DMP & Mutual Support Thread - Part 10

Puzzcat

neiljmuk wrote: »

If a creditor freezes interest then issues a full default, can they re introduce interest at a later date or does the default prevent this? Like wise, if they set interest to a value, say 5% can the default you and keep the interest at 5% and is it then allowed to be varied, or must it be frozen? Hope that makes sense?

Hi,
I think once defaulted its 0% all the way. Certainly my 5 cc's defaulted are all 0%. Just bc not defaulted but no interest as yet and creation on low interest and no default. My loan and od are not defaulted but no interest on either.

blisteringblue

Wow puzz you are lucky, only Tesco and Santander for OD have defaulted us so far. Rest all have the lovely DM or AP tags in credit file. Just the Noddle freebie one.

Puzzcat

blisteringblue wrote: »

Wow puzz you are lucky, only Tesco and Santander for OD have defaulted us so far. Rest all have the lovely DM or AP tags in credit file. Just the Noddle freebie one.

That's a first bb being called lucky for having 5 defaults!!! It is possibly a combination of the age of the debts, I expect some would not have the right paperwork if I were to go down that avenue, plus the size of my debt and the length of the dmp. Failing that it is just because they know what a wonderful person I am!!!!:D
Puzz.x

Newchapter

Well done Phoenixx, Its inspiring to hear people making good progress on their debts.

Woodypuddy

blisteringblue wrote: »

Barclay's up to their shenanigans again then. Coming up to 1st year review, got a letter stating they have asked Stepchange for new info and have got no reply. Therefore they can only assume they are no longer acting on our behalf. Jokers. Scanned letter and forwarded to Stephchange as can't be bothered even ringing them. Will chase before the deadline they quoted for reinstating interest.

I'm so tempted to £1 both our Barclaycards for 6 months just to get them to a DCA because they are the only company to give any sort of grief. We are lucky it's only a little interest on Mrs BBs card, mine is still 0% but judging by this letter they are hoping to worm out of that it would seem.

Hi, Had exactly the same letter from BC in Jan - I sent the letters to SC and also did my annual review. Rang BC before deadline to check everything was ok an the guy I spoke to said the offer had been declined. Started to panic - why declined and why hadn't they told me. The guy started going on about having to pay 1% of the total to be accepted. I said they had accepted less than this for 12 months so just wanted to understand why they had now declined when the payment had gone up slightly. He just kept telling me about the 1% and that they had written to SC. I asked what date they had written to SC so I could check with them. After hearing a bit of key tapping for what seemed like an age he says - oh, sorry, got it wrong, we have accepted the amount offered as an informal arrangement! I could have cried - both in relief but also because I had that really sick feeling of panic on my stomach that I haven't felt for over a year now. Hopefully all sorted now though !

Sazzie23

Hey Woody

Boo that's very carp of Braclays, I'd have been in bits. Glad you were able to stick to your guns and get it sorted. Other than that DMP going OK?

Hi Dixi:hello: see you've been welcomed by the good folk on here.
Maybe look at it like it happened for a reason and the reason is that you get to come back here and join us ?

Neilmjk

I see where you are coming from re Braclays but I it would breach the agreement you signed with SC, therefore you could get chucked off if they found out. I do have a loan I am repaying outside DMP as basically I forgot to include it and the repayments were low enough for me to carry on paying. No one ever queried it. Self managed would seem to be the way to go though.

January MBNA defaulted and passed on of mine to a DcA but didn't the other which was the larger lbalance. Sometimes I think it depends where the debt came from originally as I think mine was an amazon card and a whole bunch of us went to DcA at the same time.

Still off work so thinking I might have to drop my SC payment for a bit, :eek:will see how that pans out.

Have a .great weekend

Woodypuddy

Sazzie23 wrote: »

Hey Woody

Boo that's very carp of Braclays, I'd have been in bits. Glad you were able to stick to your guns and get it sorted. Other than that DMP going OK

Best thing I ever did! Just can never quite understand why I let it get as bad as I did before I did anything. A long road ahead though.
All 6 credit card Companies stopped charging interest and MBNA susequently sold 2 of the the debts on but no issues. Looking at Ming home to pay off earlier but that will depend on whether co-op will agree to port (been posting lots of questions on the mortgage thread). Otherwise we will have to stay put and sit it out

carlyfarley

Kate_fixing_it wrote: »

I have debt news...For the first time in ages

I have today received a very snotty letter from HSBC regarding my current account and overdraft. Obviously automated and two whole pages of "threats". They might remove my overdraft, seek legal action, close the account, issue a default to my credit file etc etc etc. I have (allegedly) not made a repayment plan or attempted to contact them blah blah blah - well, you can bet your backside if that was really true I'd be facing more than this!

