debts the same 5 years into dmp with payplan

[lisaboo]

hi im new but i have been reading many threads in the last few days which have lead me to question my dmp i dont know if this is in the correct section:???:

 

i have been paying £100 per month to my 3 creditors for 5 years, and now i have checked my balances online through just a bank and it says that my original balance and my estimated remaining debt are very similar amounts, almost as if i had paid nothing off, i have emailed payplan but no response as yet i thought this may be quicker if any one has any ideas?

 

any advice would be appreciated

[Night Owl]

Hi, and welcome to CAG lisaboo.

 

Yep, your in the right place.............amongst friends and helpers that is the great community of CAG.

 

Hope you've read sequenci's blog?

http://www.consumeractiongroup.co.uk/forum/showthread.php?284055-Want-to-deal-with-your-debts-Unsure-on-the-best-way-forward-Follow-the-10-steps-to-a-debt-free-future-blog-gt-gt

 

You say you have been with Payplan for 5 yrs and paying regular monthly amounts...............well done.

 

Have you had any paperwork or access to your accounts in those last 5 yrs so that you can keep an eye on the balances?

Is it charges that have been applied to your accounts that have pushed up the balances? (what are the charges if any)

Are the accounts still with the original creditors or have they been sold onto DCA's?

 

Payplan are usually good if you E-mail through their site and say you need them to phone you back.

 

Await further info. from you.

Edited January 25, 2011 by Night Owl

[lisaboo]

i havent had any statements for about...4 years, because i moved house, i told payplan but i didnt tell the creditors, maybe that was a bit naughty , i know 2 have been passed on to DCA's only one hasnt, still no word from payplan but hopefully by the end of the day, i remember when i was setting up my DMP that charges were being added left right and centre, so i dont know if maybe its from that

 

i only actually logged on to just a bank after reading things i have seen on here about cca's, i may have buried my head in the sand a little until recently thinking that all was going well, and maybe its not

[firstship]

Hi Lisaboo,Nightowl is spot on with the reply

 

The fact that you are on a DMP does not take away the requirement from the OC/DCA that they must send you once a year minimum a statement showing your payments their charges and current balance.

I am aware you did not pass your new address to the creditors.

 

Reading between the lines you are stacking up no end of charges and interest,to retrieve the most up to date information write to the OCs in question and ask for statements covering the last 5 years,at this point do not bother with a SAR as the banks should supply the statements without you incurring a £10 SAR payment to each creditor.

 

With this info you can see the charges and interest involved then we can help you reclaim these back,good luck.

 

FS

[lisaboo]

thanks for the advice i will get on to that asap, i also want to send one of them a cca request, just because of the way my card was issued to me many years ago, should i do this at the same time or separately?

[sequenci]

Hello there, welcome to the forums.

 

A DMP doesn't guarantee to freeze interest and charges, you need to CALL Payplan and ask why they have not continued to lobby the lenders to freeze the interest and charges.

 

A CCA request is a vital tool, get on those asap.

 

Who are the crediors?

[lisaboo]

halifax, the oldest of the cards which i got 12 years ago

 

barclaycard

 

London Scottish finance ltd, this was HFC

[firstship]

Go for the Halifax CCA,however do not be surprised if you receive a reconstituted agreement and the T&Cs,get the statements first they contain the information regarding charges and interest etc.

 

Barclaycard I guess are adding charges and interest typical Barclaycard again statements SAP.

 

HFC go for CCA assume this was a loan,need the statements again SAP

 

As Sequenci has said a DMP does not give you a freeze on the interest guarantee but Paypal should be pushing for this,or reduced interest.

 

If you get all the facts on charges and interest I feel sure this is the most important priority, FS

[lisaboo]

thanks for the reply, they are all credit cards btw, payplan didnt get back to me, i shall contact them again tomorrow

[lisaboo]

just another quick question, if i ask my creditors for cca's will my bank find out? i dont have any bad debt with them but i have an unused over draft facility, i dont use it but i dont want them to restrict my account just in case

[victoria_siempre]

Hi lisaboo

 

It is wise to open another basic bank account in any case.

 

It is unwise to run any overdraft; they are messier things to deal with re charges and interest.

 

Your basic question is whether to continue your existing DMP or set up your own under your own control.

 

love

 

vic

[lisaboo]

hi, i think i want to set up my own dmp, from what i have been reading on here it is appealing to me as the right thing to do

[victoria_siempre]

Hi lisaboo

 

That is what I and CAGers do. Have a good read of other threads.

 

You do have to be prepared for hassle, writing letters and harassment, so it's not right for everyone; there is no rush, think about and ask questions.

 

Whatever you decide, you will get support here.

 

love

 

vic

Edited January 25, 2011 by victoria_siempre
grammar

[lisaboo]

i have been through the hassle once at the beginning of my dmp so i know what to expect, im just looking into which bank account i can open that is not linked to any of my creditors banks, its a little confusing lol

[victoria_siempre]

Hi lisa

 

Try co-op online or any building society you might have an old savings account with.

 

google any bank you're considering to make sure there's no connexion with your old bandits; but don't rush, it's more important to get it right.

 

x

 

v

[Tingy]

Co-op do a cashbuilder account which is good. I've had one for five years plus. If they gave me a bank account I'd be VERY surprised if you didn't get one - just explain you want a basic bank account. You'll get plenty of help on here doing things for yourself and Vic is very good!