DMP & Mutual Support Thread - Part 9

andrar

Thanks! I shall get writing today

GibbsRule_No3

I will be interested to see what Payplan do when they ask for a settlement from Barclaycard around November this year. I refused to update BCs total when I had other creditors to pay as it would have meant them being paid more because of the interest. Anyway PP think the DMP will end in December, when I know (fully aware and content knowing) that with the interest BC have added over the past 4 years that in truth there is at least £3000 in interest added to the debt. I did ask BC to stop interest they wouldn't, so am waiting until PP think the debt is paid before involving the FOS and showing them how much the debt has increased because of the interest. probably won't get anywhere but I'm not upping per month what I pay BC. Interest used to be more than £100 a month at least now it is only!!! £50.

Growurown

andrar wrote: »

Thanks for info - I didn't know if I overpaid when I was able to it would be a problem for them!

It depends if they find out. If you don't tell them are they really going to know? Step Change didn't seem to know what the balances were on my plan and left it up to me to update them via the website. Payplan may be different though. If you are paying a lot off the debt then I guess they would notice. How much extra are you able to pay?

sandgrounder1987

Afternoon all,

Thought I may be able to get advice from more experienced DMP'ers and those further along in the process. I have recently entered into a DMP. Step Change sent offers on 17th July to First Direct and Barclaycard. Within 2 weeks FD had replied and accepted. By early August i'd heard nothing from Barclaycard so called them to check. They say they had received nothing from Stepchange. They agreed over the phone to freeze interest and charges for 30 days and asked me to chase Stepchange. I chased Stepchange and they re-sent the offer (by letter or electronically or however it is they do it). A couple of weeks have passed since and still Barclaycard say they have not received anything. Each time I speak to Stepchange they blame it on Barclaycard saying they may have missed or skipped me, or that I wont have 'filtered' through their systems yet as it can take a few weeks. Barclaycard on the other hand say any offer from Stepchange would be logged instantly on their system upon receipt as a pending work item and again have asked me to chase StepChange. Each party keeps blowing me off when I call and i'm getting increasingly frustrated. I feel as if I may have been better doing it myself or even using a more sharkish private DMP company as Stepchange just don't seem bothered. My grace period for oustanding payments and interest/fees expires soon and i'm getting worried.

Any advice would be great!

Thanks

Growurown

Hi Sandgrounder, my feeling is that BC are the baddies here. Lots of my creditors denied receiving paperwork from Step Change too at the start of my DMP. I have found sometimes that the advisers at SC are very laid back about things as I expect they have heard it all before and know all the creditors tricks. It will get sorted so stick with it, don't go to a company who take a fee.

andrar

Growurown wrote: »

It depends if they find out. If you don't tell them are they really going to know? Step Change didn't seem to know what the balances were on my plan and left it up to me to update them via the website. Payplan may be different though. If you are paying a lot off the debt then I guess they would notice. How much extra are you able to pay?

I'm only talking £20 odd extra a month, whatever I can scrape together extra. If I sell stuff etc that too but it won't be regular. I'm pretty much paying what I can afford to now, its just the little extra does add up and will take time off how long it takes me to pay the debt off. Every little helps as they say!

Growurown

andrar wrote: »

I'm only talking £20 odd extra a month, whatever I can scrape together extra. If I sell stuff etc that too but it won't be regular. I'm pretty much paying what I can afford to now, its just the little extra does add up and will take time off how long it takes me to pay the debt off. Every little helps as they say!

Sure does, but I don't think the amounts you are paying will cause you any problems, it isn't a great deal after all. Good luck with the DMP.

Hopelessly_Hopeful

andrar wrote: »

I'm only talking £20 odd extra a month, whatever I can scrape together extra. If I sell stuff etc that too but it won't be regular. I'm pretty much paying what I can afford to now, its just the little extra does add up and will take time off how long it takes me to pay the debt off. Every little helps as they say!

Individual choice and all that but for that amount I wouldn't think it worth the risk, I'd use it to build emergency fund.

HHx

jubilee14

GibbsRule_No3 wrote: »

I will be interested to see what Payplan do when they ask for a settlement from Barclaycard around November this year. I refused to update BCs total when I had other creditors to pay as it would have meant them being paid more because of the interest. Anyway PP think the DMP will end in December, when I know (fully aware and content knowing) that with the interest BC have added over the past 4 years that in truth there is at least £3000 in interest added to the debt. I did ask BC to stop interest they wouldn't, so am waiting until PP think the debt is paid before involving the FOS and showing them how much the debt has increased because of the interest. probably won't get anywhere but I'm not upping per month what I pay BC. Interest used to be more than £100 a month at least now it is only!!! £50.

do they only re-assess payment split at the end of the term of DMP? because some creditors havent stopped interest. well one mainly. I have my review up shortly and wondered by updating my statements to reflect the interest applied whether they will then benefit from continuing to charge interest (i.e their proportion will increse)

any thoughts would be welcome x

GibbsRule_No3

jubilee14 wrote: »

I have my review up shortly and wondered by updating my statements to reflect the interest applied whether they will then benefit from continuing to charge interest (i.e their proportion will increse)

any thoughts would be welcome x

Certainly with Payplan they do pro rata to the creditors, hence my not updating the Barclaycard debt to show the interest they have added. BC are now my only creditor left, due to them also being the only ones who would not offer me ANY F&F settlement either. Everyone else stopped interest and when I had a PPI claim and was thus able to offer F&Fs gave me a total. Since BC would not, I just used their share to offer one creditor the amount they wanted. I refused to pay BC the full amount I had been paying the other creditors in the hope I might save for a F&F that BC might actually accept in the future. So long as you now that the total Payplan say is wrong and it is thus not a nasty shock to you at the end of the DMP. From a PPOV I would not update the added interest because of this.