DMP & Mutual Support Thread - Part 9

Hopelessly_Hopeful

Back_on_budget wrote: »

More good news in the post today. After a few months of letter wringing, Lloyds have finally agreed to default our loan account and 2 x overdrafts. They are also refunding the interest charged since September (£2300) and chucked n £100 compensation as well. :j

This will bring us back on track for our DFD.

It goes to show that if you keep trying, they will eventually do the right thing!

Great news

HHx

Julie67

Morning all,

I wonder if I could get some advice. All of our creditors have frozen interest and at the moment (until mortgage arrears paid) we are paying very small amounts. However Creation, which is Asda Credit Card will not play ball. They have reduced the interest to 0.25 % which sounds reasonable however as I'm only paying £5 a month at the moment this means that we are paying the grand total of 13p:eek: each month. this is the last letter I had from them:

We are in receipt of your letter dated 11th April 2013 in which you refer to the level of interest being charged on your account.

As you are aware we have been instructed by Stepchange on your behalf, to set a Financial Difficulties Arrangement in place at a repayment figure of £5.00 per month. This has been put in place at an APR of 3% and a monthly interest rate of 0.25% which is reduced from your contractual rate of 19.9% on purchases and 27.9% on cash advances. Also, whilst in an arrangement all future charges are frozen. This follows company procedure with the interest being calculated automatically by the system dependant on the balance of the account and the repayment offer. We cannot comment on the procedures other creditors may have in place.

Arrangements are put in place to assist our customers who find themselves in financial difficulties and are meant to be a short term solution to allow our customers time to resolve their financial situation and be able to return to the normal contractual repaymnets which will then pay off the debt at a faster rate.

bla bla please contact us to discuss further

What would you do next??

Thanks in advance

Hopelessly_Hopeful

Julie67 wrote: »

Morning all,

I wonder if I could get some advice. All of our creditors have frozen interest and at the moment (until mortgage arrears paid) we are paying very small amounts. However Creation, which is Asda Credit Card will not play ball. They have reduced the interest to 0.25 % which sounds reasonable however as I'm only paying £5 a month at the moment this means that we are paying the grand total of 13p:eek: each month. this is the last letter I had from them:

We are in receipt of your letter dated 11th April 2013 in which you refer to the level of interest being charged on your account.

As you are aware we have been instructed by Stepchange on your behalf, to set a Financial Difficulties Arrangement in place at a repayment figure of £5.00 per month. This has been put in place at an APR of 3% and a monthly interest rate of 0.25% which is reduced from your contractual rate of 19.9% on purchases and 27.9% on cash advances. Also, whilst in an arrangement all future charges are frozen. This follows company procedure with the interest being calculated automatically by the system dependant on the balance of the account and the repayment offer. We cannot comment on the procedures other creditors may have in place.

Arrangements are put in place to assist our customers who find themselves in financial difficulties and are meant to be a short term solution to allow our customers time to resolve their financial situation and be able to return to the normal contractual repaymnets which will then pay off the debt at a faster rate.

bla bla please contact us to discuss further

What would you do next??

Thanks in advance

Hi Julie

In some ways I think leave it but then again youre more likely to get it frozen or defaults in the first few months if ever at all so you could go for it. How much is your outstanding debt with them.

HHx

Julie67

Hi HH,

It's around £1840

ianmak

Julie67 wrote: »

Morning all,

I wonder if I could get some advice. All of our creditors have frozen interest and at the moment (until mortgage arrears paid) we are paying very small amounts. However Creation, which is Asda Credit Card will not play ball. They have reduced the interest to 0.25 % which sounds reasonable however as I'm only paying £5 a month at the moment this means that we are paying the grand total of 13p:eek: each month. this is the last letter I had from them:

We are in receipt of your letter dated 11th April 2013 in which you refer to the level of interest being charged on your account.

As you are aware we have been instructed by Stepchange on your behalf, to set a Financial Difficulties Arrangement in place at a repayment figure of £5.00 per month. This has been put in place at an APR of 3% and a monthly interest rate of 0.25% which is reduced from your contractual rate of 19.9% on purchases and 27.9% on cash advances. Also, whilst in an arrangement all future charges are frozen. This follows company procedure with the interest being calculated automatically by the system dependant on the balance of the account and the repayment offer. We cannot comment on the procedures other creditors may have in place.

Arrangements are put in place to assist our customers who find themselves in financial difficulties and are meant to be a short term solution to allow our customers time to resolve their financial situation and be able to return to the normal contractual repaymnets which will then pay off the debt at a faster rate.

bla bla please contact us to discuss further

What would you do next??

Thanks in advance

A couple of creditors took 6 months to stop interest and charges with me.

How long to pay off your mortgage arrears and you start paying off your debt?

Julie67

Hi,

Currently paying a £100 a month extra will be up to date in August

sharpeyes66

Quick update - & a couple of questions

Now had correspondence from MBNA, Next and verbally from NatWest Credit Cards advising that interest is stopped. Halifax and Barclaycard have accepted the planned payemnts but are still charging interest, BC have reducede it to 6.9% and Hx still at std 19.5%. On that basis my £8800 debt to Halifax will reduce at just about £15 per month(48 years!!) and the £12k with Barclaycard at £140 pm. Is there any benefit in writing to these creditors to ask them to reconsider or do I just bite the bullet and hope that they sell the debt onto a DC agency who will be more likely to freeze interest. SC advised that their suggested payment to Halifax falls within the minimum repayment figure so that is why they won't stop the interest. In fact the guy from HX that I spoke to said if I was paying less per month via Step Change then there would be more chance of a reduction. Seems total nonsense.

Any help or advice gratefully received

DanielleNic87

1st bit of good news on my DMP journey.... A letter from MBNA advising me they are stopping interest :j:j

BevieB

Hello all, Had a cra--y day today. Someone has driven into the side of our car and driven off. The back wing, bumper and passenger door are all dented. This was the icing on the cake, we had only just got the car back from the garage where needed 2 new tyres, service and a list an arm long.Our excess is £350 plus all the other costs!!!!!
Does any one know if Stepchange can return any of the payments that have been just sent as I know they don't pay them out until after the 25th. If they can could get us out o a hole

Hopelessly_Hopeful

BevieB wrote: »

Hello all, Had a cra--y day today. Someone has driven into the side of our car and driven off. The back wing, bumper and passenger door are all dented. This was the icing on the cake, we had only just got the car back from the garage where needed 2 new tyres, service and a list an arm long.Our excess is £350 plus all the other costs!!!!!
Does any one know if Stepchange can return any of the payments that have been just sent as I know they don't pay them out until after the 25th. If they can could get us out o a hole

Sorry to hear this Bev

Yes they can reverse. Call them in the morning. Let us know how you get on please

HHx