DMP & Mutual Support Thread - Part 9

gettingontop

Time_to_face_the_music wrote: »

You need to fight this ASAP.

Have you ever written a letter of complaint to the creditor? If not, do it today and get it in the post tomorrow, 1st class recorded delivery. If you can't find the template, just yell and I will post it again.

If you do not get the response you want, i.e. interest frozen and previous interest paid fully refunded, go on to make a complaint to the FOS but you need to give the creditor a chance to respond first.

Have you checked your other statements and ensured any other creditors have stopped interest? One of the best pieces of advice given to me about a DMP was while you hand over your money to Stepchange etc to pass on to your creditors, you really need to remember it is still your debt and it's up to you to keep up to date with your true balances and to fight interest.

TTFTM x

To be honest, I've done nothing other than contact SC and bury my head in the sand - it was a very stressful time and there were a lot of things in my life that were 'touch and go'

I finally feel like I'm getting a bit stronger and things are starting to get a bit better... at least until I saw that statement!

Talking to my creditors would be a very big step - I can imagine that they're not to impressed with me. Will writing to them solve anything if I haven't tried talking to them first?

I have seen the template letter, and tried adapting it as below.... what do you think? The loan is/was with everyday loans - I can't see anywhere that they are a member of the lending code....

Dear xxxxx

As you are aware, I am in a debt management plan with Stepchange, reference number xxxxxxx. The majority of my 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 me in my present financial difficulties, and can only serve to increase my total debt.

I am aware that the Lending Code 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 make would actually reduce the original 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, in writing, as soon as possible.

Yours faithfully
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[FONT=&quot]Thanks in advance!

One more thing.... A few of my creditors are payday loan companies (obviously).... How do I go about getting statements from them?

Thanks again
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gettingontop

fermi wrote: »

Are the payments out of your DMP less than the contractual ones would have been?

What lender? i.e. are they a subscriber to the lending code?

If they are the lending code clearly says for those on payment plans:



Applying charges and interest in a way that effectively means the debt is NEVER paid off at that rate is by definition excessive.

As per my post above - the lender is Everyday loans. I can't see anywhere that they are a member of the lending code...

And yes, the payments are approx 50% of the contractual ones

Thanks

Time_to_face_the_music

gettingontop wrote: »

As per my post above - the lender is Everyday loans. I can't see anywhere that they are a member of the lending code...

And yes, the payments are approx 50% of the contractual ones

Thanks

Everyday Loans claims to be part of Secure Trust Bank plc and they subscribe to the lending code


http://www.lendingstandardsboard.org.uk/subscriberlist.php


It's worth a go

Sazzie23

gettingontop wrote: »

As per my post above - the lender is Everyday loans. I can't see anywhere that they are a member of the lending code...

And yes, the payments are approx 50% of the contractual ones

Thanks

Hi getting ontop,

I see you are living up to your screen name,:) just need to adapt the letter again about the lending code and get it sent out, nothing to lose and a great deal to gain.

It can be much easier to let things slide and much more tough to face up to things, and take action so well done mad good luck

Sazzie

Suseka

Well... wonders will never cease. I've received a letter from Hfx, following my complaint to the FOS (which in fact referred the issue back to Hfx). Anyway, long story short, the letter says that my account will shortly be defaulted and they sent me a cheque for £50 for the inconvenience (referring to all the letter writing to-ing and fro-ing).

So watch this space - I should expect to receive a default in the next month or two. If not.... more letters methinks!

Goes to show that you have to keep plugging away at creditors to reduce or stop interest charges.

S x

Enough_Now

Hi all on this lovely sunny day

I've had feedback from all three interest charging creditors now with the following outcomes:
- Barclaycard - remaining on substantially lowered interest but have refunded 12 months as a goodwill gesture
- MBNA - remaining on substantially reduced interest, no refund
- Sainsburys (BOS) - standing by re-introduction of full interest 29.95%!!! Only resolutions offered were 1. stop paying us for three months so we can default you or 2. close account and reduce interest rate by 10%. I have referred complaint to Ombudsman as I believe they should have defaulted me right at the beginning of my DMP. I've also just requested that the account is closed, so at least I can reduce the interest element a bit whilst the FOS do their thing.

