DMP mutual support thread part 13 !!

deano1506

natlie said:

Hi, another question: 2 of my SC payments are higher than the minimum payments on the cards Taso mom payment £25 (SC paying them £33) and Virgin, similar payment

Is this normal?
Thanks
nat

Doubt they will default you if they are getting more plus they may continue to charge interest 

Weimsrock

natlie said:

Hi, another question: 2 of my SC payments are higher than the minimum payments on the cards Taso mom payment £25 (SC paying them £33) and Virgin, similar payment

Is this normal?
Thanks
nat

SC allocate your payment based on the percentage of your total debts regardless of any minimum payments, if the debt represents 10% of your overall debt then they will get 10% of your payment. It’s the one downside of SC as they treat all creditors the same regardless of interest rates or balances 

sourcrates

deano1506 said:

natlie said:

Hi, another question: 2 of my SC payments are higher than the minimum payments on the cards Taso mom payment £25 (SC paying them £33) and Virgin, similar payment

Is this normal?
Thanks
nat

Doubt they will default you if they are getting more plus they may continue to charge interest 

That’s why 6-8 months of non payment should precede entering debt management in order to encourage defaults, then you have no further worries about interest or charges, something else stepchange don’t tell you.

natlie

Thanks everyone. 

I spoke to First Direct about my Loan today and they were brilliant! they've put a 60 day freeze on my account and are waiting for the details to come in from SC. They weren't scary at all!

Nat

deano1506

natlie said:

Thanks everyone. 

I spoke to First Direct about my Loan today and they were brilliant! they've put a 60 day freeze on my account and are waiting for the details to come in from SC. They weren't scary at all!

Nat

natlie said:

Thanks everyone. 

I spoke to First Direct about my Loan today and they were brilliant! they've put a 60 day freeze on my account and are waiting for the details to come in from SC. They weren't scary at all!

Nat

None of them are scary at this point in time they would rather you spoke to them to discuss rather than bury your head in the sand.  They are not allowed to be too aggressive and once dmp in place you will rarely have to speak to anyone 

natlie

Thanks @deano1506 I haven't spoken to any of my other credit providers, should i tell them all, i was just hoping that this would all be taken care of via SC

natlie

So, I have just received my first creditor letter from Tesco and it has shocked me a bit. They have defaulted my account and sent it to their debt collections dept. for monitoring, they have frozen my interest. The payment SC are making them is £10 more than my minimum payment and I've missed no payments to date, so I am really surprised! I assume this is good?
Nat

deano1506

natlie said:

So, I have just received my first creditor letter from Tesco and it has shocked me a bit. They have defaulted my account and sent it to their debt collections dept. for monitoring, they have frozen my interest. The payment SC are making them is £10 more than my minimum payment and I've missed no payments to date, so I am really surprised! I assume this is good?
Nat

Yeah this is good who’s the debt company ?? Hoist / Robinson way?? 

natlie

It just says Tesco recovery dept. 

sourcrates

natlie said:

It just says Tesco recovery dept. 

Still in-house then, very well done on such a quick default, Tesco usually drag their feet with such things.

Just keep in mind, the letters they send are all required under the terms of the consumer credit act, they tend to set out action that "COULD" be taken, not that "WILL" be taken, for example a default notice requires full payment within 7 days, it then goes on to list what could happen if the account is not brought back into line, full balance becomes due, court action etc, when in reality, it just gets sent to collections, so don`t fret about the contents of letters, they are mostly all generic templates.