DMP Mutual Support Thread - Part 12

1124125127129130491

Comments

  • January2015
    January2015 Posts: 2,369
    First Anniversary First Post Combo Breaker
    Forumite
    vaper wrote: »
    How did you folks get them to stop the interest? I have Barclays and MBNA and they're still loading it ion every month.

    Barclaycard will not stop interest if you are paying 1% or more of the outstanding balance each month. To get interest stopped and default issued we dropped to £1 per month payments. They still didn't default us for 18 months - with hindsight and knowledge gained, I would have just stopped making any payments to them altogether.

    We eventually got the default back dated and interest refunded - but that was a long battle.
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: Now debt free and happy :j
  • StopIt
    StopIt Posts: 1,470 Forumite
    Hi all, did post before but no response, has anyone had any sort of dealings with progressive money and also pay day loans? Obviously they charge ridiculous interest daily, how did people approach these when going on a DMP?
    You've wrote to them stating your starting a DMP?


    In it you should have also asked for all interest and charges to be halted as continuing to do so will cause further financial hardship and make a DMP impossible to manage.


    Of course they are under no obligation to do so, but it may spur them into just defaulting you and selling the debt to a DCA. PDLs are not the most ethical of lenders however and YMMV.

    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.
  • leanne12345
    leanne12345 Posts: 92
    Combo Breaker First Anniversary First Post
    Forumite
    Barclaycard will not stop interest if you are paying 1% or more of the outstanding balance each month. To get interest stopped and default issued we dropped to £1 per month payments. They still didn't default us for 18 months - with hindsight and knowledge gained, I would have just stopped making any payments to them altogether.

    We eventually got the default back dated and interest refunded - but that was a long battle.

    I'm not sure if this is still the case. Barclaycard were my first creditor to default me, my payment to them was initially about 3% of the balance before I dropped to token payments. I didn't send them anything other than the initial letter from stepchange advising of our DMP and they defaulted and stopped interest automatically- hopefully they have changed their policy since you dealt with them.
  • 100kdeep
    100kdeep Posts: 12 Forumite
    I'm not sure if this is still the case. Barclaycard were my first creditor to default me, my payment to them was initially about 3% of the balance before I dropped to token payments. I didn't send them anything other than the initial letter from stepchange advising of our DMP and they defaulted and stopped interest automatically- hopefully they have changed their policy since you dealt with them.

    as i have read back though years of posts on here it would definitely appear creditors are getting easier to deal with but maybe im just being optimistic because im at the start of it all
  • leanne12345
    leanne12345 Posts: 92
    Combo Breaker First Anniversary First Post
    Forumite
    100kdeep wrote: »
    as i have read back though years of posts on here it would definitely appear creditors are getting easier to deal with but maybe im just being optimistic because im at the start of it all

    I agree, although we are only 3 months into our DMP so maybe I'm just being optimistic aswell! I have to say though all of our (20:eek:) creditors have stopped interest, some don't seem like they are going to default but I will see what happens in the next couple of months and tackle that if I need to.
  • Julie67
    Julie67 Posts: 2,362
    Combo Breaker First Post
    Forumite
    I've had a reply from one of our creditors who have previously wrote to say our debt is unenforceable (we are unable to supply a copy of the credit agreement and acknowledge until we do so the debt cannot be enforced That was 1st June.
    Today I've received a letter saying we are contacting you as the full balance is now due. It gives me 7 days to respond and to prevent further recovery action.
    The amount is £3400 with Idem (Sold on from Halifax)
    Do I just ignore it or remind them they can't enforce it? First one I have had to deal with that is unenforceable so want to get it right.
    Started Self Managed DMP 10th May 2017.
    Working hard to get rid of our debt.
  • January2015
    January2015 Posts: 2,369
    First Anniversary First Post Combo Breaker
    Forumite
    I'm not sure if this is still the case. Barclaycard were my first creditor to default me, my payment to them was initially about 3% of the balance before I dropped to token payments. I didn't send them anything other than the initial letter from stepchange advising of our DMP and they defaulted and stopped interest automatically- hopefully they have changed their policy since you dealt with them.

    If you read through this (and old DMP mutual support threads) you will BC are the most notorious for charging interest and failing to default (putting AR/AP markers on credit files).

    It would be nice to hope BC have changed their policy. We can live in hope ;)
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: Now debt free and happy :j
  • Julie67 wrote: »
    I've had a reply from one of our creditors who have previously wrote to say our debt is unenforceable (we are unable to supply a copy of the credit agreement and acknowledge until we do so the debt cannot be enforced That was 1st June.
    Today I've received a letter saying we are contacting you as the full balance is now due. It gives me 7 days to respond and to prevent further recovery action.
    The amount is £3400 with Idem (Sold on from Halifax)
    Do I just ignore it or remind them they can't enforce it? First one I have had to deal with that is unenforceable so want to get it right.

    Sorry to hear the creditor is getting 'heavy', Julie. I have one debt that's definitely unenforceable, of about £5700, which they wrote and told me about a few weeks ago. Since then I haven't paid them a penny but, like you, have today received a letter worded very similarly to yours:eek:


    I know sourcrates would recommend just ignoring it as it's part of the game they play;) but it's so hard to do isn't it? I would like to keep them informed of what I'm doing and not let communications break down altogether. At the end of the day though I don't want to pay them much more, they've made thousands in extortionate interest from me over the years:o. It's already been sold on so I doubt they'll just carry on by selling to someone else. I'd like to offer a silly F&F of about 10% like January did with one of hers just to see the end of it but am unsure of the optimum time to do that. Are there stages to go through first like letting the zero payments go on until they offer me a very low settlement figure? Or should I just dive in? Problems problems, eh?
  • Julie67
    Julie67 Posts: 2,362
    Combo Breaker First Post
    Forumite
    I'm thinking of offering 10% just to try and be rid of it. I guess if they refuse then ignore them for 12 months and try again. I don't like the idea of it hanging around and them sending letters but then I probably should do just that!
    Started Self Managed DMP 10th May 2017.
    Working hard to get rid of our debt.
  • Hi, new to all this and today I spoke to Step Change and filed for a DMP, I need to set up a basic bank account so looking for some advice on accounts other than Lloyds or HSBC, can anyone help please.
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 342.2K Banking & Borrowing
  • 249.8K Reduce Debt & Boost Income
  • 449.3K Spending & Discounts
  • 234.4K Work, Benefits & Business
  • 606.7K Mortgages, Homes & Bills
  • 172.7K Life & Family
  • 247.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards