DMP & Mutual Support Thread - Part 11

afooksy

Hi everyone


I am on DMP which plans to run for the next 7 years. One of my accounts has gone to default. I read that defaults are a good thing as it drops off after 6 years paid or not..does this mean the debt will clear before I have chance to pay it off?


could be a stupid question but just wondered how it works. My other debt with Santander, also part of my DMP is now 'Delinquent' not sure what that entails.


x

Puzzcat

afooksy wrote: »

Hi everyone


I am on DMP which plans to run for the next 7 years. One of my accounts has gone to default. I read that defaults are a good thing as it drops off after 6 years paid or not..does this mean the debt will clear before I have chance to pay it off?


could be a stupid question but just wondered how it works. My other debt with Santander, also part of my DMP is now 'Delinquent' not sure what that entails.


x

Hi,

Unfortunately not, the default will drop off after 6 years but the debt will still need to be paid.

Sorry not sure about the delinquent status..

Puzz. x

Puzzcat

cheffy1 wrote: »

Thanks puzz. Just had a look, and will get writing ASAP, have an operation tomorrow, and will be off work for 3 weeks, so I've got the time on my hands to start getting pro active and get things moving in the right direction. Have also just read the first post from your diary, and will try and have a read thru your journey. Do you feel the diary helps? I'm wondering if it's something that would help me motivate myself to stay on track?

Hi Cheffy,

I like keeping a diary but it is really lots of waffle!!! I do like to read it back and if I can't remember something its useful to retrack. I do think it probably helps to keep you on track as posting on mse most days means it keeps the debt busting in the forefront of your mind...

Puzz. x

afooksy

Thank you Puzz...I hope to clear the debt in the next 3 years rather than 7 but just wondered what a default dropping off actually meant.


I really wish I knew/understood the implications of getting a credit card when I was 18. I spent like no tomorrow with no idea that it would affect me getting a mortgage etc. I am lucky that my partner DID understand and has excellent credit score and savings which has enabled us to buy our first home. My name isn't on the mortgage and won't be for a very long time but I will be contributing monthly and have contributed towards the deposit.


I never told anybody about my debt building up until I had myself sorted on the DMP when I broke the news to my mum. She was fine called me very silly but as it was all under control I felt no need to ask for any support money wise. Nor would I want too..I'm very much of the thinking that this was my problem I spent the money on absolute crap I didn't even need...why should she pay it for me?


A year on now and for the most part the DMP is at the back of my mind..my spending habits are 100x better as I now know that when my moneys gone its gone!! No relying on credit card or overdrafts.


My mum & dad are separated and I never really told my dad about my debt or DMP until recently. Weird reaction...shock/horror from my Stepmum that my own Mum didn't offer to clear the debt for me...even though my Dad sat there in silence and wasn't exactly opening his wallet up to do the same!
Funny how someone completely un-related to me and the whole situation would demand that.


Sorry for the unexpected long post there! I like reading about others in similar situations on this thread, find it really encouraging x

make_the_change

Does anyone have the address for Barclaycard as need to send them a letter regarding DMP and can't find their address? Thanks in advance

Puzzcat

make_the_change wrote: »

Does anyone have the address for Barclaycard as need to send them a letter regarding DMP and can't find their address? Thanks in advance

This is the address I originally used when I started my dmp.

BARCLAYCARD CUSTOMER RELATIONS DEPARTMENT,
PO BOX 6476,
NORTHAMPTON,
NN4 1ZN


Puzz. x

make_the_change

Puzzcat wrote: »

This is the address I originally used when I started my dmp.

BARCLAYCARD CUSTOMER RELATIONS DEPARTMENT,
PO BOX 6476,
NORTHAMPTON,
NN4 1ZN


Puzz. x

Thank you!

gilmum

Cheffy1 the great thing is that they have to reply to a formal complaint within 1 week, so you don't have to hang around wondering. Lloyds bent over backwards for us to stop us going to the ombudsman but Halifax said they would do nothing - but we are in a very different position to yours as we are paying more than the contractual minimum payments - it doesn't mean we shouldn't be in a DMP its because the way they apportion repayments some of my creditors are getting £160 less per month while Halifax get £30 more. In your letter tell them if they are unable to reach an acceptable resolution of the problem then you will refer the matter to the ombudsman. What Halifax said to us is that if we wanted interest stopped we would have to stop paying them anything and wait for being defaulted and that they only have a policy for reducing interest for a short period of 6 months, but that goes against the Lending Code. What they are doing to you is outrageous and does contravene the Lending Code. Good luck.

cheffy1

Thanks gilmum.

I've just had a look on the halifax banking site, and the loan is still there, so had a look on the statement tab.

Since my DMP started on 1st June 2015 I've paid £1207.17 off the loan via the DMP.
Halifax have added £1532.74 in interest during the same period, meaning I now owe them £325.57 more than at the start! The interest has been added on the 1st of every month, but none was added on 1st Feb. So maybe that's a good sign? I suppose I'll only know once they reply to my letters

System

Result :T:T:T:T

After asking advice last week when Lloyds (and now H/FAx) started to add interest again after we had to drop to token payments for a couple of months when I lost my job...I wrote to them and just had Lloyds complaint manager on the phone...lovely lady and they have agreed to send all Lloyds & H/Fax accs to default and we got some compensation for our stress they had put us through!!:j Things are going well.