DMP & Mutual Support Thread - Part 9

Growurown

City1 wrote: »

Good evening.
Just last night, we sent back our form. Looking some advice on what to expect in the coming months/years. What action from our creditors, the best ways in which to deal with our creditors when they contact.

What is the best scenario we would be looking at with how the Credit Card deal with us?

Hi City1 - This is my list of creditors - all have stopped charging interest.

MBNA Virgin cc (OH's) now passed onto Aktiv Kapital
MBNA Virgin cc (mine) now passed onto Aktiv Kapital
Asda storecard (Santander)
Tesco cc
Mint cc
Nat West cc
Capital One cc
Nat West Loan now passed over to Moorcroft
Intelligent Finance loan passed over to BOS and now paid up in full
Halifax cc (mine) passed over to BOS and now paid up in full.

The only accounts I have that are still charging interest are a Halifax CC belonging to OH and a Halifax bank overdraft.

To be fair I have found that most creditors have been OK when I have spoken to them apart from the Halifax, not that they were ever rude on the phone, just insistent that they couldn't stop all interest. I didn't get much hassle from other creditors on the telephone either, just a few nasty pay up or else letters. Once everything settled down it was fine.

vix1977

sunnyskies2 wrote: »

Hi Vix

..I know you have had answers re your query - but just thought I'd let you know about conversation I had with SC this week re setting up my DMP.

...I had asked for discretionary short term o/d as OH self employed - lady very helpful understood predicament but would not ok o/d she did however say it was up to me when I start DMP, in other words save a bit of a buffer by paying token £1 per debt for a couple of months, which is by far the better option. Also to send paperwork back now with covering letter stating when you want DMP to start - they will write to creditors and let them know the start date. Btw M&s rang re my token payment - I gave them SC ref number and they were very happy and said would not review for two months. Obviously not everyone will be so amiable...but a nice gentle start for us !!

Good luck with it all

Sarah:)

Thanks Sarah, so if I send paperwork back now asking for 1st August start that would be ok? Like you my husband is self employed so I would really like to get an emergency fund set up for any quiet periods! I am about to start sending my letters although one should have been paid today :eek: so they will get it tomorrow, hopefully will be nice about it!!


Vix

vix1977

Can I just say that although I said thanks to Puzz and BB yesterday, I would like to say thank you to everyone on here as it really does make me feel better to hear from people who are going through the same thing and stops me panicking about everything. it really is a scary time but so nice to be able to speak to people who have been there and don't judge!! so a huge THANK YOU to you all. :T
A very grateful Vix

Monkeyballs

Morning all

Nice of you to address me by my real name (finally) Lady Puzzcat of Dunelm

City1 - I have 3 credit cards;

Vanquis - Actually really nice, despite owing £3k and repayments being about £55pcm on my DMP they have frozen interest but continued with monthly statements in which it clearly states that I am on a repayment plan and to ignore any mention of charges and interest (which I've since cancelled as I go online to check them). No problems at all here

Capital One - I heard nothing* at all but they have accepted and are receiving £6pcm against an original balance of £300. They revoked access to my online account and defaulted after 3 months. Interest has stopped and I've had no aggro at all...

Barclaycard - I had a balance of £2100 when I entered into a DMP. Some problems at the start** but they have agreed and am repaying at a rate of £36pcm but they refuse to freeze interest** I get a monthly statement but beyond the initial problems everything settled and they are playing ball now.

* Very few of my creditors got in touch to confirm acceptance of my DMP but this is normal (according to SC), if there are any issues you'll likely find out within the first few weeks but keeping talking to SC and you'll be fine

** Barclaycard seem to have a bit of a reputation... Interest is frozen if repayments to them are below a certain %age (but I'm not sure what) but if they don't freeze it entirely they'll likely reduce it to 0.59%. Also, follow up with BC and ask them to confirm they have received DMP details or they'll continue to charge interest and fines - it happened to me and it took a few attempts, others in the past have said the same thing! Hound them until they confirm...

Hope this helps

Sir MB of Greyskull x

City1

Hi,


Can I ask what people mean, when they say that the cc's have stopped charging interest?
Also I have read before about being defaulted as a good thing (am I correct with this), if I am correct when is the best time to be defaulted.


