DMP & Mutual Support Thread - Part 11

Sazzie23

rainbowgirl1 wrote: »

Update from my DMP. I'm making my first DMP to Stepchange on the 1st on November so far I have had the following from my creditors:


Virgin Money - agreed to payment plan and freezing interest
MBNA - agreed to payment plan and freezing interest
Tesco - agreed to payment plan and are sending us a default notice so that interest and charges would stop
Halifax - After sending a few letters threatening etc over 2 weeks they have agreed to payment plan and freeze interest and will review in April


Still haven't heard from Barclaycard, Cahoot and Mint.

I don't think I ever heard from cahoot, they just keep taking the payments, they haven't defaulted me either, surprisingly.

Good progress though, feeling a bit of relief yet?

Sazzie23

Iwanttobefree wrote: »

Anyone had any success making token payments of about £5 to this company?

Tempted to try to get them to default it, take me to court (would rather a ccj and frozen interest

We were paying them back a total of £104.39,
£44.06 a month was interest so we were only paying them back £66.33 meaning it will take me 24 years to pay it off or until I'm 75


If I lent a friend 10K after they struggled to repay back my original loan, almost 100% of you would tell me it's my stupid fault for lending them more.


On a separate note, when you phone the likes of Payplan and Stepchange etc, they ask you about all your debts etc then happily tell you your estimated debt free date.

They should know by now that if any debts are with Creation, this is simply not a true or close debt free date hence should stop giving people false hope. All it does is push the stress levels to breaking point when a few months later we find this isn't the case.

Totally agree about SC and PP telling folk that Creation and BC are unlikely to stop interest completely at certain levels of repayment, it would have been heck of a shock for me if I hadn't found this thread.

Fortunately I'm not with Creation (who are they anyway? I'd never heard of them until I started coming on here, do they bank under a different name?). Have you written to the CEO, someone on here did with a certain bank, I can't recall which one, and had success, what's to lose? Just put what you put on here.
Have you considered other options of debt relief, DRO (rules have changed recently), IVA - at least you'd be clear in 5 years, bankruptcy ? I guess there are reasons why you might not choose any of those but I'm thinking 14 years of misery and worsening health is a bit of a downer.
I've not heard of anyone giving Creation tough tactics, certainly you'll have to go self managed if you want to do it, and as you accept there's a risk of a CCJ. Also if it doesn't work, you'll be paying them for even longer :mad:

Sazzie23

Hi all

Having a no-sleep night so catching up on some emails. Came across this

THE MONEY SHOP TO REFUND CUSTOMERS £15M
One of Britain’s biggest pay-day lenders, The Money Shop, has agreed to refund £15.4m to 147,000 customers after a review by the Financial Conduct Authority (FCA). Many of the customers were granted loans they could not afford to repay; those due compensation will be contacted by The Money Shop.

I trust it will help some folk, DMP or other wise.

Karen777

I agree with all the people who say this forum is really helpful - I know I couldn't have got where I am without it and it is wierd the first time you post some help to someone else and realise how short a time it was since you posted in a panic not knowing what on earth could be done about this mess you had gotten yourself into! It would be funny if it wasn't so unfunny!!

GibbsRule_No3

Growurown wrote: »

Penultimate payment made today. Tesco's finished, Halifax CC finished, getting very excited now! Hope the car doesn't let me down big time when it goes in for it's MOT this week.

It will soon feel like it never happened and you can enjoy the money you were paying out monthly, then wonder how with it you ever got to needing a DMP. :j :beer:

sourcrates

Iwanttobefree wrote: »

Anyone had any success making token payments of about £5 to this company?

Tempted to try to get them to default it, take me to court (would rather a ccj and frozen interest)?

Creation have been more problem than all my other debts put together, I had to go to the FSO last year to get them to reduce it to some sort of decent amount and now a year later, I'm fighting exactly the same battle again.

We owe them 17000 on 3 different credit cards.

£6446, £6055 and £4869


With the reduced interest last year AFTER going to the FSO (creation didn't admit fault but reduced the interest anyway)

We were paying them back a total of £104.39,
£44.06 a month was interest so we were only paying them back £66.33 meaning it will take me 24 years to pay it off or until I'm 75

If they froze the interest, it would take me 14 years or until I'm 65, still a long time but much more doable.

The stupid thing is, this is making me and my wife so stressed it's slowly killing us both, so the chances of things improving financially are zero, more likely will get worse due to ill health.

While I'm not trying to get out of repaying, I do think Creation have to take some of the responsibility.

Me very ill and depressed, not in right frame of mind applying for cards online while depressed. A few clicks of a mouse, very little details requested. We already were up to the limit on one of their cards having only made minimum payments for years, so what do they do, send us another two cards with £10k of credit.

If I lent a friend 10K after they struggled to repay back my original loan, almost 100% of you would tell me it's my stupid fault for lending them more.


On a separate note, when you phone the likes of Payplan and Stepchange etc, they ask you about all your debts etc then happily tell you your estimated debt free date.

They should know by now that if any debts are with Creation, this is simply not a true or close debt free date hence should stop giving people false hope. All it does is push the stress levels to breaking point when a few months later we find this isn't the case.

When did you originally open these card accounts ?

Have you done CCA requests at all ?

SpamTomorrow

Sazzie23 wrote: »

Hi all

Having a no-sleep night so catching up on some emails. Came across this

THE MONEY SHOP TO REFUND CUSTOMERS £15M
One of Britain’s biggest pay-day lenders, The Money Shop, has agreed to refund £15.4m to 147,000 customers after a review by the Financial Conduct Authority (FCA). Many of the customers were granted loans they could not afford to repay; those due compensation will be contacted by The Money Shop.

I trust it will help some folk, DMP or other wise.

Really interesting, thank you.


These guys trade under PDUK, Payday Express & Ladder Loans as well. Sorry to say I have had dealings with two of the above, maybe I will get a nice letter from them.

rainbowgirl1

Sazzie23 wrote: »

I don't think I ever heard from cahoot, they just keep taking the payments, they haven't defaulted me either, surprisingly.

Good progress though, feeling a bit of relief yet?

I think so I'm much more calmer and now sort of look forward to letters from creditors. I must say as well didn't expect to hear from 4 of them so quick.

Time_to_face_the_music

Growurown wrote: »

Penultimate payment made today. Tesco's finished, Halifax CC finished, getting very excited now! Hope the car doesn't let me down big time when it goes in for it's MOT this week.

I don't post much these days but still read "our" thread and this news has put the biggest smile on my face. Will be cheering you on all the way to the Debt Free Roll of Honour thread :j

Good luck with the MOT, will have fingers and everything else crossed for you!


TTFTM x

MrsSammyB

Evening all,

Has anyone had any dealings with Lloyds overdraft (originally a student account). They told me over the phone they'd accepted my DMP (SC), but now have written to me to say they've extended my OD temporarily and this will decrease each month, this'll negating the over limit charge - but are still charging me Healy £35 a month interest! I do need to call them, but wondered if anyone had any advice?

Thanking you muchly x