DMP & Mutual Support Thread - Part 9

Puzzcat

Flutterby83 wrote: »

Hi Chatterbox, I am only just starting out on my DMP journey but have found everyone on here so lovely and helpful that you have no fear of bashing
With regards to what has been mentioned about bank accounts, I am opening a cash card account with a bank where I have no debts but when my DMP goes into action, will they be able to freeze my new account? And am I better starting my emergency fund in cash or will it be safe in an account with a bank that I currently have no links at all to? I know the 'off-setting' rule, which is why I'm moving, but I'm scared they will freeze my new account and with 4 kids I can't afford to be without money!

Hi flutterby,
Your new account will be fine as long as it isn't linked to any of your creditors. I have my main bank account and then lots of online saving accounts alongside it, for all my budgets.
Puzz

GemP1983

Thanks for advice. I did open a separate bank account with Barclays, a basic account. The Halifax is what my boyfriends wage goes into. I think I may call the Halifax tomorrow and find out why they are declining now after originally accepting. I have a feeling it will be due to a token payment I made in January due to 3 bereavements in quick succession causing our income to be affected. Perhaps if I explain this to them they may have change of heart? (Fingers crossed). I will look at my partners wage going into my account though.

Will they give me notice before they offset? For example would it be after several months 3 ish) if them declining the SC payment?

Thanks

Puzzcat

GemP1983 wrote: »

Thanks for advice. I did open a separate bank account with Barclays, a basic account. The Halifax is what my boyfriends wage goes into. I think I may call the Halifax tomorrow and find out why they are declining now after originally accepting. I have a feeling it will be due to a token payment I made in January due to 3 bereavements in quick succession causing our income to be affected. Perhaps if I explain this to them they may have change of heart? (Fingers crossed). I will look at my partners wage going into my account though.

Will they give me notice before they offset? For example would it be after several months 3 ish) if them declining the SC payment?

Thanks

No, they don't give notice of offset, I would get this sorted asap if I were you. Can your partner give his work your other account details for his wages?
Good luck with Halifax, I'm beginning to think I'm the only one who had no issues with them.
Puzz

GemP1983

I'm going to look into it tomorrow. Thanks

Chatterbox20

Puzzcat wrote: »

Hi chatterbox,
You won't get any bashing on this thread I can assure you of that!!
Can I ask have you written to all your creditors complaining of interest charges? If not there is a template letter on here page 115, and then you can follow up with a complaint to the fos if needs be. I can't answer the ccj question I'm afraid, I think it is rare, but have seen at least one poster on here talking about one. If you have time try and read back this thread.
And welcome to our wonderful dmp mutual support thread.
Puzz.x

Thanks Puzzcat! I have not sent letter about interest so I will do that ASAP. I will also look back through the thread re CCJS.

We have debt with Halifax who are are worst ones and I see others have said the same. My worry (well it is all a worry so my latest worry) is that the Halifax debt which is about £10k will end up as a CCJ. I just wondered how likely that was and how long it takes to get to that stage.

Will get letter writing!

Chatterbox20

Growurown wrote: »

Chatterbox I agree with TTFTM, fight these charges. I complained to the FOS about the Halifax and got over a thousand pounds back. Not in my pocket of course but it substantially reduced my outstanding balance. You are unlikely to get CCJ's if you are paying what you agreed through the DMP. They will only take you to court if you stop paying and if you can't afford the repayments go back to SC and re do your income and expenditure.

Thanks Growurown that's reassured me a but. We can stick to our DMP so fingers crossed they will start reducing the interest if I write.

catandy

Chatterbox20 wrote: »

Thanks Puzzcat! I have not sent letter about interest so I will do that ASAP. I will also look back through the thread re CCJS.

We have debt with Halifax who are are worst ones and I see others have said the same. My worry (well it is all a worry so my latest worry) is that the Halifax debt which is about £10k will end up as a CCJ. I just wondered how likely that was and how long it takes to get to that stage.

