DMP & Mutual Support Thread - Part 10

Puzzcat

abby1234519 wrote: »

Just checked PayPlan online and Halifax, Lloyds and Tesco have all accepted the payment offers. Got a letter from Lloyds today saying we accept the offer, and there will be a default etc. But a nice letter if that makes sense.

Still have Ikano and a few others left to accept but the big creditors have accepted. Around 9/10 k of the 15ishk. Big relief.

I on the other hand have got a new First Direct 0% for 27 months card so have balance transfered the dreaded Vanquis Card, and half of my capital one card. Simply Be is down to £35 which will be paid with a refund I am expecting.

My debt should take 3 years to pay off if i pay £170 a month however I plan to use part of our monthly budget, ie £40 for clothes. Put it all on credit card. Will save interest that way. Don't spend £40 a month on clothes anyway! Also am selling stuff to pay off my debts. Once mine have gone (hopefully in 2 years) I will continue building a contingency fund and when we have 6 months saved I will then start throwing money at the DMP.

I just feel so relieved. Just amazingly relieved

Hi,
Just wanted to point out in case it confused anyone that it is your oh on a dmp, hence you have obtained new credit. I didn't want anyone starting a dmp to think they could do this.
Puzz.x

neiljmuk

ploppy57 wrote: »

Result from Lloyds Loan.... I think.....They sent me a letter asking me to ring them regarding the letter I had sent them asking them to stop the interest. She said they were unable to stop the interest even though they were happy to accept the SC payment. I asked how they expected us to clear the debt then, if they were going to keep adding interest?? She kept repeating that there was nothing they could do etc and I said Ok, but most of our other creditors have agreed to stop it. She then put me on hold and came back saying she had spoken to a manager and they were happy to stop the interest:) as long as I was happy for the account to be sent to the Recoveries Dept, which would mean I would get lots of letters as they legally had to keep sending them, but that I wouldn't need to do anything about them, as they are happy to accept the SC payment and by sending it to Recoveries dept it just means we can pay it off over a longer period of time ...(the loan was originally for 9 years and we had only paid 3, so the DMP will actually add another 7 and a bit years).

So I think this is a good result, I don't think being sent to the recoveries dept is a bad thing...out credit rating is stuffed now anyway, so it can't get much worse can it....:rotfl:

DM'd you back re this one, but again, excellent result! Got my letter asking to call them too so will follow suit and hopefully get a result. Now I know how your call panned out I can hopefully push this in the right direction with them. Thanks again!

More I think about it, the whole, 6 months temp thing and still charging interest is to allow us to actually turn around to them in 6 months and say "ok, I can pay in full now, please don't beast my credit rating" so they think / hope we want to avoid defaults and the like. The moment we convey the fact we are happy to let our rating go to pot they pass to recovery teams etc. All good...

racht

minkeymootoyou wrote: »

I received a letter from NCO Resolve, that now have my Very.co.uk debt. I have messaged them my DMP info and asked if I need to change the account that my payment goes into. Do I need to do anything else? Are they part of the same company ?

Their letter was friendly and understanding, unlike my Natwest ones, which say, heres a default letter that even though we know you're on a DMP, we have to send anyway. lol

Natwest and QuikQuid have stopped interest, Not sure about Very or Aqua yet.

Hi

My Very account was passed to NCO, as far as I'm aware they are part of the same company- I still log on to my Very account online and can see all my payments etc and I still get monthly statements from Very.
The payments from Stepchange take longer to show up then others for some reason- they are usually credited around the 29th of the month, not sure if its just my account or Very in general though.

sourcrates

It seems to me, on reading all these posts, that most creditors today are much more willing to accept DMP proposals, than they were 10 years ago, when my troubles first erupted.
Back then I was told "there's nothing we can do till you default", and even then the "help" they were prepared to offer was next to useless.

