DMP & Mutual Support Thread - Part 11

Puzzcat

muppetscotland wrote: »

I realise I didn't word my previous post very well so will try again now I feel less wobbly

I've had a letter from my biggest creditor (and nemesis) Royal Bank in response to my holding letter intimating our decision to seek advice ref a DMP.

The letter has been personalised and gives me a named account manager with the bank''s risk management team. This seems really OTT in comparison to the very standardised responses I've had from our other creditors. We are owe this bank 60k so I am fretting that the risk management and account manager approach means we are under their microscope rather than just being a number in a pile of other creditors.

Or perhaps this is not usual? Can anyone shed any light? With thanks.

Hi,
Sorry not something I have come across before, maybe just because of the % of debt owed to them. I wouldn't worry at least you have a point of contact the rest of us float around in the abiss of the creditors computers getting random letters.
Do update us as everyone's experiences are important.
Puzz.x

gilmum

Another question - I have seen bits on here about CCA's which I don't fully understand but I think it is suggested that if the bank can't prove your debt then it is unenforceable and that this is more likely on older debts - I have found the dates of ours on noodle which are as follows:

Tesco 2004, Virgin 2010, M&S 1994, MBNA 2008, Barclaycard 1995, Barclays current a/c 1992, Halifax 2005, Lloyds Mastercard 2001

Is it suggested that if they can't provide evidence of the agreement you just stop paying - if you do this, what does this do to the credit rating - I presume that they can default you if they haven't already. I am afraid of stopping all payments as being sued would cause issues for my job but if they aren't enforceable, then this would be less of a worry.

Sazzie23

muppetscotland wrote: »

I realise I didn't word my previous post very well so will try again now I feel less wobbly

I've had a letter from my biggest creditor (and nemesis) Royal Bank in response to my holding letter intimating our decision to seek advice ref a DMP.

The letter has been personalised and gives me a named account manager with the bank''s risk management team. This seems really OTT in comparison to the very standardised responses I've had from our other creditors. We are owe this bank 60k so I am fretting that the risk management and account manager approach means we are under their microscope rather than just being a number in a pile of other creditors.

Or perhaps this is not usual? Can anyone shed any light? With thanks.

Hi Mupps
I've not heard of it in DMP world, self managed or otherwise, I did get one when my secured loan went into arrears, however this was a good thing and the person got me a small credit when someone messed up the paperwork and sent me something they shouldn't have, so it's probably a good thing. Also if you've one point of,contact for various accounts with the same company they'll be no excuse for treating you differently on each account!
It's just another technique to scare you, but the account manager will probably have loads of people to look after, and you are unlikely to be top of the list if they don't want you to contact them til April?

Stay strong

Sazzie23

gilmum wrote: »

Another question - I have seen bits on here about CCA's which I don't fully understand but I think it is suggested that if the bank can't prove your debt then it is unenforceable and that this is more likely on older debts - I have found the dates of ours on noodle which are as follows:

Tesco 2004, Virgin 2010, M&S 1994, MBNA 2008, Barclaycard 1995, Barclays current a/c 1992, Halifax 2005, Lloyds Mastercard 2001

Is it suggested that if they can't provide evidence of the agreement you just stop paying - if you do this, what does this do to the credit rating - I presume that they can default you if they haven't already. I am afraid of stopping all payments as being sued would cause issues for my job but if they aren't enforceable, then this would be less of a worry.

I think you've got the theory correct about CCA's though if you are still with original creditors (OC) then it's more likely they could have the paperwork to back up the debt. Not sure how CCA works with current accounts, could be only CC?

Yes if you stop paying the credit rating will dive but mine did anyway once I'd started the DMP, although to be fair it was bit shaken to start with despite never missing a payment, my credit was load was so high I think that pushed it down.

I believe the creditors can't take you for a Ccj if it's unenforceable, but get another opinion on this before you stop paying if there are potential job issues.

Regards your job, is it only CCJ and IVA etc that cause you issues? Some parts of my job stipulate I am not eligible to do xyz (e.g. Committee positions) if I have an arrangement with creditors to pay debts!

Sazzie23

Mkl79 wrote: »

January15,
Thats the sort of answer i was hoping for!! All mine are 'mainstream' also so HOPING to just be allowed to crack on and pay them asap without having to deal with their self serving 'advice' or fake sympathy. Letters i can deal with,its just phonecalls that i am not looking forward to!

Don't answer them, I didn't, just turned the house,phone off, checked it once a day for messages and ignored any number I didn't recognise on the mobile. There was a downside which means people I know stopped phoning me as I literally only communicated by text but if your a bit more on the ball than me you can probably avoid that.

Or if you do answer, and only do it when you're in the right company 'I'm with stepchange, my reference is .....' Hang up.

You'll be fine once the first month is over, keep ticking off the days:D

fermi

muppetscotland wrote: »

The letter has been personalised and gives me a named account manager with the bank''s risk management team. This seems really OTT in comparison to the very standardised responses I've had from our other creditors. We are owe this bank 60k so I am fretting that the risk management and account manager approach means we are under their microscope rather than just being a number in a pile of other creditors.

Looks like they cover a big range of stuff at Borehamwood

e.g jobs like

http://jobs.rbs.com/jobs/3138310-senior-account-manager

Our customers are at the heart of everything we do, and when they hit a period of financial difficulty we're committed to working with them and helping them to reduce their level of debt with the bank. As Senior Account Manager you'll manage and provide a bespoke credit assessment of customers showing signs of financial difficulty and through excellent customer service work with them to find a solution to reduce their indebtedness and thereby improve their financial situation and reduce the potential risk of loss for the bank.

Which I would guess is where the Risk Management part comes in, where you owe them £60K

fermi

Sazzie23 wrote: »

I think you've got the theory correct about CCA's though if you are still with original creditors (OC) then it's more likely they could have the paperwork to back up the debt. Not sure how CCA works with current accounts, could be only CC?

Overdrafts are covered by the Consumer Credit Act, but are exempt from the specific sections that require them to have a formal written executed CCA.

A CCA request requires that they

"shall give the debtor a copy of the executed agreement (if any)"

Well, there isn't any executed CCA for an OD, so the (if any) part means they they have no obligation to comply with such a request.

Mkl79

Thanks,i think my tactic is going to be answer first calls (prob re cancelled direct debits),tick each creditor off my list,then when ive spoken to them all once i will block numbers and ignore!! As i said i can deal with letters all day long,its just the pushy little oiks that call you up over and over that i cant stand!
Also,could someone tell me how to feel please?!! After 8/9 years of s?*t i right now feel ecstatic,liberated,and even PHYSICALLY different,all after 2 calls with Stepchange and cancelling my direct debits. I cant shake the nagging prod of guilt for feeling this way or unease that there must be a catch here somewhere...

Puzzcat

Mkl79 wrote: »

Thanks,i think my tactic is going to be answer first calls (prob re cancelled direct debits),tick each creditor off my list,then when ive spoken to them all once i will block numbers and ignore!! As i said i can deal with letters all day long,its just the pushy little oiks that call you up over and over that i cant stand!
Also,could someone tell me how to feel please?!! After 8/9 years of s?*t i right now feel ecstatic,liberated,and even PHYSICALLY different,all after 2 calls with Stepchange and cancelling my direct debits. I cant shake the nagging prod of guilt for feeling this way or unease that there must be a catch here somewhere...

Hi Mk179,

There is no catch, and we all felt guilty at the beginning not being able to keep up with our repayments.. but... a dmp is fabulous.. we are repaying our debts but at a rate we can afford and hopefully without the full burden of interest to boot... I don't feel guilty now, I have paid my debts over and over with the massive interest charges for 20 years...

The only downside is the long haul, it can and will be a slog, its hard not being able to do everything you want to but we will all get there in the end and good budgeting is the key!

Good Luck.
Puzz. x

Boldhoof

Mkl79 wrote: »

Thanks,i think my tactic is going to be answer first calls (prob re cancelled direct debits),tick each creditor off my list,then when ive spoken to them all once i will block numbers and ignore!! As i said i can deal with letters all day long,its just the pushy little oiks that call you up over and over that i cant stand!
Also,could someone tell me how to feel please?!! After 8/9 years of s?*t i right now feel ecstatic,liberated,and even PHYSICALLY different,all after 2 calls with Stepchange and cancelling my direct debits. I cant shake the nagging prod of guilt for feeling this way or unease that there must be a catch here somewhere...

Well we felt relief once we took the first step. Strange enough our first step was one Saturday morning we went into the bank where we had loan, credit card debt. I have to say they were very helpful, cancelled our DD for the loan, stopped the credit card, and told us to get advice from an either SC or similar. To ignore the letter that will come regarding the DD being cancelled.The other creditors we phoned that weekend, all were fine . Phoned SC on the Monday, again very helpful and since then we have felt good. Being here makes it even better as when you receive a letter, have a question there is always someone who has received that same letter, had that question and its been answered.