Will get letter writing!

for what it is worth I have about 10K worth of debt with Halifax and they have been threatening CCJ since Dec of 2012 (the month after my DMP formally started) - still haven't done anything. Interest was frozen after 3 or 4 months, lots of letters and angsty phone calls and a threat of me going to FOS (it didn't actually get that far). they do seem to be a nightmare so keep pushing for interest/ charges to be stopped and be ready to take it further to the FOS - I had to with another creditor who didn't play nicely and they were great, got the decision I wanted and all the charges paid back plus a portion of the interest.


oh and absolutely no bashing on this thread we're all in the same boat (the good ship DMP)

Chatterbox20

catandy wrote: »

for what it is worth I have about 10K worth of debt with Halifax and they have been threatening CCJ since Dec of 2012 (the month after my DMP formally started) - still haven't done anything. Interest was frozen after 3 or 4 months, lots of letters and angsty phone calls and a threat of me going to FOS (it didn't actually get that far). they do seem to be a nightmare so keep pushing for interest/ charges to be stopped and be ready to take it further to the FOS - I had to with another creditor who didn't play nicely and they were great, got the decision I wanted and all the charges paid back plus a portion of the interest.


oh and absolutely no bashing on this thread we're all in the same boat (the good ship DMP)

Thanks Catandy! Good to know - will get my head out of the sand and be more proactive! I think I thought once DMP started I could forget about it ... Now I'm out if dreamland and taking control!

Sazzie23

GemP1983 wrote: »

Hi all

I have been in a DMP since Nov. Halifax have now declined the DMP despite initially agreeing to it. SC have said to carry on as usual but I received the statement for my credit card from Halifax and within it the Halifax stated they can offset money from any other account I hold with them. I have a joint account with my boyfriend and wondered two things:
1. Can they take money from this joint account? It never has much in but it is our bill account.
2. Are they likely to do this or are they more likely to sell my debt on to a debt collection agency?

I am a little concerned but have read on this site that Halifax can be difficult with DMPs.

Any advice greatly received.
GemP1983

Hi GemP

I see you've already had some good advice. I thought it might help you to know my experience going into DMP with a Nat West overdraft on joint account, Ex OH did not go into DMP. Account was closed and they did offset money from our solo and joint savings accounts., however they did give us notice, we just decided to let it these small amounts go towards the debt. They offset about 6 weeks from me declaring DMP. I know each lender is different but thought this might help you.

I'd guess Halifax might be being tough because of the joint account. I'd close the account and get a new current account each, maybe best to keep finance separate while DMP in operation?

Sazzie23

Chatterbox20 wrote: »

Hi All, hope I'm posting this in the right place if not let me know. My oh and I have accrued almost £73k worth of debt. This was due to a series of circumstances over almost two decades. From university fees, lack of maternity pay and redundancy among others. We paid debts by taking out more debts for years until we couldn't keep up. We finally realised we had to do something last year and set up a DMP through step change. It was an initial relief but now I'm feeling like I can't breathe again many of our creditors are still charging interest and the debt is going up not down. We are considering an IVA but that would mean I could not pursue my career. To be honest at this rate we are likely to end up with CCJs which would also stop me pursuing my career so it's a lose lose situation. I accept full responsibility for my debt and cannot believe I have been so stupid as to cost myself my career. I thought a dmp would solve everything but we don't seem to have moved on at all. Has anyone with experience of DMPs managed to avoid getting a CCJ? Thanks in advance for any help and support. Please no bashing as I know it's my own fault and I don't think my emotional state could take it right now.

Hi Chatterbox,
Welcome aboard, we're all here because of mistakes/circumstances or both, we can't change where we've been, but maybe we can influence where we're going:D. Don't beat yourself up.

See you've had the usual advice about fighting the interest, I'm doing this myself at the moment, Barclays refusing to budge, although I am on reduced, no response yet from Mbna and HBOS.

I know this will sound mad but I think the more you pay the more interest you get stuck with, so maybe on your step change review look at giving yourself a bit more wiggle room on the budget. There are a fair few posts about this few pages back. It might make life more bearable but obviously potentially might take longer to pay the debt, although I know a few on here have some ways round that too, so my message is don't give up just yet, although maybe an IVa is the right way for you, I don't have the experience to know.

Regards CCJs, if you get them, don't they last 6 years on file, same as DMP, obviously no one here wants you to end up in court - for lots of reasons - but it's probably unlikely and also not the worst thing you have to worry about. I can understand the worry of court, I have the same issue, but put it aside for now, worry about it if it starts heading that way. Make sure all your creditors know you are still in DMP too as I think some assume your finances have recovered miraculously.