DMP Mutual Support Thread (Part 4)

sarriep

shellfishb5 wrote: »

Morning everybody
WARNING
Sorry this is a long post
I have got my DMP up and running with CCCS everything seemed ok, i went to my bank HSBC with whom i have a current account which i am still using at the moment and a joint acct which is on my DMP. So i went to use ATM and the machine chewed up my card i went in the branch and asked why. Eventually we find out that HSBC collections people have arranged a managed loan to cover the overdraft thats on the DMP lady in the branch knew nothing about this, but she did find out that my current acct is still ok to use and they are sending me a new solo card to use. I cant understand why i had not received a letter telling me about this loan and my card being cancelled.
I phoned CCCS and ask if they were aware of this loan arrangement, i have been told on no acct sign any paperwork apparently i have to sign a loan agreement for this loan. its a trick as once you sign loan agreement you are in breech of your DMP arrangement and CCCS would not be able to help me anymore, with the loan you end up paying more money and extra interest on top as well, the man from collections dept was telling me that this is what hsbc policy is, that they give me a loan to cover the debt and then CCCS pay the loan through the DMP so beware i dont know if this common policy or a new trick used by the nasty banks.
i have managed to open a basic acct with natwest so i am going to hsbc today and withdraw all my funds and put in new acct

take care
Andy

Hi Andy,
We've had the same from HSBC. They have accepted our CCCS DMP payment but on the basis of it being a 'managed loan'. I have emailed CCCS about this but suspected it was NOT a good idea! The paperwork they wanted us to sign was not the same as the cover letter which was less money at a much lower interest rate. What are they like?????? :mad:
It makes me laugh, HSBC have recommended CCCS in their receny correspondence with us then they do this! I thought accepting would break the conditions of my DMP. They are naughty indeed!!
Sx

tass

This morning we have received a Notice of Default from Capital One. We are more than six years into our DMP. Am thinking this might be the time to CCA them. Would appreciate a bit of advice here.

Jvic28

I'm not sure what could be done now if they've already defaulted you. That's got to be annoying as that would mean at least another 6 years on your credit file. I'm sure someone with more experience will be along shortly. Just out of curiousity, do you mind me asking how much you owe Capital One? Just because I have a debt with them and would be curious as to how they are going to deal with the debt.

Thanks

tass

The balance in the notice today is £4,500. I can sort of see where they're coming from - but we have been paying faithfully for years. I suppose they have time limits too. The annoying thing is that by this time next year we will be able to clear it completely. I might send a CCA request anyway. another option might be to write and say that if they can just give as another year or so it will be cleared completely and in full. Not too sure where to go with this.

Am not all that bothered about the credit file - it's shot to pieces anyway - so in that case - why worry about it in the first place ... the last thing I want is credit ever again.

Jvic28

That's true...the only the reason I'm concerned about my credit is because I have an appalling rate on my mortgage (7.45%) and would like to be able to get a better rate but can't because of my credit score.

If you're not concerned about your credit score, I wouldn't worry about the default. I've had a default in the past and paid it off on a repayment plan shortly afterwards. The default now shows as settled on my file and will dissappear soon (6 yrs after).

tass

We are on a reasonable rate with Cheltenham & Gloucester but this was for a 7 year term before we started our DMP. We will have to renegotiate that next year but are hopeful that it shouldn't be too bad - its around the time we will be in a position to settle our DMP -trying not to think too far ahead. We already have a few defaults so i guess one more won't make a huge difference - I haven't looked at our credit file - too depressing.

I think I will CCA Capital One anyway just for the annoyance factor. I'll let you know how I get on.

Jvic28

Yeh, that's not a bad idea. They annoy us enough. Lets pester them with letters for a while eh?

Good Luck with it all.

tinkerbell12

CCCS Review -

Hi all,

Have been pootling along nicely on our DMP with no hassle from our 6 creditors despite having to reduce payments 6 months ago cos car died!!

However, we are now struggling a little with fuel bills, food costs etc and feel we need a review to reduce our payments more (we are dipping back into overdraft which I know is not allowed!) Can anyone offer advice on how creditors have responded to reductions in payments due to credit crunch. It hopefully won't be much once spread between all 6 of them but very concerned that we may rock the boat!!

Not even a year into 5 years DMP so want to keep as quiet as poss but still need to live!!

Any help much appreciated!

Ex-Spendaholic

Evening

Sorry I haven't been around for a while - life has been hectic.

Welcome to all the new people and hello to all the old timers. :wave:

I notice some people are mentioning bank charges and credit card charges. I have been very successful with this - take a look at my signature for details. If I can help you in anyway please do shout. It really is money for old rope.

OK update from me:

Cahoot Loan - just received back £220 + £38 in interest. They didn't play ball so I set the Ombudsman on them.

Legal & General Missold Endowment - recieved £1730.07 in compensation.

Both of the above have been ongoing from July but at the end of the day it was only some template letters and the odd phone call.

DMP - touch wood going ok. Tried a few Full and Final Settlement Offers on the smaller creditors but got nowhere. Have been preoccupied with the charges claiming thing so after Xmas my target is sorting out a couple of F+FS.

Hope you are all well.

newlywed

tinkerbell12 wrote: »

Can anyone offer advice on how creditors have responded to reductions in payments due to credit crunch. It hopefully won't be much once spread between all 6 of them but very concerned that we may rock the boat!!

I reduced mine after over a year on the DMP. Overall it was reduced by about £75 a month so not a massive impact on each creditor since I'm still paying over £500 a month.

The only one I heard from regarding it was First Direct who sent me a loan agreement to sign. This would have meant 12 monthly payments the same as the DMP amount but with a sneaky clause of the ENTIRE BALANCE on the final payment - about £5k then :rotfl: Obviously I didn't sign it. They sent another letter saying they were concerned I'd not returned it. So I ignored that too and..... not a squeak from them since

No-one has added any charges or any extra interest. Everything seems to be shuffling along just as before the reduction

I'm not sure if the fact that I'd been paying for well over a year (with only one month reduced payment due to MOT costs) made any difference, or the fact that my debt should be cleared within 6 years of the DMP starting makes any difference to their reactions though

Having that bit of extra money makes a difference to my stress levels though