It is so annoying that by doing everything I can to pay back my debts, some companies use the 'paying more than minimum' rule to whack interest back on. Also by using a reputable DMP provider, who creditors signpost us to, we are unable to manipulate the circumstances as requested by the creditor - madness!!! :mad::mad::mad:

Sorry for the rant but it is so frustrating. My debt-free date just seems to be stretching away from me.

EN x

Growurown

Growurown wrote: »

Nothing much to report, things just chugging along and hoping the car isn't going to misbehave:)

Oh rollocks spoke to soon. Another bill for £320:(

Growurown

Enough_Now wrote: »

It is so annoying that by doing everything I can to pay back my debts, some companies use the 'paying more than minimum' rule to whack interest back on. Also by using a reputable DMP provider, who creditors signpost us to, we are unable to manipulate the circumstances as requested by the creditor - madness!!! :mad::mad::mad:

Sorry for the rant but it is so frustrating. My debt-free date just seems to be stretching away from me.

EN x

I agree EN it is very frustrating. Had this problem with the Halifax. I hope you get satisfaction against Sainsbury's through the FOS. That is a punitive rate and shouldn't be allowed.

Time_to_face_the_music

Enough_Now wrote: »

Hi all on this lovely sunny day

I've had feedback from all three interest charging creditors now with the following outcomes:
- Barclaycard - remaining on substantially lowered interest but have refunded 12 months as a goodwill gesture
- MBNA - remaining on substantially reduced interest, no refund
- Sainsburys (BOS) - standing by re-introduction of full interest 29.95%!!! Only resolutions offered were 1. stop paying us for three months so we can default you or 2. close account and reduce interest rate by 10%. I have referred complaint to Ombudsman as I believe they should have defaulted me right at the beginning of my DMP. I've also just requested that the account is closed, so at least I can reduce the interest element a bit whilst the FOS do their thing.

It is so annoying that by doing everything I can to pay back my debts, some companies use the 'paying more than minimum' rule to whack interest back on. Also by using a reputable DMP provider, who creditors signpost us to, we are unable to manipulate the circumstances as requested by the creditor - madness!!! :mad::mad::mad:

Sorry for the rant but it is so frustrating. My debt-free date just seems to be stretching away from me.

EN x

Your Sainsburys situation is almost identical to the one we had with M&S but because they had offered us a solution, we lost the case with the FOS. This was the main factor in deciding to move our DMP to self managed.


I hope you get a better result.

Growurown wrote: »

Oh rollocks spoke to soon. Another bill for £320:(

Sorry to hear about that GUO. I thought we were doing quite well this month until I got a letter from Lloyds TSB asking why we had not paid them. No idea how I managed it but I missed our March payment to them

markwoods10

Hi all,
well been on DMP since Jan, had few phone calls halifax cc and a short term loan company both said they would not accept but heard anything since march ( should i be worried)
also I have a Halifax ultimate reward account, have tried to down grade but they seem to keep messing it up and im still paying the account fee, i have today lost my mobile phone, I called halifax to see what would happen if i tried to claim and they said all ok ( they checked my bank account using a/c no and sort code. and proceeded to set up a claim.

is this legal/moral for me to do this if i am on DMP ( I am being lent the money for the policy excess £30.00) i supposed you can say " he who dares wins rodney" i guess all they can do is reject the claim.

any thoughts from anyone would be helpful , oh BTW Halifax has stopped charging overdraft fees
also where is the template to write to creditors to request freezing interest and charges as some are still charging ( Halifax credit card the main one)

I am just a bit worried that all seems to be going ok on the DMP ???
my credit file shows that I am DMP toois this good or bad or is it better to have a default as they seem reluctant to do this?
good luck all

debt free date march 2019 14k to go