Help with DMP Please

[city128]

I’m looking for some advice regarding my current DMP please if anyone can help. This is a little long winded, so I will try to stick to the pertinent points.

I have been with a DMP for a few years now and all has gone well until now (it’s a fee charging DMP). Back in June of 2012 I noticed that I hadn’t received a monthly statement of payments made to creditors so I contacted the provider to ask whether payments had been made as I hadn’t received the statement. They said they would check and get back to me. The next thing I knew was when they sent me a letter about a week later saying that they were looking for new ways to help their clients and that they were introducing a debt reduction plan. This gave me the explanation that I was looking for regarding missing statement for June.

I discussed with them the debt reduction plan and agreed that I would go for it on the proviso that they would keep me updated regarding progress and status of the programme. Essentially, what they do as part of this plan is SAR each creditor and then claim back any unfair charges and/or PPI on my behalf. I agreed to go onto this plan early in July.

I continued to make my monthly payments, and token payments were being sent to my creditors until as the DMP put it ‘a true balance was provided by each creditor’. In September I contacted the DMP by e-mail to ask for an update as I had not received any communication from them. I was e-mailed back stating that PPI claims and credit agreement requests had been sent to each creditor and they would update me in due course. At this point I decided to drop my monthly fee to cover the token payments (all additional monies are supposedly in a ‘holding account’ until all information is received, etc. and then pro rata payments are meant to resume.

I then heard nothing from them so e-mailed again in December to be told again that they are currently sending PPI claim requests, blah, blah, blah. I replied stating that I thought this had been done months ago as I had received the same response months ago – I told them that I though that creditors had 8 weeks in which to respond to PPI claims. They told me to be patient and that they couldn’t put a timescale on when they would hear back.

I tried to ring them on 4 January and they kept cutting me off so I e-mailed asking them to call me. They never did. I rang them on 7 January and spoke to someone and asked for an update – someone was meant to call back but I’m still waiting today. I e-mailed them on 8 January saying that I was still waiting and would someone call me and guess what? I’m still waiting.

So, enough is enough! I e-mailed them on Friday of last week to tell them that their reluctance to provide me with an update leaves me with the view that they have done very little on my debt reduction programme and that I want them to cancel it. I also told them that I want them to refund the money that is apparently sitting in my ‘holding account’. I also asked them for a copy of their complaints procedure I am extremely dissatisfied with their lack of support, etc.

You’ve guessed it – still no reply. I’m now really suspicious – I have cancelled the standing order and will be contacting each of my creditors myself to manage my own DMP.

Has anyone please got any advice on how to proceed with this – they have about £1700 in my ‘holding account’ and have let me down badly. I would be really grateful for any help, advice or guidance anyone can offer me.

Sorry for the long post, but I needed to give you all of the info. Cheers.

[sequenci]

Hello there, do you know who the DMP firm is?

[city128]

Hi There - it's Best Solution. Many Thanks

[dx100uk]

DMP THEM

 

do it yourself

 

dx

[dx100uk]

specifically write to them

 

CANCEL the PPI reclaims

 

sadly you have been spoof

 

so very oftem we see this here

 

NO fee paying DMP company are in it for YOUR benefit

 

as for the PPI/charges reclaims

 

they pocket +30% of what they get for you plus fixed fees + 20% vat

 

i had one the other monththat all told cost the punter 65% of the reclaim.

 

dx

[city128]

Thank you so much - have cancelled the monthly fee payment. How do I cancel the PPI claims please? Also, should I escalate the complaint to any other authority?

 

Thank you again

[dx100uk]

is it not them that are doing it?

 

write and tell them

 

you need to get that pot back anyhow

 

dx

[city128]

Yes, they are meant to be reclaiming so will write to them specifically stating they need to cancel. Do you think I should also contact the creditors who the PPI will be reclaimed from? How can I get the other money back that is meant to be in the 'holding account'? Sorry for so many questions and thanks for your advice.

[dx100uk]

in the first instance simply ask for both

 

with the indication you are prepared to sue.

 

dx

[sequenci]

Hello there,

 

You may also wish to run this one by the OFT. There have been instances where other companies offering a similar scheme have been closed down for poor business practices. One key element is that the money placed in a 'holding' account was not sufficiently 'safe' within the business. There have been instances of companies going bust - causing those with money saved up on the pot losing it. One of the biggest firms doing this type of arrangement were called First Step Finance, here's the OFT press release on what happened to them:

 

http://www.oft.gov.uk/news-and-updates/press/2012/107-12

 

I'm not saying that this company has gone, or will be about to go, but I'm massively concerned and I think you should be too.

[city128]

Thanks for your advice on this one - I am massively concerned about this and will raise with the OFT. I will contact BS today again. Will keep you updated.