DMP Mutual Support Thread (Part 4)

newlywed

Just to confirm the HSBC/First Direct offering a loan instead of your DMP agreement:

When you sign up for your DMP you are under contract not to take on any new credit. If you accept the loan you are taking on credit! Plus they will then carry on charging interest.

First Direct didn't offer me this at all, but still charged low interest. However, now that I have had to reduce my DMP payments, they have suddenly offered me a loan - for 12 months - with the last payment being the FULL AMOUNT of the loan!!!

Read carefully what they are trying to tie you into and then chuck it in the shredder

Here's the CCCS reply to me "You have done the right thing in not accepting this loan offer. First Direct many now pass the account to a collections agent. Should this happen please advise us of the new creditor details so we may transfer the account and redirect payments. Interest is usually stopped at this stage."

So fingers crossed the interest will stop soon.

Angel_Cake_3

Hi all, just wondered if anyone has had any dealings with Monument.
I have a CC with them and the balance is approx £3,700.

They have not accepted the DMP and are adding charges of nearly £110 each month of interest, late payment and over limit fees.

I have today received a letter from Portland House Collections Services to say my account has gone to them to collect the O/S Debt.

Just called them to inform them of DMP and Payplan and to give them reference number.

They said that Monument will not accept anything less than 1% of the balance, which means I would have to up my payment 3 X. I explained I could not do this as it means all my other creditors would have to have 3 X more too.

I said most of the others have accepted and frozen interest.
She said they would not and my account is now escalating towards being sold and possible legal action.

Just wanted to know if anyone else has experience of Monuement and Portland. I am feeling so down today and this is the icing on the cake!

I have more post to open and quite frankly, can not face opening any at the moment !!

rayday2

I don't want to trivialise how you are feeling Angel Cake, but its a bit of a game they say what they can't do etc put the pressure on hoping you will magic the money out of nowhere. It also weeds out the non genuine. If they can't take lower and sell the debt on then it would be to a DCA who deal with smaller returns on money. Legal action normally is reserved for those customers who refuse to pay anything at all.

Try not to get down and wait to see what they do.

Angel_Cake_3

Thanks Ray, I do feel a bit better now - you know what it is like, a long day at work, kids wanting everything NOW and then a pants letter and a 'jumped up' creditor on the phone!

It is really strange, coz if someone else posted my query I would answer as you did very rationally and make complete common sense of it, when it is yourself, (dont know about you) but I turn into some blubbing morran from Mars!!!

Had the same with BCard (Mercers) all sorts of nasty threats about door step collectors etc.. the following week the accepted the DMP.

Anyway, feel much better now. Will chill out and watch Dragons Den and hopefully get some ideas of how to make my next million.:D

xxx

milliejon

Can somebody help please? I'm getting really confused by a letter from Capital One and I just need to make sure that I'm reading it correctly.

It's a default notice. As I've entered into a long term payment plan (12 months) with them I've defaulted - fine.

If I want to cancel this arrangement I must contact them within 28 days which will also cancel the default notice. However, I'll then need to make the minimum payments and any overdue amounts. I don't want to cancel so I think I do nothing.

However, it then goes on to say that if I don't take the action to cancel then the default will be in force. It then goes on to say the usual, terminate the account, notify credit reference agencies, sell to DCA. But it does say that I will have to pay the whole balance immediately. Is this just a scare tactic?

Sorry to waffle.

Angel_Cake_3

Hi Milliejon, not too sure, but I think this is just something they legally have to say.

I also have a DMP set up with Cap 1 and got a Default, it is just ticking along with them at the moment.

I would not worry too much about it, as I say, think it is just a standard phrase they have to put in. They have already agreed to the DMP.

I am sure someone will come along soon and shed more light, or chip in if I have got it wrong.
xx

sarriep

I'm not an expert but I think it is just a scare tactic. You are on a DMP aren't you? And they are one of your creditors being paid through the payment plan? I've not started mine yet but I'm obsessed with these boards. It seems that lots of creditors want to just scare you into 'magiccing' the money from nowhere. Are you with CCCS? Maybe it would be worth contacting them and showing them the letter?
Sorry, not much help but wishing you the best!

claireyfairy31

Hi everyone

Been lurking again for a bit as have been feeling very down due to ongoing battles with HSBC. They are my biggest creditor- loan, credit card and overdraft (I don't do things by half!) and have twice tried to get me to sign a managed loan agreement. This time I have been sorely tempted even though I know that this goes against the CCCS agreement and advice. My debt with HSBC is about £18K and I am terrified that they will take me to court as this would have a great impact on my employment- I'm a trainee legal exec and can't have any CCJ's against me.

Great to see other people's posts about this and HSBC's tactics and I suppose I will try and hold out. It's just so tempting just to do the loan even though I know this is not good long term but at least some of the constant worry about what HSBC will do next would go away. I just feel so desperate at the moment- too many tears. Sorry to moan on- will pull myself together but as we all know there are just days where it all gets to you. You are guys are a complete lifeline so thank you!

Have a great day.

CF xx

rayday2

Angel_Cake wrote: »

Thanks Ray, I do feel a bit better now - you know what it is like, a long day at work, kids wanting everything NOW and then a pants letter and a 'jumped up' creditor on the phone!

It is really strange, coz if someone else posted my query I would answer as you did very rationally and make complete common sense of it, when it is yourself, (dont know about you) but I turn into some blubbing morran from Mars!!!

Had the same with BCard (Mercers) all sorts of nasty threats about door step collectors etc.. the following week the accepted the DMP.

Anyway, feel much better now. Will chill out and watch Dragons Den and hopefully get some ideas of how to make my next million.:D

xxx

It is always different when its you holding the letter you believe every word, maybe you should cover the name to Mrs Smith and then read it again see if you are more sceptic when its someone elses letter :rotfl:

Can't believe you chill out to Dragons Den only seen it a couple of times and they were vicious lol

Millie - sounds standard to me, I don't think I have ever read a default notice all the way through, I look at the top and think "oo one of those" then file. It is like you say a notice to say you broke the original terms and a process but it does not mean you are going to court.

rayday2

claireyfairy31 wrote: »

Hi everyone

Been lurking again for a bit as have been feeling very down due to ongoing battles with HSBC. They are my biggest creditor- loan, credit card and overdraft (I don't do things by half!) and have twice tried to get me to sign a managed loan agreement. This time I have been sorely tempted even though I know that this goes against the CCCS agreement and advice. My debt with HSBC is about £18K and I am terrified that they will take me to court as this would have a great impact on my employment- I'm a trainee legal exec and can't have any CCJ's against me.

Great to see other people's posts about this and HSBC's tactics and I suppose I will try and hold out. It's just so tempting just to do the loan even though I know this is not good long term but at least some of the constant worry about what HSBC will do next would go away. I just feel so desperate at the moment- too many tears. Sorry to moan on- will pull myself together but as we all know there are just days where it all gets to you. You are guys are a complete lifeline so thank you!

Have a great day.

CF xx

I was in the same boat as you but with Lloyds who don't offer managed loans in fact they don't even work out that you have connected debts so you have 3 or 4 departments all ignoring you.

Off the top of my head I can't remember HSBC taking things further legally but I am sure if someone has experienced it and seen your post they would say.