DMP & Mutual Support Thread - Part 9

Amyboo

I've posted this in the main thread but just wondered if anyone could help me here please?

I have a letter from one of our creditors and it says the following

Loan balance as at 01/07/13 is £8434.22

Outstanding arrears as at 01/07/13 is £1642.91

Details of movement of loan account balance in period 01/07/13 - 30/12/13

Loan balance at 30/12/13 is £7534.22

Outstanding arrears at 30/12/13 is £1642.91

My question is, is the £1642.91 included in the £7534.22? Or is it added on to the £7534.23?

I've tried phoning the telephone number on the letter but they're shut today, Step change is also shut so I can't ask then either.

Can anyone help please?

Time_to_face_the_music

Puzzcat wrote: »

Happy new year all...

A few quick questions if you don't mind....

I have today received a letter from Halifax informing me that they have passed my debt over to Apex DCA.. that was quick...!

So questions..

Am I right in thinking that once sold to a DCA interest cannot be charged?

The balance appears to have increased by £35ish is this normal when sold on? I don't know if this balance includes the last SC payment on the the 25th or not...

I will contact SC on monday to inform them of the change of who to pay my pennies to...

I know there have been previous comments about interest being charged once previous minimum payments are met, in this case they are actually getting £48 when the previous minimum was £70 so am hoping that as it has now changed ownership they won't be able to charge interest when it hits that point..?

Much Love Puzz. x

When my Lloyds TSB was passed to Cabot, I decided to go against my own rule of not speaking to creditors and actually speak to Cabot. They were extremely helpful (unlike Lloyds TSB), were willing to negotiate on payments and amend I&E to suit what I wanted to pay and told me that interest would be frozen until the end of the debt as long as I stuck with the payment agreement we made. I am not sure if there is anything definitive that states interest must be frozen when passed to a DCA but if you are feeling brave, it may be worth speaking to Apex.

We did have an issue with a payment that had already gone to Lloyds TSB being transferred on to Cabot and this took a few weeks to sort out but it's ok now. This may be what is causing the difference in your balance, or it could be that Halifax have applied some sort of charge to your account.

Hope it's all good news and the interest is frozen .... fingers crossed for you Puzz.

TTFTM x

Time_to_face_the_music

Amyboo wrote: »

I've posted this in the main thread but just wondered if anyone could help me here please?

I have a letter from one of our creditors and it says the following

Loan balance as at 01/07/13 is £8434.22

Outstanding arrears as at 01/07/13 is £1642.91

Details of movement of loan account balance in period 01/07/13 - 30/12/13

Loan balance at 30/12/13 is £7534.22

Outstanding arrears at 30/12/13 is £1642.91

My question is, is the £1642.91 included in the £7534.22? Or is it added on to the £7534.23?

I've tried phoning the telephone number on the letter but they're shut today, Step change is also shut so I can't ask then either.

Can anyone help please?

Hi Amyboo :hello:


I have just looked at a statement I have which includes arrears and the arrears, while shown on a separate line, are included in the balance owed.


This is for a CC not a loan so yours could be different but I think the balance is the total amount owed.


Hope you get this sorted to give you some peace of mind.

hopeful_at_last

Happy New Year all
Soi. now a couple of months in to my DMP and all except Aqua and Barclaycard have froze interest .... my barclaycard debt is going up n up as they charge me overlimit and late fees on top grrrrr. My aqua debt gos down 85p per month as the 23 quid i pay them is swallowed in interest
has anyone managed t o get charges back from barclaycard n aqua and had interest frozen?

Time_to_face_the_music

hopeful_at_last wrote: »

Happy New Year all
Soi. now a couple of months in to my DMP and all except Aqua and Barclaycard have froze interest .... my barclaycard debt is going up n up as they charge me overlimit and late fees on top grrrrr. My aqua debt gos down 85p per month as the 23 quid i pay them is swallowed in interest
has anyone managed t o get charges back from barclaycard n aqua and had interest frozen?

Have you written an official letter of complaint to Aqua and Barclaycard?


If not, let me know and we can provide you with a template to use.


If you did and did not get the result you wanted, did you follow the complaint up with the FOS?

Amyboo

Time_to_face_the_music wrote: »

Hi Amyboo :hello:


I have just looked at a statement I have which includes arrears and the arrears while shown on a separate line are included in the balance owed.


This is for a CC not a loan so yours could be different but I think the balance is the total amount owed.


Hope you get this sorted to give you some peace of mind.

Thanks so much for your reply. I too think this is included in the balance, which is very good news for me because my Debt management plan is £2700 more than the actual figure. I am going to phone the company on Monday so fingers crossed its the correct amount.

Mojo13

Hopelessly_Hopeful wrote: »

Hi


Adding to your debt when you are seeking help is against good practice guidelines so you have a very good chance of getting refund.. Challenge it. If no joy complain, if no joy FOS, seemples. Make sure communications in writing.



In the OFT's view, creditors should [FONT=Univers,Univers][FONT=Univers,Univers]consider [/FONT][/FONT]reducing or stopping interest and charges where a borrower evidences that he is in financial difficulty and is unable to meet repayments as they fall due or when he can only make ‘token’ repayments such that his level of debt would continue to increase if interest and charges continue to be applied.




http://www.oft.gov.uk/about-the-oft/legal-powers/legal/cca/debt-collection#.UsfwkLyYb4g




http://www.adviceguide.org.uk/england/debt_e/debt_help_with_debt_e/how_to_deal_with_your_creditors.htm


http://www.financial-ombudsman.org.uk/publications/technical_notes/debtcollecting-note.html


Good luck.



HHx

Hi HH,

Thanks for that I will compose a letter over the weekend and send of, recorded delivery. I wish I was feeling strong enough to ring them but really struggling at the moment.

Thanks Again

Mo

Puzzcat

Thanks HH and TTFTM, I have also played google and there is a lot of conflicting info available so I think I will pass the info onto SC and give Apex a ring on Monday and report back....

Monkeyballs

hopeful_at_last wrote: »

Happy New Year all
Soi. now a couple of months in to my DMP and all except Aqua and Barclaycard have froze interest .... my barclaycard debt is going up n up as they charge me overlimit and late fees on top grrrrr. My aqua debt gos down 85p per month as the 23 quid i pay them is swallowed in interest
has anyone managed t o get charges back from barclaycard n aqua and had interest frozen?

Evening Hopeful,

Hmmm... Sounds familiar re. Barclaycard...

It's worth giving them a quick call because I was in the same boat and when I called they claimed to have not received any notification of my DMP.

However once I'd confirmed it over the phone and gave them my DMP ref. they agreed to freeze all charges and reduced the interest to 0.561%.

I contacted SC immediately afterwards and told them and they resent my Income & Expenses and offer of payment which they then accepted.

In the time it took to reconfirm and stop charges and reduce interest I had missed a payment, gone over my credit limit and been sent a couple of letters (neither of which I received) which added about an extra £80 or so to the debt.

That's my story and it is not necessarily what has happened with you but for the sake of a call free, using the saynoto0870 website) it's worth checking out!

Good luck,

MB

dad2one

As always big thanks to HH and TTFTM for the helpful answers and information posted above. Also to Puzzcat and Mojo13 for asking those important and interesting questions. Those links quoted should be noted by all.