DMP & Mutual Support Thread - Part 11

Sazzie23

Evening all

Crazy stuff from BC Dandyf & January, totally agree, I wouldn't have believed it either, whilst I'm slightly amused by it, I can't help thinking of some debt bound soul who would be worrying themselves stupid when BC clearly are not that bothered.

Welcome to newbies Alistair, Lady M & Rambleham

Sorry I've not been around much lately but I had a deadline which has been met, though I'm not overconfident abou pt the result and I feel I've made a bit of a fool of myself, but my horrorscope said to take the positives from any situation.
So, I managed to submit something for the deadline, it was all my own work and whilst it may have been off the mark a bit, I have learnt that I need to prepare properly and organise myself better. I' though I'd left time to complete the work but then I took an extra shift...and got sick and not really left long enough anyway, so lesson learnt and if I have to repeat it, then I do.

Saw Puzz's post about remortgaging, well done Puzz!
I have a secure loan which was also acquired pre-DMP for 'debt consolidation' it's around 8% interest and I'd love to get that one down, has anyone successfully moved this type of debt into a better rate, and if so, how?

Anyone considering a debt consolidation loan, I'd seriously reconsider, it's taken me a long term to learn my lesson.

Have a great weekend everyone

Saz

Puzzcat

Coinmachine wrote: »

quick update on the above and always worth double checking these things. Got an apology from Halifax, they will register and backdate the default and have sent me £75. Halifax previously sent me £75 for failing to respond to earlier correspondence. I have also had £300 from Nationwide for failing to update the credit agencies when a joint account moved to sole account, they paid me £250 and then a further £50 when it took longer to resolve than they had intended. Who knew you could make money out of this?

Puzzcat wrote: »

Hi CM,

Your literally coining it in...!! You are so right about double checking and complaining... I have had £50 from N*twest for treating accounts differently, One months dmp payment wiped from a DCA for being a PRAT.. (do you get it...!) and £100 from doing a face to face debt interview through this site... Currently got another compliant in with N*twest as they haven't updated one of my credit files for 8 months...!

This month I have only paid my creditors 50% as I had a big car repair bill.. I wrote to them all and sent a copy of the bill with it.. Not heard anything apart from a nice letter from another DCA suggesting I pay nothing this month to help me out... Unfortunately I had already paid it so couldn't take them up on this kind offer....

It's funny how 'tough' you get when on a dmp....:T

Love Puzz. x

Hi,

A quick update.. Today I have received a cheque for £100 from the lovely Natw*st as compensation for the upset caused by them not updating my credit file for 8 months for one account..:T

Puzz. x

[Deleted User]

Puzzcat wrote: »

Hi,

A quick update.. Today I have received a cheque for £100 from the lovely Natw*st as compensation for the upset caused by them not updating my credit file for 8 months for one account..:T

Puzz. x

Well done on a great result:beer:

Is this on Noddle, please Puzz?

Some of the information for some of my debts on there is downright inaccurate:( and I'm wondering if I can claim for anything after reading of your success. I'll clutch at any straws to get a bit of extra money:o

Puzzcat

carbootcrazy wrote: »

Well done on a great result:beer:

Is this on Noddle, please Puzz?

Some of the information for some of my debts on there is downright inaccurate:( and I'm wondering if I can claim for anything after reading of your success. I'll clutch at any straws to get a bit of extra money:o

HI CBC,

Yes it was on noddle but they are always a month or 2 behind.. this one was last updated in September 2015 despite it saying it was updated monthly so was showing my balance as never changing.. The other 2 accounts with the same creditor are fine.. shame...!

Puzz. x

phoenixx

Hi all - been super busy with jobs 1 and 2 so not posted for a while. Job 3 ramps up on Wednesday so I've been trying to clear the decks a bit. Great to see everyone pushing on with the debt busting. My big concern at the moment is to see DD1 spending like there is no tomorrow after her relationship broke up (taxis, cocktails, clothes etc). It is devastating to watch as I know she cannot afford this lifestyle and is just going to end up in loads of debt I hate to think I may have been a bad example to her (though my spending was on very different things). She has seen is struggling with the DMP and we have told her about our situation but this seems to have had no impact on her.
Any advice on how to tackle this would be much appreciated. I rang her and tried to talk about it with her but she said I was blowing it all up out of proportion and that she is in control. But she isn't - she doesn't earn much and is just going to end up in a mess.

