DMP & Mutual Support Thread - Part 10

Puzzcat

ldhme wrote: »

Been a while and my sig is out of date.
But i am now at just above 15k of debt, down from 17k, so all going well.
Recently got promoted into a managers role and that will bring in a substantial increase in wage (but lose half of it to loss of child tax credit etc).
My target of being debt free and having a deposit by 35 is now very feasible.
HSBC flexi loan are being awkward and charging me as much interest as I'm paying and Barclaycard are charging me 3%, the other 5 accounts are frozen.
All in, not too bad 10 months into my DMP.

Hi,
I would use the letter TTFTM posted above, particularly to HSBC.
Puzz.x

System

Just having a moan......Lloyds Loan said they were sending us to recoveries and no more interest would be added... that was on March 1st. Since then they have sent letters saying it is in progress and default is on its way. They have since added over £300 in interest, which I have rung and spoken to 2 different people about and both promised to get it sorted and no more would be added.
Just come back from a few days on the coast, to find that they have refunded the £300 but now added another £73!!:mad::mad::(

This is getting ridiculous if I have to phone every month to complain. I did say last time that if the didn't sort it once and for all I would be sending a complaint letter. Should I just do that? Or should I send letter to FOS? It is really getting me down now!

Brogden

ploppy57 wrote: »

Just having a moan......Lloyds Loan said they were sending us to recoveries and no more interest would be added... that was on March 1st. Since then they have sent letters saying it is in progress and default is on its way. They have since added over £300 in interest, which I have rung and spoken to 2 different people about and both promised to get it sorted and no more would be added.
Just come back from a few days on the coast, to find that they have refunded the £300 but now added another £73!!:mad::mad::(

This is getting ridiculous if I have to phone every month to complain. I did say last time that if the didn't sort it once and for all I would be sending a complaint letter. Should I just do that? Or should I send letter to FOS? It is really getting me down now!

Hi Ploppy,

You must make a complaint to the bank first (mark it 'Complaint' to ensure no confusion) and await the final response. If they don't deliver the goods then you take it to the FOS. The FOS will only help when you have a final response to a complaint from the bank.

I am guessing you won't have to take it to the FOS in the end !! It is a long winded process and will probably be avoided .

Brogden

sourcrates

ploppy57 wrote: »

Just having a moan......Lloyds Loan said they were sending us to recoveries and no more interest would be added... that was on March 1st. Since then they have sent letters saying it is in progress and default is on its way. They have since added over £300 in interest, which I have rung and spoken to 2 different people about and both promised to get it sorted and no more would be added.
Just come back from a few days on the coast, to find that they have refunded the £300 but now added another £73!!:mad::mad::(

This is getting ridiculous if I have to phone every month to complain. I did say last time that if the didn't sort it once and for all I would be sending a complaint letter. Should I just do that? Or should I send letter to FOS? It is really getting me down now!

Complain in writing ploppy, dealing with these matters on the phone rarely gets a good result, this will escalate your problem further up the food chain, it should be easily rectified once you have done this.

January2015

ploppy57 wrote: »

Just having a moan......Lloyds Loan said they were sending us to recoveries and no more interest would be added... that was on March 1st. Since then they have sent letters saying it is in progress and default is on its way. They have since added over £300 in interest, which I have rung and spoken to 2 different people about and both promised to get it sorted and no more would be added.
Just come back from a few days on the coast, to find that they have refunded the £300 but now added another £73!!:mad::mad::(

This is getting ridiculous if I have to phone every month to complain. I did say last time that if the didn't sort it once and for all I would be sending a complaint letter. Should I just do that? Or should I send letter to FOS? It is really getting me down now!

Hi Ploppy

Halifax have done the same to both of our loans - promised not to charged interest and process to default, but then interest suddenly appears on both accounts. However, it is reversed about 10 days later on both accounts. It seems to me, for Halifax at least, until the loan account is defaulted they have to apply the interest and manually reverse it off afterwards. Not sure, but perhaps this is the case with Lloyds as well (as technically they are the same group of banks).

Hope you get this sorted.
Jan

spiffyiffy

Time_to_face_the_music wrote: »

Use something like this and adapt it for your situation and each of your creditor(s):

You

Date

Them

Dear Sir/Madam

Complaint re: [Creditor name] account No: XXXXXXXXXXXXXXX

Thank you for your letter/statement concerning the above account. I am sorry that you feel unable to suspend interest/charges on the above account.

As you are aware, I/we am/are in a DMP with XXXXXXXX, reference number XXXXXXXX. The majority of my/our 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 us in my/our present financial difficulties, and can only serve to increase my/our total debt.

I/we have already paid considerable sums in interest to my/our account. If interest charges continue, the monthly instalments I/we am/are paying will not even cover that interest. Also, the cooperation of my/our other creditors who have agreed to freeze interest already would be put at risk.

I am aware that XXXXXXX 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/we 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 take this case to the Financial Ombudsman Service.

I look forward to hearing from you as soon as possible.

Yours faithfully

You

___________________________________________________________

The FOS will tell you that you need to have complained to the creditor first and received their final answer within the set time limits - they have 8 weeks to respond. You don't need a letter for the FOS, you can do it all by phone

More information here:

http://www.financial-ombudsman.org.u...complaints.htm


TTFTM x

Thanks for the letter. I shall complain away to the post office credit card ASAP.

Flumpybutton

Hi am looking for some advice about my Halifax credit card.

I have been on a DMP with SC since December 2012 and all my other creditors have frozen credit apart from Halifax. I am currently paying them £77.06 a month and the interest is £39.15 .

Is it worth me writing to them in person asking them to reconsider freezing interest? I have recently lowered my SC payment due to a change in work hours.

Many thanks for any help

glitterunicorn

I have a question in regards to Credit Ratings/Mortgages if anyone can help me out.

I'm 25 at the moment and I don't have a mortgage. My credit rating is obviously shaky at looks to be the same for 6-8 years (I'm hoping closer to 6!).

I'd like to look for a house before that time but what are the chances of me being accepted for a mortgage? My DMP would be finished before I would consider this.

Do I need to wait the 6-8 years? Or is this done case by case? I'm not worrying too much just now but in 3-4 years I will be.

Almostthere78

:

Flumpybutton wrote: »

Hi am looking for some advice about my Halifax credit card.

I have been on a DMP with SC since December 2012 and all my other creditors have frozen credit apart from Halifax. I am currently paying them £77.06 a month and the interest is £39.15 .

Is it worth me writing to them in person asking them to reconsider freezing interest? I have recently lowered my SC payment due to a change in work hours.

Many thanks for any help

Hi, if you scroll back a few pages there is a link to a newspaper article where Halifax state that they automatically freeze interest for DMPers, refer to it in a letter and see what they say!

Karen777

Almostthere78 wrote: »

:

Hi, if you scroll back a few pages there is a link to a newspaper article where Halifax state that they automatically freeze interest for DMPers, refer to it in a letter and see what they say!

whaaattt? I have had sooo much trouble with hellifax (been through FOS as well) I have given up hoping for interest to be reduced ..... off to fund this article and maybe try one more time ....