Worst and best creditors in DMP?

moohound

LTSB -the listening bank :rotfl:

Have you got anything you can sell/ebay before you start?

We had a joint account with an overdraft of £1400 on top of my debts, and to keep my husbands Credit record clean we sold stuff we didn't use and paid it off, it was initially added to the DMP because I had to list all my debts. but when it was paid I rang them and they took it off (this was within the first month) it was with the dreaded LLoyds so I am glad I was able to do that.

It was fun selling stuff, most baby things and camping gear, I felt like Del-Boy
We got rid of xbox games and dvds to music magpie as well.
I sold some old gold jewellery and got nearly £200

Pink-Angel

luckyforme wrote: »

Hi,

I appreciate that this might be a "how long is a piece of string?" kind of question, but can the people here advise (broadly speaking) the creditors who are most likely to freeze interest for a DMP and those which play hardball, keeping the interest high and the penalty fees piling up?

I suspect that much of this is down to individual circumstances and how the creditors view your debt, yet I also sense that there will be creditors who just refuse to comply with a DMP due to their own philosophy.

Also, what tend to be circumstances where creditors will freeze your interest for a DMP? Does it tend to be happen when you have shown previous struggles at making payments to them, or do they tend to be more reasonable towards people who have been good payers in the past?

Thanks in advance.

In my experience Virgin (MBNA?), and Mint (RBS?) were fine and helpful pretty much from the start.

My problem was with Lloyds piling on interest. After a year on the DMP I owed them more than when I'd started thanks to their interest. I contacted the FOS and after that interest was frozen.

With all my creditors I had never missed a payment prior to the DMP, and I'd banked with Lloyds for many years.

All the best with your DMP.

antonic

I have 4 creditors and here are my comments

Abbey National bank overdraft - no problems - accepted my DMP with no problems

Capital One - credit card - no problems - accepted my DMP with no problems but didnt default me 2008 when my DMP started Dec 2005- havent charged any interest at all.

Cahoot - credit card - no problems - accepted my DMP with no problems but didnt default me 2008 when my DMP started Dec 2005 - havent charged any interest at all.

HBOS - credit card - froze interest for 2 years , then started charging again as they said "they couldnt do any more for me", then a year later they froze the interest again and havent charged again - defaulted me in 2008.

zenshi

MBNA were fine, accepted my payment offer and froze interest and charges straight away

Tesco were difficult and argued the amount I could pay but accepted fairly quickly but haven't mentioned wether they are freezing interest or charges

Post Office I haven't heard from

Barclays constantly ring but I haven't plucked up courage to ring

They all got the same letter at the same time

katy_ann

Very catalogue/NDR money were the worse for me, poor communication, wouldnt take the DMP, constant letters/phone calls, being rude/nasty. Luckily I managed to get a lump sum and I chucked it all at them!

Ox1987

It is the catalogues ones that are scaring me

yamsteroo

I found some great at the start, not so brilliant later and on the flip side, some who were a pain at the beginning are ok now.

Cahoot: Froze interest on my credit card pretty much from the first 3mths but still charged interest on my overdraft until it was cleared a couple of months back - no idea why the discrepancy as both accounts were about the same value!

MBNA: Get the prize for consistency - cut interest to under 10% and have kept it there all the way through with absolutely no contact beyond statements. Would have been nice to have interest at zero but at least they didn't ramp up the interest again as the debt went down, which brings me to Barclaycard.

Barclaycard: Bought my EGG credit card and seem to be ramping up the interest each month (EGG cut it to zero). May have to write a letter!

EGG: As above, they cut the interest to zero on my card and didn't add any further interest or charges to my loan (now settled). Were a bit of a pain at the start though, took a while to accept my budget and phoned my work one time as they'd got the number from a call I made to them one day - never did it again after I complained though.

Tesco: Not a dicky bird apart from a letter accepting the payment plan and a statement once a year. Don't appear to have added any additional interest to the loan and hopefully they won't do it nearer the end (next March).

All in all, mine have been ok considering I owed them a load of money but then again, I've been straight with them and they'll all get their money in the end.

Bettingmad

yamsteroo wrote: »

I found some great at the start, not so brilliant later and on the flip side, some who were a pain at the beginning are ok now.

Cahoot: Froze interest on my credit card pretty much from the first 3mths but still charged interest on my overdraft until it was cleared a couple of months back - no idea why the discrepancy as both accounts were about the same value!

MBNA: Get the prize for consistency - cut interest to under 10% and have kept it there all the way through with absolutely no contact beyond statements. Would have been nice to have interest at zero but at least they didn't ramp up the interest again as the debt went down, which brings me to Barclaycard.

Barclaycard: Bought my EGG credit card and seem to be ramping up the interest each month (EGG cut it to zero). May have to write a letter!

EGG: As above, they cut the interest to zero on my card and didn't add any further interest or charges to my loan (now settled). Were a bit of a pain at the start though, took a while to accept my budget and phoned my work one time as they'd got the number from a call I made to them one day - never did it again after I complained though.

Tesco: Not a dicky bird apart from a letter accepting the payment plan and a statement once a year. Don't appear to have added any additional interest to the loan and hopefully they won't do it nearer the end (next March).

All in all, mine have been ok considering I owed them a load of money but then again, I've been straight with them and they'll all get their money in the end.

When did you take the Egg credit card out that is now with Barclaycard? Have you considered making a CCA request?

yamsteroo

Bettingmad wrote: »

When did you take the Egg credit card out that is now with Barclaycard? Have you considered making a CCA request?

It was years ago, I don't have the original paperwork .... maybe 9 or 10 yrs? I didn't send any CCA requests as I knew I owed them all the money they were asking for, it's more of an annoyance that Barclaycard have started putting the interest up each month and while my balance is now under a grand I do worry that others with larger debts may be getting the same treatment.

Bettingmad

yamsteroo wrote: »

It was years ago, I don't have the original paperwork .... maybe 9 or 10 yrs? I didn't send any CCA requests as I knew I owed them all the money they were asking for, it's more of an annoyance that Barclaycard have started putting the interest up each month and while my balance is now under a grand I do worry that others with larger debts may be getting the same treatment.

you need to CCA them, they are unlikely to have a valid CCA agreement. You are then in a strong position to get them to play ball in respect of dropping/freezing interest.
It only takes a short letter and the cost of recorded delivery.
Did you ever take PPI out?