DMP & Mutual Support Thread - Part 11

[Deleted User]

Boldhoof wrote: »

Evening all,

Just checked my Noodle Report for this month and one of my debts has disappeared from the report. Originally it was MBNA, who recently sold it to the PRA Group, whom SC are paying, but it no longer appears on my credit report. Also my Halifax debt, which they sold to Wescot a bit back still says Halifax on Noodle. Just wondering if anyone can shine any light on this.

Thanks

I'm not convinced of the accuracy of Noddle!

One of my debts (bank overdraft) has been marked as Satisfied(SF) since August. It is appearing on Noddle now as a 'closed' account with a couple of others that were paid off years ago but are still visible in the history of my credit file. I have been paying the usual amount to SC and they have been paying it on my behalf as normal. I phoned that creditor (former bank) a couple of weeks ago for an update and they are still receiving the usual payments from SC. The balance of the overdraft is exactly as should be, has had 3 monthly payments made to it since it was supposedly 'satisfied' and definitely is not Satisfied.

I contacted Noddle on their website with a request to look ito it but apart from the standard automatic email they haven't got back to me yet.

I'm not impressed by Noddle and treat their account data with some scepticism:(

Sazzie23

Philip624 wrote: »

I am sure I have seen reference to this before on the forum but not sure where. i get the free noddle report each month and all of my creditors are showing as default except one which shows as 'up to date' It has orange circles and late payment for all months up to June which is green and says 'early arrears' and july and August also green and 'arrangement to pay'. Any ideas what this means and why it is not showing as a default?

The lender concerned wrote to me in July to state that they were changing the contractual minimum payment to that which I pay through the DMP. There is no interest charged.

Hi, just a thought, one of mine is marked up as 'closed' on Noddle, even though I still have 5 years left to pay on current form, have you looked in the closed accounts section?

Edit - sorry I linked this to the wrong quote this was meant for Boldhoof's question

Sazzie23

Iwanttobefree wrote: »

Feeling peeved off to put it politely.

Getting to the point where I don't want to speak to any creditor or open their letters (although I am doing so).

Am on a self managed DMP.

When it first started I went through hell trying to get Creation Finance to lower the interest.

Initially I was with Payplan then stepchange but as I ended up still having to spend hrs trying to lower the interest, I thought I might as well manage it myself.

I sent loads of letters and had loads of stress with creation (three different creation accounts), had to go to the financial ombudsman in the end and while they admitted no fault, that at least got them to lower it.

With the lowered amount, on one account where I owe £6500, for every £40 I pay off they charge me £16.38 interest, meaning I'm only paying £23.62 a month off my debt which means at the current rate (which is not likely to improve due to age and health) will take me 22 years to pay off (or until I'm 73).
That was the best I could get them to agree to.

Now about a year later we have received letters about all 3 accounts saying on 10 days they will revert to the original payments.

I have sent in a letter saying that our situation hasn't changed, a full list of our income and outgoings but they refuse to accept it without seeing my bank statements.

My bank statement does not show our income, I'm on minimal benefits due to health, my wife is a self employed mobile hair dresser and most of her money is paid in cash and is spent on things like food and petrol before it ever reaches the bank.

On top of that, we also have a £500 OD on the bank which we are currently having to use every month just to pay everything due to unexpected large car bills etc.

Technically we are not supposed to have this OD but if we didn't, my wife would not be able to work as we couldn't have fixed the car.

Saving an emergency fund has been impossible the last year just because of so many unplanned expenses that the income/outgoing plans simply do not accommodate.

On top of this we have noticed we now owe Barclaycard more now than we did over a year ago when we started the plan due to them adding charges.

I'm getting to the point where I'm thinking why bother.

I really really really cant face this stress every 6 to 12 months it's not doing me any good at all.

We own our own house (well we have a mortgage that will take up until my wife retires to pay off)

It's a year later we've paid a little off but am now getting charges etc again which is going to push it back up in no time.

We owe £29.437
I get £473 a month benefits
We thought my wife averages over the year (but is more some months and less others) about £1576 month which is about £18840 a year, and is the figure we put down on the income/outgoings we send the creditors.

