DMP & Mutual Support Thread - Part 11

[Deleted User]

MrsSammyB wrote: »

I just wanted to share this weekends success to encourage others to get at it.... I've been written to by Lloyds to say they've upheld my complaint, £350 of interest and charges refunded, £150 cheque to me for the bad service, account defaulted and default backdated to July 2015! Excellent news all round!

It's so worth in, pop in a complaint at the cost of a stamp or an email, what have you got to lose!

Sammy xx

Well done, Sammy:beer:. Excellent result:T

Please could I ask what it was that you complained about? My largest debt is with Lloyds and I wonder if I might have grounds for a complaint;). Not so much a problem with charges but with lateness of their default:(. Did you ask for the backdated default specifically please?

motivated

Hi all

Today I have emailed across to SC a list of all our creditors and account numbers etc. Also details of wages.

As for the direct debit mandate would it be ok to send it by post now? Or should I wait before I send it as I have asked SC if we can start our payments in April due to a few things needing to be paid now like car tax and insurance.

Following sourcrates advice and not panicking. Feeling quite positive at present
M

blisteringblue

First settlement offer has come through with my 4 month payment sabbatical. £300 off a £1200 debt, not great, so will counter with my own in a few weeks.

Going to extend the 4 month non payment for another full month and then will do a new financial statement so those that have defaulted will get something again.

I am tempted to throw a few complaints in as MrsSammyB mentioned, might get some of these defaults back dated.

Sainsburys and MBNA are about to default if I don't pay the arrears within 30 days of their last letters, so just leaves Virgin Money who just send statements and letters that we must contact them still.

sourcrates

JMU-95 wrote: »

hi could someone check does this sound okay?



Dear Sir / Madam

Without Prejudice

I write with reference to the money which you are claiming on the above account. I note that I received a settlement letter from yourselves of £525.38.

I can confirm that I am unable to pay the money which I owe in full as I am on a low income and claim no benefits nor have any assets. I have many debts which amount to a great deal and I am currently paying you via StepChange.

However, a family friend unexpectedly is prepared to offer me £400 to help close one account. I want to offer this sum to you as an ex-gratia payment, in full and final settlement of the account. The payment will not be made unless the offer is accepted and if the offer is rejected these funds will no longer be available. If the offer is not accepted I will continue to pay you £5 per month as agreed.

I am making this offer on the clear understanding that, if accepted, neither you nor any associate company will take any other action to collect, enforce or pursue this debt in any way whatsoever and that I will be released for any liability.
I also request that, if accepted, you will make an entry on all three credit reference agency files namely Experian, Equifax & Call Credit relating to the above account as "satisfied" in full (paid and closed).

I can pay the amount I have offered within 14 days of receiving your written agreement of this offer. As advised no lump sum will be available until I have received written confirmation of all points in the above offer and if you are unable to accept my offer then I will regrettably have to withdraw the offer and continue to make monthly token payments via StepChange.

I look forward to your reply.

Yours

Hi,

Yes for the most part that is perfectly acceptable, with all bases covered.
The only problem being the marking of the credit file.

It will only be marked as "fully satisfied" if you pay the debt in full, you are making a partial payment, so it will be reflected as such, and marked "partially satisfied".

The confusion arises from the term we give it "full and final settlement", it should really be renamed "partial settlement offer", to avoid confusion.

DJB343

Just a quick one,

Still waiting on the SC application pack, but was wondering what do I with my bank account once I switch over.

Currently with First Direct, £500 overdrawn - I've opened up a TSB Classic account and have informed my work to transfer my wages into the new account. With that said, my First Direct account requires at least £1000 payed in to play ball. So my question being, do I just leave this be? or send over the required amount from TSB > FD and then back out again?

Again my SC hasn't started yet, and probably won't for another 6-8 month as I acquire an emergency fund and my debt defaults.

Probably a logical answer to this, but would be good to know what the best way to deal with this would be.

sourcrates

DJB343 wrote: »

Currently with First Direct, £500 overdrawn - I've opened up a TSB Classic account and have informed my work to transfer my wages into the new account. With that said, my First Direct account requires at least £1000 payed in to play ball. So my question being, do I just leave this be? or send over the required amount from TSB > FD and then back out again?

Stop playing ball, you no longer have this as a live account, so treat it like any other unsecured debt.

You could, in order to stop interest and charges getting out of control, write and explain what your intentions are, and your circumstances etc.

Actually not paying in the required amount will hasten the default .

First Direct are usually pretty good all round actually.

[Deleted User]

Thanks to everyone who asks any questions on the thread :Tbecause the answers given are of great help to a lot of others like me who have maybe been on their DMP journey for longer. I find the advice given so generously by everyone who posts answers such a great source of comfort (that I'm doing things right) and inspiration when I have doubts:A


I'm feeling strangely elated today (it doesn't take much:o) because Lloyds bank have sent me my new contactless debit/cash card. I have a credit card debt with them on my DMP but they never closed down my bank account with them. I have a zero balance on this account and fully expected when my current bank card expired that that would be it and they would just cast me adrift. I don't want to use the account, I just like the feeling that I still have it as it's a 'proper' account not just the basic one that I had to open elsewhere when my DMP started. Could be useful in the future post-DMP without having to jump through hoops to get a full account elsewhere. If nothing else, when that day comes I can always use it to switch from and maybe get a bit of cashback;)

DJB343

sourcrates wrote: »

Stop playing ball, you no longer have this as a live account, so treat it like any other unsecured debt.

You could, in order to stop interest and charges getting out of control, write and explain what your intentions are, and your circumstances etc.

Actually not paying in the required amount will hasten the default .

First Direct are usually pretty good all round actually.

Yeah absolutely, I've never had a problem with First Direct at all - I've ready many a time that customer loyalty should be disregarded, but I've been really happy with them.

It did cross my mind of maybe paying back £250 to them at £50 a month whilst in my emergency fund period, as I currently hold a £250 interest free overdraft and that bring me back within the interest free threshold - in the attempt of staying with them. Although it's worth noting that I have a <7k personal loan with them that I planning on defaulting also.

Would it be better for me just to jump ship?

S1Ebbz

Been advised to post on here

DMP was planning to set up In a month but advice indicates I should hold payments and wait longer

Does this include loans, credit cards, over drafts and payday loans .... Won't they just slam on interest and charges and chase me? Appreciate no guarantee won't happen in DMP but shouldn't I be showing I am getting help as soon as possible

Confused now

motivated

Well I have sent all paperwork to SC today so no going back now. Still positive and looking forward not back from now on.

Hopefully things will run smoothly and if any of my creditors decide to not play ball I will be ready. Well I will be back here with more questions :rotfl:

I would never have found the courage to take these steps if it wasn't for the honest, excellent non judgemental advice I have received on here. :A

Will keep you updated

Thank you all
M