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DMP mutual support thread part 13 !!

edited 13 March 2019 at 10:03AM in Debt-Free Wannabe
2.9K replies 446.1K views
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Replies

  • OnebrokeladyOnebrokelady Forumite
    3K posts
    1,000 Posts Second Anniversary Name Dropper Photogenic
    ✭✭✭✭
    My second creditor contacted me today by letter I'm glad to say,it was Barclays and they wrote to say my debt has been passed on to the PRA group,there was also a letter from PRA stating that they had bought the debt from Barclays and that I should just carry on with my current payment plan
    I'm just waiting for Westcott to contact me now and that will be all of them responding to my lower payments
    I must say so far it's been quite stress free,I was so worried about having to lower my payments and I really needn't have been,from now on I'm going to try really hard not to get so worked up about it all
    This first year has been a learning curve for me but it's all positive so it's onwards and upwards from now on
    Original Debt Owed Jan 18 = £17,630 Paid To Date = £2,739Total Now Owed = £14,891
    Emergency Fund = £1000 Xmas savings = £200
    General savings = £300
  • lola_girllola_girl Forumite
    13 posts
    10 Posts First Anniversary
    MoneySaving Newbie
    Hi all,
    DMP a few months in now and plodding along fairly well. 2 defaults so far out of 5!
    I’ve had a letter today to say MBNA have become part of the Lloyds banking group. Will continue as a separate bank and nothing will change.

    However, I bank with Lloyd’s, have done a long time, have two accounts there.
    I haven’t changed banks as I had no debts with Lloyd’s or Halifax.
    But I have a DMP arrangement now with MBNA. Are they likely to try and offset from Lloyd’s? Is this even possible?

    Wishing everyone all the best for Christmas x
  • Does anyone know if hsbc are usually slow to acknowledge a dmp? I haven't had anything from them yet I set holding letters at the start of November and StepChange contacted them towards the end of November.
  • Suseka97Suseka97 Forumite
    955 posts
    Fifth Anniversary 500 Posts
    ✭✭✭
    lola_girl wrote: »
    Hi all,
    I’ve had a letter today to say MBNA have become part of the Lloyds banking group. Will continue as a separate bank and nothing will change.
    However, I bank with Lloyd’s, have done a long time, have two accounts there.
    I haven’t changed banks as I had no debts with Lloyd’s or Halifax.
    But I have a DMP arrangement now with MBNA. Are they likely to try and offset from Lloyd’s? Is this even possible?
    Wishing everyone all the best for Christmas x

    I have no experience of this, but I would have thought that as long as you keep to your repayment plan, there should be no reason they'd exercise the right to offset, even if they could.
    Lmrcpr wrote: »
    Does anyone know if hsbc are usually slow to acknowledge a dmp? I haven't had anything from them yet I set holding letters at the start of November and StepChange contacted them towards the end of November.

    Some creditors can be painfully slow and some of mine never actually acknowledged the DMP, but they accepted the payment from StepChange without question. I wouldn't worry, whether they formally accept or not, SC will just send them whatever they'd set the payment at.
  • I thought MBNA were already part of Lloyds? I thought Lloyds took them over a while ago.
  • sourcratessourcrates Forumite, Board Guide
    20.2K posts
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    I thought MBNA were already part of Lloyds? I thought Lloyds took them over a while ago.

    MBNA Corporation was a bank holding company and parent company of wholly owned subsidiary MBNA America Bank, N.A., headquartered in Wilmington, Delaware, prior to being acquired by Bank of America in 2006. In December 2016, UK-based Lloyds Banking Group purchased MBNA from Bank of America for £1.9 billion.

    Courtesy of Google.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to:
    [email protected].
    Any views expressed are mine and not the official line of MoneySavingExpert.com.
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
  • Hi all just after some advice on how to deal with one of my creditors. I am self managing and have made 3 months of token payments. Tesco bank are still adding a large amount of interest on my CC. I am due to start making larger payments from January to all my creditors. The others have all been great and very understanding except tesco bank. Should I write and ask them again to freeze interest or do I just have to live with it and hope they stop in the future? It is very annoying as my debt will grow significantly with the payments I am offering if they keep adding interest. I am also quite annoyed with the letters they keep sending. You can clearly see through the window on the envelope that they are from tesco bank collections department. Surely these should be sent a little more discreetly? Thanks in advance for any advice.
  • Hi Time to Change,

    I'm also a newbie but, from what I've read on here, once an account is defaulted the charges will stop. No harm in asking though, perhaps reiterate that you are paying, not hiding and want to make inroads into what you owe.

    Re. the indiscreet post - I followed advice and set up a designated email for all DMP correspondence. Not sure if it would work but might be an option to reduce frequency of letters?

    All the best on your journey to debt freedom!
    Ethel x
    LBM ~ August 2018
    Debts at highest ~ c.52k
    The only way is down!
  • Suseka97Suseka97 Forumite
    955 posts
    Fifth Anniversary 500 Posts
    ✭✭✭
    [QUOTE=Time_To_Change;75213246......._I_am_self_managing_and_have_made_3_months_of_token_payments._Tesco_bank_are_still_adding_a_large_amount_of_interest_on_my_CC.__Should_I_write_and_ask_them_again_to_freeze_interest_or_do_I_just_have_to_live_with_it_and_hope_they_stop_in_the_future?_It_is_very_annoying_as_my_debt_will_grow_significantly_with_the_payments_I_am_offering_if_they_keep_adding_interest.[/QUOTE]

    There's no harm in writing as E&E suggests - but if they ignore your request then I wouldn't up your payments to them. Yes, in the short term they may keep lumping on interest, but eventually they'll either default or sell the debt on and you'll probably find dealing with a DCA much easier. Good news re the rest though.
  • edited 21 December 2018 at 10:46PM
    biker_robbiker_rob Forumite
    24 posts
    edited 21 December 2018 at 10:46PM
    Thanks to Sourcrates and all of the helpful folk in this thread. I'm so pleased I happened across this thread all those months ago. Your advice and help has been a godsend :)

    I've had two replies this week. Cap 1 have accepted my offer and I have to say have been brilliant sending all the info I need and my account will default soon, which is what I wanted to hear. MBNA have also accepted my offer and that one has already defaulted. With Tesco already defaulted (and now with DCA) that's 3 out of 5 so things are going well. Still waiting from other 3 creditors to accept my offer. Oh well, the longer they take the longer they'll have to wait for the payments to start. I've not made any token payments to any of them.

    I wanted to start the DMP for my creditors all at the same time but I'm happy to get the payments going to Cap 1 first as it's the lowest payment of the lot. I've sent them a letter to that effect.

    EDiT: After checking my post, the DCA for Tesco has accepted my offer of payment. Brilliant.

    Getting there!

    Have a great xmas and new year DMP'ers :beer:
    LBM: August 2018
    Self-managed DMP started: Jan 2019
    Original Debt Jan 2019: £22,469
    Current Debt: £21,058
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