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    • Walaboobah
    • By Walaboobah 19th Oct 12, 11:25 AM
    • 291Posts
    • 221Thanks
    Here we go then - My Diary/Story
    • #1
    • 19th Oct 12, 11:25 AM
    Here we go then - My Diary/Story 19th Oct 12 at 11:25 AM
    Had the lightbulb moment around 6 weeks ago. I had run up debt on a credit card of around 11k, mainly down to Mrs Wab being made redundant and waiting an age to get registered as a Childminder.

    Mrs Wab didn't know about the credit card debt and whilst sorting through some papers came across a statement and was a tad shocked shall we say!

    I said it was fine, once the loans with Barclays are paid we'll take out another loan to clear the card said I.....

    However, I then decided to do a calculation of how much we owed on loans, cards and overdrafts and was totally gobsmacked when I saw it was in excess of 27k.

    Ah, I know what we'll do I cried, we'll take out a consolidation loan (again) and pay it all off so it's in one monthly sum!

    Completed an application online and awaited the phonecall, when the phonecall came, it was not good news, no chance of a loan with the amount of credit you already owe

    The company were Gopher Money, who said that what I should be looking at is a Debt Management Plan, I then got put through to some chap who talked me through it and it sounded like the ideal solution, even though the first two months payments would go in their fees, I thought what choice do we have to get out of this mess?

    We were paying around 700 a month on cards, loans and overdraft fees and the Halifax CC was only covering the interest and wasn't being reduced at all, and would have taken around 50 years to pay off.

    So, sign up with Gopeher Money I thought, they said the creditors would freeze interest, accept reduced payments and it would leave us debt free in the middle of 2017

    Too good to be true I thought, so I came online and did some research into DMPs and lo and behold, there are charities that will set up the DMP etc for free. I contacted payplan but there was a delay as I would need to speak to one of their assessors. I booked an appointment with them for the following week (it was a Thursday evening and the appointment was made for 10pm on Tuesday)

    In the meantime I looked at other options and saw the CCCS Debt remedy tool, completed the details, they recommended a DMP, applied online and got the papers in the post the following day, signed them, contacted the creditors informing them of this and awaited the phonecalls/letters from creditiors!

    To date, I have to say that most have been very good about it, I have not received one phonecall, even though they have not been paid, whether not having previously missed a payment with any of them has anything to do with this I don't know, I actually thought that might go against them accepting a DMP.

    MBNA have accepted reduced offer and have reduced interest to 0.00%
    Barclays have done likewise on two loans and the overdraft

    I had a letter from Halifax Current account saying they will accept the offer of 31 a month but they would continue to issue charges on the account and reduce the overdraft accordingly each month, up until a period in March when the overdraft will be reduced to 0 and anything outstanding on the account will have to be paid!

    In fairness though, no charges have been made on the account and it still sits there 1341 overdrawn.

    I have heard not a jot from them about the credit card, although they have marked the account as a Default on my credit file, not that I'm bothered about that as I'll not be taking out credit again, my days of living on credit are over!

    It is now 6 days until payday and currently my new current account is 343.00 in the black

    I am now wondering if I've made a mistake going down the DMP route as the DMP payment is 463 and I am wondering if we could have managed the additional 240 to cover the payments as Mrs Wab's Childminding business now appears to be ticking over nicely and we are pretty much living off what she brings in around 700 a month for food shopping, Christmas fund and occasional treats.

    That said, we had no savings for Christmas prior to signing up to the DMP whereas now, at least we will be able to treat the kids, I have set up a regular savings payment into a new savings account and will be putting any surplus into that at the end of the month as next month we have the tax due on my car at the end (although technically that will be out of Novembers pay) but we have a trip around Anfield stadium that has already been purchased prior to this so we have to fund a trip to Liverpool which will cost a bit, although the night away in the hotel is paid out of Priority Points so it will just be petrol and food.

    Well that's my story, I'll add bits to it as our journey develops,be nice.....
Page 6
    • Walaboobah
    • By Walaboobah 29th Mar 18, 2:23 PM
    • 291 Posts
    • 221 Thanks
    Had a look at my Credit File and noticed AP markers applied on both Halifax Current account and noticed AP markers on them, whereas Barclays and MBNA had applied a Default on both accounts dating back to October 2012.

    This could potentially effect me getting a mortgage up until 2023 and the wife is keen to move house as our brood are growing up and moving on....

    Just received a letter back regarding the Current Account and they agree that the account should have been closed down in January 2013 and have agreed to remove the AP markers from that date. They have also enclosed a cheque for 100 as compensation for any distress and inconvenience caused!

    Hopefully I'll get some news regarding the Credit Card soon!

    Did this through Resolver so didn't cost me a penny
    • Walaboobah
    • By Walaboobah 17th Apr 18, 12:52 PM
    • 291 Posts
    • 221 Thanks
    Have now had the AP Markers and Late Payment markers removed from the Halifax Credit Card too plus 75 compensation, oh and they've written off the 1.69 interest that had accrued on the account (didn't know this was there!!)

    Job Done!
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