DMP & Mutual Support Thread - Part 9

Powered_By_Pies

EdFromBeds wrote: »

Hi and Thanks

Most froze interest and charges.
Been on the plan since Summer 2011 and have about 18 months left to go until I am debt free.
All mainstream banks.

I think I am better to just let it run the 18 months and be debt free, I can always go back and fight about my CR later on...

This is what I'm probably going to do with NatWest, let it run, pay it off and then re-visit it and see if I can claim any package account charges on the basis that I believe it was mis-sold to me.

Only problem with that for me is I never really challenged it when I had the actual account as I was younger and didn't really know much about bank accounts, so their argument will likely just be 'well you never raised it with us before, so we just thought you were happy with the account and the associated fees....'

Hopelessly_Hopeful

Powered_By_Pies wrote: »

Might've fallen off the bandwagon last night, have a friends' birthday coming up and decided to get them a little something which turned out to be a bit pricer than I'd thought

Re-worked the old budget this morning to take it into account, but it leaves me a little light for the week ahead!

Still no more contact from any creditors, waiting to the end if the month to see what the payment plans all say when they come through from the DMP.

Other than that, all good! Just having a nice calm day before work tomorrow.

I stuff up and learn all the time!


Most of the time it goes ok.


Daily check in with the budget helps so I know the consequence if I stray over


Hope birthday celebration goes well.


HHx

lumpyspaceprincess

Thanks everyone for the lovely warm welcome *nestles in*

I was wondering if anyone had experience on a DMP with any of the below lenders, so I had an idea of what I might be in for re letters etc?

Natwest, TescoBank, Hitachi, Barclaycard, Argos

Growurown

lumpyspaceprincess wrote: »

Thanks everyone for the lovely warm welcome *nestles in*

I was wondering if anyone had experience on a DMP with any of the below lenders, so I had an idea of what I might be in for re letters etc?

Natwest, TescoBank, Hitachi, Barclaycard, Argos

Hi LSP, we had a bank loan with Nat West all interest stopped after the first month and no problems. We had a CC with Tesco - again all interest stopped and no problems. We didn't get many letters or phone calls for that matter. Most of my creditors made no contact at all and the first we knew that they had accepted our DMP was when the statement arrived.

Puzzcat

lumpyspaceprincess wrote: »

Thanks everyone for the lovely warm welcome *nestles in*

I was wondering if anyone had experience on a DMP with any of the below lenders, so I had an idea of what I might be in for re letters etc?

Natwest, TescoBank, Hitachi, Barclaycard, Argos

Hi, I have 3 accounts with natwest that make up a third of my total debt. All interest and charges frozen once set up on dmp. B.card also no interest charged.
Puzz

.

Powered_By_Pies

lumpyspaceprincess wrote: »

Thanks everyone for the lovely warm welcome *nestles in*

I was wondering if anyone had experience on a DMP with any of the below lenders, so I had an idea of what I might be in for re letters etc?

Natwest, TescoBank, Hitachi, Barclaycard, Argos

ACK! NATWEST!!!!!! *loads shotgun*

In honesty as my DMP's only in its' first month I don't know how they're going to treat me. They've been abysmal with me whilst I tried to repay what I owe under my own steam - constantly pressuring me to up any repayments I'd arranged with them, at one point they sold two of them to a DCA and when I submitted a formal complaint to ask why they had not informed me (first I heard of it was when he DCA contacted me), they cited an 'error in their system' and re-called the debt, but carried on playing silly beggars with it for about 2 months whilst I maintained payments.

They've gone silent on me for the moment, as all of my creditors have - I'm hoping that means they're just going along with it and have realised that despite any and all conscious efforts to pay over the years, I've finally admitted I can no longer do it under my own steam whilst still borrowing credit to get by month after month, and a DMP is my way of saying to them 'Look, it's not as much per month that you wanted, but this stops me from racking up any additional debt outside of what I owe you, so at least now you know I'll be paying without fail'.

Hopelessly_Hopeful

lumpyspaceprincess wrote: »

Thanks everyone for the lovely warm welcome *nestles in*

I was wondering if anyone had experience on a DMP with any of the below lenders, so I had an idea of what I might be in for re letters etc?

Natwest, TescoBank, Hitachi, Barclaycard, Argos

Hi


Tesco charged interest for 3 months then froze it and defaulted me at month 3. Asked for budget update last year but otherwise heard nothing.


Barclaycard have an algorithm formulae of interest scales according to what % of the contractual payment you are making. At what point they did lower the interest to something like 1% but then as I paid back more they increased it. I took them to FOS but the lowest I could get them to was 12% at that stage.


I had an account with Egg that was taken over by Barclay card. It was on frozen interest with egg. BC charged me interest for 3 months at the point of transfer then when I complained they dropped it to 0%.


Good Luck


HHx

Time_to_face_the_music

lumpyspaceprincess wrote: »

Thanks everyone for the lovely warm welcome *nestles in*

I was wondering if anyone had experience on a DMP with any of the below lenders, so I had an idea of what I might be in for re letters etc?

Natwest, TescoBank, Hitachi, Barclaycard, Argos

Unfortunately there is often no consistency in how one creditor treats different people so it's very difficult to say.

Mr TTFTM had two accounts with NatWest, an overdraft and a credit card. Both charged interest and fees to start off with but a letter of complaint and a few follow ups got the overdraft frozen and all charges refunded plus £25 for the hassle. The CC went on for longer and we got the FOS involved. The FOS originally said they couldn't do anything so we dropped NatWest CC payments to £1 per month to encourage a default but we eventually won the case when the FOS decided that OH should be entitled to be treated the same in both accounts. Cue second refund of interest/charges and £50 hassle money this time.

Best advice is to keep a very careful eye on what all creditors are doing and ensure you fight all interest and charges as soon as possible. The longer it goes on, the more difficult it is to stop them. Also make sure your balances are kept up to date, Stepchange's online account does not include any interest or charges but you can update it yourself to correct it and I recommend using your own spreadsheet to record everything.

TTFTM x

Monkeyballs

lumpyspaceprincess wrote: »

Thanks everyone for the lovely warm welcome *nestles in*

I was wondering if anyone had experience on a DMP with any of the below lenders, so I had an idea of what I might be in for re letters etc?

Natwest, TescoBank, Hitachi, Barclaycard, Argos

Hi Lumpy,

Welcome to the thread I can see others have posted too but something I wanted to point out re. Barclaycard...

My experience was that the cheeky wee scamps were trying to tell me they hadn't received notification of the DMP and carried on charging me (while not telling me, I said they were cheeky) as normal for interest, missed/short payments etc.

As well as SC contacting them, make sure you send a letter (registered) with details and also call them asking to get comments added and take the name of the person and record date/time and make it clear to them what you're doing

You need to manage your debts anyway but BC I found were a tad more sly than the others...

As for interest, I'm still paying but it's a fraction of what it was

MB x

dini_2

I've already started a thread on this, which no one has commented on yet, but has anyone ever had their dmp payment disappear? Payplan are saying they havent received my standing order payment but its gone from my bank account...