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Demand for payment whilst on DMP ?
cado1
Posts: 109 Forumite
Hi
I am on a DMP with Stepchange, all payments made on time. I have received a letter from HSBC regarding my overdraft which is part of the DMP saying that the payments aren't enough to repay the debt in a reasonable time and if I do not repay in full by a 29 Jan they will pass it to there Repayment Services Team.
The letter then goes on to say that I should contact a debt charity or CAB for advice ???
They know that i'm already with a debt charity ?
Not sure what to do ??
I am on a DMP with Stepchange, all payments made on time. I have received a letter from HSBC regarding my overdraft which is part of the DMP saying that the payments aren't enough to repay the debt in a reasonable time and if I do not repay in full by a 29 Jan they will pass it to there Repayment Services Team.
The letter then goes on to say that I should contact a debt charity or CAB for advice ???
They know that i'm already with a debt charity ?
Not sure what to do ??
Total Unsecured Debt at October 2018 £29,411
02/20 £ 6,374:j
02/20 £ 6,374:j
0
Comments
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Leave it with them. The ball is in their court. Their Repayment Services Dept may be more switched on (but given it's HSBC I doubt it).
Whatever, you're paying what you can afford and using a recognised charity.
How long will it take before you clear the debt?0 -
Leave it with them. The ball is in their court. Their Repayment Services Dept may be more switched on (but given it's HSBC I doubt it).
Whatever, you're paying what you can afford and using a recognised charity.
How long will it take before you clear the debt?
Well at my present rate my debt free date is May 2020 however my payments will decrease in April as I have to start paying back a student loan but then the lease is up on my flat in September so I plan to move somewhere cheaper so I will be able to pay more in to it !Total Unsecured Debt at October 2018 £29,411
02/20 £ 6,374:j0 -
If your present rate gets you debt free in 16 months then their statement that 'the payments aren't enough to repay the debt in a reasonable time' is clearly nonsense. A reasonable period is defined as 3-5 years.Well at my present rate my debt free date is May 2020 however my payments will decrease in April as I have to start paying back a student loan but then the lease is up on my flat in September so I plan to move somewhere cheaper so I will be able to pay more in to it !0 -
It sounds like more or less a standard letter saying there not happy with the amount your paying so there moving the account to collections, this is usually done prior to possible sale of the account.
You don’t need to do anything, just let things pan out.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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