DMP & Mutual Support Thread - Part 11

Spoonhead88

Puzzcat wrote: »

Hi Spoonhead88,

I was a little confused about the loan situation, usually if a loan is front loaded with interest then the total you owe at the start of the dmp should only go down. If interest is being added monthly then it isn't front loaded. You would be able to find this information from your original loan application.

With regards to late payment fees you need to ask your creditor to move the due date to fit with the date of payment from SC. Unfortunately some Creditors don't do this unless you ask them to.
I am sure it will settle down after a few months have you written to Lloyds to request they stop the interest?

Puzz. x

I'm not sure if I still have the original loan documents, will have to have a search.

I will give Lloyds a ring and make sure they have moved the payment date. I have written to them asking if they will stop charging intrest on the account but no reply yet. I been thinking since the LLoyds one is the smallest of my debts if I should just save up and pay it off in full as I already have nearly half the outstand amount.

Sazzie23

Puzzcat wrote: »

As Sazzie says 'saving' is a very important part of a dmp working, I have a few separate saving accounts and then lots of e accounts off of my bank account which are all named, car, Christmas, birthdays, emergency fund etc. Hopefully if you have an online bank account you can do something similar.

Puzz. x

Hi Puzz

Me too, I try to keep some of them, difficult to access (like a building society passbook account, how old fashioned is that! ). But if I get fed up i can't easily blow the lot.

P.s. Yes I miss the post too .....

Sazzie23

Spoonhead88 wrote: »

I'm not sure if I still have the original loan documents, will have to have a search.

I will give Lloyds a ring and make sure they have moved the payment date. I have written to them asking if they will stop charging intrest on the account but no reply yet. I been thinking since the LLoyds one is the smallest of my debts if I should just save up and pay it off in full as I already have nearly half the outstand amount.

Hi Spoony

I would ask lloyds to refund the late fees as well, you weren't late, you were sticking to the agreed payment plan, it's them that haven't updated their information. If they refuse, don't get upset on the phone, just write to them again saying you are making a formal complaint - use the word complaint - about the late fees and interest, quoting the lending code and saying you will go to the FoS if they don't help you out.
There is a template in page 112 but I'm not sure if it's this letter but if you scroll through a few hundred pages you'll find one for sure. I think someone said national debt line has some templates on their site too. I think I'd wait for them to refund the charges and interest before I considered paying off the Lloyds debt.

Regards Santander loan, seem to recall they can be difficult, but saying your interests is front loaded and then applying it to your debt is a straightforward lie and I'd certainly be challenging that. Did they put anything in writing and have you still got the letters?

And it is common for debts to increase in the first few months of a DMP but don't let that be a reason not to COMPLAIN. Always remember you are a good guy, you are not running away and are trying to pay off your debts me you just need a bit more time. Be proud to be dealing with debt.

Saz.

Sazzie23

Bouncybubbles wrote: »

Does anyone know what I should be sending to SC in regard to letters I receive? Do I email them a copy of everything eg. Had a letter from co-op basically demanding I pay my OD off. Or do I only send them letters if it is regarding the debt being sold to other companies? Thank you

Hi BB,
I think it's important to remember a lot of letters are automatically generated computerised letters, some of which are required by the consumer credit law. Try not to be out off by them, keep a file like Puzz says, I only action ones which look like they've been specifically written to me, I.e. They mention my DMP agreement or something specific like a review, and even some of those turn out to be automated.

I know it's scary, but the Coop know you are not going to pay your OD straight away and they will not really come round and stick pins in your eyes/dance on your grave/tell your mum or whatever the current threats are, it's just 'part of the process'.

Sit tight and eventually the system will find a way of dealing with your situation. If you continue to receive letters and phone calls after 3 months of DMP payments, call/write to the creditors and check they've had the SC or other DMP paperwork, as sometimes it takes a while to get to the right department. If they haven't had the paperwork, ring/emessage SC and they'll send it again.

Saz

Sazzie23

chiefsfanuk wrote: »

Thanks Saz, I will go over the last six months or so of payslips and see what the lower figures come in at. Also realised my tax credits went down by about a fiver a week this month so I might need to mention that to SC also.

Thanks again

Definitely start low and build up as you go along. Don't do yourself any favours by making high repayments as you are more likely to get charged interest. When your debts are interest free or as low as they will get (BC/Hbos Nad a few others). Consider either making a slightly higher repayment to SC or making one off repayments to individual accounts - SC like you to go through them, but most people on this forum pay small amounts directly and just change the balance on the SC DMP log in.

Saz.

Sazzie23

I'm sure you are all follows of Martins email but just in case anyone missed this
If
If you're a parent(s) and your household income's up to £47,000 (or up to £73,000 if you're paying for childcare).
If you're in a couple, both working, and have household income under £18,000 even without children.
If you're single, you don't have children, are working and earn under £13,000.

Get your claim in for working tax credits now as there is a chance you could miss out when the system rolls over to universal credit from June.

Click the link on the scroll at the right side of this page to view email if you've deleted it already.

Saz

Jon81

could people let me know what the process of changing your address entails while on a DMP with stepchange.


If I told stepchange of the address change, would they let the creditors know, or do I need to inform them myself?

zenshi

After requesting CCA, I have had two letters back from Link stating they are asking the original creditor and could take 30 days. That's fine

What is useful, I think, is that the letter states they have purchased the debt. I always assumed that they were just an in house collection

Miner68

I am brand new to this forum and hope I am following the correct protocol, I am really hoping someone can give me some advice about car insurance renewal! I have been on a token payment plan for 6 months now. My vehicle insurance is due for renew on 29th April, I was really shocked to receive the renewal offer today which has increase from £480 to £745, according to the broker this is due to a poor credit rating, I have been with this company for 3 years and I always pay in full at the renewal date and I have £500 put to one side to cover this years policy, though now this is not enough! The broker has looked elsewhere but says this is the cheapest he can get. Has anyone else experienced this and does anyone have any advice?

phoenixx

Miner68 wrote: »

I am brand new to this forum and hope I am following the correct protocol, I am really hoping someone can give me some advice about car insurance renewal! I have been on a token payment plan for 6 months now. My vehicle insurance is due for renew on 29th April, I was really shocked to receive the renewal offer today which has increase from £480 to £745, according to the broker this is due to a poor credit rating, I have been with this company for 3 years and I always pay in full at the renewal date and I have £500 put to one side to cover this years policy, though now this is not enough! The broker has looked elsewhere but says this is the cheapest he can get. Has anyone else experienced this and does anyone have any advice?

Hi and welcome
My credit rating is shot but I have never had a problem paying monthly car insurance and nor has DH. This year I was organised enough to pay for the year £178 in total for the year for a 1.8 Astra. DH is paying £16 a month for a 1.4 Fiesta. Your quote sounds very high unless you are really young or have made claims in the past. Have you tried compare websites. We use the meerkat and it has always been hassle free. I would do some independent research for yourself rather than rely on a broker.
Good luck with the hunt.