DMP & Mutual Support Thread - Part 9

Suseka

Hi all -just thought I would pop in for a quick one Am off work this week so planning on sending letters to all creditors for written confirmation on what the situation is regarding interest charges on all our accounts. Several of our creditors have not been in touch since the DMP started and haven't sent any statements either -so I need to get that sorted.

It was helpful to read one poster who said that some of the cc companies stopped interest after a few months...

For those of you who were so kind to offer support about my sister's illness... well, the news is not good. It has taken a week to diagnose what's happening, and we've now heard that she has a rare from of cancer and so we are all reeling from the shock.

My sister is (understandably) very distressed and at the moment doesn't want contact with the wider family -so we are relying on updates from her daughter (my niece). I'm finding that really difficult because I really want to talk to her...

Anyway -it's now a waiting game. There are treatments available, not chemo though, apparently doesn't work on this particular strain. So they'll be trying her on some new type of drug and we can only hope it helps her.

I'm trying to stay positive and, oddly enough, focussing my mind back to debt management is a welcome distraction.

Bye for now

Puzzcat

Suseka wrote: »

Hi all -just thought I would pop in for a quick one Am off work this week so planning on sending letters to all creditors for written confirmation on what the situation is regarding interest charges on all our accounts. Several of our creditors have not been in touch since the DMP started and haven't sent any statements either -so I need to get that sorted.

It was helpful to read one poster who said that some of the cc companies stopped interest after a few months...

For those of you who were so kind to offer support about my sister's illness... well, the news is not good. It has taken a week to diagnose what's happening, and we've now heard that she has a rare from of cancer and so we are all reeling from the shock.

My sister is (understandably) very distressed and at the moment doesn't want contact with the wider family -so we are relying on updates from her daughter (my niece). I'm finding that really difficult because I really want to talk to her...

Anyway -it's now a waiting game. There are treatments available, not chemo though, apparently doesn't work on this particular strain. So they'll be trying her on some new type of drug and we can only hope it helps her.

I'm trying to stay positive and, oddly enough, focussing my mind back to debt management is a welcome distraction.

Bye for now

So sorry to hear about your sister, I've recently had my mum and a friend diagnosed both now receiving treatment. I think this has pushed me into getting on with sorting out my money issues and to get on to live the life we all deserve.

Puzz. X

sharpeyes66

Despite wanting to get ourselves out of this, my mother in law, who knows we are on a DMP, asked OH how things were going and was horrified when she found out that Halifax were charging their std rate of interest. We are still progressing complaint through FOS about this as the SC payment is higher than the minimum repayment required and so they are treating the account as a normal one so no reduction in interest rate. She has a bond which has just matured and is getting virtually no interest on the money and so has offered to clear the Hx debt of just short of £9k. I have spoken to Sc about this and they have said they are prepared to reduce the regular payment to them so that it doesn't affect the payments to all other creditors.

My question is this. Is there any point in approaching Halifax to explain that I have a lump sum of money available from a family member but that this is less than the o/s balance and is available for a limited time to clear the debt in full? Are they likely to look at a F&F settlement in order to be repaid immediately? Or do I bite the bullet and just settle for the outstanding balance in order to get Halifax of our backs?

Growurown

sharpeyes66 wrote: »

I have spoken to Sc about this and they have said they are prepared to reduce the regular payment to them so that it doesn't affect the payments to all other creditors.

SC told me they wouldn't do this, which is why some people have gone into self managed plans and I am thinking of self managing too. Maybe I will call them again.

sharpeyes66 wrote: »

My question is this. Is there any point in approaching Halifax to explain that I have a lump sum of money available from a family member but that this is less than the o/s balance and is available for a limited time to clear the debt in full? Are they likely to look at a F&F settlement in order to be repaid immediately? Or do I bite the bullet and just settle for the outstanding balance in order to get Halifax of our backs?

I've not had any experience with this but I would have thought it was worth asking the question as to how much they want to settle the whole debt immediately.

Puzzcat

Hello,

Quick question.. I have today received a rate jacking letter on one of my cards that is yet to be informed of my dmp..

Do I ignore it? or ring and close the card....

Thanks in advance..

puzz.x

andrar

There is officially light at the end of, or rather along the way in our DMP journeys!

I have just been accepted by a lettings agent to rent a flat yay!! This has caused me a huge amount of stress over the weekend just not knowing, and thinking i'd be rejected because of my DMP. I am so so so so happy!!

