I'm in a Fee charging DMP but want to do it myself now irresponsible lending claims?

[Scouse Paul]

I'm looking for a bit of advice in regards to irresponsible lending.

 

I took out a credit card with Aqua and the initial limit was £1200 I believe,

 

I had no trouble initially paying the bill but then Aqua kept offering me credit increases and each time I was offered it I took it and it eventually ended up being a limit of £6100.

 

Eventually I maxed out the card and I was struggling to pay the min amount

I eventually arranged a repayment plan with Aqua of £145 a month, eventually I got the balance down the current amount of 2800.

 

I am now on a debt management plan and the Aqua debt is included with several others.

 

Have I got grounds for going down the irresponsible lending route and if so how do I go about it, especially as I am on a DMP.

 

Many thanks in advance

[dx100uk]

no, as you were able too pay and kept using extra credit when given it several times.

more importantly who's this  DMP With?

and what are the debts?

hope you are not blindly paying any DCA's anything for historic debts  without ever sending them each  a CCA request?

[Scouse Paul]

DMP is with DFH (it's a paid one and I know you guys frown upon those ones) but I would rather be in a DMP that has a short life span rather than a massive multi year one with step change.

the debts themselves are quite recent and only came about due to my partner losing her job and as a result our household income has dropped £2k a month so my finances would only stretch so far.

none of the debts are historic they were all ones I could easily afford until the recent change of circumstances 

[dx100uk]

dump the fee paying DMP firm NOW.

not sure what 'a short term life span DMP' is nor why its better than the free ones, but either way you dont need anyone to arrange a DMP for YOU, Do it yourself ITS EASY and you dont get stung with fees every month.

seriously DO IT NOW.

list you debts too.

dx

 

 

 

[Scouse Paul]

This DMP gets me debt free within 33 months, my debts as of the start of the DMP were £31738.00

 

[dx100uk]

but it costs you fees every month that go in their pocket not off your debts....you cut that time by half if you do it yourself.

oh dear you've been had by their clever spiel.

you can do this ALL yourself  for FREE , one letter to each creditor ....

how much does a 2nd class stamp cost to each OC, thats your outlay to start it,

compared to the slice of their FEE EACH MONTH. which is why it takes 33mths!!

 dump them.......

dx

 

 

[Scouse Paul]

Excellent advice, I'll get to work on it 

[dx100uk]

just send them a letter saying the dmp is cancelled and your DD is now cancelled too.

dont use the phone 

dont converse with them.

if you get any trouble comeback.

when you are settled, give us the debts details and we'll help YOU setup your own selfmanaged dmp and anything else that needs dealing with too.

list your debts .

 

dx

 

[dx100uk]

moved to debt self help and retitled

[Scouse Paul]

These are what I owe on the debts, 

1. Aqua Collections £2801
2. Capital One Credt Cards £745
3. Clydesdale Bank £4229
4. JN Bank £14362
5. La Redoute £268
6. Lendable Ltd £1539
7. My Community finance £4783
8. Next Directory £408

[dx100uk]

are any these now owned by DCA's and you were paying them through this fee paying DMP?

are 3 and 4 current account bank overdrafts?

 

[Scouse Paul]

1 and 2 are credit cards

3 is for finance for buying a macbook laptop

4 is a loan for home improvements

5 and 8 are online shopping credit balances

6 and 8 were personal loans

 

None of them are have been sent to DCA's 

[dx100uk]

ok none are OD's

all are with the Original Creditors.

no dca involvement...looking good.

dump the fee paying DMP 

use our pro-rata letter in the debt collection section of our library to set up your own self managed DMP with each creditor 

[Scouse Paul]

Hi,

I am currently trying to negotiate pro rata payments with Salad Money, I have emailed them an income/expenditure form and they have replied back saying they cannot accept this form and instead they want me to use the open banking process instead which I am unwilling to do.

What can I do to move this forward, I have attached a copy of our correspondence 

many thanks

 

 

 

Salad money Comms.pdf

[AndyOrch]

They agreed £50 pm for 2 months and asked if you required a longer period Paul. You suggested £48 and a longer period.

You are quibbling over £2 or have I read this wrong ? 

[Scouse Paul]

I am negotiating with 2 creditors so they both get £48 each, that's why I was haggling, there is logic in my thinking cos they both got the exact same email 

[dx100uk]

merged with your existing thread for full history.

dx

 

[AndyOrch]

Just pay them both £48 then see how they respond..you have your paper trail trying to request.

[Scouse Paul]

Hi Folks, 

Looking for a bit of advice/guidance.

i am currently on a debt management plan and one of my creditors was refusing to freeze the interest on the debt.

I subsequently wrote to the creditor and said the following to them.

"The FCA says in CONC 1.3 that being in a debt management plan may be evidence of financial difficulty. But you are still charging interest or adding charges to my account.

The majority of my creditors have accepted my offer of payment, agreed to freeze interest, and are not adding charges.

Your refusal to freeze interest is prolonging the time it will take me to clear my debts unreasonably.

Continuing to add interest is not fair. And it is breach of the Consumer Duty as you are making it more difficulty for me when you have been told that I am in difficulty.

I am asking you to reconsider your decision and to freeze interest and stop adding charges to my account."

They have subsequently agreed to freeze interest but they are not budging on my request to refund the interest they continued to apply,

has anyone had any success on getting interest refunded from a creditor and if so how did you go about it and do you have a template of the letter you sent.

Thanks

Paul

 

[fkofilee]

Which Company?

[London1971]

Some context would be helpful, how much? who with? when taken out? Has it defaulted yet?

[Bazooka Boo]

Dump them from the DMP.

Are you doing your own DMP or are you using a DMC?

Dump them an all.

[Scouse Paul]

The company is my community bank, I took out a loan for £5000 in March 2023, I was making full payments until a dramatic change in circumstances meant I was on a DMP form July 2023.

My Community Bank applied a default on the loan in March 2024, even though I was using a DMC from July 2023 to January 2024

they were aware I was on a DMP,

it wasn't until I emailed them on 4th April 2024 did they agree to freeze interest.

They applied default on the loan on 13th March 2024.

[Bazooka Boo]

Who is the DMC?

The Community bank were aware of the change in your circumstances yes?

 

[Scouse Paul]

DFH were the debt Management company and My Community bank were aware of the situation.

i even had to send a cease and desist notice to them due to phone call harassment