Capital One & DMP

cado1

Have been on a DMP with Step change for a few months now all going well so far. Today I got a call from Cap 1 regarding my balance with them which is being managed my SC.

They explained that as I had made 2 payments and my account was no longer exceeding the limit I didn't need to be on a payment plan anymore and they would start charges and interest again. I explained that all of my debts are being managed by SC and if they start to add interest and charges again I will fall behind with the payments. Anyway they assured me this was the way it worked, having worked in finance for many years (ironic I know) I questioned how this helped a customer in payment arrears / difficulty as I would continually be in a cycle of just under the limit or just over ...persistent debt I suppose.

Anyway I ended the call and rang SC who were very helpful and explained that they probably just wanted an update on my income and expenditure which SC would send across and say that I wanted to continue with the repayment plan.

I totally understand that it is my fault that I ever got into debt in the first place but the phone call today really irritated me

The person calling didn't actually seem that clued up on why she was calling me and kept putting me on hold when I questioned what she was saying and asking my why I needed to know (whatever I was asking)

Anyway probably just needed to rant about it :rotfl:

sourcrates

Your post is a good advert for going self managed, pay them £1 a month, they will soon stop charging you.

Stepchange are good for some, not so good for others, as you have found out.

Suseka97

I have to agree with Sourcrates.

We had that happen with Barclaycard debts (around 3 at the time). As some of our other debts fell off the payment plan, the amount sent to others increased proportionately and eventually it tipped us over their 1% above minimums threshold. They promptly reapplied interest so the debt started to go up again. BC refused to budge and even when I took my complaint to the FOS they upheld BC's stance. Eventually I managed to get them to reduce the interest to a much lower rate, but they did continue to apply it. Going self-managed back in 2017 allowed me to stop making those payments and interest hasn't been charged since.

I believe SC are wrong in this case - they won't reduce your payment and sending another I&E is unlikely to make a jot of difference (sadly).