Please help me, letter from SC

MovingForwards

@Robert85 it's easy to read too much into things, we all do it. The branch manager will not have anything to do with the complaint, there's dedicated departments who investigate them.

Try and relax 🤗

Robert85

@MovingForwards
Thank you kindly!

Thank you guys! 

Robert85

Hello guys! I hope you well. @MovingForwards @socrates

On September 5, I received a reply from the TSB bank regarding my situation with debt and complaint. 

On September 7, I got a letter from Stepchange.

The letter shows that the TSB bank rejected my offer from SC which is £275 a month and split for 2 different debts with TSB.
What does this mean for me? Will the Bank now return / sell my debt to the collection agency? Will I have to pay off any additional interest?

What I know that I will continue to pay my debt through the SC.

Thank you. 

MovingForwards

At some point the debt will move from their own debt department to be sold on.
Step change will continue to pay the bank, when it gets sold on SC will then pay whoever owns it.

Are they still charging you interest now or has that stopped?

Robert85

@MovingForwards

Thank you for replied. 

Yes, TSB Bank is charging interest of one of the bank account which is £160.

MovingForwards

See what @sourcrates suggests as a way of forcing them to stop the interest, as normally payment would be withheld to force a default and that stops interest, but I don't know if / how that would work with SC.

Robert85

Yes, sure @MovingForwards
I hope I will not paying interest with SC when TSB BANK will be sold it. 

@socrates
Please, what is your suggestion for me?

Thank you 

sourcrates

Stop paying, that usually works.

My best suggestion for you, and you can choose to ignore it if you wish, is I would stop the whole DMP thing, wait until your accounts get sold on, defaulted, then the interest will stop for good, then you make payment arrangements.

Creditors are not obliged to stop charging interest, so to get what you want its sometimes best to take matters into your own hands and to force the issue.

Lots of folk go into debt management far too quickly thinking its the right thing to do, but right for whom ? not for you if they still charge interest, so that would be my plan.

Don`t take this as advice on what to do, its your decision, i just prefer it if people know all the facts before they make that choice.

Robert85

I'm a little confused. I would not like to pay interest during my repayments because I do not know how long and how much I will pay it back each month.

Current debt is around £ 12,500

I really need to take a good decision. 

@socrates Do you think it is very likely that I will pay interest?

Thank you for replied. 

sourcrates

You first posted back in july last year about this, its been all DMP, and payment acceptance etc, you haven`t told us your personal circumstances at all, so i am unsure if you would qualify, are you a homeowner ? Do you have an expencive car ? if you can say no to these two questions, have you concidered a DRO ?

There are other qualifying criteria, but the main two are above.