DMP Mutual Support Thread - Part 12

sourcrates

Fraise70 wrote: »

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

You cant, and never have been able, to get interest refunded on a catalogue account or credit card, it is an entirely different product to the short term, high interest, payday loans, where you can get refunds.

What you can re-claim are over limit charges, late payment charges, charges for failed direct debts etc, if you were in financial difficulty at the time.

For those you would put in a written complaint asking for the money back and giving your reasons why you thing they should refund you.

Misswelsh84

Hi all,

Thanks for the advice so far. I feel slightly more in the know about things after reading from some of the thread. I'm still plodding through.

I have decided to definitely go ahead with the DMP but am still finding it all very daunting. I re-looked at my budget as thought maybe i was being a bit tight with it but then realised i was including things like my loan payment and OD fees which i have put on my DMP do slightly better there.

I have a few questions I was hoping someone could help with. I have read a bit about Littlewoods and BNPL. I realised I didn't include this on my DMP as I have been paying the amounts before the interest is due and not had any problems. Should I be including this or carry on as I have been?

Also reading further with SC they had stated I would be debt free in 2 years and 4 months (i wish) but the budget amount falls short in that period by £3k. That being creditors agree to stop interest/charges etc. It seems all to good to be true?

Thanks

sourcrates

Misswelsh84 wrote: »

I have decided to definitely go ahead with the DMP but am still finding it all very daunting.

I have a few questions I was hoping someone could help with. I have read a bit about Littlewoods and BNPL. I realised I didn't include this on my DMP.

Also reading further with SC they had stated I would be debt free in 2 years and 4 months (i wish) but the budget amount falls short in that period by £3k. That being creditors agree to stop interest/charges etc. It seems all to good to be true?

Thanks

Its actually extremely simple, and not in the least bit daunting.

All you are doing is continuing to make monthly payments to your creditors, like you always have done, except now you are only making one payment, and they are getting a lower percentage rate pro rata between them.

You should include all your debts unless you do what January did and pay Little-woods off in order to avoid the BNPL interest, otherwise i can almost guarantee they will add the BNPL interest to your account, close it, and sell it on, they always demand too much money do Little-woods, so dont expect much in the way of cooperation there.

Hopefully the rest of your creditors will stop interest and it will just be a case of paying off the balances, happy days.

atlinford

Hello all,

I'm starting to come to the realisation that I am in dire financial trouble.
I am considering entering into a DMP, however I have a few (probably stupid) questions;
1 - my car is on PCP, what happens to this? As I have no emergency fund to buy a different car if it is repossessed.
2 - my house is shared ownership, I own 50% and the housing association owns the other 50%, what would happen to my rent repayments?
3 - I am recently married and ideally we'd like to buy a bigger house once we're out of this mess, would my accounts go into default? For example if I was in a 4 year DMP, would I have to wait 10 years to move house? (6 years for defaults to clear).
4 - I owe money to family members, what happens to those repayments?
5 - I very stupidly took a secured loan on any equity I have in my home, what would happen to that?

Thank you, any advice is massively appreciated.

sourcrates

atlinford wrote: »

Hello all,

I'm starting to come to the realisation that I am in dire financial trouble.
I am considering entering into a DMP, however I have a few (probably stupid) questions;
1 - my car is on PCP, what happens to this? As I have no emergency fund to buy a different car if it is repossessed.
2 - my house is shared ownership, I own 50% and the housing association owns the other 50%, what would happen to my rent repayments?
3 - I am recently married and ideally we'd like to buy a bigger house once we're out of this mess, would my accounts go into default? For example if I was in a 4 year DMP, would I have to wait 10 years to move house? (6 years for defaults to clear).
4 - I owe money to family members, what happens to those repayments?
5 - I very stupidly took a secured loan on any equity I have in my home, what would happen to that?

Thank you, any advice is massively appreciated.

Hi,

Answers :

(1) Can you afford the car ? if yes, it becomes a priority payment.

(2) Nothing would happen to your rent, its a priority payment, and nothing to do with your unsecured debts.

(3) Sooner the account is defaulted, the sooner it will be off your file, it will remain for 6 years from default date.

(4) Priority payments.

(5) Again, a priority payment, if you dont pay this you are at high risk of repossession.

A DMP is an unregulated gentleman's agreement if you like, priority debts always come first, then food etc, last of all unsecured credit repayments, there are no real rules except a debt charity would expect you to treat your creditors fairly, if you self mange, you can pretty much run it how you choose.

Misswelsh84

Thanks Sourcrates. I think I'll carry on with that as it's not a massive amount each month and will be paid off by Christmas if I pay myself. One less to worry about.

It seems it's getting simpler the more I learn. When I say daunting I mean more from a personal point of view that I've got myself in such a mess. Its comforting I'm not alone (meant in the nicest way possible). Never realised so many people were in similar situations.

I think my biggest concern will be Barclaycard. Reading back shows they can be difficult but will cross that path if/when I get to it.

atlinford

Thank you very much Sourcrates, I appreciate the quick response.

sourcrates

Misswelsh84 wrote: »

Thanks Sourcrates. I think I'll carry on with that as it's not a massive amount each month and will be paid off by Christmas if I pay myself. One less to worry about.

It seems it's getting simpler the more I learn. When I say daunting I mean more from a personal point of view that I've got myself in such a mess. Its comforting I'm not alone (meant in the nicest way possible). Never realised so many people were in similar situations.

I think my biggest concern will be Barclaycard. Reading back shows they can be difficult but will cross that path if/when I get to it.

Many, many people are in similar situations today, the thing is its seldom talked about, because its perceived to be the norm to be living off your credit card two weeks before payday, when clearly it should not be the norm.

The amount of personal debt we each have in this country is staggering, the average household is reckoned to owe approx £13,000 in unsecured debt, i think that figure is conservative myself, in reality i think its a lot more, its just the system we live under unfortunately, with prices rising, and wages falling, its only going to get worse.

I think its a terrible position to be in, there seem to be lots of younger posters on here of late in their 20`s 30k in debt, its not good at all.

Oh, and you may have trouble with Barclaycard, if you do, post back for tips on how to deal with them.

motivated

Hi all

I contacted our 2 BCs again through the messaging service. I told them that I will not be able to adhere to the default notice conditions such as paying all arrears and would like them to default ASAP so as not to prolong things unecessarily.

Today theyve both replied saying they applogise and have backdated a default to March on both accounts to when We first stopped payments

This is good right?

January2015

motivated wrote: »

Hi all

I contacted our 2 BCs again through the messaging service. I told them that I will not be able to adhere to the default notice conditions such as paying all arrears and would like them to default ASAP so as not to prolong things unecessarily.

Today theyve both replied saying they applogise and have backdated a default to March on both accounts to when We first stopped payments

This is good right?

Very good Well done you :j