DMP & Mutual Support Thread - Part 10

KID77

Thats great to hear Bob, do you mind me asking when you first started your dmp and how much you owed? Also how many years later did you make the complaint? Thank you :-)

B0B

I starts dmp about 6 years ago.
Owed bc about 2k
It was down to about £900 paying £20 ish a month off the top of my head

I made the claim in jan / feb of this month

Got all interest refunded and taken off debt. And then a good will payment and a settlement figure. Of 50% what was left. About £300 in total. So payed £150 and it was cleared and gone from credit file.

Had a similar result with Halifax but got about £2700 in interested repaid off my debt that I paid. £100 good will and my telephone charges refunded.

Need to chase them over credit file as even though I was on a dmp they have late payment markers on it.

KID77

Bob, when you say interest refunded, so you mean all interest applied to your account over the term of the dmp or all interest from when you first opened your bc? my debt with them is alot higher than yours so they may not be too sympathetic with me x

B0B

It's from when I entered the dmp with them.

I complained to Fos saying that even though I was trying to pay the debt I was getting punished by interest when other people removed interest. And I could have easily just went bankrupt and paid them nothing and so doing the right thing punished me. And stayed on my file for 6 years later as well

Sazzie23

B0B wrote: »

It's from when I entered the dmp with them.

I complained to Fos saying that even though I was trying to pay the debt I was getting punished by interest when other people removed interest. And I could have easily just went bankrupt and paid them nothing and so doing the right thing punished me. And stayed on my file for 6 years later as well

Hey Bob. Great news and well done, did you complain in writing to FOS or but phone, just wondering if you had a letter template we could crib?

:T

Sazzie23

brads39 wrote: »

I.m on a DMP with Stepchange.
Today i got my monthly statement from Aqua and they have started charging interest again. I called them to find out why and they said imy status had changed from Unfair Treatment to Hardship. They will be charging me 1% interest from now on. They said a letter explaining this had been sent to me and Stepchange on May 6th, neither of us received a letter. My circumstances hadn't changed and i have never missed a DMP payment. They say i am close to being referred to a collection agency. I told them to do that as soon as possible as Stepchange say they will be easier to deal with and won't charge interest.
Anyone else had Aqua do this to them?

Sounds a bit like the BC method of moving interest as you get closer to the Minimum payment.
Can you legitimately reduce your payments, I.e. Do you have a major car repair bill, reduced income, or other genuine reason to put your payments down? It'll help your case to go to DCA.

Sazzie23

Boldhoof wrote: »

Hi Everyone,
New to posting. My wife was made redundant just before Christmas so we went straight into the bank (Halifax) on the Saturday and spoke to them. They canceled the direct debit for our loan (£3901), informed my Halifax Credit Card Department (£700) told us to contact an advice agency. We contacted Step Change and they went through everything, we did a token payment of £1 to our creditors which are - Halifax Loan £3901, Halifax Credit Card £700, MBNA £11,300 LlyodsTSB Credit card £12,500 Tesco bank Credit card £5000. They all accpeted the £1 token payment while they decided what to do. We have recieved default notices, which they did say to expect. This month, after 6 months of £1 token payments we are now in a position of paying £318 a month through Step Change. Halifax Credit card have reduced the monthly payment to the amount Step Change offered, and kept the 0% for interest. The Halifax bank loan have told me on the phone a plan has been set up on the 9th June and if things improve to let them know. MBNA and Tesco Credit Card seem okay with it as well, Llyods have said no to Step Change.
I forgot to say when we went and approached all our creditors, we had not missed a single payment, we just though it best to act straight away. I do worry though, each time a letter arrives with the default letter, we get ones around every 2 months so far.

Hi Boldhoof

Sorry to read of the job issues, but it sounds like debt wise you did everything right. Try not to worry about the automated letters you get, they have to be sent by law at various levels of missed payments. File them away or call SC if you are worried about them.
Have you signed up to noddle (it's free) and you can see what the creditors are putting on your credit file.

Good inspiration for others who are worried about the £1 token payment scheme.

Like many on here hadn't missed a payment ...until.... I actually think that's a realism of why we are in the DMP schemes rather than going bankrupt or IvA. We want to pay off our debts, that's why we hadn't missed a payment, we weren't in it to rip anyone off, but we do need fair treatment if it all comes crashing down.

Try to keep this in mind if creditors are difficut or harsh, and feel free to remind them from time to time if you need to. You are doing your best, you will pay it off and they have already had a fair few squid interest out of you!

Boldhoof

Sazzie23 wrote: »

Hi Boldhoof

Sorry to read of the job issues, but it sounds like debt wise you did everything right. Try not to worry about the automated letters you get, they have to be sent by law at various levels of missed payments. File them away or call SC if you are worried about them.
Have you signed up to noddle (it's free) and you can see what the creditors are putting on your credit file.

Good inspiration for others who are worried about the £1 token payment scheme.

Like many on here hadn't missed a payment ...until.... I actually think that's a realism of why we are in the DMP schemes rather than going bankrupt or IvA. We want to pay off our debts, that's why we hadn't missed a payment, we weren't in it to rip anyone off, but we do need fair treatment if it all comes crashing down.

Try to keep this in mind if creditors are difficut or harsh, and feel free to remind them from time to time if you need to. You are doing your best, you will pay it off and they have already had a fair few squid interest out of you!

Thanks for the feedback appreciated. I do use noodle, but a bit lost on the abbreviations under each month for different creditors.
MBNA in Status says Late payment with BB under the month, not sure what BB stands for?

Thanks

Triangle

Hi all, I haven't posted in a couple of weeks, hope everyone is well.

So this is the month we start making token payments! Quick question, should I make a courtesy call to creditors to explain as well as send the letter?

Many thanks
Tx

Wont_be_beaten

Boldhoof wrote: »

Thanks for the feedback appreciated. I do use noodle, but a bit lost on the abbreviations under each month for different creditors.
MBNA in Status says Late payment with BB under the month, not sure what BB stands for?

Thanks

Account Status Codes. - hope they help.



AA
General code to indicate the account is in early arrears i.e. 1 to 2 months/payments in arrears


AE
Attachment of Earnings order obtained / Repayment deducted from pay


AO
Administration Order


AR
Arrangement to Pay in force


BB
General code to indicate the account is in sustained arrears i.e. 3 or more months/payments in arrears


BU
Balloon/Deferred Payment Unpaid


CA
Court Judgment Cancelled


CI
County Court Summons Issued


CO
Court Judgment Obtained


CP
Court Judgment Paid


DA
Debt Assignment – transferred to another organisation


DF
Account is in default


DM
Debt Management Program in force


DS
Deferred Start


DT
Dormant/Inactive Account


EJ
Execution of judgment by charging order


ET
Enforced Termination


GO
Garnishee Order obtained


IC
Insurance Claim


IP
Insurance Claim Pending