DMP & Mutual Support Thread - Part 9

sharpeyes66

First glitch in our DMP journey arrived in the post yesterday and not had chance to speak to SC yet so thought I'd ask for some advice on here in the meantime. NatWest have sent us a copy letter which they have sent to SC about our OD- £3600. They say they have rejected our proposals as the I&E doesn't meet with their approval. The other creditors all appear to be OK with things so far and we have had agreement from 3 out of 7 with several of the others sayings they are in process of accepting the arrangements. the problem is Natwest added interest in middle of June which took us over our agreed OD limit and so next month we'll be charged interest plus £6 per day for each day we were over until the first SC payment went in. Any suggestions. Can this be normal for banks dealing with OD. If they continue to refuse the arrangement the OD will just increase further each month. Argh!!!!!!!

Growurown

sharpeyes66 wrote: »

First glitch in our DMP journey arrived in the post yesterday and not had chance to speak to SC yet so thought I'd ask for some advice on here in the meantime. NatWest have sent us a copy letter which they have sent to SC about our OD- £3600. They say they have rejected our proposals as the I&E doesn't meet with their approval. The other creditors all appear to be OK with things so far and we have had agreement from 3 out of 7 with several of the others sayings they are in process of accepting the arrangements. the problem is Natwest added interest in middle of June which took us over our agreed OD limit and so next month we'll be charged interest plus £6 per day for each day we were over until the first SC payment went in. Any suggestions. Can this be normal for banks dealing with OD. If they continue to refuse the arrangement the OD will just increase further each month. Argh!!!!!!!

We had a similar problem with our Natwest Loan and the only way we could sort it out easily was to increase our payment to them a bit. I don't think they wanted much more than originally offered but I recall them giving us an amount under which they weren't prepared to go. Fortunately we had built in some extras into our I&E which gave us a bit of wiggle room. They stopped all charges after a month.

I would still advise calling SC especially if you really can't afford to up the payment.

Growurown

Find_The_Real wrote: »

Hopefully it will be good news and the MOT won't be as bad as you are expecting GUO,

Pink-Angel wrote: »

Hopefully the MOT won't reveal anything else.

Thanks guys, it wasn't too bad after all although the advisory came back saying the discs will need replacing in 6 months or so and that will cost approx £400 - just in time for Christmas:( Better start saving now!

So I will let SC know next week and the creditors that we will be making a reduced payment in July. I can't wait to be debt free and start to live a normal life again - one without credit of course!

Suseka

Hello all,

I've not been on for a while and there's lots to catch up on. Welcome to all newbies, and a big :T to everyone who is seeing a reduction in their debt and to Antonic who is now officially DF -awesome.

Our first payment to SC goes on Monday. We've only received three letters from creditors accepting the plan. Two have stopped interest and one has reduced (though doesn't say how much by). So we're still waiting to hear from the others, and I'll be keeping a close eye on the statements when they arrive.

Good advice from one or two of the long haulers about updating the SC account online. It's a good way to keep on track of things and I'll be setting up spreadsheets once the statements come rolling in.

It's been a tough few weeks, which is why I've been absent from the boards. Suffered a whole week with viral gastroentiritus (yuck) and still recovering. Work is stressy at the moment, and me and hubby have been having a few cross words about our financial situation.

But on a positive note I've got my bike and have cycled several times to work, saving a good few £s on transport costs that is being added to our emergency fund.

Our mortgage is up for renewal next month - so it'll be interesting to see what our mortgage lender offers. I imagine we'll have no choice but to go on their SVR, rather than a more favourable fixed term deal. But our current interest rate is well about that - so if that's the case perhaps we will be able to keep the payments much as they are now and reduce the number of years left. I also want to be mortgage free before we retire and at the moment we haven't got a hope in hells chance of that unless we reduce the years significantly. But we shall see.

bertman

Growurown wrote: »

We had a similar problem with our Natwest Loan and the only way we could sort it out easily was to increase our payment to them a bit. I don't think they wanted much more than originally offered but I recall them giving us an amount under which they weren't prepared to go. Fortunately we had built in some extras into our I&E which gave us a bit of wiggle room. They stopped all charges after a month.

I would still advise calling SC especially if you really can't afford to up the payment.

This is interesting as Natwest are one of our biggest creditors after the Halifax. We had a similar battle with them but we had a business loan and an overdraft with them. They have passed both to RMS Tenon who have agreed the repayments by SC. The loan repayment though through SC is almost similar to what we were paying anyway while the amount to the overdraft is around 10% of the original amount. They were fine to begin with but as months went by tried to get more but as somebody said here once "they can't have what you haven't got"....

Growurown

bertman wrote: »

This is interesting as Natwest are one of our biggest creditors after the Halifax. We had a similar battle with them but we had a business loan and an overdraft with them. They have passed both to RMS Tenon who have agreed the repayments by SC. The loan repayment though through SC is almost similar to what we were paying anyway while the amount to the overdraft is around 10% of the original amount. They were fine to begin with but as months went by tried to get more but as somebody said here once "they can't have what you haven't got"....

It seems to me that loans and overdrafts are treated differently on a DMP. We had a loan for £6,000 and a similar sized overdraft. The overdraft was costing £100 a month to maintain and we didn't have any spare funds to pay it off so to be fair to NatWest they did do us a deal. We incorporated the overdraft into the loan which didn't cost us any more per month but it meant that the balance started to go down. We struggled on for a while but eventually had to admit defeat and go down the DMP route. I'm really glad we didn't have the overdraft at that point as I think we may have been charged more.

antonic

Its official !!!

I am proclaiming myself to be debt free as 2 out of my 3 CC creditors have written to me today to confirm my balances with them as NIL.

Capital One have confirmed my balance as NIL and the account as fully settled ( I assume that this is correct and the best possible notification) and Hoist (who took over my debt from London Scottish when London Scottish hit the rocks, and London Scottish took the debt from Cahoot), have written to say the debt is being returned to Cahoot as the balance is NIL.

Thanks for all your help and support over the last 18 months its been invaluable !.

Oh and dont think that because I am DF, I will be disappearing - I wont !

catandy

great hearing of everyone's progress - its a real up and down journey this isn't it?

I'm back onto £1 nominal payments to all my creditors from this month - my tax credits have taken a huge hit and just been put on short time working for July and August .... but at least I've still got a job:)

just plodding on ....:)

Suseka

antonic wrote: »

Its official !!!

I am proclaiming myself to be debt free as 2 out of my 3 CC creditors have written to me today to confirm my balances with them as NIL.

Capital One have confirmed my balance as NIL and the account as fully settled ( I assume that this is correct and the best possible notification) and Hoist (who took over my debt from London Scottish when London Scottish hit the rocks, and London Scottish took the debt from Cahoot), have written to say the debt is being returned to Cahoot as the balance is NIL.

Thanks for all your help and support over the last 18 months its been invaluable !.

Oh and dont think that because I am DF, I will be disappearing - I wont !

Congratulations and calls for a bit of a celebration - so :beer:

antonic

Thanks Suseka !

I will be celebrating with a Pepsi Max or 2 !

Suseka wrote: »

Congratulations and calls for a bit of a celebration - so :beer: