DMP mutual support thread part 13 !!

Afreshstart

Hi & welcome
From reading other posts here remortgaging should be possable but most likely only with your current provider.

Keeping your wife in the dark (1 or 2 posters here have managed it) generally I feel could be a bad thing to do (unless there are good reasons such as yours) & will be very difficult.At the start of my DMP I had a lot of calls & letters,my other half would have noticed almost straight away and I didn't want to lie.Should things ever get worse your wife will not be happy you haven't been honest with her.I was terrified of dragging my other half in to my mess but after facing the music I felt better, I could at least be honest as to why we never had any money.

If the debts are all in your name you shouldn't affect her credit score, if the bank accounts,credit cards are joint then yes it will definately.

Just my thoughts, you do what you feel is best for you & your wife.

I'm just over a year in & self managing with no regrets & all thanks to the advice I read on this fantastic forum

Ethel_and_Ernest

We've had two (identical) letters from MBNA acknowledging our holding letters and advising that interest and fees have been frozen for 30 days. They have said that they 'may have to default after five or more missed payments'. We've missed one payment on each account so far and one account has already been withdrawn. They said that they will need further info and have sent I&E forms out - these haven't arrived yet. Will we have to complete their own paperwork for this? I planned to use the NEDCAB ones for all creditors, rather than seven different lots...

The RBS credit card has also provided all info, no confirmation of frozen fees though. The letter states that they will now have to issue a formal default (this is good, yes?) This account has already disappeared from our online banking altogether so we can't see if charges are being added. Could this be a sign that it's being sold on quickly? It's an old account and most likely of all debts to be non-compliant.

Any advice more than welcome. Hope you're all having a fab weekend

Time_To_Change

Ethel_and_Ernest wrote: »

We've had two (identical) letters from MBNA acknowledging our holding letters and advising that interest and fees have been frozen for 30 days. They have said that they 'may have to default after five or more missed payments'. We've missed one payment on each account so far and one account has already been withdrawn. They said that they will need further info and have sent I&E forms out - these haven't arrived yet. Will we have to complete their own paperwork for this? I planned to use the NEDCAB ones for all creditors, rather than seven different lots... ]

Hi I had something similar with MBNA I just sent one from the NEDCAB website and didnt fill their one in. I got a letter back a few days later saying they had accepted my offer and would freeze interest/charges. I am guessing you can just do the same. Hope this helps.

[Deleted User]

Time_To_Change wrote: »

Ethel_and_Ernest wrote: »

We've had two (identical) letters from MBNA acknowledging our holding letters and advising that interest and fees have been frozen for 30 days. They have said that they 'may have to default after five or more missed payments'. We've missed one payment on each account so far and one account has already been withdrawn. They said that they will need further info and have sent I&E forms out - these haven't arrived yet. Will we have to complete their own paperwork for this? I planned to use the NEDCAB ones for all creditors, rather than seven different lots... ]

Hi I had something similar with MBNA I just sent one from the NEDCAB website and didnt fill their one in. I got a letter back a few days later saying they had accepted my offer and would freeze interest/charges. I am guessing you can just do the same. Hope this helps.

Yes, it's so annoying and time consuming when creditors' I&E forms are all in a different format:mad:.


I agree with Time_To_Change. I'd just send the NEDCAB one and hope for the best. If they don't like it they'll soon let you know. If they do accept it you'll have saved yourself a lot of time and trouble. Good Luck:beer:

KID77

Hi All, I'm sure I've read before but now can't find it, are creditors obliged to send annual statements even once defaulted as per CCA?
A certain credit card company hasn't sent me a statement since we defaulted and I'm wondering if this is something I can complain about?
Thank you x

Hamiltoes_2

Hi everyone,

I’ve been lurking on these threads all weekend (read 13, now making my way through thread 12!) and they have been such an invaluable source of information for me. I’m planning on self managing a DMP and have set up a new bank account and started transferring the priority outgoings over. I just need to transfer my wages on payday and then cancel all DDs.

I wonder if you lovely lot could help me with a couple of questions I have?

1) I bank with TSB and have a CC @ £4500 and a huge personal loan which is currently sitting @ £20k! I have done my budget on SC and got to the stage on CAB where I am inputting all the figures. I have read a few suggestions saying to max the numbers as much as possible in order to make sure you can maintain emergency savings, and start a F&F pot. I’ve also not included child maintenance in my income, primarily due to an abusive ex who will go absolutely nuts and stop the payments if he doesn’t feel I’m spending them correctly (i.e DDs shoes look a bit shabby and she doesn’t turn up next week with a new pair). Also I thought it would help as a buffer for above. To cut to the point: as my current account has been with TSB for years, could they report me for fraud etc if my budget doesn’t reflect exactly the records they have on my income/ outgoings? For example if I leave out the CM payments and say I spend £400pcm on food and £540 on rent, when in reality these are £350 and £510? I definitely don’t want to commit any fraud I just want some breathing space and a chance to have a savings pot.

2) Secondly I have a loan with Tesco who added all the interest on at the start of the loan. If they freeze interest or default, will the outstanding be the amount as it is now (with interest added) or will they reduce the amount so it’s just the actual repayment and not debt+ interest?

Thanks in advance for any advice.

sourcrates

Hamiltoes wrote: »

Hi everyone,

I’ve been lurking on these threads all weekend (read 13, now making my way through thread 12!) and they have been such an invaluable source of information for me. I’m planning on self managing a DMP and have set up a new bank account and started transferring the priority outgoings over. I just need to transfer my wages on payday and then cancel all DDs.

I wonder if you lovely lot could help me with a couple of questions I have?

1) I bank with TSB and have a CC @ £4500 and a huge personal loan which is currently sitting @ £20k! I have done my budget on SC and got to the stage on CAB where I am inputting all the figures. I have read a few suggestions saying to max the numbers as much as possible in order to make sure you can maintain emergency savings, and start a F&F pot. I’ve also not included child maintenance in my income, primarily due to an abusive ex who will go absolutely nuts and stop the payments if he doesn’t feel I’m spending them correctly (i.e DDs shoes look a bit shabby and she doesn’t turn up next week with a new pair). Also I thought it would help as a buffer for above. To cut to the point: as my current account has been with TSB for years, could they report me for fraud etc if my budget doesn’t reflect exactly the records they have on my income/ outgoings? For example if I leave out the CM payments and say I spend £400pcm on food and £540 on rent, when in reality these are £350 and £510? I definitely don’t want to commit any fraud I just want some breathing space and a chance to have a savings pot.

2) Secondly I have a loan with Tesco who added all the interest on at the start of the loan. If they freeze interest or default, will the outstanding be the amount as it is now (with interest added) or will they reduce the amount so it’s just the actual repayment and not debt+ interest?

Thanks in advance for any advice.

Hi,

Debt management plans are unregulated, informal arrangements between you and your creditors, your budget is no ones business but your own, likewise your spending.

You will not be scrutinised, nor will your spending, you are seriously overthinking this, you tell them what you can pay, and when, hopefully interest will be stopped, if it isn’t then it’s complaint time, and keep complaining until it is stopped.

Are you sure that was the deal with the Tesco loan as that kind of loan was more or less outlawed years ago.

January2015

Hamiltoes wrote: »

Hi everyone,

I’ve been lurking on these threads all weekend (read 13, now making my way through thread 12!) and they have been such an invaluable source of information for me. I’m planning on self managing a DMP and have set up a new bank account and started transferring the priority outgoings over. I just need to transfer my wages on payday and then cancel all DDs.

I wonder if you lovely lot could help me with a couple of questions I have?

1) I bank with TSB and have a CC @ £4500 and a huge personal loan which is currently sitting @ £20k! I have done my budget on SC and got to the stage on CAB where I am inputting all the figures. I have read a few suggestions saying to max the numbers as much as possible in order to make sure you can maintain emergency savings, and start a F&F pot. I’ve also not included child maintenance in my income, primarily due to an abusive ex who will go absolutely nuts and stop the payments if he doesn’t feel I’m spending them correctly (i.e DDs shoes look a bit shabby and she doesn’t turn up next week with a new pair). Also I thought it would help as a buffer for above. To cut to the point: as my current account has been with TSB for years, could they report me for fraud etc if my budget doesn’t reflect exactly the records they have on my income/ outgoings? For example if I leave out the CM payments and say I spend £400pcm on food and £540 on rent, when in reality these are £350 and £510? I definitely don’t want to commit any fraud I just want some breathing space and a chance to have a savings pot.

2) Secondly I have a loan with Tesco who added all the interest on at the start of the loan. If they freeze interest or default, will the outstanding be the amount as it is now (with interest added) or will they reduce the amount so it’s just the actual repayment and not debt+ interest?

Thanks in advance for any advice.

Hi and welcome :wave:

Don't worry about your figures now not matching those you input when you applied for loans / cards etc. Life moves on and income changes. The banks will not question it. Even if they did - you've split, you've had to reduce hours, you are no longer receiving maintenance... lots of answers to such a daft question.... but honestly, the question will not come up.

Regarding interest added on the loan - when you stop paying and the account is defaulted, the banks tend to call that the figure owed. So don't expect the amount owe to reduce because of a refund of interest. To be fair to the banks (and I am not often of that mindset :rotfl:) it is going to be at least the same length of time as the original term of the loan.... and potentially much longer... before the debt is cleared. It is likely they will sell it for a reduced rate and lose out that way as well. It is also possible you could, some way down the DMP road, achieve a full and final settlement offer (F&F) - which would go some way to making you feel you got some of that interest back.

My advice to you today, is don't fret over the balance of the loan. The important thing is to get interest and charges frozen now, so that it doesn't increase, and then just plod through the DMP and see what happens.

Edit: should have said - be honest about things like rent payments, but fudge ones that can be fudged, such as groceries, pet insurance, cigarettes, travel costs, childcare costs.

Hamiltoes_2

Thank you both so much for getting back to me so quicly! That is really reassuring on the budget front, I’ll try not to overthink it anymore but will Januarys advice on fudging the easier things.

Sourcrates I could be wrong about the Tesco loan, I actually can’t find any paperwork or even an email confirmation from the time (have trawled all emails and I know the exact date) but it did show up on my credit report as much more than I had borrowed and I remember thinking at the time hmm strange they must have added all the interest at the start of the loan. And then shrugged it off and got on with my silly spending... Never recieved a statement or anything either but it comes out every month and is on my CR. I have letters printed off asking for balances etc so maybe this will shed some light on it.

Again thank you both for the advice, it’s light a weight lifted knowing there are knowledgeable people here to turn to!

Afreshstart

This is updated as I was incorrect in what I originally wrote (January2015 you are correct) sorry for any confusion.

Hi my loan with Tesco was taken out around 2014.The contract shows the total to be repaid giving 60 equal monthly repayments.
I can't find my statements but I'm pretty sure they added all the interest on at the start then divided by the number of months to give the monthly repayments.The quoted rate was a fixed figure APR.
The T&C's are quite scary & they can add charges, addittional interest etc.
I think they refunded the remaining part of interest at the point of my default the same as if you closed the account early but i'm not 100% sure now.I always got a yearly statement.


Excellent advice from the experts above which i've also followed.