DMP & Mutual Support Thread - Part 10

blisteringblue

Puzzcat wrote: »

Hi bb,
Sorry to hear your bc woes. Can I ask what percentage of the payment to debt ratio had you reached for them to whack on the interest? I am currently on about 1% so am also half expecting a joyful letter sometime soon... Please do keep us posted on your process from sc to self managed as it could be really useful for me and others I am sure in the future. Of course lovely TTFTM I am sure will be around with her words of wisdom!
The part I can't quite get my head around is if you have to send an I & E to each creditor, does this include what you pay to others or how do you disguise the fact that you are paying others much more and one creditor just a £1?
Puzz. X

Worked it out the other day Puzz. I'm back to 2.1% now from 1.7% at the start. TBH I'm lucky I got the 1st year interest free.

Anyway letter written and faxed over with a copy in the post

Thank you for your letter dated 13th March 2015 concerning the above account. I am sorry that you feel unable to continue the frozen interest on the above account. To then jump from 0% back to 12.9% is something I cannot agree to.

As you are aware, I am in a DMP with Stepchange, reference number XXXXXX. All my other creditors have agreed to the offer of payment and agreed to suspend any interest charges still accruing. They have accepted that to continue to charge interest would not assist me in my present financial difficulties, and can only serve to increase the total debt.

I have already paid considerable sums in interest to the account. If interest charges continue, the monthly instalments I am paying will hardly even cover that interest. Also, the cooperation of my other creditors who have agreed to freeze interest already would be put at risk.

I am aware that Barclaycard subscribes to the Lending Code which states that lenders will consider reducing or suspending interest and charges if these would cause the debt to increase or lead to the repayment term becoming too extended. I would therefore be grateful if you would reconsider your decision not to freeze the interest. This would mean that the monthly payments I make would actually reduce the balance outstanding to your company.

Please consider this letter as a complaint about the interest charges you are continuing to apply to my account. I would like to see these stopped immediately and previous interest charges refunded.

If you are unable to help me with this issue, I will have no alternative but to move to a self managed DMP and I will reduce my monthly payment to Barclaycard significantly as a protest until you either default the account or pass it to your collections dept. I have no credit score to protect so would prefer you to take this route anyway.

I am committed to pay back my debts and will happily maintain the current agreed monthly payment but only if interest is frozen on the account until it is all paid back.

I look forward to hearing from you as soon as possible, but ONLY IN WRITING I WILL NOT DISCUSS THIS MATTER OVER THE TELEPHONE AND WITHDRAW ANY PERMISSION FOR BARCLAYCARD TO TELEPHONE ME.

Will see what that stirs up in the month while I get the self managed sorted.

blisteringblue

Bettingmad wrote: »

It does seem with Barclaycard that the only way to take them on is put them on token payments. Fight fire with fire and stick two fingers up at them whilst your at it.

Absolutely Bettingmad, I'm up for the fight too

Worse the can do it try and take me to court but I'll happily pay them a decent amount, but only without the interest so doubt it will ever get that far.

blisteringblue

Puzzcat wrote: »

The part I can't quite get my head around is if you have to send an I & E to each creditor, does this include what you pay to others or how do you disguise the fact that you are paying others much more and one creditor just a £1?
Puzz. X

I won't tell the others they are only getting £1 they will get the normal breakdown. Anyway I will keep the difference between the normal payment and the £1 in a special pot in YNAB and then as soon as they default me or sell it on to a DCA I will let them have it all so I don't spend it.

I'm planning to send Barclaycard a statement each month detailing what I would be paying them, but because you are being an @r$e you are getting £1.

Just on the NEDCAB site and they pretty much do it all for you.

Will wait until payment goes out on Wednesday next week from SC and then start the process. Will simply cancel my SC Direct Debit to begin with and send the letter about the transfer from NEDCAB.

I'll then write to the creditors just saying I will now be paying you around the 21st of each month direct, same amounts as agreed with SC but managed by myself. Then I can take great pleasure is sending £1 to mine and Mrs BBs Barclaycard and see how quickly they jump into action.

