DMP & Mutual Support Thread - Part 11

grant1wish

BeingDebtFreeStartsHere wrote: »

Excellent news G1W :T

Please let me know how you get on with the Co-op - they are my last creditor not to issue a default. so I will be really interested to hear how you get on. Have the Co-op defaulted you yet or do they still put AP markers against your account?

Take care,

BDFSH x

Morning,


So I spoke to the Co-OP (use this number 0345 600 0264) who said my loan was issued a default notice in october 2013, but because I was on a DMP the payments meant I wasn't officially defaulted as the payments brought me inside the arrears band ???
Anyhow, she said I probably wouldn't be defaulted, and DM/AP markers would stay on my credit file, which she said would be better as it would show as settled at the end not just satisfied. However my interpretation is that this isn't better as when the loan is paid off my credit file will still show the AP markers for another 6 years. I am confused.....


Anyway, she did state that if the account is defaulted then they would back date it to 2013, which is always good. I guess I could force this default by not paying them, but that would mean going self managed. something I am not ready to do yet.


Hope this info helps anyone.


G1W

snowbean

That's great news about your BC default G1W! Had they already defaulted you of their own accord, before you asked them to backdate it? Or did you persuade them to default in the first place?

Triangle

Triangle wrote: »

Well rather bizarrely (since I posted about this yesterday) DH has heard from one of the creditors we have complained about.

I'm not happy however - he had several calls to his mobile, our home number (which I missed), his work number and two emails. In one day. I said in previous letters we would only correspond in wrriten letters.

Would others on here call them back? It's BC :mad: and we were complaining about continual adding of interest over the last year and no default. I'm not sure what a telephone conversation would achieve?

Many thanks

SUCCESS!!! :j

We received letter from BC yesterday - whilst they don't support our complaint they have agreed to default from start of DMP (13 months ago) and have refunded interest charged :T Offical default letter also arrived. Now just need to ensure the credit record is updated to show this.

This means that 3 out of 4 have defaulted. Unfortunately my store card (Argos) wrote back and have declined to default or stop interest So I'm guessing the only way forward now is to be self-managed? So annoying as it's our smallest debt!

Hope everyone is well

grant1wish

Triangle wrote: »

SUCCESS!!! :j

We received letter from BC yesterday - whilst they don't support our complaint they have agreed to default from start of DMP (13 months ago) and have refunded interest charged :T Offical default letter also arrived. Now just need to ensure the credit record is updated to show this.

This means that 3 out of 4 have defaulted. Unfortunately my store card (Argos) wrote back and have declined to default or stop interest So I'm guessing the only way forward now is to be self-managed? So annoying as it's our smallest debt!

Hope everyone is well

Argos are my only non defaulters. I have chosen to try and pay it off ASAP with any extra cash I may have. Just get rid of them as quick as possible. I offered to return the goods I had purchased but they were not interested.


G1W

grant1wish

snowbean wrote: »

That's great news about your BC default G1W! Had they already defaulted you of their own accord, before you asked them to backdate it? Or did you persuade them to default in the first place?

Hi,


I rang them a few times asking for a default, but they always said no, as I was within their automated system of deciding who does and doesn't get defaulted. So the default was somewhat out of the blue. After just reading another post about a successful default I am now going to ring them and ask why I haven't been refunded all the interest.


G1W

jubilee14

Hi all been a while and things had been going pretty well paid the first debt off this month leaving the 3 big ones all about the same value. Two HBOS/Llyods after applying interest for about 1 year defaulted me and BC who hadnt been charging interest for about 12 months and before that had been charging me lower interest 6% before that since start of DMP have now applied full interest of 24% argh. I phoned and they said that because my payments are above the minimum payment that it goes back to normal rate and terms even though i am on a DMP. annoyed as it was looking to get the debts all settled by end of 2018 if i up my payments annually for the rest of the DMP will still take another 9 months. Any advice. Its weird as G1W started our DMP at same time. BC have defaulted and back dated the default yet mine is going in the total opposite direction - and obviously i cant move the debt to a better rated card. !

grant1wish

jubilee14 wrote: »

Hi all been a while and things had been going pretty well paid the first debt off this month leaving the 3 big ones all about the same value. Two HBOS/Llyods after applying interest for about 1 year defaulted me and BC who hadnt been charging interest for about 12 months and before that had been charging me lower interest 6% before that since start of DMP have now applied full interest of 24% argh. I phoned and they said that because my payments are above the minimum payment that it goes back to normal rate and terms even though i am on a DMP. annoyed as it was looking to get the debts all settled by end of 2018 if i up my payments annually for the rest of the DMP will still take another 9 months. Any advice. Its weird as G1W started our DMP at same time. BC have defaulted and back dated the default yet mine is going in the total opposite direction - and obviously i cant move the debt to a better rated card. !

Just shows they have no actual plan, it really is hit and miss with BC. If you can go self managed I would do that and then drop your payment to them. Or, like I did keep ringing them. Eventually you get someone that knows what they are on about and may be able to help you.

Sazzie23

jubilee14 wrote: »

Hi all been a while and things had been going pretty well paid the first debt off this month leaving the 3 big ones all about the same value. Two HBOS/Llyods after applying interest for about 1 year defaulted me and BC who hadnt been charging interest for about 12 months and before that had been charging me lower interest 6% before that since start of DMP have now applied full interest of 24% argh. I phoned and they said that because my payments are above the minimum payment that it goes back to normal rate and terms even though i am on a DMP. annoyed as it was looking to get the debts all settled by end of 2018 if i up my payments annually for the rest of the DMP will still take another 9 months. Any advice. Its weird as G1W started our DMP at same time. BC have defaulted and back dated the default yet mine is going in the total opposite direction - and obviously i cant move the debt to a better rated card. !

WEll done at paying off the first debt. :j:j

BC are having a (not funny) laugh,call them, write and complain then reduce your payments. They are the cause of many people going self-managed.



Saz

Sazzie23

Hi al

I just came across this post in the SC pages thought it might be useful for any newbies thinking of going to a DMP.

"Making fair payments
The budget we helped you put together means that you’ve got enough money to live on and the amount you pay into your DMP is as much as you can afford towards your debts. Most of your creditors know this and are more than happy to accept the amount you can afford.

If some of your creditors aren't happy with your payment you don't need to make extra payments to them. If you do you won’t have enough money to cover your household costs, and these are much more important than making extra payments to your creditors. If you do make extra payments to a creditor, they'll keep contacting you each month for extra money.

Regardless of what your creditors say you should always make your DMP payment to us. We'll still send it to your creditors as they can be unhappy with the amount you're paying but they have to credit it to your account."

Saz

Triangle

grant1wish wrote: »

Argos are my only non defaulters. I have chosen to try and pay it off ASAP with any extra cash I may have. Just get rid of them as quick as possible. I offered to return the goods I had purchased but they were not interested.


G1W

Hi
Do you do the extra payments direct to them? And when the balance is zero how will you tell Stepchane to remove it? Presume they won't be happy about it?

Many thanks
Tx