Also, at present I am struggling with a lot of things, one being confrontation - is at a bad thing for me not to speak with creditors at the moment, as mentally not sure I can deal with it!


Cheers

Puzzcat

City1 wrote: »

Hi,


Can I ask what people mean, when they say that the cc's have stopped charging interest?
Also I have read before about being defaulted as a good thing (am I correct with this), if I am correct when is the best time to be defaulted.


Also, at present I am struggling with a lot of things, one being confrontation - is at a bad thing for me not to speak with creditors at the moment, as mentally not sure I can deal with it!


Cheers

Hi City,


A dmp is an informal arrangement so the creditors do not have to stop or reduce interest, however most do. It is down to you to check statements and follow up with letters etc if they continue to increase your debt, stepchange or payplan won't do this for you. A template letter is around on this thread, I'm sure some kind sole will pop it up shortly should you need it!!


You do not have to speak to creditors but as our lovely Sir MB always states they are really not as bad as you imagine them to be, most are really quite pleasant and those that are not you can just quote your starting a dmp with ** and give your referance number. Personally the first time one rang me, my little heart was beating so fast, but they were fine and with all big companies the right hand often doesn't know what the left hand is doing and it is probable that your letter informing them of a dmp hasn't reached the right person yet.



As soon as a default is registered on your credit file the clock ticks for it to fall off after 6 years, hence why we all wish to be defaulted. Unfortuanately some don't appear to do this and prefer AR or AP markers that then stay on your file for 6 years from final payment.. So defaults are what we all want... I am about to start asking nicely to some of mine to default me.... (5 out of 9 have..)

The start up is the scary part but when your up and running you'll wonder why you worried so much..


Puzz. x

Puzzcat

Monkeyballs wrote: »

Morning all

Nice of you to address me by my real name (finally) Lady Puzzcat of Dunelm

Sir MB of Greyskull x

I'm glad to see you have now worked out why I owe so much money.. keeping my pad in good conditon costs a fortune...:D

Powered_By_Pies

Nice reasonably busy day...

Woke up to a few texts, emails and automated answer phone messages from quickquid to say payment hadn't been made. Called them and gave them the DMP reference - the lady on the other end confirmed they'd received the info and that my details would be removed from their automated 'badgering' system.

Decided to call Lending Stream as well as payment was expected tomorrow - lady on the other end slightly less helpful but as she seemed to be in an overseas call centre (!) I put that down to them not having the same system as their office in London. Took details, froze account, she seemed to think they hadn't received anything from DMP but I know that's not true as DMP confirmed they'd received acknowledgement from LS last week. Left hand, right hand, etc...

Then got an email from Wonga with a notice of intention to default. Again looked to be an auto-geberated email as it didn't mention my DMP although I know they received it and so far have been fine with the provider and are awaiting payment offer. I just emailed back with the DMP reference and requested they contact me by writing only.

So I think that's now all my creditors who have made contact with me. Cap One seem to be the most relaxed about it - sent them a letter two weeks ago and heard nothing from them since.

Now on the hunt for ram for the little netbook I'm using - why is it always the one part you need that no-one seems to have, even though they have everything else!!!

Growurown

Monkeyballs wrote: »

All hail the wise and mighty Puzz... Hmmm...

"We're off to see the Puzzcat! the wonderful Puzzcat of Debt" LOL quick! repeat after me!!! "there's no place like being in credit, there's no place like being in credit" LOL

Monkeyballs wrote: »

Nice of you to address me by my real name (finally) Lady Puzzcat of Dunelm

Sir MB of Greyskull x

I have said this before but I think it is worth saying again - you are completely bonkers. In the nicest possible way of course and it does brighten up the day so please carry on Sir MB of Greyskull. Are you a Master of the Universe too?

Monkeyballs

Puzzcat wrote: »

I'm glad to see you have now worked out why I owe so much money.. keeping my pad in good conditon costs a fortune...:D

LOL that's awesome

You're the "Incredible Growing Puzzcat!!!!!" I dare any of your creditors to send the bailiffs LOL

*Knock, Knock* Hello could I please speak to Mrs Pppp.... AAAARGH!!!! *CHOMP*

MB x