DMP & Mutual Support Thread - Part 11

BeingDebtFreeStartsHere

January2015 wrote: »

Hi everyone

The battle with BC to default our account it beginning to depress me

When on the DMP with SC they were adding interest at 3%, now it is much higher. They are now adding over £300 per month interest - 24.85% (27.9% compound equivalent)

I was making token payments. Now I am going to stop making any payments.

Hi Jan,

So sorry to hear of your nightmare with BC - £300+ per month interest is shocking - how can they think that will help your situation?

I'm sure you have (as you are very knowledgeable), but if you haven't, write to them as I've seen others advise, informing them that adding this interest does not help you to reduce your debt and that they are making things much more difficult for you. I'm sure I've seen a draft letter posted on here.

We have been very lucky with BC as they reduced our interest to 0% at the beginning of the DMP and have not charged us any interest as yet. Whether this will change as we get to that elusive 1% payment of the total balance who knows!!
We did receive a letter threatening a default last week - sooooo hoping that they do this soon but not holding my breath!!

Good luck and hope you can get things sorted and interest refunded.

BDFSH x

BeingDebtFreeStartsHere

chiefsfanuk wrote: »

Hello All,

Whilst I have been a member of these forums for some time now, I haven't been an active user for a few months.
However, last week, after receiving an unexpected £80 in fees on my current account, I had a light bulb moment. I realised as much as I tried to keep up with my payments and refused to accept how irresponsible my borrowing had gotten in the last two to three years, I have reached the point of something has gotta give!
So, after speaking with DH and using the SC website, we have come to the mutual decision that a DMP is the way forward. I have spent hours on end reading this thread and can't thank you all enough for this amazing resource of wisdom, experience and information so wanted to put in a 'Hey, how you all doing and thank you' post real quick.
Mine and my husband's journey starts here; We have applied and been approved for a new basic account and I also have another current account with no overdraft. We plan to use the method of all bills from one account (have switched DD's from the fee charging account mentioned above) and all regular spending (ie groceries, petrol etc) from the new account to help us stay organised and in control. Also I have sent off for the paperwork from SC to get the ball rolling on our DMP (approx £20k debt with £115 per month to pay, increasing by £120 next February when the HP on our car is paid off). I have stopped ignoring the phone calls and spoken to two of my creditors, BC and Capital One, who have put me on a 30 day hold while they wait to hear from SC.
All in all, after just five days I feel like I am finally dealing with our demons and made a good start on the loooong road ahead!
So yeah... Hello, thank you and talk more soon
V

Hi chiefsfanuk and welcome to the best forum on MSE!! :hello:

Sounds like you've made a great start to your DMP journey Reading through the threads has obviously paid off

There are loads of people on here with excellent advice to help with every step of your DMP - I could not have got this far without them all.

If you have any questions, even if you think they are daft questions, please post and someone will have some advice for you and give you that support you need. It is so great to be able to chat with non-judgemental people who are always willing to help, no matter what.

Great to have you on board and good luck with your DMP

BDFSH x

AnnM48

Scottishmummy wrote: »

They apply the marker for each month but it should all disappear six years after the default date. I say should because I have noticed that crabot have changed the marker they have been using from a default marker to a dm - debt management marker this last three months. The actual default date shows on the record though so hopefully it still goes by that.

That's great thanks! So is there no real chance of my credit rating improving over this period? Does it just stay 1/5 as the defaults get registered each month?

January2015

BeingDebtFreeStartsHere wrote: »

Hi Jan,

So sorry to hear of your nightmare with BC - £300+ per month interest is shocking - how can they think that will help your situation?

I'm sure you have (as you are very knowledgeable), but if you haven't, write to them as I've seen others advise, informing them that adding this interest does not help you to reduce your debt and that they are making things much more difficult for you. I'm sure I've seen a draft letter posted on here.

We have been very lucky with BC as they reduced our interest to 0% at the beginning of the DMP and have not charged us any interest as yet. Whether this will change as we get to that elusive 1% payment of the total balance who knows!!
We did receive a letter threatening a default last week - sooooo hoping that they do this soon but not holding my breath!!

Good luck and hope you can get things sorted and interest refunded.

BDFSH x

Thanks - I've written several times to BC and spoken to them on the phone. I've quoted the Lending Code to them. They are not budging.

I'm now wondering how much interest they will apply before they default us

Sazzie23

January2015 wrote: »

Thanks - I've written several times to BC and spoken to them on the phone. I've quoted the Lending Code to them. They are not budging.

I'm now wondering how much interest they will apply before they default us

just a thought I recall someone on here, can't recall who sorry, had a good result by writing to the CEO of a creditor after they really hacked off the poster.

Or at least writing to someone different to the team you've been dealing with.

BC really are the pits with their interest charges.

Good luck with it, try not to let it get you down

System

Sazzie23 wrote: »

just a thought I recall someone on here, can't recall who sorry, had a good result by writing to the CEO of a creditor after they really hacked off the poster.

Or at least writing to someone different to the team you've been dealing with.

BC really are the pits with their interest charges.

Good luck with it, try not to let it get you down

Can anybody confirm if this is the correct email for CEO of BC? I found it on that CEO email website, but wasn't sure if that is actually a legit site....says it is [EMAIL="amer.sajed@barclaycard.co.uk"]amer.sajed@barclaycard.co.uk[/EMAIL] Shall I give it a go?

sourcrates

January2015 wrote: »

I'm now wondering how much interest they will apply before they default us

Make a note of the actual amount of interest they have charged, when, it eventually gets stopped.
Just so you know how much to deduct from any future full and final offers.


As that is where you gain payback !!!!

grant1wish

I managed to get BC to stop interest about 2 years in to my DMP. I made a £5 payment for 2 months, and when I spoke to a lady on the phone she put the account on hold for 30 days. Whilst on hold there was no interest, and although the account isn't on hold any longer, the interest never started back up.


I did ring them several times and this lady was really helpful. However previous communications were not so fruitful.

Bouncybubbles

Has anyone dealt with Argos card services on a Dmp? Sent them a letter informing them etc but they have not responded. Hoping they stop the interest it's currently 29.9% :eek:

sourcrates

Bouncybubbles wrote: »

Has anyone dealt with Argos card services on a Dmp? Sent them a letter informing them etc but they have not responded. Hoping they stop the interest it's currently 29.9% :eek:

Hi,


Quite common for creditors to ignore initial correspondence about entering a DMP.
If, further down the line, they still haven't stopped interest, write again, asking them to stop it.