DMP & Mutual Support Thread - Part 10

Monkeyballs

madashhay wrote: »

Thanks for the advice, finally found the bit about overpayments- thought I'd read that far back. I will just save up anything I make and keep it in paypal and keep for emergencies etc. Will be nice not having to put so much on Ebay as I depend on it at the moment

Hi Mad,

You'll find out the more you read but it's always good to have an emergency pot, even to the point of just making token payments to your creditors in the first month or two to get a bit of cash behind you because after you start then *in theory* you shouldn't be taking on any sort of new credit agreement...

You can carry on making a little extra on Ebay, no harm there but once you have an emergency fund in place then you don't need to if you don't want to

Good luck!

MB

Kate_fixing_it

Time_to_face_the_music wrote: »

Two great inspirational posts one after the other, you are in a great mindset Kate :T

My money is on you finishing your DMP well ahead of schedule, with motivation and enthusiasm like yours, the only way is up!

TTFTM x

Thank you TTFTM xxx I'm full of good intentions but life keeps getting in the way! Still very early days for me but whether it takes the full 79 payments or less or more I WILL get there

Kate x

Kate_fixing_it

Monkeyballs wrote: »

Now then... Would I rather Barclaycard didn't freeze my interest and told me or freeze it and not tell me leaving me to find out for myself? LOL Easy answer!

Now I just get that default and have it backdated so those AR's either stop or are removed...

In other news, I got an email from Cheque Centre telling me a final response to my complaint has been reached and is being posted so it should arrive within then next few days!

Hand on heart, I'm not expecting a positive reply (although I'd love to be wrong) but I'm more than willing to go to the FOS with it so their reply has actually been quite quick, just over 4 weeks! Now I don't know if that's a good thing or not and the email says "Thank you once again for your patience while we have been investigating this. I look forward to hearing from you in due course".

I know it's easier to just wait but it's sort of exciting guessing what it might be LOL I'm pessimistic but for the "I look forward to hearing from you in due course" even if they reject my complaint do I need to accept their decision formally before going to the FOS?

Anyone ever made a complaint in which you have asked for compensation before?

MB of G x

Maybe Barclaycard are finally seeing sense? We were talking about them a few days ago

I hope that cheque centre are going to play nice, I can't see the ombudsman siding with them in your circumstances. As far as I'm aware if you disagree you don't need to tell them, just take it to the FOS who have a pretty quick turnaround. I'm hoping for the best for you but the realist in me is expecting it to be a "s*d off, do your worst, we dare you" response with at most a pitiful token gesture and a vague/bland apology.

Keep us updated though, I'm firmly in your corner on this one.

Kate x

Monkeyballs

Cheers Kate,

I've had cake and ice cream since my last post so I'm a bit more energised now lol.

Just let 'em say no... Bring it on! LOL

On a serious note, the interest on £1k over the time I was re-loaning was about £7k and previous posts about the FOS ruling in peoples favour made mention to 8% interest which combined would be about £7500ish.

Now I'm not greedy and to be fair to them I only started asking for help about half way through the period of time... Although taking the gambling side out of it then I could argue irresponsible lending all the way through but I wouldn't feel comfortable doing that as I could have done more if I'd known how to...

Either way, I'm banking on nothing and hoping for everything fingers crossed I guess!

MB of G x

sunnyskies2

Kate_fixing_it wrote: »

I don't think you can quite understand the "happiness" of a default unless you are on the DMP wagon

Today is the last day I'll have all to myself until September. My home has never been cleaner - nor has my mind

I hope those who are just starting out on their DMPs can see this as a message of hope. Yes, I still have a five figure debt total, I'm still in mild physical pain and there are probably 5-6 years of DMP payments ahead of me but I'm only two months in and there's been a complete turnaround in my life and attitude. I don't think I've ever been this positive about the future.

Kate x

Thanks Kate, I really do feel so liberated and happy too, I'm 48 - work in college with young people and that's keeps me young at heart:) - and being an eternal optimist I can only see the positives with my lovely DMP (unlike my OH who also if doubtful but going with the flow waiting for t*thtf). I have logged into SC now and had fun playing with different scenarios - if I could pay more - if I won £10k on the lottery - it really inspired me to 'find' more money to plough in to it to bring DFD nearer - currently it is 14/11/2023 :eek: but also :j .

Have you already received default notices? - I will have to get signed up for a credit report to keep an eye on this (is noddle the best one?) I'm still not exactly certain what getting a default notice means, is it about you're credit rating expiring 5 years after first default notice? - or is it also some kind of guarantee that they won't hit you at the end with more interest etc?

I've received a very nice letter from Barclacard saying they will accept my offer of £1 pm (on a balance of £630) and freeze charges and 0% interest, whilst I'm in financial difficulty..

