DMP & Mutual Support Thread - Part 11

System

January2015 wrote: »

Hi Ploppy

Definitely challenge the interest....the bit about more than one account with the same company and them treating accounts the same is from The Lending Code - quote it in your letter.

Section 227 states:

• Where possible, subscribers should have consistent policies for customers holding more than one product type in terms of charges and interest concessions.

Thanks January, I remembered there was something about several accounts with the same supplier, but couldn't remember what it was. I will write a letter tonight.

blisteringblue

Tinpot DCA still hassling me. Can't be bothered to send a letter so sent an email.

I have received your letter re the above account.

You have my financial statement, I will NOT be contacting you by telephone, either now or in the future, and I do not give you permission to contact me by telephone or Text message EVER.

Any further calls or messages will be sent to the FOS as a complaint.

There is nothing to discuss, you accept my payment or you don't, I will continue to pay that stated in my statement. I am treating all creditors exactly the same.

Account is defaulted, if you don't like it, sorry tough.

Quite proud of that one :rotfl:

JCV

Indeed it is Payplan and funnily enough when I've specifically asked 'why does an IVA make more sense if the reality is I fully pay off my debt in 5 years yet I don't with an IVA' and it's been ignored. I then googled 'pay plan IVA reviews' and most were about DMP but every IVA review was everything I had feared. I expected an unbiased response from them but it's evidently biased with an agenda and that in itself is enough for me to question it. Thank you for the advice, decision made, DMP to remain! By the way I'm new to posting on here so hope this doesn't look like a random post as it is intended for 2spicy, thank you

blisteringblue

I know people like the comfort blanket of Payplan or Stepchange, but they are a business at the end of the day and businesses need to make money. Them making money might not necessarily be in your interest.

Go it alone and self manage, it really is easy and you have so much more control. I'm 12 months self managed this month and it's by far the best thing I have done. I got all my interest charging accounts back to 0%, got 2 BC defaults (lucky I know) and I'm actually having fun with the DCAs (eg. my earlier post).

grant1wish

Hi blisteringblue,


How did you manage to get BC to default you? Been trying for 3 years!

blisteringblue

grant1wish wrote: »

How did you manage to get BC to default you? Been trying for 3 years!

Paid them £1 a month until they did. One took 4 months, the other around 6 but the 2nd is in the final stages of moving to PRA Group. Been like that since Nov but the default shows on Noddle.

fishfinger1

blisteringblue wrote: »

I know people like the comfort blanket of Payplan or Stepchange, but they are a business at the end of the day and businesses need to make money. Them making money might not necessarily be in your interest.

Go it alone and self manage, it really is easy and you have so much more control. I'm 12 months self managed this month and it's by far the best thing I have done. I got all my interest charging accounts back to 0%, got 2 BC defaults (lucky I know) and I'm actually having fun with the DCAs (eg. my earlier post).

Is a self managed DMP just as simple as writing to creditors asking them to freeze interest and paying them a set amount every month by direct debit?

blisteringblue

fishfinger1 wrote: »

Is a self managed DMP just as simple as writing to creditors asking them to freeze interest and paying them a set amount every month by direct debit?

Pretty much, NEDCAB (citizens advice) give you all the info you need and I used this method myself. You control it so it's a Standing Order for me, and not DDs

https://nedcab.cabmoney.org.uk/dmp.asp

Brogden

blisteringblue wrote: »

I know people like the comfort blanket of Payplan or Stepchange, but they are a business at the end of the day and businesses need to make money. Them making money might not necessarily be in your interest.

Step Change isn't a business.

To be completely fair to Step Change, it need not steer people to do one thing or another....its income comes from the financial services industry. It is really a token 'olive branch' from the banks to those with debt problems.

The problem is, in being fair to all creditors we know we are not doing the best for ourselves......nowhere near !!

muppetscotland

Good morning all. Have written to all our many creditors to explain we're in difficulties and asking for 30 days to sort with CashFlow (sort of semi DIY DMP) and as yet no replies
End of the month coming up so direct debits will all bounce as have moved bank account so presumably things will start to move soon.

Just so terrified that our biggest creditor, RBOS to whom we owe 19000 cc and loans totalling around 30000 will force bankruptcy. They are not doing well themselves and are under pressure to pay back the govt for their bale out. It seems to me they are unlikely to be kind. The equity in our house would cover their debt but not much else. My husband is a self employed contractor in the oil industry and by sheer good luck has kept working through the worst downturn in oil industry history. But his rate has been cut several times and again just this week. ...we are living off half what we had less than a year ago. We are both nearly 50 and this is not where we thought we would be this late in life (but with 8 year old twins to boot!).

Has anyone got words of wisdom or comfort for me this scary morning? In prticular has anyone owed a similarly huge amout to one creditor and survived? Thank you