DMP & Mutual Support Thread - Part 11

Sazzie23

scared1 wrote: »

Hi

I've been on a debt management plan about 7 years now and paid off £43,000 will the help of step change. Its been an exhausting journey but just have to keep going. My debt free due date was October 2017.

Today in the post I received a letter from tesco bank stating:
We identified that for a period of time during the course of your loan you were not supplied with a notice(s) of sums in arrears in accordance with the Consumer Credit Act. This is now enclosed for your reference.

This does not change you obligation to repay your loan; however, it does mean that you are now not liable to pay interest for the period that you were not in receipt of the correct documentation. As a result we have credited £3878.12 to the account to return the amount of interest you were charged on the loan during this period.

Things like this simply do not happen to me. When fat letters come from creditors come through the door its usually because I owe them more!

Its knocked my outstanding balance down quite a bit and means I can finish my plan in April instead of October next year!

I'm not really sure if anybody has heard of this before- I never have but I would urge you to all check if you are entitled to the same thing.

Its taken a massive load of my mind and given me a much needed boost!

I haven't a clue on what to check to see if other creditors had made the same mistake but am very happy today to be a bit closer to the end!

That's a win, :T

Coinmachine wrote: »

It must be my lucky month, in addition to the £75 mentioned above, Nationwide have offerred £250 for the error above and have amended my credit record. Thats not bad £325 out of my creditors due to their sloppy admin.

Also a win, happy news to you both :T

Sazzie23

January2015 wrote: »

I have a lever arch folder with dividers - one divider for each predator. On the front index I list the original predator name and account info. I leave enough room to write underneath the details of the DCA and new account ref number when it's transferred.

Mine are on bulldog clips but I think one or 2 are getting a bit full, I might move to a folder soon.

Good tip for everyone new, start a spreadsheet I use Excel but in a notebook works too, of your debts to watch the balances go down and then you know exactly who you owe what to. I reconcile mine with my noddle report every couple of months and then update the SC balances. DONT RELY ON SC to keep your balances correct.

And good luck to all the newbies.

Brogden

Boldhoof wrote: »

Hi all,

Just to make people aware of an issue we have just had regarding a Full and Final Settlement figure. Wescot refused our offer but came back with a counter offer which we were able to meet. So the letter said if we accepted we could pay and listed ways in which to pay. it also stated that If the payment was received their client agrees not to pursue us for the remaining balance and will not pass on the remaining balance to anyone to pursue. We paid online and received a receipt which we also kept with all the other paperwork, this was back at the start of February. Today we received a letter with the remaining balance listed and asking us to contact them with our I & E. I phoned them and was told they weren't sure we had accepted the F&F offer as we had not rung them. I explained it did not ask us to ring in the letter, only if we accepted the offer to pay etc. They confirmed that it is paid as a partial settlement, and will send it back to the original creditor, and also will write to confirm. We will be keeping copies of the original letters for a while yet.

I had exactly the same thing with Wuscot. I paid the agreed partial final settlement figure and months after received a statement showing an outstanding balance.

I made a formal compaint based on the fact they had not amended my record with the CRA's to show 'satisfied.' It is just as though we had never had the correspondence about a final settlement :mad: I strongly suggest you check your credit files and if anything is wrong complain and receive compensation like me :cool: !!

Life is so damned 'impersonal.' We beat ourselves up about repaying debts and when we do pay the b*stards don't even notice or care.....its not exacty motivational is it? It sometimes makes you think.....does it all matter? Yes it does but sometimes one has to wonder what it's all about.......:mad:!!

gilmum

Does anyone have experience of complaining about creditors treating you differently on different accounts. I was looking at the Lending Code which says creditors should be consistent with regard to interest concessions for customers with multiple accounts. My Barclaycard debt is charged at a reduced rate of 12.9% which I was grateful for as its better than full interest but Barclays have defaulted a loan and overdraft which are now interest free. I was thinking of writing to them throwing this bit of the Lending Code at them as it would appear they are not being consistent. I have checked and Barclaycard is just a trading name for Barlcays PLC so they are the same creditor. Any thoughts / experiences ?

Puzzcat

Puzzcat wrote: »

Hi Ploppy,

I had 3 accounts with 1 creditor but they weren't charging interest, 2 had been defaulted and the third was still on AP so I wrote and complained using the ICO guidelines and they did backdate the default on the debt and sent me £50 compensation.. Well worth a letter to your creditors even though slightly different circumstances.

Don'f forget to include the word complaint in your letters and that you will take it to the FOS if not satisfied. You can do that bit online after 6 weeks, obviously no guarantees but anythings worth a shot..!

Puzz.x

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.

gilmum wrote: »

Does anyone have experience of complaining about creditors treating you differently on different accounts. I was looking at the Lending Code which says creditors should be consistent with regard to interest concessions for customers with multiple accounts. My Barclaycard debt is charged at a reduced rate of 12.9% which I was grateful for as its better than full interest but Barclays have defaulted a loan and overdraft which are now interest free. I was thinking of writing to them throwing this bit of the Lending Code at them as it would appear they are not being consistent. I have checked and Barclaycard is just a trading name for Barlcays PLC so they are the same creditor. Any thoughts / experiences ?

