DMP & Mutual Support Thread - Part 11

blisteringblue

make_the_change wrote: »

Hi,

Do I complete this? I am looking to make token payments for at least 3 months to build an EF.

They may not freeze for 3 months though, which you have to be prepared for? I didn't bother with tokens at the start of mine, but you still don't need to complete the form yourself.

Brogden

blisteringblue wrote: »

Alas this is what they do now, and unfortunately not much you can do. It will be a long fight. The only way around this is probably 6 months token payments at the start of a DMP to get all debts over to a DCA. However not sure the mither this will generate is worth it.

Over 30% of our debt is with MBNA and they have already said as my payment plan is under 5 years from the start of the DMP, they will accept my payment at 0% until paid off, but they will not default me. So this will be exactly the same, end of DMP + 6 years. But I'm in a position to not need credit come the end of DMP so it's not an issue really. The 0% is far more important to the process.

But if 2Spicy has been paying Barklays an amount below the contractual minimum for years.......should Barklaycard not have defaulted much sooner? As I understand it.....it is when the total amount of £'s in arrears equals the amount of six months contractual payments that the default would then happen?

If 2Spicy's payments have not been much below the contractual minimum and it has taken years for this situation to come about then sadly...... (:o)......I would agree this is a problem possibly without an answer

make_the_change

blisteringblue wrote: »

Nothing yet, as long as you said you are speaking to Stepchange and gave them your DMP number that should be sufficient to freeze the account for a month until Stephchange write to them.

What they are asking you to do will be done by Stepchange.

Thanks

Obviously I am wanting to do token payments for a couple of months at least. Do I need to write to them each month to explain the delay?

Brogden

make_the_change wrote: »

Thanks

Obviously I am wanting to do token payments for a couple of months at least. Do I need to write to them each month to explain the delay?

They may not like it but the token payment hitting their account shows them you have not just walked away as some people do. Unfortunately this does not guarantee you will not get a load of unpleasant mail and the phone ringing. The only way to avoid that is the agreed payment plan and SC will be doing that for you.

If you are like me I would write and advise that youare currently liaising with SC and WILL be making token payments of £1 per month until a payment agrrement is agreed between them and Step Change. Whilst the computer will ignore the letter it will be scanned on and you have an immediate response if the phone rings. You can put the ball in their court and blame them for hassling you

blisteringblue

Brogden wrote: »

But if 2Spicy has been paying Barklays an amount below the contractual minimum for years.......should Barklaycard not have defaulted much sooner? As I understand it.....it is when the total amount of £'s in arrears equals the amount of six months contractual payments that the default would then happen?

If 2Spicy's payments have not been much below the contractual minimum and it has taken years for this situation to come about then sadly...... (:o)......I would agree this is a problem possibly without an answer

I'm not saying they shouldn't fight it, but if you look at some other threads, credit file default can become a bit of a fight. The company have been paid back, what is their benefit to helping the debtor out now? The FOS 6 months rule is so "grey" and can be interpreted many ways imho. Most of my payments are showing as up-to-date on my file and they are not.

There is a lot of having your cake and eating it with Debt Payment. People want to have the interest cancelled fine, but they also want it off their file as soon as possible. Yes that is utopia, but at the end of the day we should be penalised for not following what we signed up for. Yes there might be a touch of spite involved because they haven't made as much money from us as possible, but at the end of the day, all I want is to be Debt Free ASAP, the credit file can wait.

make_the_change

Brogden wrote: »

They may not like it but the token payment hitting their account shows them you have not just walked away as some people do. Unfortunately this does not guarantee you will not get a load of unpleasant mail and the phone ringing. The only way to avoid that is the agreed payment plan and SC will be doing that for you.

If you are like me I would write and advise that youare currently liaising with SC and WILL be making token payments of £1 per month until a payment agrrement is agreed between them and Step Change. Whilst the computer will ignore the letter it will be scanned on and you have an immediate response if the phone rings. You can put the ball in their court and blame them for hassling you

Thanks.

I will reply and reiterate what my original letter states. That way as you say they have something on record from my side.

Brogden

blisteringblue wrote: »

I'm not saying they shouldn't fight it, but if you look at some other threads, credit file default can become a bit of a fight. The company have been paid back, what is their benefit to helping the debtor out now? The FOS 6 months rule is so "grey" and can be interpreted many ways imho. Most of my payments are showing as up-to-date on my file and they are not.

There is a lot of having your cake and eating it with Debt Payment. People want to have the interest cancelled fine, but they also want it off their file as soon as possible. Yes that is utopia, but at the end of the day we should be penalised for not following what we signed up for. Yes there might be a touch of spite involved because they haven't made as much money from us as possible, but at the end of the day, all I want is to be Debt Free ASAP, the credit file can wait.

I agree with everything you have said, including the 'cake and eat it' comment which shows a very balanced attitude. Some people want Utopia. It's a bit like committing muder and expecting to be let off jail :rotfl:!!!!

BUT.....Barklays are a joke. It could be there is no answer here but they do let things drift and if it were me, I would have my bank statements out my calculator and be working out 'when' that default should have happened. If I calculated it were years too late then I would make a formal complaint (and escalate to the FOS if necessary) if I thought they were uneccessarily penalising me .

2spicy

Brogden wrote: »

I was thinking that somewhere in the original CC agreement in the small print would surely be words to advise when an account would actually be considered to be 'in default?' My Barklaycard is long gone but I know on here that Barklaycard do tend to ignore all of their own rules and let things drift on forever.

Find out when this is - I guess it may be when six months payments are overdue? Speak to them and/or write and make sure they know this is a formal complaint. The resolution from their end is to simply backdate the default to the time it 'should' have happened. If their final response is unsatisfactory then as Puzz says go to the FOS. The FOS will normally only step in following a complaint from you and a final response from them, giving them the chance to make you happy first

It's not on - complete idiots :mad:

Call to BC this morning ... been told "company policy", so waiting for written confirmation, and FOS already engaged.
Not sure what can be done if anything. will wait and see.

blisteringblue

Brogden wrote: »

BUT.....Barklays are a joke. It could be there is no answer here but they do let things drift and if it were me, I would have my bank statements out my calculator and be working out 'when' that default should have happened. If I calculated it were years too late then I would make a formal complaint (and escalate to the FOS if necessary) if I thought they were uneccessarily penalising me .

Totally agree, although I am sat here rather smugly with 2 BC defaults and PRA(T) group handling both of them. The only way you can force their arm is to pay them less. No ifs buts ands or arounds, pay them £1 a month and they will default you. They won't hound you on the phone, you explain what you are doing (the person I spoke to said unofficially I can't say this, but it is all you can do).

This is where Stepchange fall down, they will not do this, PERIOD. Hence Self Management. I think a few got lucky and were passed to PRA(T) group last summer, but if you want a surefire default from Barclaycard, pay then £1 until it arrives.

Brogden

blisteringblue wrote: »

This is where Stepchange fall down, they will not do this, PERIOD. Hence Self Management.

Bearing in mind Step Change is a creation of the banking industry, funded by the banks and would not exist without the banks it can't very well bite the hand that feeds it .

Step Change helps the banks get some of their money back but possibly more important to them is the PR aspect as it shows the banks have a caring, human face. Even though they haven't :rotfl:!!!

If you want to do anything 'creative' to reduce your debt, reduce the number of creditors, improve your credit file and be debt free in a fraction of the time then the only way to do it is to do it yourself :cool:. Step Change will insist you do it in a way which suits its mentors !!