Freezing interest

[polly55]

Does anyone have any experience of getting creditors to freeze interest? I know its their right to keep charging interest but my debt to Mint, after 2 years of paying through a dmp is bigger than before it started. And Halifax, who froze the interest for a year and a half have now reinstated it, as well as a 'late fee' which they tell me will be added to my account every month. I'm never going to get out of debt at this rate even though I've just increased repayments at a recent review. I've written to the Halifax asking them to reconsider. Anyone have any suggestions?

[puppylove]

bookmarking... halifax told me they are not renewing my credit card but continue to charge me interest

[gizmo111]

Does anyone have any experience of getting creditors to freeze interest? I know its their right to keep charging interest but my debt to Mint, after 2 years of paying through a dmp is bigger than before it started. And Halifax, who froze the interest for a year and a half have now reinstated it, as well as a 'late fee' which they tell me will be added to my account every month. I'm never going to get out of debt at this rate even though I've just increased repayments at a recent review. I've written to the Halifax asking them to reconsider. Anyone have any suggestions?

 

WHo is managing your DMP?

What was the original arrangement when you entered it.

 

bookmarking... halifax told me they are not renewing my credit card but continue to charge me interest

 

What is the reason for this? Are you in arrears?

They will not volunteer to stop charging interest, if you have other debts that you cannot meet then you need to make arrangements with them all.

[polly55]

Hi gizmo

Payplan is managing my DMP. I'm sorry, I don't understand the question about the original arrangement. Thanks for your input.

[puppylove]

What is the reason for this? Are you in arrears?

They will not volunteer to stop charging interest, if you have other debts that you cannot meet then you need to make arrangements with them all.

 

 

No i was not in arrears ... my marriage broke down and my ex hubby didnt pay his credit card bills (with halifax) didnt pay the mortgage (with halifax) the house was sold ... the first thing i got was my overdraft was being taken off me .... the next was my credit card wont be renewed! i never missed a payment .. maybe one or two in the last two years... the house wasnt repossed I managed to get it sold before that happened!

[PriorityOne]

Does anyone have any experience of getting creditors to freeze interest? I know its their right to keep charging interest but my debt to Mint, after 2 years of paying through a dmp is bigger than before it started. And Halifax, who froze the interest for a year and a half have now reinstated it, as well as a 'late fee' which they tell me will be added to my account every month. I'm never going to get out of debt at this rate even though I've just increased repayments at a recent review. I've written to the Halifax asking them to reconsider. Anyone have any suggestions?

 

I have never had any problems getting creditors to freeze interest/charges... but have always requested it at the very beginning of making token payments on accounts. This is one of the reasons why I don't like DMPs... IMO, they should be doing all this on your behalf.

 

What kind of accounts are these ? How many acounts are with the DMP and which company is it ?

[polly55]

The ajccounts are credit cards, the company is Payplan who are dealing with all of my creditors (eight in all).

[gizmo111]

As payplan are dealign with this for you, then yoiu need to tell them that intrest is still being charged and ask them to negotiate on your behalf.

[polly55]

Well, Halifax have replied that they won't freeze interest and will continue to charge every month. However, in 3 months the account will go into default and be handed to someone called Blair Olivers who will not charge interest and will negotiate an amount in full and final settlement. Is this true? Does this sound likely?

[AndyOrch]

Hi Polly

Im afraid its the old our patience as run out scenario>BOS are halifax in house debt management collection (Balir Bank Oliver Of Scott Scotland)

I have stated many times on these threads anybody who is paying nominal tokens to a debt on a payment plan beit direct or via a DMP must prepare for the inevitable outcome that some day this agreement will come to an end.You cant carry on for ever and a day making payments of this nature and the companys will inevitably change tact.As in your case I agree totally with Priorty Ones comments interest should have been frozen initially and was the responsability of your DMP ie Payplan. I do not advocate the use of these companies for that very reason. One must always prepare for round two in this instance and prepare for them to get aggresive after all its the bottom line that matters to them not your welfare or affordabillity.

Have you requested your CCA for said debts this would be your first step to taking control of the situation to stop these muppets giving you the run around and would advise you to do it with urgency with regards to the Halifax account.

 

 

Regards

Andy

[polly55]

Thanks for that Andy. Should I SAR them

[polly55]

Or is it the CPR letter for 1 pound? Get confused with these.

[mammyslad]

Hi Polly

 

I think Andy is refering to Letter N templates lib yes include a £1.00 and dont use your usual signiture

 

 

ML

[AndyOrch]

Thanks ML

 

had to go offline Hi polly yes as Mammyslad states letter N template library here http://www.consumeractiongroup.c o....templates.html

 

The S.A.R is used if you intend to reclaim charges back and you should include £10.00 with your request again dont sign and always use Postal orders (no Sigs) If you already access to your accounts and know total figs of penalty charges then you should not need to request this

 

I trust the above clarifies your concerns

 

Andy

[polly55]

It certainly does. Thanks Andy