However the accounts for her last year shows her taxable income (after expenses) at just £11000

This doesn't seem to add up to me as the difference between £18840 and £1100 works out at £7840 or £653 a month and we are not £653 a month short, we are paying slightly too much though not being able to save anything for clothes or emergencies, but more like £100 not £653.

£11000 wouldn't give us enough to pay our other bills yet alone something towards a DMP

So I'm confused, depressed and not sure what to do. Am I going to spend another 2 months sorting it out now only to be faced with all this again next year and for the next 20 plus years?

I need a better way out that doesn't involve loosing the one thing we own, a house (well am paying for) , I simply cant go through this every year, it's killing both of us.

Having internet connection issues this am, but just wanted to say, I'm tempted to agree with Puzz, consider going back to SC or try Christians against Poverty as a free provider. Can totally understand you don't want to lose your house, especially as you have very little prospect of being able to get in the housing ladder again, but you can't keep going like this.

As one last chance, write to Creation, showing/quoting them your tax accounts and benefits and see what they do. Keep paying previously agreed payments, I think the worst thing they could do is a Ccj with a a charging order if you sell the house.

Good luck

[Deleted User]

Sazzie23 wrote: »

Hi, just a thought, one of mine is marked up as 'closed' on Noddle, even though I still have 5 years left to pay on current form, have you looked in the closed accounts section?

Edit - sorry I linked this to the wrong quote this was meant for Boldhoof's question

Same thing with me, mentioned in my post just a bit before yours:rotfl:. Have tried to get some response from Noddle about why it isn't showing in my current debts but they haven't responded. Looks as if several of us are having the same problem.

lewpster

Well wish me luck..... my marital home sold on Thursday and I have got quite a lot of money out of the sale. I've put most of it away but have £10,000 set aside for debts and chancing a 40% settlement on my debts. Fingers crossed I can get a settlement on some of all of them. Worth a try. Be so nice to close a chapter of my life and move forward.

How long do companies generally take to reply?

Larac

carbootcrazy wrote: »

Same thing with me, mentioned in my post just a bit before yours:rotfl:. Have tried to get some response from Noddle about why it isn't showing in my current debts but they haven't responded. Looks as if several of us are having the same problem.

I have got one on Noddle which is saying its cleared and know that can't be the case. I was wondering if the debt had been sold on (again) and will reappear in a couple of months another DCA.

Sleepysophie

Hi, its the first time I have posted on here so I hope its in the right place. I am concerned that I may have been given some bad advice by taking out a DMP. This is because I pay a monthly amount over to the DMP and they liaise with my creditors and this way all the hassle and worry is supposed to be releaved from me.
So far so good right?
Only its not working.
The problem is that some creditors have not accepted the DMP proposed as they argue that the money being offered to them is more than the minimum payment they are requesting so they wont agree to the DMP. The charity I am paying the DMP to tells me that I am just to ignore this and continue to make the payment to them each month and they will send the payment on regardless. The payment doesn't reach some of my creditors in time - just missing the due by date by one or two days some months and then they will receive two payments in the next payment month and because they haven't agreed to the DMP they are charging me £12 for a late payment every time this happens.
On the other hand, I have a creditor (a loan) who has accepted the DMP but who has put a DEFAULT status on my credit account because I am paying £43 less per month than I should do againt the original agreed repayment. This default will remain on the credit account for 6 years which means the thought of me ever getting into a position where I will get a 0% option from any CC provider in the next 6 years is zero...so I will never be able to switch these higher rate cards to anything cheaper and I am still paying interest and charges each time my payment via the DMP arrives a couple of days out of cilter with their due dates.
I have been paying the DMP for 14 months now and have paid £15,000 against the original debt of £48,000. I was advised this would be the best way forward for me. I am incurring £12 late fees like no-ones business and a Default on my credit report. Only 2 creditors have actually stopped the interest and charges accruing on my account so, I am not really any further forward than I would have been without a DMP.
I also now have limited options since my credit rating went from 900 (prior to DMP) to 450 (now) so I have nowhere to 'manage' my money off to a lower rate.
I have tried to explain all this to the DMP charity but I don't think I am making myself clear? They don't seem to suggest any solution and just keep telling me to pay them and not to worry?

