DMP & Mutual Support Thread - Part 10

neiljmuk

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!

Barclaycard called me and left a voice mail before the response I've detailed below. I saw red mist and was going to go into Lloyds bank scum busing mode on them but thankfully got the written response too, so the call was actually with good intention.

It's 6.9% interest as my payments are over 1.5% of the balance. They've advised they are happy to apply 6 months refund to the amount of 6 months interest. They said about £100. The correct figure would be closer to £70, a bit less, so if they give me £100 back then the average interest will be lower than 3% lol so I've said give me £100 exactly and you've got yourselves a deal.

Key thing is that Barclays will acknowledge complaints and address the only way that is of benefit to us, financial recompense. :T

Will see what happens.

blisteringblue

Well today is my statement date for BC and checked online and still no letter and still showing 0.0% my monthly payment is now 2.1% of the debt so can't see me keeping it. Here's hoping it stays the same tomorrow. It's like the calm before the storm :think:

alamaya

dmp questions Hi I hope you don't mind but could anyone offer advise


I have got the paperwork through for a dmp just awaiting a new bank account with coop to be set up as a lot of debt is with my current bank tsb.


I am about to start sending token payments.


My tsb loan is due 28th march and I cant pay it. Do I cancel dd and make a separate token payment with letter? anyone got a token letter template? or should I just cancel the dd and let them chase until ive moved everything.


Also how quickly will tsb offset anything in my current account as I need the money to pay my mortgage.


I have another 10 days to wait for the coop account to be confirmed and I still then have to move all my benefits and dd's over.


Im panicking a little.


I posted this separately and then realised you lot in here may have my answers too

Meatloaf1981

Well today I heard from the company that were overseeing my DMP to say they will no longer be performing that function due to a change in their relationship with my employer. It was an employer funded scheme where they gave advice and took on the role of contacting my creditors on my behalf when it came to setting up my DMP. They have referred me to Payplan with a view to establishing whether my DMP would benefit me by being through them or whether I should remain self-administered.

I'm in favour of staying self-administered for several reasons:

1. it seems to have been successful for me so far. I like being in control of my finances in terms of maintaining payments via direct standing order to my creditors.

2. I have a loan that is not on my DMP as it is from a credit union and technically reduces my income each month. I did negotiate lower repayments but it still makes up the bulk of my repayment capacity each month when compared to the total repayments I make, easily 70%.

I am concerned that, having spoken with Payplan when they ring me tomorrow afternoon, that Payplan would insist on this creditor effectively being treated in the same way as all of my other creditors (I can understand why). Therefore, I think it likely I will remain self-administered but by not having an organisation like Payplan to assist me with negotiations and the like in future, I do worry that I could be bullied by my various creditors or threatened with action. I don't know, perhaps it is just understandable nerves at being "weaned off" a previously protective and assured presence and fully "going it alone" but I guess I will probably rely on this place more going forward for the reassuring crutch it has been for so many other people so far.

Eek, just feeling a bit nervy!

Meatloaf1981

alamaya wrote: »

dmp questions Hi I hope you don't mind but could anyone offer advise


I have got the paperwork through for a dmp just awaiting a new bank account with coop to be set up as a lot of debt is with my current bank tsb.


I am about to start sending token payments.


My tsb loan is due 28th march and I cant pay it. Do I cancel dd and make a separate token payment with letter? anyone got a token letter template? or should I just cancel the dd and let them chase until ive moved everything.


Also how quickly will tsb offset anything in my current account as I need the money to pay my mortgage.


I have another 10 days to wait for the coop account to be confirmed and I still then have to move all my benefits and dd's over.


Im panicking a little.


I posted this separately and then realised you lot in here may have my answers too

Hi alamaya, didn't want to read and run. The loan with TSB should form part of the DMP with Stepchange if that is what you're planning on doing. I would suggest that you speak to them about it in the first instance as no doubt they would have told you to cancel the direct debits to ALL your creditors at present and then. Don't worry too much about how long the new account is taking to setup, as it should all be done before the loan payment is due anyway and what you do with TSB has no effect on what happens with the co-op. Changing over your direct debits is a pain but a necessary one. So long as you can afford your priority debts from your old account, then just make sure any of your wages get paid into the NEW account so that TSB don't try and offset monies from the old account once you've been paid.

System

neiljmuk wrote: »

Barclaycard called me and left a voice mail before the response I've detailed below. I saw red mist and was going to go into Lloyds bank scum busing mode on them but thankfully got the written response too, so the call was actually with good intention.

It's 6.9% interest as my payments are over 1.5% of the balance. They've advised they are happy to apply 6 months refund to the amount of 6 months interest. They said about £100. The correct figure would be closer to £70, a bit less, so if they give me £100 back then the average interest will be lower than 3% lol so I've said give me £100 exactly and you've got yourselves a deal.

Key thing is that Barclays will acknowledge complaints and address the only way that is of benefit to us, financial recompense. :T

Will see what happens.

Well I had message online re my BC CC and they have confirmed 3%. I have replied back asking how exactly they think I will ever get it paid as at the end of a 7 year DMP I will still have a debt with them and be 1 month away from retirement. Asked if they can reconsider. Will see what they say. Still not had a reply re OH's 2 accounts.
Has anybody had any success when advising BC they are going to the FOS?

tequilabird

Woohoo! All of my creditors have accepted my £1 payments for between 3 and 6 months and frozen all interest/charges - such a relief! :T

Only Creation and M&S said 3 months to begin with, but also stated that they could arrange this for a further 6 - 12 months once they had reviewed it at 3 months!

The only thing I have left to do now is contact Santander about my OD!

Hmm, what happens next?

Meatloaf1981

tequilabird wrote: »

Woohoo! All of my creditors have accepted my £1 payments for between 3 and 6 months and frozen all interest/charges - such a relief! :T

Only Creation and M&S said 3 months to begin with, but also stated that they could arrange this for a further 6 - 12 months once they had reviewed it at 3 months!

The only thing I have left to do now is contact Santander about my OD!

Hmm, what happens next?

Top drawer! Now you just need to make sure that any funds you save by not meeting the payments are put to one side and not squandered! I know that for me when I didn't meet my repayments, I foolishly and selfishly spent the extra cash on whatever I wanted, rather than put it aside to help with payments going forward.

Get that budget down and adhered to. The road to being debt free can be long and winding, but there is always a destination to focus on! Don't lose sight of it!

tequilabird

Meatloaf1981 wrote: »

Top drawer! Now you just need to make sure that any funds you save by not meeting the payments are put to one side and not squandered! I know that for me when I didn't meet my repayments, I foolishly and selfishly spent the extra cash on whatever I wanted, rather than put it aside to help with payments going forward.

Get that budget down and adhered to. The road to being debt free can be long and winding, but there is always a destination to focus on! Don't lose sight of it!

Thanks Meatloaf! I'm so pleased they accepted because SC said I could have problems with some of them! To be honest, they were all really nice to me, even Halifax! :beer:

Now to get things properly in order! I'm on it - this debt will not get the better of me!

Meatloaf1981

Great stuff, always pleasing to hear that things are going well. You can take a deep breath now, secure in the knowledge that however long it might take, the amount will now only ever go down. We're all here for support and advice if you need it!