Most of my debts were passed on to DCA's pretty quick, Who were just as intransigent as well, conversations went like " are going to pay", me, "not when you speak to me like that no", "right then, we're off to court".

Hence why you never speak to a DCA on the phone !!!

The atmosphere has changed somewhat for the better now, as new guidelines mean they have to treat people in financial difficulty fairly, which can only be a good thing.

neiljmuk

ploppy57 wrote: »

Result from Lloyds Loan.... I think.....They sent me a letter asking me to ring them regarding the letter I had sent them asking them to stop the interest. She said they were unable to stop the interest even though they were happy to accept the SC payment. I asked how they expected us to clear the debt then, if they were going to keep adding interest?? She kept repeating that there was nothing they could do etc and I said Ok, but most of our other creditors have agreed to stop it. She then put me on hold and came back saying she had spoken to a manager and they were happy to stop the interest:) as long as I was happy for the account to be sent to the Recoveries Dept, which would mean I would get lots of letters as they legally had to keep sending them, but that I wouldn't need to do anything about them, as they are happy to accept the SC payment and by sending it to Recoveries dept it just means we can pay it off over a longer period of time ...(the loan was originally for 9 years and we had only paid 3, so the DMP will actually add another 7 and a bit years).

So I think this is a good result, I don't think being sent to the recoveries dept is a bad thing...out credit rating is stuffed now anyway, so it can't get much worse can it....:rotfl:

Hi, I know its personal information but what % of original payment / debt are you paying on your loan now via SC? No worries if you don't want to say.

A 55 minute call to collections and complaints, yes 55 minutes (on a mobile) and the utter parasites are point blank refusing to drop the interest unless SC contact them with a lower payment! Spoke to the robotic eejit on 1st line, then the floor manager, then some scum bag in complaints. Refusing to pass to recovery...

I've told them to put on file that I'm stopping the SC payments and hung up..

There is no way SC will call them and they know that so they are all lieing to me. They said SC have not asked to freeze interest. More lies!

Any advice appreciated. I know SC won't reduce payments and generally can't be bothered to do anything except make the payment.

All other creditors have accepted the plan or I'd just lower the whole single payment but might just get the same advice....

Any advice. I need to calm down of I'm walking in to a branch of Lloyds round the corner and the lots going to go up! :mad::mad::mad::mad:

Puzzcat

neiljmuk wrote: »

Hi, I know its personal information but what % of original payment / debt are you paying on your loan now via SC? No worries if you don't want to say.

A 55 minute call to collections and complaints, yes 55 minutes (on a mobile) and the utter parasites are point blank refusing to drop the interest unless SC contact them with a lower payment! Spoke to the robotic eejit on 1st line, then the floor manager, then some scum bag in complaints. Refusing to pass to recovery...

I've told them to put on file that I'm stopping the SC payments and hung up..

There is no way SC will call them and they know that so they are all lieing to me. They said SC have not asked to freeze interest. More lies!

Any advice appreciated. I know SC won't reduce payments and generally can't be bothered to do anything except make the payment.

All other creditors have accepted the plan or I'd just lower the whole single payment but might just get the same advice....

Any advice. I need to calm down of I'm walking in to a branch of Lloyds round the corner and the lots going to go up! :mad::mad::mad::mad:

Hi,
Have you written to them complaining about the interest? If not that is your first step then you can complain to the fos.. You may or may not be successful because, as you know they do not have to freeze interest. The only other option is to go self managed ultimately.
Puzz.x

Sazzie23

sourcrates wrote: »

It seems to me, on reading all these posts, that most creditors today are much more willing to accept DMP proposals, than they were 10 years ago, when my troubles first erupted.
Back then I was told "there's nothing we can do till you default", and even then the "help" they were prepared to offer was next to useless.

Most of my debts were passed on to DCA's pretty quick, Who were just as intransigent as well, conversations went like " are going to pay", me, "not when you speak to me like that no", "right then, we're off to court".

