DMP & Mutual Support Thread - Part 10

Ellieseleven

Scaredofdebt wrote: »

I spoke to BC on the phone on Monday and the impression I got was that if the amount you are paying is less than 1 percent of the balance then it is interest free. Obviously not in your case though.x

Maybe I have just been lucky which is the reason why I don't draw attention by contacting them:o

neiljmuk

Ellieseleven wrote: »

Do you know what the trigger % is with BC? We have two accounts with them (our highest debts) and are currently paying 4% and 3% of the balance each month but no interest is being applied (and hasn't for nearly 5 years). We do have AP markers on our credit file but due to the fact that no interest is being charged, I haven't tried to force a default (and I know that this isn't often successful)... a case of not upsetting the apple cart:o

Thanks
Ellie x

If you are paying that much in terms of % of total payments would the AP's not be removed and the payments start being marked as settled again if BC reapplied full interest?

I've heard of the above happening even though 'normal' creditors what to see the back of you, BC more or less reign you back in, re issued cards and the lot if your idea of fun is being stupid enough to use em again....

Just thinking if the debit is quite low now or the other creditors are in check it might be work invoking interest charges to get shut of the AP markers (triggering a 3 / 6 year AP mark on your file after of course) - if this is indeed what happens.

Puzzcat

I too pay over 1% on bc and currently no interest. I am not bothered about ap's particularly as other than mortgage I don't intend to have credit again. Recently someone popped on who at the paid off point there credit file cleared by bc so I will hope for the same, unless they start on silly interest of course!
There have been people on here previously who have had ccj's but luckily not very common and that is the way we like it!!
Puzz

Ellieseleven

neiljmuk wrote: »

If you are paying that much in terms of % of total payments would the AP's not be removed and the payments start being marked as settled again if BC reapplied full interest?

I've heard of the above happening even though 'normal' creditors what to see the back of you, BC more or less reign you back in, re issued cards and the lot if your idea of fun is being stupid enough to use em again....

Just thinking if the debit is quite low now or the other creditors are in check it might be work invoking interest charges to get shut of the AP markers (triggering a 3 / 6 year AP mark on your file after of course) - if this is indeed what happens.

I really don't know and I am very nervous about starting down a path that sets of high rates of interest. The balances are still quite high (£2,700 and £1,625) so I just let things run for now.

I certainly don't want any credit in the future.

Ellie

neiljmuk

Puzzcat wrote: »

I too pay over 1% on bc and currently no interest. I am not bothered about ap's particularly as other than mortgage I don't intend to have credit again. Recently someone popped on who at the paid off point there credit file cleared by bc so I will hope for the same, unless they start on silly interest of course!
There have been people on here previously who have had ccj's but luckily not very common and that is the way we like it!!
Puzz

The mortgage is the bugbear for me! as it I've not got one yet. I'm not interested in how dilapidated my credit rating is for anything else. You can still get 15% APR car HP agreements with defaults and for everything else there will be savings coming out of my ears as time goes by, but I'm not on the property ladder yet, want to be in the next 8 to 9 years if possible so I'm cutting things fine if markers last much beyond the anticipated 7 year DMP. :eek:

neiljmuk

Ellieseleven wrote: »

I really don't know and I am very nervous about starting down a path that sets of high rates of interest. The balances are still quite high (£2,700 and £1,625) so I just let things run for now.

I certainly don't want any credit in the future.

Ellie

If you don't want credit / need credit file restoration like I do, then forget about it then. All good in that case and be ludicrous to alert them to anything :beer:

Bettingmad

Ellieseleven wrote: »

Maybe I have just been lucky which is the reason why I don't draw attention by contacting them:o

it's a matter for you but if you are paying over the contractual amount then you may be able to persuade them to stop entering AP markers on your account. They did for me and although I am paying 6.9% I am having my files marked with OK despite still being on DMP.

Bettingmad

neiljmuk wrote: »

When I go over BC's 'trigger' my kids will become more expensive to keep alive and my payments will be reduced as a direct result of this increase in living expenses! (and the real story here is that the amount offset will in reality be saved in a fund that will preserve the time limit of the DMP through one off and final payments to creditors in the desired order)

I had no wiggle room to increase my allowances as I maxed them out at the beginning to ensure I had a comfortable journey.:)

neiljmuk

Bettingmad wrote: »

it's a matter for you but if you are paying over the contractual amount then you may be able to persuade them to stop entering AP markers on your account. They did for me and although I am paying 6.9% I am having my files marked with OK despite still being on DMP.

Is your Barclaycard account still active then, and does this mean your APs will be wiped after 3 years of the last marker not 6?

james_joyce

phoenixx wrote: »

Hi all

Been in hospital with high BP/chest pain so just returned to the thread. Am ok - just stressed a great deal and working very hard. There is light at the end of the tunnel though as within 2 months we shall go below owing £50k which is fantastic. :beer:
Hospital car parking charges are :eek:so DH parked on a local housing estate near the hospital and walked in to see me - only 10 mins walk each way!

Congratulations to spot3 for reaching debt freedom. Well done! Also James Joyce for getting lenders to agree and self managing with such calm success.
X x to all.

Many thanks for that. Sorry to hear you've been unwell - hope you're on the mend soon! That's obviously far more important than all the debt in China...

Regards
James