About to begin a DMP with £53k of debt.

freshstart2023

Thanks Rob, I will be sure to escalate now then! Barclaycard actually upheld my complaint, they refunded interest back to the date they increased my limit to an unaffordable level but it didn’t make too much of a difference. 

Rob5342

freshstart2023 said:

Thanks Rob, I will be sure to escalate now then! Barclaycard actually upheld my complaint, they refunded interest back to the date they increased my limit to an unaffordable level but it didn’t make too much of a difference. 

Be careful with that, sometimes the resolution is to refund interest on the balance over the previous limit, and other times it's to refund all interest since  the increase.

I had a provisional ombudsman decision to refund interest over the previous credit limit which would have amounted to £3000 or so and would have been legally binding. I objected and said I wanted all interest refunded and amazingly Nationwide offered to refund all interest which amounted to £17,000! I still find it hard to believe that happened as they had been fighting it for two years at it was way above the.final decision th ombudsman was likely to have made.

britcan

I find this an interesting read..example..I was given 2 cards by creation within weeks...1 a 7500 limit and one a 5000 limit, a couple of months fater was given 2 more each with a 1000 limit, then they gave me a currys account with 2500 limit.....littlewoods are just as bad...had a limit of 4500...i missed a couple payments and they still kept the limit recently...others like VERY, part of LW dropped my limit from about 3500 to 800...newday are also the same...problem is that stopped supplying cards to some brands and closed the account i had yet still charging huge interest..can't login to one account because they have them all branded as PULSE cards...keep getting emails saying they have sent important letters to my online account manager but I can't login..they have not sent any snail mail at all. how come they can hike interest rates yet when rates fall they never lower them? Still getting emails from creation offering loans....at 68 and just about one more years work ahead of me, if my ticker don't give out..triple by pass 3 years ago and cancer for 14 years and just finished 18 months of treatment..it being blood cancer so will never leave me.I just can't keep going much longer and really get angry at the thought of popping off at work and not in the flowers beds...so to speak. I am now thinking of the next stage..cancelled some DD on cards but not ALL DD for everything.

wildstyle2019

Hi everyone, 

Just thought I would give you a brief update. So far, I have managed to save £3K by not making payments to my creditors. Santander have recently written to me with a 'Notice of default sums' but I don't think that's the type of 'default' I am waiting for is it? 

If someone could clarify that would be great. 

Thanks

Superhoopza

wildstyle2019 said:

'If you were given two credit cards or two catalogue accounts by the same lender, often the second one should never have been given.'

As stated on Debt Camel 

Would that work if the same lender gave credit cards and loans?

I had a £10k card with a provider, maxed it, they then gave me a £6k loan and increased my credit limit by another £5k to £15k. Have I got any right to claim to them?

IainHL

wildstyle2019 said:

Hi everyone, 

Just thought I would give you a brief update. So far, I have managed to save £3K by not making payments to my creditors. Santander have recently written to me with a 'Notice of default sums' but I don't think that's the type of 'default' I am waiting for is it? 

If someone could clarify that would be great. 

Thanks

A "Notice of Default Sums" is the lender telling you the amounts they are going to charge you because you haven't made payments as required by the agreement. (They might call them fees to be added, I seem to recall some element of the bank charges case relied on the banks saying they weren't charges but fees.)

What you are waiting for is a "Default Notice" in accordance with CCA1974 s88, which must be set out in a certain way: https://www.legislation.gov.uk/ukpga/1974/39/part/VII/crossheading/default-notices/enacted. I note that StepChange say "Creditors usually send a default notice after six months of missed or under payments", so I guess you have a little more time to wait till they arrive.

sourcrates

"notice of default sum in arrears" is a document telling you how many payments you are in arrears with your account.

It is not a default notice, that will demand full payment of all existing arrears by a certain date (usually within 14 days) otherwise the account will default and a default will be added to your credit file......which is what you want, so although the letter will be official looking, and list legal action as a possible consequence, its nothing to be scared of, it must be sent to comply with the consumer credit act, and all that will happen is your debt will be sent to collections or a debt collector.

wildstyle2019

Hi everyone, 

Just an update. 

I have now received my first Default notice:

13th March from Tesco Bank


I'm still waiting for a default notice for the 2 remaining virgin credit cards and Santander.
Santander have been very quiet the past couple of weeks but I am pretty sure I have had no default notice from them - I have been checking all the letters but there have been so many! 

So what do I do now? Do I make contact yet or wait to see what the outcome after 14 days? When I eventually make contact, do I have to provide a budget to them or simply tell them what I can afford (which isn't much). 

Thanks everyone

wildstyle2019

Anyone? 
I am nervous at how quiet Satander have been and worried I have missed them sending me a default notice. 

Thanks

Grumpelstiltskin

Right don't panic it doesn't matter if Sandander are quiet or bombarding you with texts etc.

You don't have to give any of your creditors your budget despite what they may say, you just tell them what you are going to pay them, they then have 2 choices, they either like it or lump it.