DMP and barclaycard

Stewart_78

Barclaycard will charge interest if you are paying a good amount off your DMP. My advice would be to drop you DMP payments dramatically, stating a change in income or similar. They will probably then stop the interest and you can put the balance into a savings account, ready to make a full and final offer in the future which will also be easier if you have been paying less.

Some may say this is dishonest but these are banks we are dealing with. You have to play them at their own game.

missnb

Hi there. My balance with Barclaycard is about £600 and I pay back £22.50 per month. They haven't frozen interest for me either, but they have reduced the rate to just over 1% a month. Hope you manage to get this sorted.

Madchickenlady

I don't rate Payplan as a good place to go for a DMP , I went to them and they said I couldn't do a DMP and then tried to get me to remortgage my house for a £5000 debt, I wasn't sure what to do but it seemed excessive to do a remortgage for what is not a huge debt, then when I got their paperwork with the sums on there was a discrepency between how much I would be paying them as it was more a month than I owe my creditors,so I decided not to go with them
I then contacted Stepchange and gave them all the same details and they worked out a DMP for me straight away , I have decided not to go with them but only because I don't want to change my bank account and have a possible blip on my credit score,, I would highly reccomend them though as they were really helpful

antonic

Madchickenlady wrote: »

I don't rate Payplan as a good place to go for a DMP , I went to them and they said I couldn't do a DMP and then tried to get me to remortgage my house for a £5000 debt, I wasn't sure what to do but it seemed excessive to do a remortgage for what is not a huge debt, then when I got their paperwork with the sums on there was a discrepency between how much I would be paying them as it was more a month than I owe my creditors,so I decided not to go with them
I then contacted Stepchange and gave them all the same details and they worked out a DMP for me straight away , I have decided not to go with them but only because I don't want to change my bank account and have a possible blip on my credit score,, I would highly reccomend them though as they were really helpful

I went with Payplan and had no problems with them at all during the life of my DMP.

They did try to sell me an IVA at the start, but I politely and firmly said no - it wasnt mentioned again.

yamsteroo

I guess you know this now but even with a 'managed' DMP whether it's with Payplan, StepChange or one of the charging companies, it is so, so important to keep updating your balances every time you get a statement from a creditor. StepChange make it clear this is your duty, not sure if PayPlan make it so black and white.


For ages, Santander charged me interest so the balance was actually going up and up but never down ... eventually they stopped interest completely (after several begging letters from me) but they're not obliged to if they're following the rules.


Bizarrely, when my CC was with EGG, they froze interest completely but when Barclaycard took over their business they started to charge interest again - if you don't keep checking your statements it can be a surprise down the line.


It would be worth contacting Barclaycard and asking if they'd review the interest charged or stop it altogether. Also, assuming they have your correct address, if you haven't received statements over the past few years, then you can contest the interest and charges in full as they still need to keep you updated as to the state of your debt.