DMP Mutual Support Thread - Part 12

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  • selinek
    selinek Posts: 72 Forumite
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    I have banked with Halifax for nearly 9 years. I Changed to them when I set up my DMP with SC. I have realised it’s a LLoyds own bank. Clearly my head has been living under rock for all this time. One of my creditors is LLoyds credit card ( sure It was tsb when I applied mid 90’s). Debt is being managed by westcot. I am now self managed as of 21/11/17. Could LLoyds off set what I owe ? in other words start helping themselves to my money in Halifax??
  • StopIt
    StopIt Posts: 1,470 Forumite
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    selinek wrote: »
    I have banked with Halifax for nearly 9 years. I Changed to them when I set up my DMP with SC. I have realised it’s a LLoyds own bank. Clearly my head has been living under rock for all this time. One of my creditors is LLoyds credit card ( sure It was tsb when I applied mid 90’s). Debt is being managed by westcot. I am now self managed as of 21/11/17. Could LLoyds off set what I owe ? in other words start helping themselves to my money in Halifax??


    Halifax and Lloyds operate under different banking licenses, meaning that the accounts are legally separate.


    However, it's not a risk I'd be willing to take anyway. Open a Basic account elsewhere: https://www.moneysavingexpert.com/banking/basic-bank-accounts

    In debt and looking for help? Look here for the MSE Debt Help Guide.
    Also, If you need any free and impartial debt advice, the National Debtline, Stepchange, and the CAB can help.
  • selinek
    selinek Posts: 72 Forumite
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    edited 29 November 2017 at 5:56PM
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    StopIt wrote: »
    Halifax and Lloyds operate under different banking licenses, meaning that the accounts are legally separate.


    However, it's not a risk I'd be willing to take anyway. Open a Basic account elsewhere: https://www.moneysavingexpert.com/banking/basic-bank-accounts


    Thank you stopIt..... it’s good to know. I will give some thought changing if there is a strong likelihood of LLoyds taking money. If they are separate gives some confidence my cash will left alone......
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    Just reposting my query from a while ago if anyone is around who can answer it please. I know people are very busy especially at this time of year but I'd really appreciate any help. Thanks


    I realise I could phone either of the parties involved and just ask them but I really don't want to make any contact with either at this stage.

    carbootcrazy wrote: »
    Just a quick question if there's anyone about who can help please.

    Just been going through my paperwork and have discovered a letter from Santander about my Asda credit card that they issued. The letter dates from early 2014 telling me that the account has been assigned to New Day. I realised New Day had taken over the collection of payments, that's who I've been paying although Santander seem to still be the bank that money goes to. I can find no trace of a letter from New Day but it's a miracle I still had the Santander letter after all this time:o


    What confuses me is whether New Day is just collecting the debt on Santander's behalf (as I always thought) or whether New Day actually bought the debt and now own it.


    The letter from Santander said:

    ' From 1st April 2014, Santander Cards UK Ltd will assign all of its respective rights, title and interest in respect of your card (including the outstanding balance) to Newday Ltd.

    This change will have no effect on the way you use your account, and means that New Day Ltd will be the card issuer from that date and responsible for managing your account     '


    All advice very welcome:beer:
  • zenshi
    zenshi Posts: 1,117 Forumite
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    Carboot....can't help with your query but I have a Santander card that defaulted in 2013. Never had any letter from anyone other than themselves.

    Another lot who seem to have different rules within themselves!

    Sorry, mis read your post. Thought you meant in general rather than 'your' card
    LBM.....sometime in 2013 £27,056. 10 creditors
    June 20.....£7,587.....3 creditors left 72% paid

    £26,200 on interest only part of mortgage (July 16)...will chip away £17,103
    £49,200 repayment mortgage ( July 16) £37,764
  • StopIt
    StopIt Posts: 1,470 Forumite
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    carbootcrazy wrote: »
    Just reposting my query from a while ago if anyone is around who can answer it please. I know people are very busy especially at this time of year but I'd really appreciate any help. Thanks


    I realise I could phone either of the parties involved and just ask them but I really don't want to make any contact with either at this stage.


    If I remember rightly, NewDay took over all of Asda Credit Cards, so they're certainly not acting as a DCA in all of this, but merely a new administrator for a supermarkets banking activities.

    In debt and looking for help? Look here for the MSE Debt Help Guide.
    Also, If you need any free and impartial debt advice, the National Debtline, Stepchange, and the CAB can help.
  • Just_Afloat
    Just_Afloat Posts: 10 Forumite
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    Well I know its been coming but just received a letter from my Halifax credit card saying that I am now paying the minimum required on my credit card so they will start adding interest from December 27th, Merry Christmas...Expecting Halifax to do the same with my Sainsbury's credit card around Easter.
    Debt free date was going to be June 2020 but I have just worked out that if I continue making my full payment for DMP, then with this interest I should still end DMP at Christmas 2020, just have to grit my teeth and plod on the extra 6 months.
    LBM August 2015 70K 9 Creditors
    Current 36k 8 Creditors
    LBM August 2015 70K 9 Creditors
    Current Status 43K 8 Creditors
  • Suseka97
    Suseka97 Posts: 1,562 Forumite
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    Just_Afloat wrote: »
    Well I know its been coming but just received a letter from my Halifax credit card saying that I am now paying the minimum required on my credit card so they will start adding interest from December 27th, Merry Christmas...Expecting Halifax to do the same with my Sainsbury's credit card around Easter....

    Hi JAF,
    Barclaycard did that to us with two credit cards for the very same reason. SC would not drop the payments and I even took the matter to the FOS who upheld BC's decision. Eventually BC sold the debt on because it was going to take forever (well almost) to clear the debt and so that may well happen to you. With that said, this is one reason many folks opt to self-manage because you can then control how much you pay and ensure you do not go over the 'minimums' -again something to consider maybe.
  • Max_and_sasha
    Max_and_sasha Posts: 82 Forumite
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    Hi justafloat

    Why not go self managed dmp?

    That way you can reduce your payments to suit you and you pay halifax less than the minimum therefore hopefully they stop the interest again?


    Max
  • Just_Afloat
    Just_Afloat Posts: 10 Forumite
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    I'm worried because what happens if I go self managed and reduce payments to non defaulted debts without reducing payments to the ones already defaulted. If I treat debts unfairly will I be more likely to face court action? I am a homeowner with a joint mortgage.
    LBM August 2015 70K 9 Creditors
    Current Status 43K 8 Creditors
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