DMP & Mutual Support Thread - Part 9

jubilee14

ah i wish they would do that for me. HBOS have three of my debts and having finally got a letter re the loan to accept DMP which has taken four months they state they will still apply interest which would mean i pay off £7 a month captial every month on an £8k debt so that works out at ....just over 27 years seriously!

Mossop01

Who are HBOS ? Are they the same as HSBC? Sorry if being thick

Hopelessly_Hopeful

Mossop01 wrote: »

Who are HBOS ? Are they the same as HSBC? Sorry if being thick

I think it's Hallifax Bank of Scotland

HHx

Hopelessly_Hopeful

Time_to_face_the_music wrote: »

Go get 'em cocoloco! :T

Had a very odd conversation with Lloyds TSB this afternoon. They have recently reintroduced interest and charges on an overdraft, we had managed to get these stopped with the help of the FOS last May. Foolishly we thought it was sorted and then Lloyds TSB stung us with an interest notice at the end of last week.

Phoned up and played innocent, we thought you had stopped interest for the duration of the DMP blah blah.

Lloyds TSB - no we only do this for a maximum of 12 months. You are paying too much and are clearly not in financial difficulty.

Me - oh well, I will have to contact the FOS again.

Lloyds TSB - well we could default you instead, then we would freeze interest and you can pay us whatever you want.

Me - Oh yes please!

Lloyds TSB - are you sure you want us to default you? It will be on your credit report for 6 years.

Me - yes please.

Lloyds TSB - ok it's done, you will receive the letters this week and we will refund all interest and charges from this month.

It felt surreal but very good. 7 out of 10 debts now have interest frozen, which is a massive improvement on the last year. Maybe the moral of this story is ... If you want a default, ask for one

Brilliant news and well done for persevering!

HHx

Hopelessly_Hopeful

Mossop01 wrote: »

Hi all just been through statements and as expected my debt has risen due to interest charges and late payment fees. On a couple of my credit cards the interest charges and fees have taken me over my limit so therefore they have added more fees, these are also the companies who are yet to respond to DMP, what should i do about this? When they eventually respond to DMP will this be straightened out or should i contact them? Cheers for any advice

Always worth a try. They rarely stop without you trying!

My balance went up 2.5% in first month and 34 months later am 2/3rd of the way done.

HHx

Hopelessly_Hopeful

cocoloco wrote: »

Hi all!

What a day! I had finally had my telephone interview with Stepchange- it was better than expected! We had been paying £1500:eek: / month just to service our debts and now we will be only paying £220! Take that preditors (laughs hysterically)! :rotfl::rotfl::rotfl:That was 55% of our total income- no wonder we were living off reduced stuff and credit cards! I already poster 13 out of 19 letters with the minimum payment (last Friday) and cancelled most of DD's but one MBNA DD slipped through at £116 - not happy!:o
Hopefully our DMP will start on 1st April and was advised to just make £1 token payment and set up a different bank account away from our debts- I explained to her that I'm a big fan of moneysavingexperts forum and getting all the advise from here, including getting in touch with Stepchange.
Well, I'm ready for dance with our preditors, they will not get any more money from us. Hope you all have a good day, sorry about rambling on...

PS- I suggested before that we should bring the issue with HSBC to Martin's :money:attention- I'm sure he could get them to explain as why are they keep putting on all sort of charges and maximum interest on people who are struggaling financially?!?:money:

Really pleased you got the outcome you wanted.

Onwards and Upwards

HHx

Hopelessly_Hopeful

Growurown wrote: »

That's a long time, however to be debt free and mortgage free at the same time will be great. I think you will find though that the debts may go quicker than the mortgage. What you owe now will sound like peanuts in ten years time and circumstances can change (hopefully for the better!)

As you say once the first hurdle is over then you can think about the other stuff. Do keep an eye on your balances though. Check regularly with your creditors to make sure that charges and/or interest is under control. You don't want to get a couple of years down the line thinking you have paid off a big wodge of your debt only to find the preditor has been piling on costs without your knowledge.

That's really good advice, we have seen a few people caught out by taking their eye off the ball havent we?

HHx

Alice_in_Welfareland

Hopelessly_Hopeful wrote: »

Always worth a try. They rarely stop without you trying!

My balance went up 2.5% in first month and 34 months later am 2/3rd of the way done.

HHx

My debt arose for first three months of the DMP then reduced every month after this time until I changed to self managed DMP when I had the little raise and then a fall again. The support of this thread is a very good thing for all members it always makes me smile even when I do not contribute. You must all win the award for helping each other in the time of need.

Hopelessly_Hopeful

Alice_in_Welfareland wrote: »

My debt arose for first three months of the DMP then reduced every month after this time until I changed to self managed DMP when I had the little raise and then a fall again. The support of this thread is a very good thing for all members it always makes me smile even when I do not contribute. You must all win the award for helping each other in the time of need.

You have to pat yourself on the back too Alice.:)

HHx

Mossop01

Everyones really helpful on here, dont think i could do this without u all, thanks x