Hi gilmum,
This came up recently I have multi quoted for you.
Puzz.x

BeingDebtFreeStartsHere

Well the car failed it's MOT - needed new brake discs and pads, wheel bearings and steering rod thingy (not very technical with cars!!) We need the car to get the kids to and from school, and the fact that it is our only vehicle means we had no choice but to get everything fixed. Total bill = £425 :eek::(

We had £225 put aside for the car repairs but we have had to find the other £200 out of this month's wages - luckily I did a bit of extra overtime but this doesn't cover the cost so the next 3 weeks until pay day are going to be extremely tight. We had beans on toast for tea!! (seriously we did!!).

Going to be doing some strict budgeting and hunting in the cupboards for anything I can sell on ebay or buy & sell pages to top up our money until March's pay day. I have £50 saved for my son's residential but as that is not due until the end of April I may have to use that and find it out of next month's pay instead. Bloomin' nightmare cars are!! But we cannot be without it. Just hope that all runs smoothly now as we cannot afford anything like that for a long while.

Going to sit with a brew recalculating my budget for March once the kids are in bed - what a rock and roll life I lead!!!

Take care everyone,

BDFSH x

BeingDebtFreeStartsHere

scared1 wrote: »

Hi

I've been on a debt management plan about 7 years now and paid off £43,000 will the help of step change. Its been an exhausting journey but just have to keep going. My debt free due date was October 2017.

Today in the post I received a letter from tesco bank stating:
We identified that for a period of time during the course of your loan you were not supplied with a notice(s) of sums in arrears in accordance with the Consumer Credit Act. This is now enclosed for your reference.

This does not change you obligation to repay your loan; however, it does mean that you are now not liable to pay interest for the period that you were not in receipt of the correct documentation. As a result we have credited £3878.12 to the account to return the amount of interest you were charged on the loan during this period.

Things like this simply do not happen to me. When fat letters come from creditors come through the door its usually because I owe them more!

Its knocked my outstanding balance down quite a bit and means I can finish my plan in April instead of October next year!

I'm not really sure if anybody has heard of this before- I never have but I would urge you to all check if you are entitled to the same thing.

Its taken a massive load of my mind and given me a much needed boost!

I haven't a clue on what to check to see if other creditors had made the same mistake but am very happy today to be a bit closer to the end!

Hi scared1,

We had exactly the same from the loan we have with the Co-Operative Bank - our letter came about 2 months ago I think. Our balance was only reduced by £800ish but anything is better than nothing!! It was a nice welcome break from all the default and arrears letters!!!

Glad you've had some positive news and that it has helped to bring your DFD forward - good luck with the rest of your DMP

BDFSH x

Boldhoof

Brogden wrote: »

I had exactly the same thing with Wuscot. I paid the agreed partial final settlement figure and months after received a statement showing an outstanding balance.

I made a formal compaint based on the fact they had not amended my record with the CRA's to show 'satisfied.' It is just as though we had never had the correspondence about a final settlement :mad: I strongly suggest you check your credit files and if anything is wrong complain and receive compensation like me :cool: !!

Life is so damned 'impersonal.' We beat ourselves up about repaying debts and when we do pay the b*stards don't even notice or care.....its not exacty motivational is it? It sometimes makes you think.....does it all matter? Yes it does but sometimes one has to wonder what it's all about.......:mad:!!

Thanks for the info. Will keep an eye on Noodle, just had the report, which always seems a month or two behind. Hopefully it will show Tesco and Westcot "partially satisfied" etc on next statement date.

muppetscotland

Evening all. I have begun to get replies from creditors as a result of initial letter from us intimating our intention to start a DIY DMP.

A few have asked for proof of income - one has asked for bank statements (Creation) and another has asked for my last tax return! (MBNA). The tax return is particularly daft as it relates to income earned before April 2015 when times were considerably better.

Is this the usual "sabre rattling " or will I really have to send these to go to the next stage and have them accept my payment offer?

Thanks all for continued help and support.

January2015

muppetscotland wrote: »

Evening all. I have begun to get replies from creditors as a result of initial letter from us intimating our intention to start a DIY DMP.

A few have asked for proof of income - one has asked for bank statements (Creation) and another has asked for my last tax return! (MBNA). The tax return is particularly daft as it relates to income earned before April 2015 when times were considerably better.

Is this the usual "sabre rattling " or will I really have to send these to go to the next stage and have them accept my payment offer?

Thanks all for continued help and support.

We have never sent anything but an income and expenditure statement.

It doesn't matter if they accept your offer - just pay what you have proposed and keep doing so. If they don't accept your offer they will eventually just sell the debt on to a debt collection agency. Don't panic.