DMP & Mutual Support Thread - Part 11

Sazzie23

JMU-95 wrote: »

Hi. I rang tonight to get up to date balances and have been informed that 4 of my accounts have been defaulted and sold on.

Barclaycard Account 1 > Link Financial
Barclaycard Account 2 > Defaulted but still with inhouse collections
Virgin > Arrow Global
Santander > Westcot


Are there any of these new companies I need to be wary of? What are they like to deal with? and
What happens now? It's a bit scary knowing the accounts are with debt collectors.

Thanks for any advice

Hi,

My MBNA has been with link for about 2 years, don't give me any trouble, they did offer to negotiate an f&f if I was interested. They send me a statement every 6 months and noddle is kept up to date about every 2 months.

Saz

Perpetual_Miser

So StepChange are holding one of my DMP payments for a HSBC loan as apparently HSBC returned it as the account no longer exists.

I've received no communication from HSBC to explain.

What should I do?

[Deleted User]

Perpetual_Miser wrote: »

So StepChange are holding one of my DMP payments for a HSBC loan as apparently HSBC returned it as the account no longer exists.

I've received no communication from HSBC to explain.

What should I do?

This happened to me with my Tesco Bank credit card debt. Apparently it had been sold on but neither Tesco or the new owners of the debt bothered to inform me about it:(. The payment SC made to the normal Tesco Bank account was returned to them as unaccepted.

I phoned Tesco who told me who had bought it (Westcot) and that I would be hearing from them direct. Eventually Westcot did contact me and although SC had asked me to inform them when I had any details of the new creditor it wasn't really necessary as Westcot had by then contacted SC themselves with the payment details etc.

It all got sorted within a couple of months and the money that SC had not been able to pay them earlier was paid. Nothing else happened.

I wouldn't worry if I were you:). These companies just do things in their own time, some are more efficient than others;). I suggest you phone HSBC to find out what's happening, they're the only ones that will know what's going on until you receive some info from the new buyer of the debt.

Good Luck:beer:

Lyntonsbird

Just got a letter from MBNA and they have accepted the SC payment and interest is 0% also will not charge. BOS have refused What does that mean? BC nothing yet
MBNA cheered me up big time don't care about default just stopping interest will be great for now

:rotfl::j:j

sourcrates

Lyntonsbird wrote: »

BOS have refused What does that mean?
:rotfl::j:j

Hi,

Dosent mean anything really.

Stepchange will continue to pay them, they will still accept the payment, either they will eventually accept the arrangement or common practice is to sell on the debt.

Triangle

Lyntonsbird wrote: »

Just got a letter from MBNA and they have accepted the SC payment and interest is 0% also will not charge. BOS have refused What does that mean? BC nothing yet
MBNA cheered me up big time don't care about default just stopping interest will be great for now

:rotfl::j:j

When we started with SC last year, they sent a letter to say BOS had 'refused' the DMP but they would make payments anyway. And that's exactly what happened - nothing to worry about In fact BOS were the first to default after just three months

Triangle

Quick question for self-managed DMP-ers

Is it acceptable to send my most recent Stepchange expenditure sheet to show outgoings and incomings or should I start afresh e.g. with the NEDCAB site? I've started the process but was wondering if I could take a short cut?

Many thanks

January2015

Triangle wrote: »

Quick question for self-managed DMP-ers

Is it acceptable to send my most recent Stepchange expenditure sheet to show outgoings and incomings or should I start afresh e.g. with the NEDCAB site? I've started the process but was wondering if I could take a short cut?

Many thanks

We used the NEBCAB one, and we adjusted it quite significantly to give us more room to a) live, and b) save for full and final settlement offers. Only one out of 11 creditors queried the change in amounts...and they were only paid a few pounds a month anyway (even when we were on SC DMP).

I suppose you could use the SC one, just depends if you want to adjust your figures or stick with what you had set up already.

tranceaddict

So next Sat 1st October I will make my final DMP payment to Step Change, exactly 8 years to the day after I made my first one, and I just wanted to say thanks to all on this forum that have helped along the way, I don't post often, but visit regularly and have gained help and advice just by reading.

When I made my first payment all those years ago my debt free date was March 2020, it hasnt been easy but with hard work and a bit of luck along the way this has gradually come down, and from Nov I will be approx £600 a month better off and debt free in time for Christmas!

I just wanted to say thank to everyone here and at Step Change for keeping me going through the tough times (the first few years, the court cases, CCJ's etc) but it has all been worth it, and starting the DMP was the best thing I ever did, and for those still struggling, keep it up!

Now time to start living my life again, debt free and secure in the knowledge I'll never go down that road again .

Thanks again

January2015

tranceaddict wrote: »

So next Sat 1st October I will make my final DMP payment to Step Change, exactly 8 years to the day after I made my first one, and I just wanted to say thanks to all on this forum that have helped along the way, I don't post often, but visit regularly and have gained help and advice just by reading.

When I made my first payment all those years ago my debt free date was March 2020, it hasnt been easy but with hard work and a bit of luck along the way this has gradually come down, and from Nov I will be approx £600 a month better off and debt free in time for Christmas!

I just wanted to say thank to everyone here and at Step Change for keeping me going through the tough times (the first few years, the court cases, CCJ's etc) but it has all been worth it, and starting the DMP was the best thing I ever did, and for those still struggling, keep it up!

Now time to start living my life again, debt free and secure in the knowledge I'll never go down that road again .

Thanks again

Well done :j Thank you for sharing your success - so inspiring for other (like me). Enjoy being debt free :T