DMP & Mutual Support Thread - Part 9

antonic wrote: »

I now have £1130.82 left to pay out of £23678.14 or £1130.82/£23678.14 x 100% = 4.77 % left to pay !.

antonic that is brilliant news well done nearly there. I am at the other end but reading posts like this gives me a spur to keep going.
:beer:

a question for all those that are a bit more savvy and knowledgeable than me -

I'm currently paying nominal payments to all co's as on JSA and not enough money for stepchange to set up a formal DMP until situation changes / improves.

all but 2 of the CC have accepted reduced payments and frozen interest and fees, just aqua and vanquis havent

I have a job lined up but doesnt start until May (meaning that nominal payments will have to continue for at least another 4 or even 5 months (till I get my first paycheque again). Obviously if I pick up another job or temping work in the meantime I will be in a position to pay more quicker...

anyway I've been offered 5K cash from my mum, no interest, pay her back if/ when I ever have it in the future... the offer is open until mid March. I plan to accept it and use perhaps £500 of it clearning my rent arrears and suspended eviction on my property so my kids and I dont end up homeless - housing benefit will cover rent in its entirety whilst I'm out of work this is just arrears that need clearings.

that leaves me 4500 over to clear some balances... enough to clear vanquis and aqua in their entirety but if I do that surely the other CC co's will feel rightly aggrieved that I'm favouring others over and above them and put the interest rates back into play. I will be in a position to resume paying them all back at the minimum rates + some extra as soon as I get my first full paycheque in June so that will start making inroads into the balances.

ok so do i pay them all a % or pay the 2 interest paying cards of completely or ??? dont know what to do and change my mind with the wind at the moment as to whats the best thing to do.

thanks in advance!

I am so motivated by the decreasing debts of fellow thread members. Well done!

Echoing what another poster has said, I now (month 3 of DMP) look forward to my post arriving so I can open it up and update my spreadsheet with my new balances. This is opposed to not opening my bills as I couldn't face the reality of how much debt I was in.

What a turnaround in mental positivity and feeling in control of the situation - finally!

:-)

catandy wrote: »

a question for all those that are a bit more savvy and knowledgeable than me -

I'm currently paying nominal payments to all co's as on JSA and not enough money for stepchange to set up a formal DMP until situation changes / improves.

all but 2 of the CC have accepted reduced payments and frozen interest and fees, just aqua and vanquis havent

I have a job lined up but doesnt start until May (meaning that nominal payments will have to continue for at least another 4 or even 5 months (till I get my first paycheque again). Obviously if I pick up another job or temping work in the meantime I will be in a position to pay more quicker...

anyway I've been offered 5K cash from my mum, no interest, pay her back if/ when I ever have it in the future... the offer is open until mid March. I plan to accept it and use perhaps £500 of it clearning my rent arrears and suspended eviction on my property so my kids and I dont end up homeless - housing benefit will cover rent in its entirety whilst I'm out of work this is just arrears that need clearings.

that leaves me 4500 over to clear some balances... enough to clear vanquis and aqua in their entirety but if I do that surely the other CC co's will feel rightly aggrieved that I'm favouring others over and above them and put the interest rates back into play. I will be in a position to resume paying them all back at the minimum rates + some extra as soon as I get my first full paycheque in June so that will start making inroads into the balances.

ok so do i pay them all a % or pay the 2 interest paying cards of completely or ??? dont know what to do and change my mind with the wind at the moment as to whats the best thing to do.

thanks in advance!

1) Rent arrears as priority debt

2) Clear anything still charging interest, highest interest first

3) Start emergency fund

Great news on the job :T

ant192 wrote: »

Quick question for anyone in the know. I have been on my DMP with CCCS (stepchange) for about 14 months now. One of the creditors was halifax ultimate reward. since i started with DMP the account is closed and i cannot view it online. I am still paying the £10 account fee, but cannot sign up for the services online such as phone insurance, presumably because my account is closed. Can Halifax continue to take the fee but not offer the services? Am i within my right to request a refund of the 14 x £10 for payment of a service that i cannot receive?
Thanks

When we started our debt free journey, we had several accounts with benefits at a premium cost. One of our first actions was to cancel these services and change to basic accounts.

I think Halifax would argue the case that you should have cancelled this account and moved to a basic account before you started your DMP. However it's worth a try so give it a go and see how you get on.

Good luck and please let us know how it goes