DMP & Mutual Support Thread - Part 9

blisteringblue

Morning All,

After some advice with those of your with a Tesco Credit Card in your DMP?

All was going well and most companies freezing or reducing interest, payments went out on Friday in time for my latest Tesco Statement.

Now I know they play silly beggers and charge a few months interest while things get going. I have had default letters from them, and a 28 day notice telling me the account will default if I don't pay x amount.

I'm worried my stepchange payment was only £30 less than this amount quoted they won't default the account. Their other letter said they only freeze interest when the account is defaulted.

Or is it simply a computer exercise and as I have not paid x amount it will default automatically?

I've written to SC but fully expect their response to be, it an informal agreement and they don't have to freeze interest.

Hoping this isn't the start of me having to go it alone with a self manage because paying £5 a month off a 11k debt is bloody annoying

Hopelessly_Hopeful

blisteringblue wrote: »

Morning All,

After some advice with those of your with a Tesco Credit Card in your DMP?

All was going well and most companies freezing or reducing interest, payments went out on Friday in time for my latest Tesco Statement.

Now I know they play silly beggers and charge a few months interest while things get going. I have had default letters from them, and a 28 day notice telling me the account will default if I don't pay x amount.

I'm worried my stepchange payment was only £30 less than this amount quoted they won't default the account. Their other letter said they only freeze interest when the account is defaulted.

Or is it simply a computer exercise and as I have not paid x amount it will default automatically?

I've written to SC but fully expect their response to be, it an informal agreement and they don't have to freeze interest.

Hoping this isn't the start of me having to go it alone with a self manage because paying £5 a month off a 11k debt is bloody annoying

Hi

Tesco, RBS and Mint defaulted me and froze interest at month 3. Tesco started asking for I&E forms two years ago but still 0% interest. They were fab when you compare them to Hellifex and M&S!

Good luck with it

HHx

lizzy23

bertman wrote: »

Just seen the news about new more strict mortgage criteria. Our fixed rate comes to an end in August, our payments will actually go down a little as the fixed rate is 4.49% with Halifax, the variable rate is 3.99%.

As we are two years into a DMP I am worried what they may do at the end of the fixed rate term, we are 100% up to date with the mortgage payments but I wonder if we will be offered a new fixed rate or will we be left to rot on a variable rate which will go up I guess shortly.

If the rates go up and our payments do too then we would just have to reduce the amount we pay on our DMP but it would be best to have a fixed rate that would be set for 4 years again.

Has anyone on this board applied or is trying to move to a new fixed rate while on a DMP?

Hi we got a new fixed rate deal with our existing lender when our deal ended in December, because we were not asking for any additional lending and our ltv was less than 75% i got a fixed rate of 2.99 till 2018, by which time my DMP should be finished, hope this helps,

Growurown

blisteringblue wrote: »

Morning All,

After some advice with those of your with a Tesco Credit Card in your DMP?

Hopelessly_Hopeful wrote: »

Hi

Tesco, RBS and Mint defaulted me and froze interest at month 3. Tesco started asking for I&E forms two years ago but still 0% interest. They were fab when you compare them to Hellifex and M&S!

Good luck with it

HHx

Same here, Tesco have been one of the better of my creditors, and we still aren't paying any interest nearly three years on. Don't get me started on the Hellifax:mad:

Kate_fixing_it

Tesco have defaulted me off the back of the SC offer so only one token payment. They were a pain to begin with but I think that was just the individual that called me refusing to listen and defer from her script.

Had no calls for a few days now and all creditors should have the offers by now and first payment goes in just under a fortnight

Kate x

joee

Long time lurker here,


I am feeling really frightened at the moment, I have had to reduce my DMP payment by £100 to £251 because I have (hopefully) temporarily reduced my hours due mental health issues caused by mostly past issues and partly because of the stress being in debt.


I have been on a DMP for a couple of years, I haven't missed a payment and have paid more than half. I am frightened about what my creditors will say

Hopelessly_Hopeful

joee wrote: »

Long time lurker here,


I am feeling really frightened at the moment, I have had to reduce my DMP payment by £100 to £251 because I have (hopefully) temporarily reduced my hours due mental health issues caused by mostly past issues and partly because of the stress being in debt.


I have been on a DMP for a couple of years, I haven't missed a payment and have paid more than half. I am frightened about what my creditors will say

Morning

They cant have what you haven't got. You are only reducing your payment because you aren't earning what you were. They will have to accept this. Seemples. Yes it may kick off some computer madness, you will have to write some letters but it WILL be sorted.

Well done on the payback too, almost 70% for you there.

We all have the odd wobble from time to time. Let us know how you get on.

HHx

Time_to_face_the_music

joee wrote: »

Long time lurker here,

I am feeling really frightened at the moment, I have had to reduce my DMP payment by £100 to £251 because I have (hopefully) temporarily reduced my hours due mental health issues caused by mostly past issues and partly because of the stress being in debt.

I have been on a DMP for a couple of years, I haven't missed a payment and have paid more than half. I am frightened about what my creditors will say

Hi Lucy

Please don't worry about this, I am sure Stepchange will understand and so will your creditors. To be on the safe side, as well as Stepchange notifying them, I would send another letter and explain the circumstances and tell them this is a temporary arrangement etc.

Hope you feel lots better soon and please stick around and chat to us if you need any support, it's what this thread is all about.

TTFTM x

Murphy2011

Hi Joee, from personal experience I empathise with you, I was quite poorly with depression and actually hospitalised for a while, let SC know but also I asked my GP to write me a letter explaining my situation which I sent copies of to all my creditors, helped no end. I think I'm right in saying creditors have an additional duty of care to people with mental health issues but don't quote me. Martin has done an excellent booklet on it and the link is at the top of the Forum page.
Hope it all works out and good luck.

Sazzie23

joee wrote: »

Long time lurker here,


I am feeling really frightened at the moment, I have had to reduce my DMP payment by £100 to £251 because I have (hopefully) temporarily reduced my hours due mental health issues caused by mostly past issues and partly because of the stress being in debt.


I have been on a DMP for a couple of years, I haven't missed a payment and have paid more than half. I am frightened about what my creditors will say

HI Joee & welcome,

Well done for being brave, posting here & facing up that you can't carry on as you were. Great advice as usual from the threads regulars, sure it'll be ok once they get used to it. I had to decrease my payment at the last review as costs have gone up and my pay has been cut, created a couple of issues but got me a default on one of the accounts when they wouldn't default it before. So its not all bad.

Write those explanatory letters, post em off & you'll start to feel back in control. Good luck & come back soon