DMP & Mutual Support Thread - Part 10

Monkeyballs

Morning all,

A while back I posted asking whether or not Credit Card companies had allowed anyone to reduce their card limits while on a DMP.

I had tried and failed to do it myself but others had posted that some do it during the life of the DMP while others leave it as it is...

Last week (I forgot the post I had in my bag - whoopsie) I got letters from both Vanquis and Barclaycard advising that they had dropped the credit limits

It's not like I want to use them (or would be able to as they're in a billions tiny bits LOL) but I just wanted to get the limits down because psychologically they make my debts feel smaller - even if the balance is the same

I just thought I'd post on here in case anyone else is wondering what happens, hope this helps

Cya!

MB of G x

FuzzyDF

SC just let me know that BOS CC have rejected my offer. New to DMP so what happens next?

If I get a default is this a good thing?

Suseka

FuzzyDF wrote: »

SC just let me know that BOS CC have rejected my offer. New to DMP so what happens next?

If I get a default is this a good thing?

Hi Fuzzy - none of my rejected outright and most never formally accepted but take the DMP allocation each month. What did SC say... at a guess I imagine they'll simply go ahead and give BOS CC whatever it is they offered. If BOS do default you (as you may have read from earlier posts) it's a good thing.

Suseka

Time to re-focus back on getting Halifax to default I also have a new challenge, that being that BC have reinstated interest charges (£80) this month. So a letter will soon be winging its way to them as well. BC and Halifax are the only creditors yet to default and it's now my mission to make that happen

FuzzyDF

Suseka wrote: »

Hi Fuzzy - none of my rejected outright and most never formally accepted but take the DMP allocation each month. What did SC say... at a guess I imagine they'll simply go ahead and give BOS CC whatever it is they offered. If BOS do default you (as you may have read from earlier posts) it's a good thing.

They just simply stated that BOS card have rejected my offer and that I should not worry as they will continue to pay them.

Trouble is, I am a worrier and I've only just started my DF journey :eek:

antonic

Hi Fuzzy,

Bank of Scotland will refer the debt to their in-house D(ebt) C(ollection) A(gency) Blair Oliver Scott ( BOS - clever arent they ?).

The DCA will then default you and take the payments from StepChange.

BOS will accept the payments because if they dont and they try to go down the route of getting a CCJ against you they *should* be laughed out of court for refusing to accept your payments.

With the DCA you also need to make sure that if they freeze the interest when they default you , that it stays frozen for the length of your DMP.

(I write this as someone who has completed a DMP (with PayPlan - they were great !), that included a BOS CC debt on which the interest was frozen, unfrozen and then finally frozen until the DMP completed).

Good luck on your journey to be DF and well done for realizing it was a problem that needed to be resolved.

Suseka

That's understandable, at the outset of mine I was a mess and felt physically sick at the very thought of having to deal with creditors. Please try not to worry too much, you are on the right track and things will settle down.

BOS will take the payments, even though they've rejected the offer. All SC will do is resend your SOA to them and continue to pay whatever it is they've offered. If you get any letters from BOS in the interim just pop on here again and we can help you with a response

Suseka

Great advice Antonic I just wish Barclaycard and Halifax would do the same with my accounts . BC have just reintroduced interest one year on so I'm back on the merry-go-round!

FuzzyDF

Thank you both for your advice and reassurance. As its all very new to me I'm naturally anxious.

Worst case scenario, if they do go down the CCJ route what would that entail? Not bothered about my credit score BTW

longtermplanner

FuzzyDF wrote: »

Thank you both for your advice and reassurance. As its all very new to me I'm naturally anxious.

Worst case scenario, if they do go down the CCJ route what would that entail? Not bothered about my credit score BTW

The first thing is that you will get a formal notice of default.

Then you will get papers from the court - usually the Bulk Court in Nottingham - relating to the debt. Assuming you agree you owe the money, you complete that section and also the income and expenditure sheet. Put the same expenses on that sheet that you have agreed with StepChange and list your other debts with the pro rata payments they are currently getting from Stepchange. Make an offer of repaying the debt at the amount SC have offered them.

It is common to then get a CCJ with the amount you have offered in the DMP as the monthly payment! If the CCJ judgement says repay any other amount, discuss this with SC.