January2015

phoenixx wrote: »

Hi all - been super busy with jobs 1 and 2 so not posted for a while. Job 3 ramps up on Wednesday so I've been trying to clear the decks a bit. Great to see everyone pushing on with the debt busting. My big concern at the moment is to see DD1 spending like there is no tomorrow after her relationship broke up (taxis, cocktails, clothes etc). It is devastating to watch as I know she cannot afford this lifestyle and is just going to end up in loads of debt I hate to think I may have been a bad example to her (though my spending was on very different things). She has seen is struggling with the DMP and we have told her about our situation but this seems to have had no impact on her.
Any advice on how to tackle this would be much appreciated. I rang her and tried to talk about it with her but she said I was blowing it all up out of proportion and that she is in control. But she isn't - she doesn't earn much and is just going to end up in a mess.

Hi Phoenixx

No advice really - sorry All I can say is that you can't live their lives for them, and can only be there when they need you/come to their senses - which from reading your posts, I can tell you care about her, and know you will be there to help pick up the pieces.

As you know, you can give advice and guidance, but you cannot enforce it (once they are older anyway).

Take care of yourself as well and try not to worry too much (not easy though)

phoenixx

January2015 wrote: »

Hi Phoenixx

No advice really - sorry All I can say is that you can't live their lives for them, and can only be there when they need you/come to their senses - which from reading your posts, I can tell you care about her, and know you will be there to help pick up the pieces.

As you know, you can give advice and guidance, but you cannot enforce it (once they are older anyway).

Take care of yourself as well and try not to worry too much (not easy though)

Thanks January - you are right. It is just tough when she seems hell bent on self destruction...I found it easier when both girls were toddlers tbh! DD1 is 27 going on 19:o

FuzzyDF

Hello Lovely People,

Just after a bit of advice. I started my DMP in 2014 and have paid over £7K off. All of my creditors froze interest.

I recently received a statement from V€RY (NCO) and realised that they had re-enstated my interest, therefore for every £28 I pay they are adding £59.99 a month. Is there anything I can do? Apparently I am not paying them enough each month so they "have had to add back the interest".

Bit annoyed to say the least.

Any advice would be very much appreciated.

January2015

FuzzyDF wrote: »

Hello Lovely People,

Just after a bit of advice. I started my DMP in 2014 and have paid over £7K off. All of my creditors froze interest.

I recently received a statement from V€RY (NCO) and realised that they had re-enstated my interest, therefore for every £28 I pay they are adding £59.99 a month. Is there anything I can do? Apparently I am not paying them enough each month so they "have had to add back the interest".

Bit annoyed to say the least.

Any advice would be very much appreciated.

I would write and quote the Lending Code as follows:

Lending Code Section 224 states:

[FONT=&quot]Subscribers should consider reducing or stopping interest and charges when a customer evidences that they are in financial difficulties. Such reduction/suspension decision should be based upon an income and expenditure statement indicating that they are unable to make repayments sufficient to meet contractual terms. Where a customer is able to make only token payments, their debt should not increase as a result of interest and charges levied. The assessment should reflect the customer’s lack of ability to pay rather than the stage an account has reached in the arrears cycle or whether they are using free sources of debt advice. Where a firm declines to allow concessions, they should be prepared to explain why to the customer or their adviser if requested to do so.[/FONT]

Lending Code Section 225 states:

[FONT=&quot]It is inappropriate for interest and charges to continue to be taken where the result would be that the repayment period for the customer becomes excessive. In forming a judgement on what might be excessive, a subscriber should take into account the type of product and the individual circumstances of the borrower.[/FONT]

By charging you more interest that you can clearly afford to pay, the repayment period is not only excessive, it means you will never repay the debt.

I would ask them to respond within 7 days of the date of your letter and threaten them with a complaint to the FOS. They are a lending institution just the same as a credit card company.

Edit: Should have added, this has worked for me with Halifax and eventually (took a long time) with Barclaycard and we've have well over £1k of interest and charges refunded - didn't reduce the debt balance, because those charges came after our DMP started and increased the balance beyond what we started with, if you see what I mean, but we got the refunds and it put us back to where we should have been with progress for our DMP.

Also, quite often the numpties working for these companies know less than us about our rights, but once you put in writing that you know the lending code and your rights, it shakes things up a bit (in a nice way for us )

System

Hi,
Me again - another question or two! We're going to go self managed after all. We currently have the following debts:

H*lifax Cc £300 - Going to be cleared
H@lifax CC £1300 - Will be down to £300 before end of this month
V*rgin CC £7K
MBN@ CC £11.5K
T@sco Loan £3.5K

We bank with H@lifax so are trying to clear both of those as we don't want to change bank accounts. I am hoping we will clear both of them before the end of the month...but it may be a little bit longer - we're selling lots to do it.

Can I start the DMP arrangements with everyone else, even if we still have a bit of money on the H@lifax CC's? Should I just 'ignore' them on the SOA statement?

Thanks. Happy Saturday