Anyone had experience with MBNA or HSBC and a DMP??

desperate84

I am trying to get started on a DMP with Payplan:T

But I am terrified of getting defaults as I really want to buy a house once this debt is paid off and my credit rating is good again

Just wondered how HSBC and MBNA are with debt management plans??

in_debt_again_but_dealing_with_it

Don't know about MBNA but HSBC will almost certainly offer you a "managed loan" to match your dmp payment, I was advised to avoid this like the plague as interest is added at source and what you owe them will go up considerably. Visit the DMP mutual support thread (can't do the link sorry) there's load of good advice on there. Well done on dealing with your debt positively and welcome.
IDA
x

jo_wales

I have investigated an IVA and was told that HSBC and MBNA will demand the biggest share of the payment. I have a DMP with the CCCS and although I am paying back a huge loan with HSBC, a credit card and an OD I left with them they registered a default against me straight away. On your credit rating for 6 yrs. Roll on Nov 2010!

Leixlip1

I'm doing a self-managed DMP. MBNA will play hard ball, offer you a (secured) loan via an associated company etc I held firm and kept paying them the pro-rata payment offered and suggested they took me to court if they thought they could get more and to explain why they offered me another loan - they then accepted my offer, froze interest and charges etc for an initial one year period.
I doubt if Payplan will pay them in a more preferential way to your other creditors i.e. everyone will be offered pro-rata payments