DMP & Mutual Support Thread - Part 10

neiljmuk

ploppy57 wrote: »

We started about the same time as you and so far we have had letters from MBNA, saying they accept,
Lloyds & Halifax will accept for the CC's for 6 months and then want another review done but Lloyds say we have already broken the terms of the plan with regard to the OD as we haven't made a payment yet....:rotfl: I rang them up and explained first payment due in March and they said that's fine but SC need to resend the details, so I rang SC and they are doing that.
Lloyds loan say happy to accept and stopped all interest.
BC say they are happy to suspend charges/interest for 30 days until they receive the details from SC, although they have actually already received them but they are lost in a different department.:mad: So hoping they will be ok once it is all sorted, although I have heard bad things about BC, so not sure.
Not heard anything from Tesco bank or Debenhams store card.

Things are kicking along nicely for me at the moment, but interesting to see Lloyds Loan was sorted for you straight away. They've accepted mine for 6 months but will not freeze interest unless SC send them another proposal. The call involved listening to a load if incoherent drivel to be honest and my primary concern was stopping them applying £25 monthly loan fees to the old bank account as it would mess up my OD going over given my payment on that will be £18.

I think they are playing ball re the OD as they've increased the OD limit to mitigate daily charges but waiting to hear back from them.


Any suggestions on most effective way to squeeze them re freezing interest on the loan. SC payments about 40% of what it should be so good amount but about 40 quid less than the interest :eek:


Thanks for continued help. Have not posted a lot since intros, but I'm knee deep in it, and when I get some clearway I'll post an update. Others like MBNA and Cap1 all seem to be freezing interest and playing nice...

N

System

neiljmuk wrote: »

Things are kicking along nicely for me at the moment, but interesting to see Lloyds Loan was sorted for you straight away. They've accepted mine for 6 months but will not freeze interest unless SC send them another proposal. The call involved listening to a load if incoherent drivel to be honest and my primary concern was stopping them applying £25 monthly loan fees to the old bank account as it would mess up my OD going over given my payment on that will be £18.

I think they are playing ball re the OD as they've increased the OD limit to mitigate daily charges but waiting to hear back from them.


Any suggestions on most effective way to squeeze them re freezing interest on the loan. SC payments about 40% of what it should be so good amount but about 40 quid less than the interest :eek:


Thanks for continued help. Have not posted a lot since intros, but I'm knee deep in it, and when I get some clearway I'll post an update. Others like MBNA and Cap1 all seem to be freezing interest and playing nice...

N

Well looks like I was wrong about Lloyds loan...received a letter stating that they will accept the SC payment plan for 6 months and then they will expect full payment and will continue to add interest, which will make the total a lot more as there will be more interest due to payments being less! Think I may write to them again and ask if any chance of them stopping interest as other creditors have stopped it etc etc.

System

I am right in thinking a Default notice is a good thing?? We have been issued with one from Tesco Bank, as soon as they received the SC details. It says we will receive the letter in the post followed by a termination notice....? Not sure what that is? Says they will agree the payment plan for 6 months and then do a further review. But I think all of this is a good thing isn't it?

Puzzcat

January2015 wrote: »

Hi Ali

A notice of default is issued as soon as you miss payments. This is different to a default that CC companies file with credit reference agencies. Don't muddle the two things up - easily done because both are called defaults.

The first notice of default is usually accompanied with a £12 charge:(. it doesn't immediately mark anything on your credit file (maybe a late payment mark but that's all)

It will take a few months (if at all) before CC companies actually register a default on credit reference agency files. This is when the 6 year period starts (I think from reading on here...please correct me anyone if I am wrong).

I probably haven't explained it very well .....but I know what I mean:rotfl:

ploppy57 wrote: »

I am right in thinking a Default notice is a good thing?? We have been issued with one from Tesco Bank, as soon as they received the SC details. It says we will receive the letter in the post followed by a termination notice....? Not sure what that is? Says they will agree the payment plan for 6 months and then do a further review. But I think all of this is a good thing isn't it?

Ploppy, January's quoted post explains defaults much more succinctly than I do!

james_joyce

I just keep thinking of this as:
- 'small d' default (notice of default mentioned in statements) and
- 'large D' Default (the 'proper' Default, which we actually want on our credit files asap)!

Regards
James

carlyfarley

Good morning everyone,
I'm new to almost this and am considering an iva or a dmp.