System

So with regard to BC.....we were reduced to 3% but then had the 3% refunded for the next 6 months, after I complained, so making it 0% in fact. So is it likely that once our payment starts to become over 1.1% or so, that they will increase the interest again?
What are they like if threatened with FOS?

phoenixx

blisteringblue wrote: »

I won't tell the others they are only getting £1 they will get the normal breakdown. Anyway I will keep the difference between the normal payment and the £1 in a special pot in YNAB and then as soon as they default me or sell it on to a DCA I will let them have it all so I don't spend it.

I'm planning to send Barclaycard a statement each month detailing what I would be paying them, but because you are being an @r$e you are getting £1.

Just on the NEDCAB site and they pretty much do it all for you.

Will wait until payment goes out on Wednesday next week from SC and then start the process. Will simply cancel my SC Direct Debit to begin with and send the letter about the transfer from NEDCAB.

I'll then write to the creditors just saying I will now be paying you around the 21st of each month direct, same amounts as agreed with SC but managed by myself. Then I can take great pleasure is sending £1 to mine and Mrs BBs Barclaycard and see how quickly they jump into action.

Flipping BC again - they really have got a nerve! I can't wait to get shot of them! Keep up the pressure blistering blue. We have been shoved onto 12% on 2 accounts and 6.9 on the others.

phoenixx

We should start BEBCATOG! Beat Barclaycard at their own game!

blisteringblue

phoenixx wrote: »

We should start BEBCATOG! Beat Barclaycard at their own game!

It's the only way I can think of getting them to budge. I just don't get their logic though, it's this perverse ideal that they think they are keeping you as a customer with as little help as any company can give, and what they see as a carrot that they mark your credit file as up to date with just an AP Marker.

Anyway between our 2 accounts they now expect me to pay them £110 a month interest, so 10% of our debt payment each month.

They can kiss the north side of my backside. I don't doubt for a 2nd its going to be annoying with daily phone calls, but bring it on.

blisteringblue

ploppy57 wrote: »

So with regard to BC.....we were reduced to 3% but then had the 3% refunded for the next 6 months, after I complained, so making it 0% in fact. So is it likely that once our payment starts to become over 1.1% or so, that they will increase the interest again?
What are they like if threatened with FOS?

They don't seem to budge I'm afraid. I think some have had the odd success and get the odd bit of interest back but they really do expect us to pay interest as soon as you break the 1% barrier on payment to debt. I've just gone past 2% so it's up to 12% now. How does that help?

Sazzie23

blisteringblue wrote: »

It's the only way I can think of getting them to budge. I just don't get their logic though, it's this perverse ideal that they think they are keeping you as a customer with as little help as any company can give, and what they see as a carrot that they mark your credit file as up to date with just an AP Marker.

Anyway between our 2 accounts they now expect me to pay them £110 a month interest, so 10% of our debt payment each month.

They can kiss the north side of my backside. I don't doubt for a 2nd its going to be annoying with daily phone calls, but bring it on.

BC are one of my creditors, due to my current circs all of my creditors will be on token payments for a few months, I'll have to see what happens. I'm actually using savings to hit the token payments so chance of getting anything else is nil. i'm currently on 6.9% interest as until this month payments were about 1%. I'm hoping it'll be the push they need to default me and sell to DCA (clouds and silver linings and all that).

carlyfarley

blisteringblue wrote: »

I won't tell the others they are only getting £1 they will get the normal breakdown. Anyway I will keep the difference between the normal payment and the £1 in a special pot in YNAB and then as soon as they default me or sell it on to a DCA I will let them have it all so I don't spend it.

I'm planning to send Barclaycard a statement each month detailing what I would be paying them, but because you are being an @r$e you are getting £1.

Just on the NEDCAB site and they pretty much do it all for you.

Will wait until payment goes out on Wednesday next week from SC and then start the process. Will simply cancel my SC Direct Debit to begin with and send the letter about the transfer from NEDCAB.

I'll then write to the creditors just saying I will now be paying you around the 21st of each month direct, same amounts as agreed with SC but managed by myself. Then I can take great pleasure is sending £1 to mine and Mrs BBs Barclaycard and see how quickly they jump into action.

Keep us posted. Very interested in the response you get as our biggest debt is with them x