DMP & Mutual Support Thread - Part 11

blisteringblue

carbootcrazy wrote: »

I'm confused about this 1% 'rule' and would really appreciate some help please:o

This isn't a rule and its only Barclaycard that do it.

If you are paying over 1% of the debt as your monthly DMP payment they will not freeze the interest. Over 2% of the debt and you pay even more.

After a year with Stepchange my monthly payment to Barclaycard was in the 2% range so they wanted £114 in interest. :mad:

January2015

carbootcrazy wrote: »

I'm confused about this 1% 'rule' and would really appreciate some help please:o

The payments agreed with creditors via SC according to what I could afford at the outset of my DMP haven't gone down in the 3 years I've been on it. I've been paying off £730 in total each month to all creditors. It looks as if I am now paying more than 1% of the outstanding balances on some of my debts.

All my creditors froze interest at the outset and haven't asked for any since but I'm beginning to wonder now whether they might start to whack some interest onto the outstanding balance soon as it will appear to them that I can afford it:eek:

I was only quoting BCard. My quote doesn't relate to any other predators. This was just what the person I spoke to at Bcard told me. I don't know if it really is a BC rule or if that person just said that to shut me up:mad:

If your accounts have defaulted already it's unlikely interest will start being charged anyway. Otherwise, I have no idea of how predators play the game when accounts reach the point where DMP payments are not far off, or are even equivalent to, the standard monthly payment on accounts. Hopefully someone with more knowledge than me will be along.

All I wanted to say is I was only quoting BC, and whilst told it was their rule....you speak to someone one day, someone else the next and get told different things. So who knows

January2015

Hi everyone

Our Hellifax OD was transferred to Lloyds whilst were with SC. I have the new account reference from SC, but SC couldn't provide me with a correspondence address for Lloyds.

Anyone have a correspondence address for Lloyds debt collecting department. I have no idea who to write to.

[Deleted User]

Thanks very much for the clarification, blisteringblue and January:T

I have no debts with BC and have never had any problems with interest from any of my creditors, thank goodness! I just wondered if it was something that was widespread that I need to worry about but you've both set my mind at rest:T

Sazzie23

Hi all - great to see the thread so active.

Just thought I'd add that BC weren't the only interest chargers on my DMP when it started, one of my MBNA and also my HB@S as well as BC charged lower interest than I had been paying. It was only when my circumstances unfortunately hit a hitch and I had to reduce to tokens that the interest was cut, still not defaulted on all accounts despite 12 months of low repayments now.

The point I'm trying to make is that creditors can and will treat you differently even with the same creditor they might not treat all accounts the same, there's no rhyme or reason to it so don't be surprised or put out if you don't get the response you expected, just roll with it and complain if it doesn't suit you.

Happy debt busting weekend folks

Coinmachine

I haven been on my DMP almost 2 years, the only creditor not to ahve defaulted me is Halifax, in fact looking at Noddle it lists me as being up to date on payments which is clearly wrong.

I wrote to Halifax a few months back re this but had no reply so last week I complained about not getting a reply and have today received a letter which doesnt acknowledge my complaint and is obviously computer generated and it states that they will be passing to a third party and issuing me with a default, am I right in thinking this is a good thing as I want the default? would the next step be to try and get this backdated to when I originally defaulted?

spiffyiffy

Hi all,

I haven't posted on here in a while probably nearly a year or less. Last time may of even been more than that when I had my baby boy.

I have been on my DMP now since Oct '14 through Step Change. What a lift off your shoulders a DMP makes. All accounts defaulted around 6-8 months give or take but that's because I wasn't taking notice of the defaults but not too worried.

Everyone's posting about going Self Managed on here so I'll jump on the band wagon. i initially started checking the forum again in the last day or so and was going to post about going self managed but noticed a lot of others were doing the same or are already self managed.

How has everyone else found the shift to self managed? Did you have to say anything to step change or your DMP provider? How did everyone start the shift towards self managed?

I've looked at the NEDCAB web site so I'll start with that but all in all my debts are slowly going down.

Thanks

BeingDebtFreeStartsHere

January2015 wrote: »

Hi everyone

Our Hellifax OD was transferred to Lloyds whilst were with SC. I have the new account reference from SC, but SC couldn't provide me with a correspondence address for Lloyds.

Anyone have a correspondence address for Lloyds debt collecting department. I have no idea who to write to.

Hi January,

On our correspondance from LLoyds we have the following address:

Lloyds Bank Collections Centre,
PO Box 487
Brighton
BN1 4GY
Tel: 0808 145 0371

This letter was from when we first started our DMP in Oct 2014 so not sure if it is the one they still use? You could perhaps ring and see if it is the right address? They have passed our debt onto their recoveries team now which may be based at a different address.

Good luck and keep us posted as to how the self managed DMP is going. Definitely looking into it

BDFSH x

Puzzcat

Coinmachine wrote: »

I haven been on my DMP almost 2 years, the only creditor not to ahve defaulted me is Halifax, in fact looking at Noddle it lists me as being up to date on payments which is clearly wrong.

I wrote to Halifax a few months back re this but had no reply so last week I complained about not getting a reply and have today received a letter which doesnt acknowledge my complaint and is obviously computer generated and it states that they will be passing to a third party and issuing me with a default, am I right in thinking this is a good thing as I want the default? would the next step be to try and get this backdated to when I originally defaulted?

Hi Coinmachine,

If you read back the last 2 pages there is quite a chat about our lovely defaults..! Unfortunately some creditors are very mean and won't give them to us, whilst others default very quickly. I am unsure about being able to get the default backdated if it hasn't been applied yet?

Noddle show green up to date on the 2 of my undefaulted debts but unfortunately when you open the details they are marking the file dmp/ap which will stay on file for 6 years from when the debt is settled hence why we love a default as this disappears 6 years from placed on the file.

Love puzz. x

Puzzcat

spiffyiffy wrote: »

Hi all,

I haven't posted on here in a while probably nearly a year or less. Last time may of even been more than that when I had my baby boy.

I have been on my DMP now since Oct '14 through Step Change. What a lift off your shoulders a DMP makes. All accounts defaulted around 6-8 months give or take but that's because I wasn't taking notice of the defaults but not too worried.

Everyone's posting about going Self Managed on here so I'll jump on the band wagon. i initially started checking the forum again in the last day or so and was going to post about going self managed but noticed a lot of others were doing the same or are already self managed.

How has everyone else found the shift to self managed? Did you have to say anything to step change or your DMP provider? How did everyone start the shift towards self managed?

I've looked at the NEDCAB web site so I'll start with that but all in all my debts are slowly going down.

Thanks

Hi,

I am only changing to self managed now, and my letters are currently winging there way to the creditors as I type...!!

You have to speak to stepchange so they can cancel your plan and your direct debit. They are very nice and will ask what your plans are and give you some advice for moving forwards.

I basically used NEDCAB but adapted the expenditure so it matched SC's exactly as I wanted to pay the same as they are currently getting, others have increased the expenditure for there own reasons. The problem I found is NEDCAB divide up the percentage to each creditor different to SC so I just amended it to match.. lots of downloading to word occurred..! I then adapted the letter to suit and sent it with my i & e to my creditors. I have set up a new file for my SM dmp and started a new little money book as I do like to write everything down and can keep a close eye on my balances etc. I get monthly statements from 5 of my creditors and then annual from the other 4 but you can always ring for up to date balances.

Organisation, budget and being happy to speak to creditors I would say will be the success of a self managed dmp.

Good Luck.
Puzz x