SC have told us ours would last 11/12 years. How did you all speed this up? I'm just a bit unclear after your monthly payment is set how you increase it/make offers etc

Thank you
C x

Sazzie23

ploppy57 wrote: »

Well looks like I was wrong about Lloyds loan...received a letter stating that they will accept the SC payment plan for 6 months and then they will expect full payment and will continue to add interest, which will make the total a lot more as there will be more interest due to payments being less! Think I may write to them again and ask if any chance of them stopping interest as other creditors have stopped it etc etc.

Hi Ploppy, I think I'd write to them with the 'stop interest or else I'm going to FOS letter', you might have to scroll back through the thread quite a few pages but there is a template somewhere in there.

Sazzie23

neiljmuk wrote: »

Things are kicking along nicely for me at the moment, but interesting to see Lloyds Loan was sorted for you straight away. They've accepted mine for 6 months but will not freeze interest unless SC send them another proposal. The call involved listening to a load if incoherent drivel to be honest and my primary concern was stopping them applying £25 monthly loan fees to the old bank account as it would mess up my OD going over given my payment on that will be £18.

I think they are playing ball re the OD as they've increased the OD limit to mitigate daily charges but waiting to hear back from them.


Any suggestions on most effective way to squeeze them re freezing interest on the loan. SC payments about 40% of what it should be so good amount but about 40 quid less than the interest :eek:


Thanks for continued help. Have not posted a lot since intros, but I'm knee deep in it, and when I get some clearway I'll post an update. Others like MBNA and Cap1 all seem to be freezing interest and playing nice...

N

Hi Neil

Glad you are making progress with it, I know life gets in the way of posting, but at least you know we are here.

You might need to explain the Lloyds thing to me again, they have cut the interest but you still get charged £25 for something and that goes onto your OD? It doesn't sound right to me so I think I've misunderstood (I'm easily confused as others will confirm:o).

Sazzie23

Lighthelamp wrote: »

Hey guys, I haven't posted in a while but my DMP through SC seems to be going ok since I started it last November. My main issue is I was on half pay when I started it & I am now on benefits so I've been doing the repayments even though its a major struggle, as my income as changed. I didn't want to inform SC in case they stopped the agreement & I ended up in worse trouble. Then I got a phone call this morning from Barclaycard, have to say the lady was so nice she made me cry lol! (Have to say its the first time I've spoken in person to any of my creditors and I really wasn't expecting someone so nice & helpful!)


She was actually ringing to say they hadn't received their February payment from SC (I have no idea why as I have paid them) but she was able to confirm that from my SC account. She has advised me to go back to SC and tell them that my circumstances have changed again, but im not sure. Is there a possibility they will pull out of the agreement altogether?

Hi Light,

Nice to see you back here again, wonder why the Feb payment didn't get through, perhaps it's a sign from a higher power that you need to call SC ?

With the others, SC will advise you what to do, and in reality, what can the creditors do, can't have what you haven't got etc. if you continue to make repayments on very limited income won't they wonder how this was possible when you do have to give in? Sooner rather than later, call SC, or log in and use their electronic thing, they usually get back to you in 2 or 3 days, saves hanging about on the phone.
Creditors also more likely to cut the interest and default, so this maybe doing you a favour. Good luch, and come back and tell us how you got on.

Sazzie23

carlyfarley wrote: »

Good morning everyone,
I'm new to almost this and am considering an iva or a dmp.

SC have told us ours would last 11/12 years. How did you all speed this up? I'm just a bit unclear after your monthly payment is set how you increase it/make offers etc

Thank you
C x

Hi Carly , welcome and well done for making a start dealing with debt.

Yours is not the longest DFD quoted, some have been up to 20 years:eek:, a DFD is longer if payments are reduced, shorter if payments are increased....although this is a bit variable due to interest still being charged but that's the basic.

With SC, you review payments at least once a year which adjusts payments up or down depending on current income and expenditure. If your circs change before this you can review at any time. It seems to work best if you go down to the minimum payment to start with and work up from there, but if you need to cut it mid term then that is possible too.

If your income is variable you can make extra payments, SC like you to do it through them, or save the cash for the emergency fund and for F&f at a later date.

Although 11 years seems a long time, much will probably change in that time, children grow up, jobs and places to live change, income varies and I think the majority on here with DFD that long to start have see the DFD come down by several years.

Hope that makes it a bit clearer but please ask if you need some more explanation.