DMP & Mutual Support Thread - Part 10

mummy_knows_best

Thankyou so much both of you for your advice and help.

blisteringblue

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

There does seem to be no logic to their system though. We've 2 Barclaycards.

1. Original Debt 11K - payment 1.7% - no interest
2. Original Debt 4.5K - payment 1.5% - 0.5% interest

12 months on and they wrote to say agreement needs to be reviewed and they had been ringing my daily but I think SC have sent them the new figures because they stopped ringing a few days ago.

1. Debt 8.8K - payment 2.1% - Under Review
2. Debt 3.6K - payment 1.9% - Under Review

I'm fully expecting both to be 0.5% which will be a mega pain for the larger debt. But will wait and see what they come back with. Probably going to go Self Managed because no way are they getting another £50 out of me every month.

Scaredofdebt_2

blisteringblue wrote: »

There does seem to be no logic to their system though. We've 2 Barclaycards.

1. Original Debt 11K - payment 1.7% - no interest
2. Original Debt 4.5K - payment 1.5% - 0.5% interest

12 months on and they wrote to say agreement needs to be reviewed and they had been ringing my daily but I think SC have sent them the new figures because they stopped ringing a few days ago.

1. Debt 8.8K - payment 2.1% - Under Review
2. Debt 3.6K - payment 1.9% - Under Review

I'm fully expecting both to be 0.5% which will be a mega pain for the larger debt. But will wait and see what they come back with. Probably going to go Self Managed because no way are they getting another £50 out of me every month.

It does seem crazy. She said on the phone that because my payment was less than 1% then there would be no interest. We will be reviewed after 12 months too. Self managed does seem the way to go to avoid the interest!!

neiljmuk

SquirrelNuts wrote: »

Pretty much spot on Neiljmuk - you are learning fast my friend! :rotfl:


Squiz

Thank you! Appreciate the feedback. Good to give the right advice. A very steep learning curve but it all sinks in when you're actually having to do it, and I'm glad to be a part of this community when this stuff changes lives!

January2015

January2015 wrote: »

Haven't heard from BC so logged into the both credit card accounts tonight. No interest charged on my account, but interest charged on DH's account:mad:

I've contacted them through the secure online message system - another game of wait and see what the response is:mad:

Edit: my payment to BC is 1.02% of the debt and DH's is 1.03%

Heard from BC tonight - got it in writing that because payment is over 1% (0.03% over 1% :eek:) they are charging 3% interest and they will not default the account whilst it is in a DMP

neiljmuk

January2015 wrote: »

Heard from BC tonight - got it in writing that because payment is over 1% (0.03% over 1% :eek:) they are charging 3% interest and they will not default the account whilst it is in a DMP

Yeah, that's why I'm toying with going down the - "get APs then settled payments, then get clean after another 3 years AP overhang from when payments became settled again" - route.

It is odd that their business model is based on trying to actually keep us as customers lol - unreal!!

Argos have offered me a Credit card following the acknowledgement of my store card going on to a DMP. I actually kid you not!

melysion

Why am I so excited about getting my basic bank account card today? lol

neiljmuk

melysion wrote: »

Why am I so excited about getting my basic bank account card today? lol

Having no overdraft is amazing!!

melysion

I haven't had an overdraft since my student days. Not that its anything to boast about considering my loan and credit card debt mountain ... anyway. I guess its all progreaaing in the right direction.

phoenixx

Evening all - still off work - diagnosed with inflammation of pericardium - very painful but not life threatening :j in most cases

Am full of codeine and naproxen so forgive wooziness in posting activity!

Well - after a two month wait we got a reply from BC regarding our complaint about: lying, increasing interest and one dept not knowing what the other is doing. As our DMP payment goes up, so does our BC interest...Anyway, letter said sorry for mixed messages and wasting our time; here is £50 for inconvenience but we are charging interest by the rules and will continue to do so. A bit of a mixed bag there! They apparently 'value our custom' (really?!) and hope we will continue to use their services (well not much choice in that BC! :rotfl:) Just imagine! Still waiting for FOS response so will let you know outcome of that too!