Your views and questions.

Moderators: TalbotWoods, JaneClack

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By poppy53
#292153 I've been on a debt management with Payplan since October 2005. I am within about 6 months of finishing - have so far paid over £100,000. Most creditors stopped interest but not all. Does anyone know whether creditors will start adding interest charges once I have paid off the debt? I can't wait to finish - I want to retire and spend time thinking about things other than debt!
By nomlas
#292163 Well first of all well done, it is quite amazing to pay that figure off in the time.

I assume you have assets, and if so I am afraid that you might encounter some of the creditors trying to grab as much as they can from you by applying interest. I think Mrs Duff (look up Duff and Custards posts) could well be able to give you some advice as she has recently completed a DMP and she more than held her own in making sure the creditors did not whack on charges.

Good luck. -- nomlas
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By poppy53
#292173 Thanks. I'm very lucky that I've got a very well paying job. No assets though - no house or car so there's nothing for them to take. I can't believe I'm nearly at the end - my life has been governed by debt for so long. Looking back, if I had my time again I would have gone bankrupt but I that might have had a big impact on my job.
By nomlas
#292183 Well in that case I would flatly refuse to pay them another penny once you have come to the end. If they try it on I would invite them to take you to court, I cant imagine any Judge issuing a CCJ given the circumstances. I would hope that would be the case anyway but perhaps others with experience could advise. Regards. --- --- nomlas.
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By JaneClack
#292193 If you have paid off your debt how can they add interest? We find that when we look for settlements that we can often persuade those creditors who have still been adding interest to remove it at that point as someone has been showing good faith and working hard to repay it - especially as you said, you could have gone bankrupt, made an income payment for three years and bankruptcy would be off your credit report shortly if not already. You have done an amazing thing and should really be congratulated!
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By poppy53
#292203 Thank you. I sometimes wish I had just gone bankrupt - all this would be far behind me. I was stubborn though - and luckily I got a brilliant job just when starting the plan with Payplan. I can't believe it's nearly over. Payplan practically saved my life - I was in bits and couldnt think of anything but debt. I remember just crying when I had my initial phone call with relief that somebody could actually help!
By red24
#292683 Wow well done.
You should be made an ambassador for Payplan to advertise the encouraging work they do and to ensure that others follow your good lead.
I am in a similiar position to you and have been paying since 2005 but no way have I paid that much and will never come to the end.

Fortunately (or not) I have had other challenges over the years so it hasnt all been debt laden and Ive had other things to entertain me.

You must feel tremendously proud and didnt take an easier way out and carried on regardless. I think I know what Id do if any interest was going to be added.

Good luck, enjoy retirement!
By Trina
#293673 Congratulations and well done, you must be so proud. I have been on my DMP since Jan 2006 and remember reading your posts and Red24 during those dark days. Like Red24 mine I think will never come to an end (ill health the main reason) but there are a few lights on the horizon (passing the 6 year mark on my CCJ and some defaults - waiting to see if they reapply them).

Again congratulations and if they ask for interest tell them to..........., although let us know please cos you never know perhaps me and Red24 may get to that position and need to know.
Last edited by Trina on Thu Mar 29, 2012 5:34 am, edited 1 time in total.
By red24
#293703 Yes Trina, much the same as you, keep plodding along paying each month but actually they are so lucky getting anything.
I have never changed my payments in all this time although incomings dont change much, outgoings have risen considerably.
I even make my I & E reflect the same payment as I couldnt be doing with any grief. Ill health - OH - also didnt help.

For the 1st time in years I checked my CRF out of curiosity to see I have no debt to speak of with an excellent rating due to the 6 years.
No chance of ever wanting credit again, why would I after all this time!
By Trina
#293793 Checked mine its poor but my CCJ isn't showing anymore cos of the 6 year rule and there are a few defaults as everytime a debt is sold on I get a new default.
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By TalbotWoods
#293823 Trina, a default can only be applied to an account once, irrespective of who owns it or when it is bought.

I would challenge each and everytime the new collector/owner tries to apply a new default, as they are in breach of the Consumer Credit Acts!
By Trina
#293833 I will start looking into it, I thought they could just apply. Can the creditor keep reapplying every year ie RBS sending out default notices every year so that the date changes.
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By TalbotWoods
#293843 In a word NO, it is illegal and against the Data Protection Acts, as well as the Consumer Credit Act, plain and simple
By red24
#293853 Phew, thought that didnt sound right, I would have 90 million by now if that was the case.