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Hi there, new to the forum but have read a number of threads where the knowledgeable responses give really good advice and a sense of hope for people in tough situations.

 

The problem is I’m unsure as to what I need to do in my circumstance, I know it’s not unique but I find it difficult gathering all the information and knowing what do next etc, hence this post, where I’m hoping to get some step by step pointers if you like.

 

Some background info; a little over a year ago things came to a head where all our ‘disposable’ income was being swallowed up paying the minimum payments to our creditors. We faced up to our debt, which amounted to £24k, and although it was a tough time, we entered into a DMP with payplan. We have just completed our first annual review, and thanks to a change in our circumstances we were able to up our monthly payments from £100/month to £350/month :madgrin:.

 

Roughly our outstanding debt stands as follows:

 

MBNA (Credit card): £13k – default served, interest and charges frozen, has now been passed to Link Financial ltd.

Santander (loan): £8.5k – default served, interest not frozen so now owe £1k more than last year :mad2:

HSBC (Credit card & overdraft): £2k – default served, interest and charges frozen

Remaining debt on store cards - defaults served, interest and charges final frozen!

 

Although we haven’t really moved on in reducing our debt (particularly thanks to Santander’s interest charge!!), we are in a much better place financially and can face the future optimistically. We have moved all our banking to Nationwide, and their online banking facility really helps us manage our money.

 

Our aim is to be debt free within the next 5 years, a tough but realistic target we feel, but having completed our first year, I would like some guidance which could possibly reduce this time frame, particularly if Santander are going to keep applying their interest charges!

 

So my questions to the good people of the forum are:

1. Interest and charges have been added at the start of the DMP, is it possible to get these removed?

2. Is there a template letter I can send to Santander to get interest frozen, and possibly remove the interest applied recently?

3. Our credit card with MBNA was taken out pre 2007, does this make it unenforceable? If so what are my options with repaying this debt, and how do I go about proving this?

4. Finally is there any other things I should of done/be doing?

 

I apologise for the length of this post, and hopefully I’ve posted it in the correct forum,

 

Thank you in advance...

 

Trev

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DMP plans are informal arrangements so there is no absolute guarantee that interest will be frozen / stopped

 

Have you put your points and questions to Payplan?

 

Maybe have a look at the Charity links below - (the CAB ones are soon to be updated / upgraded I am told)

 

http://www.cccs.co.uk/

 

https://www.mymoneysteps.org/

 

http://mymoney.nedcab.org.uk/moneyadvice/index.asp

 

http://mymoney.nedcab.org.uk/moneyadvice/dmptour.asp (example DMP)

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  • 3 weeks later...

unless you are looking t RECLAIM PPI &/or PENALTY charges

no

you need to CCA them.

 

list your debts please

and check they SHOW againt your credit file.

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Roughly our outstanding debt stands as follows:

 

MBNA (Credit card): £13k – default served, interest and charges frozen, has now been passed to Link Financial ltd

Santander (loan): £8.5k – default served, interest not frozen so now owe £1k more than last year

HSBC (Credit card & overdraft): £2k – default served, interest and charges frozen

Remaining debt on store cards - defaults served, interest and charges final frozen!

 

All have accepted payplan re-payment plan, but the figures shown on paypal do not correspond with figures provided by creditors.

 

So ideally I'd like to know exactly how much I owe each creditor (for example, I've not had any paperwork from Link except for letter saying they now manage the debt), before I try and get any penalty charges and interest that's been added removed.

 

I will check my credit file later - I have read on here that noodle is free, is this correct?

 

Cheers,

 

Trev

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Just checked on noodle - all of our debts appear to be on there although there is no information for MBNA only Link??

 

Also, only one of our creditors show us making payments under a DMP all of the others show default payment for each month - even though paypal have said all creditors had accepted our offer??

 

The only other discrepancy is my Santander loan - thats actually showing no interest has been added...

 

It also shows that simply be added £165 worth of charges onto a debt of £365 - that was nice of them, and it hasn't been defaulted yet?

 

Cheers

 

Trev

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Hi.Link say they only manage the debt,so MBNA still the Original Creditor and they should send you a statement at least one per year.Ask MBNA for an up to date statement,to get the exact amount outstanding.

 

Santander like wise you need to obtain current statement,however as they are still charging interest,write to them and ask them to freeze the interest as at the current rate the debt will never be paid of and remind them under current legislation they are required to assist as much as possible for you to manage the debt ,not to cause undue stress and worry.Worth a shot.

 

Have HSBC joined together the overdraft and credit card under one debt?

 

Regards FS

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and get relaiming charges.

 

as link are showing ob the cra they now own the MBNA debt.

 

cca them ASAP.

 

i think you need to ask PP for a satement on ALL your debts too.

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Thanks for the replies...

 

Latest Santander statement shows interest added & the HSBC credit card & overdraft are still separate debts at the moment.

 

So am I correct in saying that I should be sending Santander a letter asking to stop interest; a letter to all creditors asking to remove any charges or interest that has been added since we started the DMP; and finally CCA request to link regarding the MBNA debt.

 

As i'm with Payplan, payments will still be made to Link - is this a problem in the short term?

 

Thanks,

 

Trev

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Thanks for the replies...

 

Latest Santander statement shows interest added &

the HSBC credit card &

overdraft are still separate debts at the moment.

 

So am I correct in saying that I should be

sending Santander a letter asking to stop interest; - yes

a letter to all creditors asking to STOP any PENALTY charges or interest

and finally CCA request to link regarding the MBNA debt. - yes

 

As i'm with Payplan, payments will still be made to Link - is this a problem in the short term? IMHO dump PP.

Thanks,

 

Trev

 

whatever debts you have

 

if you've not go all the statements

 

then an SAR is in order .

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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