Huge amounts of debt, advice on DMP needed

fatbelly

Keezing wrote: »

Hi All,

So just a quick update on this 1 month in.

MBNA accepted my repayment plan on both cards and waived future interest and charges.

Barclaycard rejected my repayment plan but waived future interest and charges, and asked me to pay what I can afford.

Zopa accepted my repayment plan and requested a 6 monthly review.

Barclays hit me with a formal default notice for my loan after just 3 weeks and have not responded to my repayment plan offer.

Amex have ignored every attempted communication.

I have sent complaint letters to all creditors to ask for interest and charges to be refunded.

Pretty happy with how things are going so far.

Sounds good so far.

With the major banks, it's just incompetence. They will write eventually and probably make no reference to your letters. I've currently got this going on with HSBC. You'll get there eventually.

P.S. An early default is no bad thing

Keezing

fatbelly wrote: »

Sounds good so far.

With the major banks, it's just incompetence. They will write eventually and probably make no reference to your letters. I've currently got this going on with HSBC. You'll get there eventually.

P.S. An early default is no bad thing

The incompetence from Barclays is continuing.

After issuing me with a formal default notice and demanding that I withdraw my request for a DMP, they sent me 2 different letters today:

1. Telling me that while they accept my repayment offer it is not enough keep the account open and I will receive a Default Notice shortly (I received one 2 weeks ago)

2. A separate letter telling me that I have notified them of a 3rd party managing my DMP (I didn't, I'm self managing) and they will freeze collections for 30 days while they wait to hear from the 3rd party.

I feel like they are just sending me random template letters.

Should I just ignore them or file a complaint?

fatbelly

I think that they have accepted your offer.

Keep making your payments

Have they agreed to freeze interest? Or do they make no mention of that?

sourcrates

Keezing wrote: »

The incompetence from Barclays is continuing.

After issuing me with a formal default notice and demanding that I withdraw my request for a DMP, they sent me 2 different letters today:

1. Telling me that while they accept my repayment offer it is not enough keep the account open and I will receive a Default Notice shortly (I received one 2 weeks ago)

2. A separate letter telling me that I have notified them of a 3rd party managing my DMP (I didn't, I'm self managing) and they will freeze collections for 30 days while they wait to hear from the 3rd party.

I feel like they are just sending me random template letters.

Should I just ignore them or file a complaint?

I liken it to the new starter you always get stuck with at the supermarket checkout, there supposed to know what there doing, but seldom do.

Barclays are most likely the same, not every member of staff is "oh fair" with debt management or the default process, they have probably picked a template letter they think best suits, when in reality its way off.

Agree with Fatbelly, stopping of interest should be your main concern here.

Keezing

They already kind of agreed to freeze interest in their default notice, when they said if I "didn't resolve the breach" I would be charged a daily interest rate of 0.00%.

It would be funny if it wasn't my life ;-)

Keezing

Royal Mail are foiling my plans at the moment.

So far I have posted 24 letters using signed-for 2nd-class, and so far 4 letters have been lost! One of my creditors did not receive my repayment offer and reinstated charges and interest!

Their suggestion was to send the letters by special delivery instead - at a cost of 6 quid a letter!!!

Sigh

fatbelly

Enough17 wrote: »

Following this post and eondering now if I should self manage it go with step charity?

Details

50k unsecured debt - credit card/loans/overdraft.
Mortgage approx 93k. House value 160k.
Just missed 2 cc payments this month. Best course of action please?
Confused about whether or not to make token £1 payments and also read about taking out now from cc's what u may need in emergency (??). Could self manage...just wondering best approach...

Can we freeze interest/negotiate rate please? Or...??

Was managing the debt as mostly 0%deals...money transfer/balance transfers....but few have come to end of term and credit rating gone down so no new offers. Hub had accident(self empl) which left him out of work for 4 months...and so the spiral has started. Missed 2ccs this month.

Any advice much appreciated?
Many thanks
I

You're posting in random places. The debt-free wannabee board is the right place but you need to hit the new thread button and leave this thread for keezing, or it's going to get confusing.

Enough17

Thanks fat belly 👍🏼