DMP & Mutual Support Thread - Part 10

Puzzcat

Coinmachine wrote: »

I posted this on the charging order myth thread but also posting here as may get more replies of thats ok.

I have been on a DMP since last March, due to end in Jan 2024 on current payment rates. One of my creditors has written to me to state that they intend to issue proceedings and that if they get a court judgement they may apply for a charging order. The letter goes on to state that so long as I continue to make my reduced payment each month they do not intend to take any further recovery action.

Having read the information here, and spoken to StepChange, I understand that this is just that lender protecting their position, also as the property is in joint ownership, it would be a restriction and only on my half of the proceeds (we have no intention of moving house).

This creditor is not my main creditor, in fact there are three others I owe mor emoney to, are they likely to follow suit if they find out that this lender is taking this course of action. Would there be any worth in me writing back to the lender, asking them to reconsider thie course of action, on the grounds that I have been making payments back every month, I would hope to increase these over time if my overall financial situation improves, I owe more money to other creditors who so far have not taken this course of action, and that the property is jointly owned? Or, shoul dI save all this for when/if they take the action?

Hi coinmachine, sorry I don't have an answer but are you sure it's not just the usual kidnap your cat's/squeeze lemon in your eyes type threat?
If your really worried I'm sure SC will have an answer...
Puzz.x

minkeymootoyou

I recently missed my loan payment with natwest, and my debit card will not work anymore, i tried to buy something online and it was declined. I moved all my money to my new basic bank account using the online transfer tool. this worked fine.

Would nawest cancel my card for this? I cant understand why it wouldnt work.

idiot84

Hi everyone!

Just another thankyou for everyones posts! I have read the previous thread and now all of this one and i am feeling a little more confident about setting up and commencing my dmp. I have a question for any of you lovely people regarding setting up the payments to my three creditors.

I have contacted them and arranged a reduced payment for this month and via phone and drafted my letters and budget form to send to them next month explaining my financial predicament and the pro-rata offer of monthly payments; Will they just alter my monthly direct debit amount from the original (if accepted) or will i have to ask them for there details and set up a new standing order/direct debit????

January2015

minkeymootoyou wrote: »

I recently missed my loan payment with natwest, and my debit card will not work anymore, i tried to buy something online and it was declined. I moved all my money to my new basic bank account using the online transfer tool. this worked fine.

Would nawest cancel my card for this? I cant understand why it wouldnt work.

If you moved all your money to your new basic bank account, was your Nat West card declined through lack of funds? I am new to all this, but wonder why you used the old Nat West card rather than the new basic bank account card to buy online.

I am just starting the DMP route (DMP pack sent for, but not yet received). I have moved all my money (well ok almost all of my overdraft because we never got out of overdraft even when salaries were paid in each month) and am now using the new basic bank account for everything and the old account is just sitting waiting for something to happen - which will be the DMP letter from Stepchange I hope;)

Best wishes for a smooth DMP journey for you - I never say good luck because now we have made the decision to take control of our finances and lives I do not believe luck has anything to do with it

Growurown

ploppy57 wrote: »

Thanks for all that, Halifax is the one I am most worried about as read a lot of people saying they had trouble with them. Both me and hubby have a CC with them and hubby also has a current account with a £800 overdraft. If they keep adding the interest we will never get it paid off!:(

I think it depends on how much you owe and how much you can afford to pay back. It seems to me you have more luck getting interest frozen if you can only repay a small amount in comparison to the size of the debt. When we were with SC our repayments on the Halifax CC were higher than the minimum payment due under normal circumstances. So they said we weren't in severe financial hardship. Ours wasn't passed onto a DCA either as Puzzcat's was. It's hard to tell really so basically it is wait and see. We did complain to the FOS regarding the amount of charges on our Halifax CC and did succeed in getting some money paid back.

Puzzcat

Growurown wrote: »

I think it depends on how much you owe and how much you can afford to pay back. It seems to me you have more luck getting interest frozen if you can only repay a small amount in comparison to the size of the debt. When we were with SC our repayments on the Halifax CC were higher than the minimum payment due under normal circumstances. So they said we weren't in severe financial hardship. Ours wasn't passed onto a DCA either as Puzzcat's was. It's hard to tell really so basically it is wait and see. We did complain to the FOS regarding the amount of charges on our Halifax CC and did succeed in getting some money paid back.

