DMP mutual support thread part 13 !!

sourcrates

NowInspired wrote: »

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.

Time_To_Change

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.

Ethel_and_Ernest

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

Suseka97

[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.

biker_rob

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:

Changingtimes

Quick question. Whilst I know every one is different and have different commitments......what would you consider is a reasonable amount as an emergency fund?

sourcrates

Changingtimes wrote: »

Quick question. Whilst I know every one is different and have different commitments......what would you consider is a reasonable amount as an emergency fund?

Around £700 to £1000 pounds if you can.

You need to be able to replace say a washing machine and/or fridge freezer, should yours fail.

And it’s always handy to keep an amount of cash available, just in case.

Changingtimes

Great thank you that helps a lot.

Merry Christmas and happy New year Sourcrates and everyone else in DMP and DMP advice land.

[Deleted User]

Just popping in to wish all the lovely posters on here a very Happy Christmas however or wherever you plan to spend it:beer::xmastree::santa2:.

Dandytf

sourcrates wrote: »

Around £700 to £1000 pounds if you can.

You need to be able to replace say a washing machine and/or fridge freezer, should yours fail.

And it’s always handy to keep an amount of cash available, just in case.

\Whern does Emergancy fund become savings medium term.
I have an opportunity to continue with help2save though as I approach Emergancy fund numbers I think I could continue past 700 or 1k very soon.
Is it recommenced that I put savings fund balance into separate account and re start saving for medium term larger number maybe home repairs or possibly car deposit in 2-3 years.