Hence why you never speak to a DCA on the phone !!!

The atmosphere has changed somewhat for the better now, as new guidelines mean they have to treat people in financial difficulty fairly, which can only be a good thing.

Great Point Sourcrates - I'd like to think they also find they actually get better debtor cooperation by playing nice, but either way its better for us.

Like Ploppy in the Lloyds phone call though, you do still sometimes have to stand your ground, and that can be tough when you are vulnerable. I think if you find you get into a struggle verbally it can still better to say I think we need to do this in writing and then hang up rather than agree to something you are not happy with.

neiljmuk

Puzzcat wrote: »

Hi,
Have you written to them complaining about the interest? If not that is your first step then you can complain to the fos.. You may or may not be successful because, as you know they do not have to freeze interest. The only other option is to go self managed ultimately.
Puzz.x

Thank you.

I've emailed SC as well. What do you think the other 9 creditors will do if their payments are revised with a 25% reduction having only just accepted the current proposal. Just an idea to go from payments of £400 to £300.

I've calmed down a bit. If it took me a year of arguing with Lloyds it would only add 6 months to my plan (which is bad on one sense but averaged out this thing is about a collective of 10 creditors).

I'm guessing that as the debt went up, the current payment would eventually fall to a low enough threshold against the debt at that time and allow them to deviate from 'policy'.


I knew it was a long game. Ploppy may have got lucky. There are elements of luck on my part compared with some others on here and the problems they are having with creditors I could kiss they've been so good.


Oh yes, I wrote, just like Ploopy did. They just make you call so that the tripe they spout is not on record and they call lose the call recording!

A formal 2nd letter with lost of 'distressed' 'FOS' type buzz words in it is now the order of the day. Will go and look for templates to inspire me. Calling (from a land line) again on Friday just to waste their time some more and keep digging my heels in.

Learning the self managed ropes on NEDC CAB site and will write to creditors asking them to accept the exact same payment from me, just paid by me, not SC to keep them happy, then drob a bomb on Lloyds and give em a fiver a month to get it straight to recovery for a new plant to be agreed.


Notice how I've gone from incoherent questions to formulating a plan of action in this one post. lol!

What are peoples experience of how creditors react when going from SC to self managed? Did you keep payments for nice creditors the same or reduce any of those as well?


Will potentially stick with SC until 6 months is up as thats when Lloyds will review. Last chance saloon. I'll be more clued up too!

neiljmuk

Sazzie23 wrote: »

Great Point Sourcrates - I'd like to think they also find they actually get better debtor cooperation by playing nice, but either way its better for us.

Like Ploppy in the Lloyds phone call though, you do still sometimes have to stand your ground, and that can be tough when you are vulnerable. I think if you find you get into a struggle verbally it can still better to say I think we need to do this in writing and then hang up rather than agree to something you are not happy with.

That's what I just did, when I started to actualy shake. Ok, this is a bit harder than I though, and it's just one creditor. The one with a 3rd of the debt that will half my net debt reduction with their stupid interest.

Back to writing; and I'll use the fact that I've already asked for written comms only to point out that being asked to call has left me feeling like this. They are breaking rules and when step change clarify what they have asked of Lloyds some lies will be clarified. Think I'm winning this battle already

Puzzcat

Hi Neil,


I think in the early stages of setting up a dmp we all just want the creditors to play nice and freeze interest/default us.
However as you have found it doesn't always go to plan. It may be better to focus on the positives you have achieved so far, whilst still doing battle with the negatives.
Your plan to go self managed is probably the best for you and I would let the plan run for a little while and let the creditors settle into a routine first.
The main point I am trying to make is we are all treated differently by creditors, some of it will be down to debt payment v original minimum payment, some may be down to recent usage of a cc or a new loan or cc that was taken out not long before a dmp was set up, previous history of payments etc.. Its all a guessing game and I'm sure your plan will sort itself out in time.
Puzz. x