Any way to stop the interest?

acurnow30

Hi all,
DH and I have been paying into a DMP with the CCCS for 2 years, I have to say most of the creditors and surprisingly for me the debt collection agencies have all been brilliantly helpful except for halifax visa (the loan has been referred to debt collection).

The balance on the visa is £7800, currently we pay CCCS £648 so £145 ish goes to the visa. They stopped the interest for 6 months saying that is all they are allowed to do for the life of the card and then restarted it, so currently £140 of our £145 payment is only going on interest. All our other debts are going down and it is soooo demorilising for us still to be paying interest on it.

They even rang my hubby the other day and said if he made a payment of £100 to clear the arrears he could spend on his card after 2 years of a DMP - unbelievable!! Is there any way of stopping the interest? Should we try and borrow the money from a family member and make halifax a settlement offer? Any ideas gratefully received.
x

Merlot

No, don't pay anything to the Halifax, I thought they weren't allowed to ask for further monies if you are in a DMP, you will be opening a can of worms, give this month and they will keep calling you, call the CCCS and ask them to contact the Halifax...cheeky bug*ers!

If you are having problems with the halifax calling you, write to them informing them all correspondance must be in writing only, send by Recorded Delivery, failing that, change your number, its usually free and quite easy to do.

CCCS_Sarah

I know if can be difficult when a creditor continues to charge interest when you are on a DMP. Each creditor works differently and some choose to stop interest for a set time some others stop it indefinitely.

When was the last time you had a review of your account? This sometimes is one of the factors that a creditor uses when making their decision. So if you have not had a review in the last 12mths give CCCS a call and then we can send a new copy of your budget to your creditor. If you have had a review in the last 12mths get in touch with CCCS as there is a letter we can send requesting they CONSIDER stopping the interest again.

If for whatever reason Halifax choose not to stop the interest ‘stick to your guns’ and don’t give them any extra cash outside the DMP. The way the DMP’s work is to treat all unsecured creditors the same and fairly and it's not a case of who shouts loudest

If there is anything that you would like to ask me give me a shout

Sarah