DMP & Mutual Support Thread - Part 10

gamma

Thanks for all the advice and offer of support everyone!

FuzzyDF

Time_to_face_the_music wrote: »

You need to write a complaint letter, specifically using the word complaint, if you need a template we can sort you out. If you don't get the response you want, follow it up with the FOS.

TTFTM x

Hi TTFM,

A template letter would be most gratefully appreciated. I'm in war mode at the moment

gamma

Hey guys

A quick question - Should I get a new bank account sorted before submitting my documents to stepchange? All my accounts are tied to debt, so I need to get one that isn't. I've applied and been accepted for a basic account at the Bank of Scotland, and also the coop.

Should I wait for the account to open and transfer all my direct debits - and set up the new payment before proceeding with sending the docs to stepchnge?

Time_to_face_the_music

FuzzyDF wrote: »

Hi TTFM,

A template letter would be most gratefully appreciated. I'm in war mode at the moment

My advice is to always try and stop interest ASAP, the earlier you go for it, the better chance you seem to have.

Try something like this, customising it for each creditor:

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

Sazzie23

Hopelessly_Hopeful wrote: »

Well done Sazzie.

Know what you mean about overall picture. I never rely on what the bank balance says, My spreadsheets are always more upto date as I never want to get caught out again. One of my sheets is if I die today what do I have and what do I owe. Ms TTFTM will be along shortly to tell me off for being morbid lol.

HHx

She did too :rotfl:

You owe one heck of a lot less than you used to ...I can't begin to image what TTFTM is feeling at over 80% gone never mind you at 98%, but I'm very happy for you both! and long live milestones :T

Good news MB, but don't overdo it, slow and steady wins the race - or so they tell me anyway. Having an (official) skive off work this afternoon and the sun is shining...it's all good

Time_to_face_the_music

gamma wrote: »

Hey guys

A quick question - Should I get a new bank account sorted before submitting my documents to stepchange? All my accounts are tied to debt, so I need to get one that isn't. I've applied and been accepted for a basic account at the Bank of Scotland, and also the coop.

Should I wait for the account to open and transfer all my direct debits - and set up the new payment before proceeding with sending the docs to stepchnge?

The critical debt is any associated with your present current account, you need to ensure they are not notified before you have your new account safely in place. If you tell SC this, they will delay notifying your bank until this is done.

TTFTM x

Time_to_face_the_music

Sazzie23 wrote: »

She did too :rotfl:

You owe one heck of a lot less than you used to ...I can't begin to image what TTFTM is feeling at over 80% gone never mind you at 98%, but I'm very happy for you both! and long live milestones :T

Good news MB, but don't overdo it, slow and steady wins the race - or so they tell me anyway. Having an (official) skive off work this afternoon and the sun is shining...it's all good

I think HH should drop her DMP payment to 1p per month and allow me to catch up. I think that's only fair for twins :rotfl:

Enjoy the sunshine Sazzie

FuzzyDF

TTFM - You are an angel, thank you x

Kate_fixing_it

gamma wrote: »

Hey guys

A quick question - Should I get a new bank account sorted before submitting my documents to stepchange? All my accounts are tied to debt, so I need to get one that isn't. I've applied and been accepted for a basic account at the Bank of Scotland, and also the coop.

Should I wait for the account to open and transfer all my direct debits - and set up the new payment before proceeding with sending the docs to stepchnge?

I would! Especially if there is an overdraft. I opened the new account (without using the switching service) manually set up the direct debits and the novelty still hasn't worn off around seeing a positive balance! Upon occasion there has been literally pence in there but it's MINE.

Might be worth having two accounts. One for income and another for bills. What I mean is that you transfer bill money (rent/utilities/insurances/SC/annual pots) over each month and leave the rest "available". That way essentials are covered and some mistakes can be avoided. This is something I'm considering. Okay, so you won't earn any interest but now isn't the time to focus on that, now is the time for settling into DMP life and getting rid of the debt and just getting life on an even keel.

I can highly recommend the coop. Took next to no time to set up, the website is good and the app is basic and easy to use.

Kate x

Powered_By_Pies

gamma wrote: »

Hey guys

A quick question - Should I get a new bank account sorted before submitting my documents to stepchange? All my accounts are tied to debt, so I need to get one that isn't. I've applied and been accepted for a basic account at the Bank of Scotland, and also the coop.

Should I wait for the account to open and transfer all my direct debits - and set up the new payment before proceeding with sending the docs to stepchnge?

It's probably a good idea. I haven't with mine but I phone Lloyds and cancelled all CPA's tied to my PDL loans and I paid NatWest manually using their worldpay service (which is good in a way because it doesn't disclose the payee's full card number, from memory). Been watching my account like a hawk since and nothing untoward has ever left my account so for now I'm not fussed.

If any of them change their mind then I'll have yo change over - a shame because I like Lloyds, they seem to actually help instead of offer duff and idiotic advice like natworst did.