DMP & Mutual Support Thread - Part 11

Rachsct21

Hi

First time on the forum. I'm in a dmp with SC, been in it for about 3yrs now and always met my monthly payments. In June this year I had a bit of extra cash and made a further payment on a credit card with barclaycard because they said I was always a payment behind. After I did this they removed me from the plan and said because I made that payment they thought I could now meet the normal minimum monthly repayment, they also started to add interest again. SC resent an offer letter to them and they've refused to put me back on the same plan, they've now got me as having 2 late payments and not meeting the monthly minimum payment, they've also said that I could end up with a default. This is the last thing I wanted because my credit score was starting to improve and as now gone back down loads and I was hoping to start working towards getting a mortgage in the next year or 2. What should I do? A family member as offered to borrow me the money from their 0% card to pay it off. Do you think this is a good idea and how much do you think it would help my credit score to improve. I owe barclaycard £2400

sourcrates

Rachsct21 wrote: »

Hi

First time on the forum. I'm in a dmp with SC, been in it for about 3yrs now and always met my monthly payments. In June this year I had a bit of extra cash and made a further payment on a credit card with barclaycard because they said I was always a payment behind. After I did this they removed me from the plan and said because I made that payment they thought I could now meet the normal minimum monthly repayment, they also started to add interest again. SC resent an offer letter to them and they've refused to put me back on the same plan, they've now got me as having 2 late payments and not meeting the monthly minimum payment, they've also said that I could end up with a default. This is the last thing I wanted because my credit score was starting to improve and as now gone back down loads and I was hoping to start working towards getting a mortgage in the next year or 2. What should I do? A family member as offered to borrow me the money from their 0% card to pay it off. Do you think this is a good idea and how much do you think it would help my credit score to improve. I owe barclaycard £2400

Hi,

I know you probably think your doing the right thing by not missing payments, but your credit file must of been affected by your DMP ?
How are your DMP payments been recorded on your credit file by your creditors ?

Are they all green, some defaulted, or arrangement to pay markers ?

If AP markers, are you aware they will stay on your file a further 6 years after you Finnish paying off the debts ?

People on this thread love defaults, because once defaulted, it can't get any worse, and gives you a clear 6 year time line till they disappear, don't borrow your way out of this, Barclay card are well know on this forum for been awkward, most people deal with them by stopping paying them altogether, waiting until they sell on the debt, then dealing with a much more enlightened new owner.

Sazzie23

Rachsct21 wrote: »

Hi

First time on the forum. I'm in a dmp with SC, been in it for about 3yrs now and always met my monthly payments. In June this year I had a bit of extra cash and made a further payment on a credit card with barclaycard because they said I was always a payment behind. After I did this they removed me from the plan and said because I made that payment they thought I could now meet the normal minimum monthly repayment, they also started to add interest again. SC resent an offer letter to them and they've refused to put me back on the same plan, they've now got me as having 2 late payments and not meeting the monthly minimum payment, they've also said that I could end up with a default. This is the last thing I wanted because my credit score was starting to improve and as now gone back down loads and I was hoping to start working towards getting a mortgage in the next year or 2. What should I do? A family member as offered to borrow me the money from their 0% card to pay it off. Do you think this is a good idea and how much do you think it would help my credit score to improve. I owe barclaycard £2400

BC are having a (not funny) laugh. Write to them, complaining (mention the word complaint) about what had happened. Tell them you want to go back in your payment plan, or you will complain to FOS.

Regards the default, this is almost certainly an automated an idle threat from BC since they only seem to default if you stop paying, and most of us have had to stop payments to them to get our defaults <Sourcrates has explained why we want them>. If you think you want a default, ask for this at the same time as your complaint, and for it to be backdated to the start of your DMP.

If anyone has found themselves in same situation with BC, as I did at the start of my DMP, ring them up and tell them to move the payment date so it doesn't register as late. If the person you speak to wont do it, hang up and call back until you speak to someone that will.

Saz.

mica2

I'm feeling a bit anxious about taking steps to get started with a DMP. I have opened a new bank account without an overdraft which I was advised to do by CAB. I'm just feeling stuck about moving forward and am wondering what I should do next. I feel scared to move all my banking to a new account as I have an overdraft. I need a kick up the bum! I also need to get enough money put aside but am going to have to transfer some from my Barclaycard. I'm not sure how much I need. Sorry, I feel really stupid posting this. I feel like I should just take the plunge and go through SC and get the ball rolling but reading stories on here about the problems people face is putting me off from starting.

sourcrates

mica2 wrote: »

I'm feeling a bit anxious about taking steps to get started with a DMP. I have opened a new bank account without an overdraft which I was advised to do by CAB. I'm just feeling stuck about moving forward and am wondering what I should do next. I feel scared to move all my banking to a new account as I have an overdraft. I need a kick up the bum! I also need to get enough money put aside but am going to have to transfer some from my Barclaycard. I'm not sure how much I need. Sorry, I feel really stupid posting this. I feel like I should just take the plunge and go through SC and get the ball rolling but reading stories on here about the problems people face is putting me off from starting.

Hi,

It's natural to feel a bit lost at this point, it does tend to go against the grain, but if you are going to go down the DMP route, you need to start thinking from a different view point.

Your OD will just be treated as another unsecured debt, if your unsure about things, then I suggest you get stepchange to act for you, that's why they are there after all.

It really is a very simple process, and normally quiet smooth also.

Some people encounter problems with creditors, but it's par for the course, you carry on regardless, the creditor likes it or lumps it, and sells on the debt, nothing bad will happen, trust me.

abby1234519

"We are in receipt of your email and note your comments. I can confirm that your offer of £300.00 to settle the above account has been accepted. When paid the account will be closed with us as settled in full and you will not be liable for any further monies regarding the above account. Once paid your credit file will be updated as partially satisfied, please note this can take up to eight weeks to update. "

V12 are sending this to me by post but also attached a word version to their email

Acceptable for me to settle at £300 (£612 debt)?

sourcrates

abby1234519 wrote: »

"We are in receipt of your email and note your comments. I can confirm that your offer of £300.00 to settle the above account has been accepted. When paid the account will be closed with us as settled in full and you will not be liable for any further monies regarding the above account. Once paid your credit file will be updated as partially satisfied, please note this can take up to eight weeks to update. "

V12 are sending this to me by post but also attached a word version to their email

Acceptable for me to settle at £300 (£612 debt)?

Sounds ok to me, as long as your happy with it !!

abby1234519

Yeah I am happy with it, I think its actually the clearest letter I've had from a DCA!

sourcrates

abby1234519 wrote: »

Yeah I am happy with it, I think its actually the clearest letter I've had from a DCA!

Keep that letter in a very safe place, just in case !!!

January2015

Hi everyone

Wescot have picked up management of one of our debts and are chasing me for an I&E statement. They will have to wait a while I sent the I&E to the original creditor and they accepted it so Wescot can whistle.

I am planning to send an annual I&E to all our creditors / DCAs in the next month or so anyway. It should be now, but life has interrupted so they will have to wait a bit.

Wescot have sent me their template - no can do. They'll have the version I have set up (from NEDCAB).

Apart from all that, January household DMP trickling along nicely.