DMP Mutual Support Thread - Part 12

January2015

curlu wrote: »

Hi everyone, after being told by SC that I don't qualify for a DMP at this stage as I can currently afford my contractual payments, I'm struggling to see a way out of the mess I foresee down the line I'm torn between borrowing more to consolidate(if thats even possible) continuing to pay the debt by using a snowball calculator, or stopping payment and entering into a self managed DMP.
What would you do?
Just a reminder I have £60K between 7 creditors and I have already written to them all to tell them I am working with SC, and asking them to freeze all interest and charges while I work with SC. This was based on the online remedy tool which suggested DMP as the way forward and I was then told it wasn't an option....now that I've done the letters, is it worth stopping payment anyway??

You don't need SC to operate a DMP for you. Set up your own DMP. Use NEDCAB DMP to get you started.

When you work out your expenditure make sure you allow the maximum allowable (put a high figure in each box on the NEDCAB website and it will tell you if it is considered to high). Keep adjusting the figure(s) down until each is acceptable.

The letters to creditors telling them you are working with SC are still fine. The outcome will be that after seeking advice you feel able to manage the DMP yourself. NEDCAB site will generate all the letters you need and help you through each step of the process. You do not need to speak to anyone or get their approval (or not) for the DMP.

Basically if you feel your finances are causing you to struggle then you need a solution, i.e. a debt management plan

motivated

Hi all

I would like to pick your brains if possible. A while back I sent my CCs CCA requests. At first my BC sent me a letter telling me the debt was unenforceable. However a couple of weeks later I received the paperwork I'd requested with a letter saying they are now able to supply the information.

My gut instinct is telling me something isn't right with it. The letter states this is a reconstituted copy of your agreement and a copy of the T&Cs of your account. Fair enough. But it also says "however, the interest rates, fees and charges set out in the agreement may differ from what we have discussed with you due to the status of your account".
Also, am I right in thinking that they are supposed to send me all of the transactions and payments made on the account too. The statement they have sent just says the credit limit and the balance outstanding.
M

curlu

Thanks so much for that advice, have now started the NEDCAB paperwork. Do people advise that I:
1) reduce my payments to those calculated on the NEDCAB formula, o
2) stop payment until I have acceptance of the offers
3) Continue to pay contractual payments until I hear?

motivated

curlu wrote: »

Thanks so much for that advice, have now started the NEDCAB paperwork. Do people advise that I:
1) reduce my payments to those calculated on the NEDCAB formula, o
2) stop payment until I have acceptance of the offers
3) Continue to pay contractual payments until I hear?

When I sent my NEDCAB letters off I also added to them that for the months of X Y and Z I would be paying a token payment of £1.00 due to unforceen circumstances such as vehicle costs, vet bills. Either that or you could just stop payments until you get acknowledgement from them. Start to save up the money you would've sent to creditors for your EF.
M

January2015

curlu wrote: »

Thanks so much for that advice, have now started the NEDCAB paperwork. Do people advise that I:
1) reduce my payments to those calculated on the NEDCAB formula, o
2) stop payment until I have acceptance of the offers
3) Continue to pay contractual payments until I hear?

I would

1. Not pay the amounts calculated by NEDCAB for at least six months (see note 2 below for what.... or what not... to pay)
2. Up to you. Some people pay £1 per month token payments to each debt and others pay nothing. When I went self managed I opted to pay £1 per month token payment. For me this was to show willing and evidence of maintaining contact with creditors. To be honest it will cost them more to process the £1 payment but it kept me happy at a time I was unsure how creditors would react to little or no payments.
3. I would cancel contractual payments now. Cancel all direct debits, standing orders or however you pay these debts.

Also when you write add a paragraph to state you do not give them permission to contact you by telephone and that all communication regarding this account must be done in writing. This takes the pressure off you worrying about phone calls. Providing you maintain contact with your creditors they have to honour this request.

sourcrates

motivated wrote: »

Hi all

I would like to pick your brains if possible. A while back I sent my CCs CCA requests. At first my BC sent me a letter telling me the debt was unenforceable. However a couple of weeks later I received the paperwork I'd requested with a letter saying they are now able to supply the information.

My gut instinct is telling me something isn't right with it. The letter states this is a reconstituted copy of your agreement and a copy of the T&Cs of your account. Fair enough. But it also says "however, the interest rates, fees and charges set out in the agreement may differ from what we have discussed with you due to the status of your account".
Also, am I right in thinking that they are supposed to send me all of the transactions and payments made on the account too. The statement they have sent just says the credit limit and the balance outstanding.
M

A recon is acceptable.

Unfortunately if you want to challenge it on the basis of the prescribed terms, unless the account dated from before April 2007, you would be wasting your time, as the court has already ruled on that scenario.

January2015

motivated wrote: »

Hi all

I would like to pick your brains if possible. A while back I sent my CCs CCA requests. At first my BC sent me a letter telling me the debt was unenforceable. However a couple of weeks later I received the paperwork I'd requested with a letter saying they are now able to supply the information.

My gut instinct is telling me something isn't right with it. The letter states this is a reconstituted copy of your agreement and a copy of the T&Cs of your account. Fair enough. But it also says "however, the interest rates, fees and charges set out in the agreement may differ from what we have discussed with you due to the status of your account".
Also, am I right in thinking that they are supposed to send me all of the transactions and payments made on the account too. The statement they have sent just says the credit limit and the balance outstanding.
M

Barclaycard will charge you a £10 fee for copy statements of all transactions. They do this bit under the Data Protection Act. Some creditors send you everything including all transactions/statements under the CCA request. BC don't

motivated

sourcrates wrote: »

A recon is acceptable.

Unfortunately if you want to challenge it on the basis of the prescribed terms, unless the account dated from before April 2007, you would be wasting your time, as the court has already ruled on that scenario.

January2015 wrote: »

Barclaycard will charge you a £10 fee for copy statements of all transactions. They do this bit under the Data Protection Act. Some creditors send you everything including all transactions/statements under the CCA request. BC don't

Thank you both. It is actually one of the smaller debts I have so not the end of the world.

Business as usual then
M

Fraise70

Hi everyone,

Has anyone ever attempted to claim back high interest charges on Littlewoods and credit cards such as Capitol One or Vanquis whilst on a DMP?

I've been looking at the Reclaim bank charges forum and can see that people have had a lot of success re. claiming due to hardship, I'm just wondering if there's anything that can be done re. high interest charges on any of the above and if there's a stronger case re. being on a dmp etc.

Any suggestions or advice welcome

[Deleted User]

January2015 wrote: »

Barclaycard will charge you a £10 fee for copy statements of all transactions. They do this bit under the Data Protection Act. Some creditors send you everything including all transactions/statements under the CCA request. BC don't

None of my creditors except Lloyds (2x MBNA/Link; Mint/Wescot; Tesco/Robinson-Way) sent me any transactions/statements as a result of my CCA requests, just the Ts&Cs, some sent a copy of my application form, and all sent an up to date balance:eek:. I had to send the £10 fee for anything else and only did it for the ones I thought I had PPI on which were nothing to do with my DMP as they'd been paid off years ago. I might go down that route with one of my CCA'd ones though as I have a hunch that I DID have PPI (for a while at least) and if they are still making the debt enforceable:mad: I can try to claw some money back from them via the PPI;).