Have I been given bad advice? Was a DMP the right way for me to go?

[Deleted User]

Welcome to the thread, Sleepysophie:hello:

I'm sure this is the right place to ask your questions. I'm a newcomer to the thread myself although I've been on my DMP for about 32 months now and can honestly say opting for a DMP is the best financial decision I ever made:j. I don't like having to be on it (as I feel I've failed in organising my own affairs) and I cringe at the foolish decisions that put me in so much debt in the first place but the peace of mind from having a DMP is wonderful:j. A lot of other posters on here feel the same way so I'm really upset for you that your DMP isn't working well.

I'm still learning (despite having spent all this time on a DMP:o) but there are lots of knowledgeable and helpful people on here who will be glad to help you.

Someone will explain to you why defaults on your credit history are your friends:T

I really hope things will work out for you. Please keep on posting.

Puzzcat

Sleepysophie wrote: »

Hi, its the first time I have posted on here so I hope its in the right place. I am concerned that I may have been given some bad advice by taking out a DMP. This is because I pay a monthly amount over to the DMP and they liaise with my creditors and this way all the hassle and worry is supposed to be releaved from me.
So far so good right?
Only its not working.
The problem is that some creditors have not accepted the DMP proposed as they argue that the money being offered to them is more than the minimum payment they are requesting so they wont agree to the DMP. The charity I am paying the DMP to tells me that I am just to ignore this and continue to make the payment to them each month and they will send the payment on regardless. The payment doesn't reach some of my creditors in time - just missing the due by date by one or two days some months and then they will receive two payments in the next payment month and because they haven't agreed to the DMP they are charging me £12 for a late payment every time this happens.
On the other hand, I have a creditor (a loan) who has accepted the DMP but who has put a DEFAULT status on my credit account because I am paying £43 less per month than I should do againt the original agreed repayment. This default will remain on the credit account for 6 years which means the thought of me ever getting into a position where I will get a 0% option from any CC provider in the next 6 years is zero...so I will never be able to switch these higher rate cards to anything cheaper and I am still paying interest and charges each time my payment via the DMP arrives a couple of days out of cilter with their due dates.
I have been paying the DMP for 14 months now and have paid £15,000 against the original debt of £48,000. I was advised this would be the best way forward for me. I am incurring £12 late fees like no-ones business and a Default on my credit report. Only 2 creditors have actually stopped the interest and charges accruing on my account so, I am not really any further forward than I would have been without a DMP.
I also now have limited options since my credit rating went from 900 (prior to DMP) to 450 (now) so I have nowhere to 'manage' my money off to a lower rate.
I have tried to explain all this to the DMP charity but I don't think I am making myself clear? They don't seem to suggest any solution and just keep telling me to pay them and not to worry?

Have I been given bad advice? Was a DMP the right way for me to go?

Hi,
Firstly ditch paying for a dmp and switch to a free one like stepchange or payplan so all your money comes off your debts.
Secondly as soon as you stop paying the contractual minimum payment you may/will be defaulted this is completely normal and we like defaults as they fall off your credit file 6 years from the date unlike arrangement to pay which stays on for 6 years from when the debt is settled.
Thirdly any form of reduced debt repayment is going to effect your credit file. The only way to have a good credit rating is to pay all your minimums on time.
So start with number one and then come back and we can help with the rest. Forget getting more credit, people on dmp's don't do credit except mortgages which is why we want early defaults.
Do try and read back this thread and previous one's lots of information available to you and its free!!!
Puzz.x

Boldhoof

carbootcrazy wrote: »

Same thing with me, mentioned in my post just a bit before yours:rotfl:. Have tried to get some response from Noddle about why it isn't showing in my current debts but they haven't responded. Looks as if several of us are having the same problem.

Thanks to all for the responses.
Is there another free credit check we can use, given that Noodle is having some issues.