DMP & Mutual Support Thread - Part 11

Rooster01

OK worried sick now........Stepchange review was due and recently completed, received letter from Nationwide informing me my debt of £103 has been forwarded onto their in house debt collection due to length of time it will take to pay off. Currently paying £5 per month interest free. What will they do now with my credit card as I owe £5000 and paying £87 per month.......charging order...???

Is this normal practice for Nationwide? Worried sick

Rooster01

The more I'm reading about Nationwide the more convicted I'm becoming thinking charging order......Help? I'm worried sick people

racht

Rooster01 wrote: »

OK worried sick now........Stepchange review was due and recently completed, received letter from Nationwide informing me my debt of £103 has been forwarded onto their in house debt collection due to length of time it will take to pay off. Currently paying £5 per month interest free. What will they do now with my credit card as I owe £5000 and paying £87 per month.......charging order...???

Is this normal practice for Nationwide? Worried sick

I've had the same- both with my overdraft which I owe £150 and only pay £5.64 and my credit card which is just over £10500 and pay £174 a month. They sent a default notice back in june just after my review as my payment went down 50p a month- don't know if this triggered it or just that it was approaching a year. Its still not shown on my credit file but I've had a letter this week saying its been passed on and will be defaulted.
I've found Nationwide have always been very helpful and this was my largest debt!!

Rooster01

I'm worried sick as Nationwide are known to do this after the 12 month review. I even increased payments to Stepchange by £51pm to help towards my debts!

sourcrates

Rooster01 wrote: »

I'm worried sick as Nationwide are known to do this after the 12 month review. I even increased payments to Stepchange by £51pm to help towards my debts!

Rooster, don't panic,

your account is following the usual sequence of events, when a creditor is unhappy, either with the amount your paying, or the time it will take to repay your debt.

Inhouse DCA first, if you can't satisfy them, they may assign it to a 3rd party debt collector, to attempt to screw more out of you.

If that fails, next step would possibly be to wash there hands of the debt and sell it on, for 5k it's unlikely to get legal, yet.

If at any point it went down the legal route, and you admitted the debt, the court would set an amount you could comfortably afford, it's true they could also obtain a charging order, or a restriction if jointly owned, but this is just a means of securing the debt, as long as you kept up with repayments, further action, such as an order for sale, would not be granted.

An order for sale is extremely rare, and you would be able to contest it before anything was sanctioned by a court, you are a long way off this point, and really have nothing to worry about here.

Sazzie23

Rooster01 wrote: »

I'm worried sick as Nationwide are known to do this after the 12 month review. I even increased payments to Stepchange by £51pm to help towards my debts!

Ok Rooster stop right there : get your perspective back under control!

In recent years we've only heard of one charging order through this thread, I know nationwide do have a bit of rep for doing it, but it's unlikely AND if they did, all it means as Sourcrates says, IF You sold your house you'd have to pay it back.

So back to your normal DMP payments please, else you'll drive yourself round the proverbial bend trying to keep them up and take a deep breath and RELAX. If a default comes your way, smile it's supposed to, if your debt goes to DCA in-house or out-side, grin they are usually easier to deal with and very unlikely to go down the charging route.
And no panicking over any other paperwork you might get following the review, you need to get your DMP thick skin back out:D

Sazzie23

Ellieseleven wrote: »

I think it's important CBC to be able to have a few treats when you are on a DMP especially when you are in it for the long haul. I probably could have paid off my debt sooner if I had really cut everything to the bone but decided to have as normal a life as possible.


I have managed to shave off over 4 years from my original DFD so things do change along the way. I do feel impatient now though to finish my DMP but I'm trying to resist the temptation to throw everything at the debt at this stage. I've decided to keep on the way I have for the last 5 or so years and put any extra money away in the hope that I can finish my DMP by this time 2016;)



Ellie xx

Agreed, don't cut it so fine you'll be miserable. I also think having a teeny bit extra helps you figure out your savings strategies. It also gives you hope that you might be able to buy that new fridge/microwave/holiday one day, and we all need hope.:T

P.s. CBC? New one on me

Rooster01

Thanks folks....I am a worrier lol....

I'm thinking if Nationwide aren't happy with £5pm on a £103 OD what will they be like with a £5700 CC debt which I'm paying £87pm. My OD account was immediately defaulted as soon as I started dmp but my CC account hasn't as yet? I knew after 1 year things might get tricky.....is this normal behaviour from a creditor? Should I expect all my accounts to follow suit?

[Deleted User]

Sazzie23 wrote: »

Agreed, don't cut it so fine you'll be miserable. I also think having a teeny bit extra helps you figure out your savings strategies. It also gives you hope that you might be able to buy that new fridge/microwave/holiday one day, and we all need hope.:T

P.s. CBC? New one on me

Sazzie, Ellieseleven was replying to me. My user name is carbootcrazy but everyone abbreviates it to CBC:)

milocat

Hi everyone. Started my DMP earlier this month after many months of starting/failing/starting/failing have finally got it up and running. My monthly repayments have varied hugely between £116- £200 -£50. Currently I am on minimum payments, due to my shed roof caving in last month and destroying about 90% of the stuff that was stored in there. It never rains, it pours!

I don't plan to increase it any time soon, because at present I have no emergency fund. I'm hoping to save about £300 to begin with. I also need to repay my family and friends for what I've borrowed over the past 18 months. I owe my best friend nearly £700. Once they are paid off, and I have some savings, I can start overpaying here and there.

Does anyone know if you can ask for payments to go towards a specific creditor with SC? My lowest debt with them is something daft like £48 and I would quite like it gone. If I can't direct the payment to one creditor, what amount would I have to pay to make sure that it got paid off? I have 10 creditors.

Had a lovely moment the other day when I checked my statement, my largest debt is now £4995. So as much as its awful that I still owe loads of money, its nice that its coming down!

Well done to everyone else, keep plodding along! :beer: