DMP & Mutual Support Thread - Part 10

Genie1963

Thanks for your replies. Barclaycard have suggested I ask them to agree to £60 to reduce the interest, but to just not mention it to Step Change so that they continue to pay £140 per month. I am guessing that once they agree to a reduced payment they (barclaycard) dont review it until 12 months is up or unless I ask them to review it. I think the chap I spoke to was actually trying to help me, as I have an ongoing complaint about the rate of interest I currently pay. I am paying almost my minimum payments, but my previous interest was really high because most of my debts were accumulated through using my cards for gambling (please dont judge me as I am now in recovery and it has been a nightmare which I dont expect anyone will understand unless they have been through it). The reason I am able to make reasonably high payments compared to other on the board is that my husband has entered into the DMP with me, even though the debts are not his, so our combined income allows us to pay £1300 to the DMP monthly.

james_joyce

Genie1963 wrote: »

Thanks for your replies. Barclaycard have suggested I ask them to agree to £60 to reduce the interest, but to just not mention it to Step Change so that they continue to pay £140 per month. I am guessing that once they agree to a reduced payment they (barclaycard) dont review it until 12 months is up or unless I ask them to review it. I think the chap I spoke to was actually trying to help me, as I have an ongoing complaint about the rate of interest I currently pay. I am paying almost my minimum payments, but my previous interest was really high because most of my debts were accumulated through using my cards for gambling (please dont judge me as I am now in recovery and it has been a nightmare which I dont expect anyone will understand unless they have been through it). The reason I am able to make reasonably high payments compared to other on the board is that my husband has entered into the DMP with me, even though the debts are not his, so our combined income allows us to pay £1300 to the DMP monthly.

Hi, firstly don't worry about being judged. Not likely to happen on this thread!

So the issue is whether you should pay £60 or £140 to BC every month. If you want to pay £140 then carry on. If you want to pay £60 I suggest you advise SC you are considering this and if they refuse then stop using SC.

At the end of the day it's your debt not SC's. Not that I'm criticising them for a moment. I know they do excellent work and they have your best interests at heart.

Regards
James

SquirrelNuts

Genie1963 wrote: »

Thanks for your replies. Barclaycard have suggested I ask them to agree to £60 to reduce the interest, but to just not mention it to Step Change so that they continue to pay £140 per month. I am guessing that once they agree to a reduced payment they (barclaycard) dont review it until 12 months is up or unless I ask them to review it. I think the chap I spoke to was actually trying to help me, as I have an ongoing complaint about the rate of interest I currently pay. I am paying almost my minimum payments, but my previous interest was really high because most of my debts were accumulated through using my cards for gambling (please dont judge me as I am now in recovery and it has been a nightmare which I dont expect anyone will understand unless they have been through it). The reason I am able to make reasonably high payments compared to other on the board is that my husband has entered into the DMP with me, even though the debts are not his, so our combined income allows us to pay £1300 to the DMP monthly.

Hi Genie,

If Barclaycard are ok to set-up a payment plan for £60 a month with 0% interest but still be receiving £140 then I would personally go with it.

Stepchange will happily continue to pay the £140 (there isnt even any need to discuss this with them), Barclaycard will happily take the payment and you will happily pay no interest. What's not to like?

Squiz

abby1234519

Does anyone have any experience with Lloyd's Bank and Tesco Finance in terms of entering a DMP. DH has 5k with Lloyd's and 4k with tesco, these two debts take up £220 a month which is killing us. The other debts are fairly maneagable. But I'm worked about these escalating if we default and enter dmps

SquirrelNuts

abby1234519 wrote: »

Does anyone have any experience with Lloyd's Bank and Tesco Finance in terms of entering a DMP. DH has 5k with Lloyd's and 4k with tesco, these two debts take up £220 a month which is killing us. The other debts are fairly maneagable. But I'm worked about these escalating if we default and enter dmps

Hi abby,

I have an overdraft, CC and Loan with Lloyds in my DMP.

The DMP repayment offers have been accepted on all three accounts, with interest and charges frozen. The loan is over £8k, the CC is around £1.5k and the overdraft £500.

I've not had any dealing with Tesco finance, but I have 15 accounts in total in my DMP and all (eventually) agreed and froze interest etc.

cheers
Squiz

abby1234519

SquirrelNuts wrote: »

Hi abby,

I have an overdraft, CC and Loan with Lloyds in my DMP.

The DMP repayment offers have been accepted on all three accounts, with interest and charges frozen. The loan is over £8k, the CC is around £1.5k and the overdraft £500.

I've not had any dealing with Tesco finance, but I have 15 accounts in total in my DMP and all (eventually) agreed and froze interest etc.

cheers
Squiz

I have been worried about Lloyd's just because OH has a loan with them too. I didn't know whether we should include his loan in a DMP or not. We are going to out him in a DMP but not me as I only have 4k which I can pay off in a year. Ie leave me able to have credit in an emergency. Not that I expect to need it but my debts should be easy to clear.

So tomorrow we have s phone call with pay plan, also have a call with stepchange next week but no idea which one we would go with

System

SquirrelNuts wrote: »

Hi abby,

I have an overdraft, CC and Loan with Lloyds in my DMP.

The DMP repayment offers have been accepted on all three accounts, with interest and charges frozen. The loan is over £8k, the CC is around £1.5k and the overdraft £500.

I've not had any dealing with Tesco finance, but I have 15 accounts in total in my DMP and all (eventually) agreed and froze interest etc.

cheers
Squiz

That's good to hear. We have loan of almost £8k with Lloyds, as well as 2 CC's totalling approx £5.5k and OD of £3100, so hoping to get those frozen. We also have Tesco CC of about £3.5k so fingers crossed for them as well.

james_joyce

Hi all,

Is there a general theme with other creditors (not just Barclaycard) that going below 1% monthly payment is a trigger for a default to happen? I've heard this second-hand about another creditor this week but maybe that was Chinese Whispers.

Regards
James

January2015

I'm waiting for SC to advise me of payments to individual creditors, but from reading the info on their website I think my payments are going to be about 1.08% (some slightly more, some less depending on the type of debt it is). This assumes I have understood how they calculate payments though. It will be interesting to compare my calculations to the actual figures when they come through from SC

KrazyKel

Hi everyone

I was about to set up my DMP with StepChange in Nov, then Dec... Jan etc I keep putting it off!!

I just kept thinking I can manage, didnt want to ruin my credit file since I haven't default any yet (But that is prob ruined anyway thanks to PDL's)

I have an old Lloyds banks ive had for years which I dont have debt with so can use that as my basic bank now. (just need to ask for a new card)
Just need to find out proof of income/benefits and account numbers for my Credit Cards

I have most, not all, need to dig out old paperwork or ask for replacement cards to get the details needed...

Im just not sure when/how to start using this new account. Need to change all Direct debits, don't know how long that takes.
Also do I need to stop paying my debts/offer token payments, do I do that after its all set up with stepchange?