DMP & Mutual Support Thread - Part 9

Hopelessly_Hopeful

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

Feeling for you with this. This is the downside to dmp land when they pull the you are no longer in financial difficulty card at you when you are later in the dmp. It's why TTFTM and I both lost with M&S and why we went self managed. I used a mortgage break to get rid of them. The wonderfully ballsy Ms TTFTM fronted it out with them and got a better result . The situation is why I also advocate go for broke re interest early in the DMP, stash any extra for emergencies and so you can pick creditors off if they start kicking off later. If only I knew then what I know now eh?!


Good luck with FOS. Way I see it even if you don't win you feel better for not just rolling over.


HHx

Woodypuddy

Hopelessly_Hopeful wrote: »

Morning


I have looked at moving a few times. When I totted the costs up at the start of the DMP it was going to cost so much to buy and sell I was only able to free up a small amount so just wasn't worth it. More recently I am looking towards future requirements and my choices have opened up too as I now have a chunk of equity and am nearing the end of the DMP. Last year I approached Northern Rock for advice. They cant lend anymore but can port your current mortgage. There are certain rules around it but all seems sensible. They gave me written confirmation they would port to the same outstanding value or less. This year I looked into moving and as my defaults are 2.5 to 3.9 years old I went to see a financial advisor. I had a decision in principle from a specialist provider to borrow more than I had now. Have decided against moving and instead am going to remortgage and have work done here. Had another decision in principle then a formal credit sign off so now just waiting on formal report of valuation and final offer from them which I anticipate will be with me either today or early next week.


Hope that helps.


HHx

Thanks ever so much HH, that is really helpful (and hopeful) advice and if we do decide to move i will contact my mortgage Company to see if they would offer the same.Also useful to know about the possible change of mortgage as I had thought this would be a definite no no whilst on a DMP (even if downsizing) Thanks again

Hopelessly_Hopeful

Growurown wrote: »

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

Grrrrrr what's gone wrong?


HHx

Hopelessly_Hopeful

Time_to_face_the_music wrote: »

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.





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

Go to the naughty corner Ms TTFTM.


Am sure you have it all in hand


HHx

Hopelessly_Hopeful

markwoods10 wrote: »

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

Welcome.


Claim doesn't sound related to the DMP. They aren't lending you money it would be loss claim against insurance.


There's a downside to markers on your credit record but they are an inevitable part of DMP life. There are advantages too and you will get debt free so hold onto that.


Worth a cuppa and a biscuit or two and reading from the beginning of the threads to pick up information.


HHx

Standingtall

markwoods10 wrote: »

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

Hi there Mark

I see no issue with claiming under the policy as it has to be cheaper than purchasing a new phone. I also appreciate that people (myself included) are advised not to use fee paying accounts. However, my husband pays for his bank account (the same one as yours in fact) and with the annual travel cover alone (family cover) we are making a saving so I do think it depends on the individual's circumstances. Of course he is not part od my DMP - if he was we would be unlikely to need the travel cover:rotfl:

Regarding the credit file question, defaults would definately be preferable as they then disappear after 6 years. Currently you say your debt free date is 6 years meaning that if the debt management makers / arrangement to pay markers are still there in 2019 they will still show until 2025. However it is early days and most of my defaults did not occur for 6 months.

Template letters are available on National Debtline website.

Good luck
ST

blisteringblue

Anybody else getting a raft of leaflets from your creditors about the new FCA? I've had about 3 now from creditors who have agreed to my plans. I guess it must be part of the new guidelines.

Standingtall

blisteringblue wrote: »

Anybody else getting a raft of leaflets from your creditors about the new FCA? I've had about 3 now from creditors who have agreed to my plans. I guess it must be part of the new guidelines.

I had something from Payplan themselves - guessing this is what it was linked too:)

Growurown

Time_to_face_the_music wrote: »

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

Thanks TTFTM. These little things are sent to try us!

Growurown

Hopelessly_Hopeful wrote: »

Grrrrrr what's gone wrong?


HHx

New brake pads and discs, oil change and then there was this strange whistling noise coming from the engine. Turned out to be a split hose which cost £100 on its own:eek::eek:

Why are car parts so expensive?:mad: