DMP & Mutual Support Thread - Part 10

sourcrates

alamaya wrote: »

Hi all


bit brief but starting a dmp with stepchange soon


need to open new bank account etc


how do I do token payments in the meantime and do I have to ring them to tell them that's what im doing?


can a token payment be anything ie £20-30 on a £190 monthly payment?


thanks

Everything is best done in writing where money and debt is concerned, a token payment can be anything yes, but £1 is the norm, I would think, or no payments at all till DMP is set-up may help you out more ?

neiljmuk

BC statement. 6.9% APR now when they said 3% so lots going up now! We'll tomorrow actually, when I send em an online message. Not doing it now cos I've had a beer or 6.. (supporting Sheffield United does that to you!!!) Got some more printer ink so going to unleash hell on Lloyds with a 3 page special, 1st class Monday morning.

:beer:

phoenixx

neiljmuk wrote: »

BC statement. 6.9% APR now when they said 3% so lots going up now! We'll tomorrow actually, when I send em an online message. Not doing it now cos I've had a beer or 6.. (supporting Sheffield United does that to you!!!) Got some more printer ink so going to unleash hell on Lloyds with a 3 page special, 1st class Monday morning.

:beer:

Love your fighting talk, neiljmuk. BC have done this to us so many times - telling us one interest rate and charging a higher one. My complaints to them have made lavish use of words like 'liars' and 'misleading'. Let us know the outcome of your tirade.
PS - did Sheffield win?

neiljmuk

phoenixx wrote: »

Love your fighting talk, neiljmuk. BC have done this to us so many times - telling us one interest rate and charging a higher one. My complaints to them have made lavish use of words like 'liars' and 'misleading'. Let us know the outcome of your tirade.
PS - did Sheffield win?

BC and Lloyds correspondence sorted. Will keep you updated.

Sheffield United lost at home to Fleetwood town. You could get the entire population of their town in to three sides of our ground. It's a new low! Anyways, not a football forum lol!

System

neiljmuk wrote: »

BC statement. 6.9% APR now when they said 3% so lots going up now! We'll tomorrow actually, when I send em an online message. Not doing it now cos I've had a beer or 6.. (supporting Sheffield United does that to you!!!) Got some more printer ink so going to unleash hell on Lloyds with a 3 page special, 1st class Monday morning.

:beer:

That doesn't bode well for us then....we were told 3% over the phone, but nothing in writing from them at all. Might send them a message on line and see if we can get something in writing to confirm the amount!

Ali80

alamaya wrote: »

Hi all


bit brief but starting a dmp with stepchange soon


need to open new bank account etc


how do I do token payments in the meantime and do I have to ring them to tell them that's what im doing?


can a token payment be anything ie £20-30 on a £190 monthly payment?


thanks

Hi,
You should start by contacting each creditor to say you are making token payments, and for why i.e. you can't afford the minimum anymore. This should be done in writing and there is a good template letter on this thread (somewhere a few pages back!).

The token payment officially needs to be £1 or more, and paying just £1 per creditor will allow you to save up some emergency money (they won't thank you for paying any more unless it exceeds the minimum payment). You don't need to ring them to tell them why as long as they have it in writing. I did this in January, and in February I paid them all £1 again (with no correspondence).
Good luck

Ali80

P.S. You can make token payments on your online accounts (where possible), cheque, postal order, or (as I recently found out) by a one off payment from your new bank account.......if you have paper statements they should supply the account number/sort code of the account you need to pay.

Time_to_face_the_music

neiljmuk wrote: »

BC statement. 6.9% APR now when they said 3% so lots going up now!

ploppy57 wrote: »

That doesn't bode well for us then....we were told 3% over the phone, but nothing in writing from them at all. Might send them a message on line and see if we can get something in writing to confirm the amount!

This emphasises the importance of doing everything in writing. I have seen a few posts recently encouraging people to talk to their creditors on the phone, sorry but I totally disagree unless you can get it in writing too.

Mantra of the day: Get it in writing and keep every piece of communication until debt is paid off.

When you have written evidence that debt is paid off, you can have a nice big bonfire

TTFTM x

neiljmuk

Time_to_face_the_music wrote: »

This emphasises the importance of doing everything in writing. I have seen a few posts recently encouraging people to talk to their creditors on the phone, sorry but I totally disagree unless you can get it in writing too.

Mantra of the day: Get it in writing and keep every piece of communication until debt is paid off.

When you have written evidence that debt is paid off, you can have a nice big bonfire

TTFTM x

Seeing this too. Lloyds being underhand asking me to call in response to my letter last week! My follow up letter has clean turned this on it's head though as it breaks my earlier request to communicate in writing only. They broke that request pressuring me to call them then upsetting me. There you have my opening salvo in what is now a formal written complaint that aims to tackle early interest freezing and refusal thus far.

I have the 3% interest rate quoted in writing as I messaged from the off in respect to seeing if they'd agreed anything in the first place with SC as oddly the letters from them dried up despite keeping me in the loop before hand.

Karen777

Time_to_face_the_music wrote: »

Mantra of the day: Get it in writing and keep every piece of communication until debt is paid off.

I totally agree. I have been told al sorts of nonsense on the phone. Now I am very strict about this and have a shiny folder with dividers and everything to store things in. These companies really don't know their stuff half the time or don't communicate between departnebts. I sort of feel like I am helping them in their job by being able to send their own post photocopied back to them sometimes I see it as free training....