Mossop01

Hi all, feeling abit more positive that we've one the right thing about our revised budget, just waiting for the backlash now, might be back for advice if something crops up I can't handle!
Good news tho my car (getting on abit now) passed its mot today so emergency fund is safe for another month! Phew!
Good luck to all the newbies starting out its a roller coaster but one I wouldn't have missed! X

Time_to_face_the_music

Hi all you lovely DMPers old and new :hello:

Life's a bit crap at the moment with serious worries about the threat of redundancy and my twin HH has given me official permission to be a miserable cow

But just popped in to revive a template letter for anyone whose creditors are still charging interest and for one person who pm'ed me to ask for advice.

Do not sit back, fight your creditors and remember the earlier you do it, the best chance you have of getting interest stopped!

Try something like this, customising it for each creditor:

You

Date

Them

Dear Sir/Madam

Re: [Creditor name] account No: XXXXXXXXXXXXXXX

Thank you for your letter/statement concerning the above account. I am sorry that you feel unable to suspend interest/charges on the above account.

As you are aware, I/we am/are in a DMP with XXXXXXXX, reference number XXXXXXXX. The majority of my/our other creditors have agreed to the offer of payment and agreed to suspend any interest charges still accruing. They have accepted that to continue to charge interest would not assist us in my/our present financial difficulties, and can only serve to increase my/our total debt.

I/we have already paid considerable sums in interest to my/our account. If interest charges continue, the monthly instalments I/we am/are paying will not even cover that interest. Also, the cooperation of my/our other creditors who have agreed to freeze interest already would be put at risk.

I am aware that XXXXXXX subscribes to the Lending Code which states that lenders will consider reducing or suspending interest and charges if these would cause the debt to increase or lead to the repayment term becoming too extended. I would therefore be grateful if you would reconsider your decision not to freeze the interest. This would mean that the monthly payments I/we make would actually reduce the balance outstanding to your company.

Please consider this letter as a complaint about the interest charges you are continuing to apply to my account. I would like to see these stopped immediately and previous interest charges refunded.

If you are unable to help me with this issue, I will have no alternative but to take this case to the Financial Ombudsman Service.

I look forward to hearing from you as soon as possible. Please take this as notice that I will only accept communication in writing.

Yours faithfully

You

Time_to_face_the_music

The follow up:

http://www.financial-ombudsman.org.uk/consumer/complaints.htm

FOS details:

0300 123 9 123 or 0800 023 4567
Monday to Friday – 8am to 8pm
Saturday – 9am to 1pm

If you need help, phone them now but be quick, they close at 8pm

Hopelessly_Hopeful

Time_to_face_the_music wrote: »

Hi all you lovely DMPers old and new :hello:

Life's a bit crap at the moment with serious worries about the threat of redundancy and my twin HH has given me official permission to be a miserable cow

But just popped in to revive a template letter for anyone whose creditors are still charging interest and for one person who pm'ed me to ask for advice.

Do not sit back, fight your creditors and remember the earlier you do it, the best chance you have of getting interest stopped!

Try something like this, customising it for each creditor:

You

Date

Them

Dear Sir/Madam

Re: [Creditor name] account No: XXXXXXXXXXXXXXX

Thank you for your letter/statement concerning the above account. I am sorry that you feel unable to suspend interest/charges on the above account.

As you are aware, I/we am/are in a DMP with XXXXXXXX, reference number XXXXXXXX. The majority of my/our other creditors have agreed to the offer of payment and agreed to suspend any interest charges still accruing. They have accepted that to continue to charge interest would not assist us in my/our present financial difficulties, and can only serve to increase my/our total debt.

I/we have already paid considerable sums in interest to my/our account. If interest charges continue, the monthly instalments I/we am/are paying will not even cover that interest. Also, the cooperation of my/our other creditors who have agreed to freeze interest already would be put at risk.

I am aware that XXXXXXX subscribes to the Lending Code which states that lenders will consider reducing or suspending interest and charges if these would cause the debt to increase or lead to the repayment term becoming too extended. I would therefore be grateful if you would reconsider your decision not to freeze the interest. This would mean that the monthly payments I/we make would actually reduce the balance outstanding to your company.

Please consider this letter as a complaint about the interest charges you are continuing to apply to my account. I would like to see these stopped immediately and previous interest charges refunded.

If you are unable to help me with this issue, I will have no alternative but to take this case to the Financial Ombudsman Service.

I look forward to hearing from you as soon as possible. Please take this as notice that I will only accept communication in writing.

Yours faithfully

You

Permission indeed, we all have bad days. Really wish we could make it better for you. Look at you having a rough time and still putting the effort in to support the rest of us. :A Thank you.

HHx