M&S ( x 2 cc) - have accepted token payment offers until August.

So good news there for now:) - I guess things may change once they hear from SC.

Hope you're all having a good weekend:beer:

Sarah

Sazzie23

sunnyskies2 wrote: »

Thanks Kate, I really do feel so liberated and happy too, I'm 48 - work in college with young people and that's keeps me young at heart:) - and being an eternal optimist I can only see the positives with my lovely DMP (unlike my OH who also if doubtful but going with the flow waiting for t*thtf). I have logged into SC now and had fun playing with different scenarios - if I could pay more - if I won £10k on the lottery - it really inspired me to 'find' more money to plough in to it to bring DFD nearer - currently it is 14/11/2023 :eek: but also :j .

Have you already received default notices? - I will have to get signed up for a credit report to keep an eye on this (is noddle the best one?) I'm still not exactly certain what getting a default notice means, is it about you're credit rating expiring 5 years after first default notice? - or is it also some kind of guarantee that they won't hit you at the end with more interest etc?

I've received a very nice letter from Barclacard saying they will accept my offer of £1 pm (on a balance of £630) and freeze charges and 0% interest, whilst I'm in financial difficulty..

M&S ( x 2 cc) - have accepted token payment offers until August.

So good news there for now:) - I guess things may change once they hear from SC.

Hope you're all having a good weekend:beer:

Sarah

What a lovely positive post, happy it's working out for you Sunny Sarah.

Default notice are part of the legal process that they send you, it usually seems to be when they give up hope of you actually being able or willing to pay up within what they consider to be an appropriate time frame. Often you'll get warning of default letters, but an actual default seems to be more likely when payments drop or just stay at token payments. I think they can default as soon as 3 months payments are missed (not sure about that bit). It gives the creditor the right to take recovery action, but panic not, very few proceed with any action as long as you stick to the agreed DMP.

Now here's the bit that throws people, If you get defaulted it stays on your credit file for 6 years, so the earlier you get one the better as then it wil clear off your account faster, e.g. If you get one now, yours would have gone long before your DFD in 2023.

And. That's why DMPers look forward to their default notices :rotfl:

Sazzie23

Monkeyballs wrote: »

Now then... Would I rather Barclaycard didn't freeze my interest and told me or freeze it and not tell me leaving me to find out for myself? LOL Easy answer!

Now I just get that default and have it backdated so those AR's either stop or are removed...

In other news, I got an email from Cheque Centre telling me a final response to my complaint has been reached and is being posted so it should arrive within then next few days!

Hand on heart, I'm not expecting a positive reply (although I'd love to be wrong) but I'm more than willing to go to the FOS with it so their reply has actually been quite quick, just over 4 weeks! Now I don't know if that's a good thing or not and the email says "Thank you once again for your patience while we have been investigating this. I look forward to hearing from you in due course".

I know it's easier to just wait but it's sort of exciting guessing what it might be LOL I'm pessimistic but for the "I look forward to hearing from you in due course" even if they reject my complaint do I need to accept their decision formally before going to the FOS?

Anyone ever made a complaint in which you have asked for compensation before?

MB of G x

Making progress then whatever the news turn out to be :mad:
I don't think I'd 'accept' their decision, could you write to them saying not satisfactory and telling them you are referring it to FoS (assuming the news is not good).

sunnyskies2

Thanks Sazzie, bright and early there? ...

Sazzie23 wrote: »

Now here's the bit that throws people, If you get defaulted it stays on your credit file for 6 years, so the earlier you get one the better as then it wil clear off your account faster, e.g. If you get one now, yours would have gone long before your DFD in 2023.

And. That's why DMPers look forward to their default notices :rotfl:

Does that mean I only get one default notice, if given, from each creditor - I think my mis-understanding is thinking I get a default notice every month I don't pay. I really need to look on my credit report then.

Thanks again:)

Sarah

Puzzcat

sunnyskies2 wrote: »

Thanks Sazzie, bright and early there? ...



Does that mean I only get one default notice, if given, from each creditor - I think my mis-understanding is thinking I get a default notice every month I don't pay. I really need to look on my credit report then.

Thanks again:)

Sarah

Hi Sarah, yes it's just one per creditor. It shows as default each month but it's only the first that is relevant with regards to it dropping off!
Puzz.x

Sazzie23

sunnyskies2 wrote: »

Thanks Sazzie, bright and early there? ...



Does that mean I only get one default notice, if given, from each creditor - I think my mis-understanding is thinking I get a default notice every month I don't pay. I really need to look on my credit report then.

Thanks again:)

Sarah

Often you'll get a warning notice that they plan to issue a default each month until they actually issue the notice. In my experience the actual default notice precedes moving the debt to in house DcA, whilst it's still with the main creditor they just issue the warnings, but may be different with other creditors.