3 different ones)
If I pay even the interest on these I will be snookered for the rest of the month after mortgage\food\etc - should I cancel my debit card to stop them trying for the money or pay them the interest this month?
Its these ones that worry me the most as I know they will be a torture as soon as they dont receieve a payment.

My other debt is with
Capital One 1000
Capiutal One 500
Santander Loan 3000
Santander CC 500
Argos 2200
Car Finance 4700

Has anyone had any dealings with this lot?

Many thanks in advance

Growurown

Thistooshallpass wrote: »

A few quick questions I have -
I am due to get paid on Tuesday 25th - at the minute I owe about 1800 to payday loan compnays (3 different ones)
If I pay even the interest on these I will be snookered for the rest of the month after mortgage\food\etc - should I cancel my debit card to stop them trying for the money or pay them the interest this month?
Its these ones that worry me the most as I know they will be a torture as soon as they dont receieve a payment.

Well done on having your LBM and facing up to your debts. This is just my personal opinion and obviously you will have to decide for yourself but I would cancel payment on these loans. At least you will be able to eat!

You have to start somewhere and you are going to get hassle at some time from your creditors so why put off the evil moment? You have to be really careful with these loans though. Did you set up a continuous payment authority with them? Just cancelling your card might not be enough to stop them taking the money. You could check with your bank to make sure you do the right thing to stop payment.

Thistooshallpass wrote: »

My other debt is with
Capital One 1000
Capiutal One 500
Santander Loan 3000
Santander CC 500
Argos 2200
Car Finance 4700

I have a Capital One CC and a Santander CC and both have stopped interest. Your car finance might not have to go into the DMP if it is a hire purchase agreement. This is what we had and it gets paid in full first otherwise they could repossess the car.

antonic

Update for you all ....

Payplan show all my 4 creditor accounts as NIL, as of today.

But I`m still not claiming to be DF, until Payplan officially notify me !.

Thistooshallpass

Thanks growyourown

You have to be really careful with these loans though. Did you set up a continuous payment authority with them? Just cancelling your card might not be enough to stop them taking the money. You could check with your bank to make sure you do the right thing to stop payment.

I have no idea if it is a continuous authority or not? Is the only way to tell by asking my bank, and can they stop it if it is?

so_stressed_3

Can anyone help with a couple of more questions?

My creditors are Halifax, Tesco and Next, I've opened another account with Nat West. Is this a safe account? They are linked to rbs who I've read were once linked to tesco but don't think they are any more.

Also, if i take my name from a joint account do i also need to change any direct debits to bill accounts just in my name or won't this matter?

keepingcalm

antonic wrote: »

Update for you all ....

Payplan show all my 4 creditor accounts as NIL, as of today.

But I`m still not claiming to be DF, until Payplan officially notify me !.

Well done...these stories are inspiration for those of us just starting out:)

We have had another creditor refuse the plan (BoS), but again stepchange said not to worry they would pay them as normal, though nationwide have now accepted for 2 of the 3 debts we have with them after initially refusing:cool: