DMP & Mutual Support Thread - Part 10

January2015

Scaredofdebt wrote: »

Completely catastrophising (is that the right word) regarding Hfx. Anxiety back big time!! Worried the rest of our creditors will reject dmp. Sorry but words of encouragement and reassurance needed please.

Hellifax have just accepted our DMP. We have 2 loans totalling £35k and 1 OD of £2k and all offers accepted.

Scaredofdebt_2

January2015 wrote: »

Hellifax have just accepted our DMP. We have 2 loans totalling £35k and 1 OD of £2k and all offers accepted.

That's really good news January. Unfortunately for us they have rejected our Dmp, we have 2 credit cards of £7000 and £4000. Just not sure why they have rejected. X

Ali80

melysion wrote: »

Cool. Thank you. Nationwide do a debit card which I'm rather happy about as I almost never carry cash (or indeed spend any money these days). And I haven't used an overdraft since my student days (a long time ago) so hardly going to miss that ...

Hi,
Ti'n gymraeg?
Just to clarify....my account with Nationwide is a "cash card" account but the card itself is a Visa debit. Hope it's all getting sorted for you.
Ali

Ali80

Scaredofdebt wrote: »

Well after feeling really positive yesterday had a letter back from SC to say Hfx has rejected Dmp for both mine and hubby ccs. Can someone who has experienced this advise me what we should expect next from hfx. We have not missed payments with them yet as our account was with them so kept them up to date until our new bank account was set up. Next hfx cc payment due on 11/3, was going to secure message them and offer token payment, should I still do this and what do I do about interest. Panicking again now

Personally I would make token payments until the SC dmp kicks in. It might be worth ringing them and just telling them you will be making token payments until first DMP payment, they may put your account on hold until then. If you have the breakdown of how your payment will be distributed tell them how much they will receive once the dmp is in place.

I know how you're feeling, I'm very up and down at the moment too...and getting 3 or 4 letters a day from creditors isn't helping! Everyone says it will settle down though, we are in the bumpy period me thinks!

Florida15

Think I should have posted this in here .....

Hi, we have been in a DMP for 16 months or so now. Al creditors have been ok with plan.

Today we have had a letter from BC asking to bring account up to date within 14 days and quoting section 87. Is this a standard letter before we get defaulted.
Thanks to anyone who knows xx

fermi

Yes, standard letter.

Florida15

Thanks fermi, I take it defaults are what is wanted

fermi

If it's a longish term DMP then better to get them done earlier rather than later.

s87 default notice is not always the same thing as recording a default on your credit file, but on a DMP it nearly always should be.

SquirrelNuts

Scaredofdebt wrote: »

That's really good news January. Unfortunately for us they have rejected our Dmp, we have 2 credit cards of £7000 and £4000. Just not sure why they have rejected. X

My Lloyds CC was initially rejected (Lloyds are same group as Halifax), then they agreed to accept a month later.

Halifax's options - like all creditors - are:

1) Accept DMP
2) Reject DMP and sell debt (to a DCA who will likely accept)
3) Reject DMP and try to get their money back via court.

Now... the last choice sounds scary, BUT you have already made a fair offer and can prove its all you can afford (your income and expenses).

From what I've read, it appears that courts take this into account and set up a repayment plan accordingly (i.e. same or similar payment offer per month).

Halifax will know this, so I would suggest that likelihood of court is minimal as long as you keep paying the offered amount, as there is simply no benefit to Halifax paying out a load of fees to court just to get the same amount anyway.

So... stick with it, and I'm sure it will work out eventually...

Squiz

sourcrates

SquirrelNuts wrote: »

My Lloyds CC was initially rejected (Lloyds are same group as Halifax), then they agreed to accept a month later.

Halifax's options - like all creditors - are:

1) Accept DMP
2) Reject DMP and sell debt (to a DCA who will likely accept)
3) Reject DMP and try to get their money back via court.

Now... the last choice sounds scary, BUT you have already made a fair offer and can prove its all you can afford (your income and expenses).

From what I've read, it appears that courts take this into account and set up a repayment plan accordingly (i.e. same or similar payment offer per month).

Halifax will know this, so I would suggest that likelihood of court is minimal as long as you keep paying the offered amount, as there is simply no benefit to Halifax paying all of their court fees just to get the same amount anyway.

So... stick with it, and I'm sure it will work out eventually...

Squiz

This is true, a court would not make you pay more than you could afford, and, may even reduce the amount, if it thought you could not afford it, there is always a risk to the creditor of this happening when taking legal action.