Quite laughable really. That account has been sitting at minus £2000 for YEARS and now it's actually reducing each month they're sending the boys round!

On a more serious note, especially for those starting out, I've been expecting this and in all honesty I think they've been a bit slow to react. The simple fact is that they're getting all I can afford so there's nothing they can do to me. I switched to a basic account nearly 4 months ago and other than accessing the app to check balances the account is dormant.

I have opened the letter, had a careful read through and filed it. Job done. I'll patiently await my default and reassignment to a DCA and look forward to being rid of them

So not really debt news at all but maybe a little reassurance for the new DMPers that this is as bad as it gets of you are DMPing before any missed/late/reduced payments occur and I actually giggled a little after reading at the irony - as I spiralled deeper and deeper into the hole they didn't want to know but now I'm working on it they're getting stroppy but I feel in control and I'm not going to lose any sleep over this. And really it's a tad silly to be sending threats over a £2k overdraft that's reducing when I have two other products with them that are close to the same balance each!

Hope this gives someone a bit of relief if their situation is similar.

Kate x

I have set myself the task of reading the entire thread and a currently up to page 23! I think this is one of my favourite posts so far, thank you 💖💖💖💖💖

Ali80

Hi,
Just an update from me.
Capital One cc (£1000 debt): interest and charges frozen, notice of intention to default account and pass to DCA in 4 weeks received.
Capital One cc (£1000): interest and charges frozen, notice of intention to default account and pass to DCA in 4 weeks received.
Argos (£1500): threatening letters and demand for payment of more than £1.
Next (£300): account and interest frozen pending SC payment.
Barclaycard (£5200): account on hold, interest reduced from 29.9% to 6.9% from March 10th.
Natwest cc (£5000): no contact, access removed from online banking.
Natwest cc (£700): no contact, access removed from online banking.
Natwest od (£200): letter today stating £6 per day overlimint fee (although none charged so far in 4 days).
NatWest loan (£22000): no contact, although they have requested DD despite me cancelling DD instruction 3 weeks ago!

I am going to ring Natwest on monday for clarifiaction on all accounts, going to let Argos run and see what happens (see earlier post) and will contact BC re interest once I can face it!

I have a few qs if anyone can help:
Should I pay money into Natwest account to get out of unarranged od and into arranged od territory to avoid fees (although none have been charged as yet).
I have paid token payments to creditors via online banking where possible this month but some accounts do not allow this and I no longer have a cheque book. Is there any other way to do this other than postal order?
Why would Natwest loan request DD even though I cancelled it 3 weeks ago? Surely this will mean I incur further bank charges when DD returned??

Ali

P.S. Well done to everyone on their DMP journeys................don't know what I would have done without this forum/thread, so much good advice and support! Particularly happy for January2015 for getting some positive correspondence after all the worry :rotfl:!!

Puzzcat

Ali80 wrote: »

Hi,
Just an update from me.
Capital One cc (£1000 debt): interest and charges frozen, notice of intention to default account and pass to DCA in weeks received.
Capital One cc (£1000): interest and charges frozen, notice of intention to default account and pass to DCA in weeks received.
Argos (£1500): threatening letters and demand for payment of more than £1.
Next (£300): account and interest frozen pending SC payment.
Barclaycard (£5200): account on hold, interest reduced from 29.9% to 6.9% from March 10th.
Natwest cc (£5000): no contact, access removed from online banking.
Natwest cc (£700): no contact, access removed from online banking.
Natwest od (£200): letter today stating £6 per day overlimint fee (although none charged so far in 4 days).
NatWest loan (£22000): no contact, although they have requested DD despite me cancelling DD instruction 3 weeks ago!

I am going to ring Natwest on monday for clarifiaction on all accounts, going to let Argos run and see what happens (see earlier post) and will contact BC re interest once I can face it!

I have a few qs if anyone can help:
Should I pay money into Natwest account to get out of unarranged od and into arranged od territory to avoid fees (although none have been charged as yet).
I have paid token payments to creditors via online banking where possible this month but some accounts do not allow this and I no longer have a cheque book. Is there any other way to do this other than postal order?
Why would Natwest request DD even though I cancelled it 3 weeks ago? Surely this will mean I incur further bank charges when DD returned??

Ali

P.S. Well done to everyone on their DMP journeys................don't know what I would have done without this forum/thread, so much good advice and support! Particularly happy for January2015 for getting some positive correspondence after all the worry :rotfl:!!

Hi Ali, All going well I see..


With regards to N*twest, I wouldn't try and keep up with keeping within the od limit, they will stop once all the paperwork reaches the required destination.. I found with my loan I cancelled the dd, they reinstated it.. and so it went on.. then they did take the money but then it got reversed back.. I wouldn't worry too much..it will all sort itself out in time..


Puzz.x