I pay £49 instead of £76, so not sure how it all works!

danidav88

ploppy57 wrote: »

Thanks for all that, Halifax is the one I am most worried about as read a lot of people saying they had trouble with them. Both me and hubby have a CC with them and hubby also has a current account with a £800 overdraft. If they keep adding the interest we will never get it paid off!:(

My husband has a halifax CC and they have been charging 0.99% a month in interest since we started the DMP 16 months ago.

hope this helps
Danidav88

minkeymootoyou

January2015 wrote: »

If you moved all your money to your new basic bank account, was your Nat West card declined through lack of funds? I am new to all this, but wonder why you used the old Nat West card rather than the new basic bank account card to buy online.

I am just starting the DMP route (DMP pack sent for, but not yet received). I have moved all my money (well ok almost all of my overdraft because we never got out of overdraft even when salaries were paid in each month) and am now using the new basic bank account for everything and the old account is just sitting waiting for something to happen - which will be the DMP letter from Stepchange I hope;)

Best wishes for a smooth DMP journey for you - I never say good luck because now we have made the decision to take control of our finances and lives I do not believe luck has anything to do with it

There were definitely funds in there, it was a purchase of £3, I moved my money over just after it got declined, thinking my whole account might be stopped, I just hadn't gotten round to moving the money, i'm at work all day and only just received a card reader to do it online. I guess its a good thing it rejected the payment, I have safely removed my money from my old one now.

Was just curious as to why the card wouldn't work, if it had anything to do with the missed payment.

Love the comment about luck...

Acuna2013

Hi everyone !!
I'm new to this forum but did spend many days looking through posts for advice before I took the plunge and started my debt free journey with a DMP with Stepchange. So firstly thanks to all pf you for your knowledge and info!
I originally had £26500 of debt and started off with a £310 /month payment in July 2013. I have now upped this to £380 as i have made savings by paying off and handing back a hire purchase car and reducing my mobile phone bill. I will soon receive around £2000 in free shares that i got from work almost 3 years ago now, and I'm considering coming out of my DMP to begin repairing my credit rating. Here are my current debts:

Virgin cc(taken over by moorcroft) 5900
Natwest cc 4700
Mint cc 3800
M & S cc 2680
Argos Card 1260
Natwest O/D 1220
Aqua cc (now Lowell ) 450
1st Direct 360

My plan is to pay off the bottom 3 debts with the 2000 and go back to paying the others above the min payment, as i have calculated that I can now afford this in a few months time. The main reason for this is so i can improve my credit rating over the next 18months to 2 years so i can hopefully start looking into a mortgage. By coming out of the plan i also would have the flexibility of being able to pay extra off the remaining debts to chip away at them. My main concerns are what happens when i cancel my DMP? Can creditors add interest from the past? How quickly will my credit score improve? My plan is not due to end until august 2019 as it stands, and as my largest debt is now being run by dca (moor croft) I'm led to believe they can't add any charges on. Any thoughts or advice would be gratefully appreciated:)

Sazzie23

ploppy57 wrote: »

Thanks for all that, Halifax is the one I am most worried about as read a lot of people saying they had trouble with them. Both me and hubby have a CC with them and hubby also has a current account with a £800 overdraft. If they keep adding the interest we will never get it paid off!:(

My BOS as in HBOS is my problem child, however I worked out that once I pay everything else I'll be able to clear it in less than 15 months as I'll be able to throw everything at it, and sucks to them as I will never ever bank with them....sorry it makes me feel better ⛔️

minkeymootoyou wrote: »

I recently missed my loan payment with natwest, and my debit card will not work anymore, i tried to buy something online and it was declined. I moved all my money to my new basic bank account using the online transfer tool. this worked fine.

Would nawest cancel my card for this? I cant understand why it wouldnt work.

Hi Minkeymoo

Yes I seem to recall on an occasion when I missed a payment , because I wasn't fast enough taking Peters to pay Paul's, Nat west did block my card, but yeah I guess it was a good thing.