Anyone organising their own DMP?

BlueJeans_2

Morning Gargrave.

How was your night out/in? Going pop over to your other thread shortly for an update.

Only back in from football so list hasn't been looked at and I think my hubby has planned to go for a walk in the forest today so Monday is looking more and more likely for the next installment.:rotfl:

However, my lovely postie brought some good news this morning. OUr secured loan lender as refunded us our PPI Insurance of approx. - wait for it........................£5000.:j:j:j:j

I think I'll write them a letter today (Monday:o) and ask them to take our monthly payments from this for a few months to give us the extra to plough into the unsecured loans. I can either do that or just take it of the balance of the loan and reduce what we have to pay back (doesn't change the monthly payment) but I think the monthly payments would make a bigger difference to us at the min.

Speak soon

gargrave50

Night in/out was lovely. But I lost my purse i think in the taxi on the way home.:mad:

That is wonderful news about the PPI refund:beer:. These successes can be what really spurs us all on. Are there some smaller debts you could get rid of which the money you would use to pay your secured loan during the months "they are paying it".

Well done - what a great result! Think there is a thread for reporting PPI successes. Get yourself on the role of honour!:D

And enjoy a walk in the forest while I sit here nursing my hangover and my debt:rotfl::rotfl::rotfl::rotfl:

BlueJeans_2

Aw sorry about your purse hun! Hope you manage to get it back.

When I last spoke to the lenders of the secured loan they said it was possible to use it to make the monthly payments for the loan. Hope they weren't talking bullsh1t:mad:.

I will put it all in writing and see what they say. I can't see them sending us a cheque for it though.

If we can stop the £360 odd a month for a few months then we can at least clear some of the unsecured smaller debts.

Off now to get my walking boots on (could do with a lazy day but hubby doesn't do lazy).

gargrave50

Enjoy your walk!

What did the letter say this morning re: payment of the sum?

Why don't you call them on Monday and ask for written confirmation that they will accept £5000 to cover x amount of monthly payments against the loan.

At least you can get rid of a few smaller debts. Have you been making reduced payments to the smaller creditors? If so, it may be worth making them a F&F offer?

Ezio_Greggio

Hello all,

After some good advice on the Debt free Wannabe thread I'm attaching my SOA for you to take a look at.

Just to point out that I haven't missed any payments yet, but I am robbing Peter to pay Paul most months.

The car loan and the other loan are from my non-UK bank and I would like to exclude them from a DMP and just include the UK Credit Cards. The loans finish May 2010 and October 2010 respectively. Is this possible?

Do you think that my creditors will accept a DMP considering that I am still making minimum payments?

What do you think the chances are of getting the interest frozen?

Many thanks!

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1875
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1875
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 625
Management charge (leasehold property).. 0
Council tax............................. 5
Electricity............................. 30
Gas..................................... 50
Oil..................................... 0
Water rates............................. 5
Telephone (land line)................... 0
Mobile phone............................ 25
TV Licence.............................. 5
Satellite/Cable TV...................... 0
Internet Services....................... 25
Groceries etc. ......................... 200
Clothing................................ 50
Petrol/diesel........................... 200
Road tax................................ 25
Car Insurance........................... 100
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1510

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Halifax Gold...................8000......100.......0
Lloyds TSB.....................14000.....265.......0
Capital One ...................3500......100.......0
Other Loan.....................5000......175.......0
Car Loan.......................4000......225.......0
Halifax Over Draft.............1500......0.........0
Total unsecured debts..........36000.....865.......-

Monthly Budget Summary
Total monthly income.................... 1,875
Expenses (including HP & secured debts). 1,510
Available for debt repayments........... 365
Monthly UNsecured debt repayments....... 865
Amount short for making debt repayments. -500
Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -36,000
Net Assets.............................. -33,000

BlueJeans_2

Ezio_Greggio wrote: »

Hello all,

After some good advice on the Debt free Wannabe thread I'm attaching my SOA for you to take a look at.

Just to point out that I haven't missed any payments yet, but I am robbing Peter to pay Paul most months.

The car loan and the other loan are from my non-UK bank and I would like to exclude them from a DMP and just include the UK Credit Cards. The loans finish May 2010 and October 2010 respectively. Is this possible?

Do you think that my creditors will accept a DMP considering that I am still making minimum payments?

What do you think the chances are of getting the interest frozen?

Many thanks!

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1875
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1875
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 625
Management charge (leasehold property).. 0
Council tax............................. 5
Electricity............................. 30
Gas..................................... 50
Oil..................................... 0
Water rates............................. 5
Telephone (land line)................... 0
Mobile phone............................ 25
TV Licence.............................. 5
Satellite/Cable TV...................... 0
Internet Services....................... 25
Groceries etc. ......................... 200
Clothing................................ 50
Petrol/diesel........................... 200
Road tax................................ 25
Car Insurance........................... 100
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1510

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Halifax Gold...................8000......100.......0
Lloyds TSB.....................14000.....265.......0
Capital One ...................3500......100.......0
Other Loan.....................5000......175.......0
Car Loan.......................4000......225.......0
Halifax Over Draft.............1500......0.........0
Total unsecured debts..........36000.....865.......-

Monthly Budget Summary
Total monthly income.................... 1,875
Expenses (including HP & secured debts). 1,510
Available for debt repayments........... 365
Monthly UNsecured debt repayments....... 865
Amount short for making debt repayments. -500
Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -36,000
Net Assets.............................. -33,000

Hi Ezio

I have only just embarked on this DMP jounery and have heard nothing from our creditors as yet. I payments were pretty up to date last month but I know we just couldn't manage to get the money together this month to make the min payment.

I sent of letters and included my SOA outlining priorty debts and living expenses and included my pro-rata figure for each creditor. I then set up standing orders (for the ones that I could find the details for) and paid them my reduced figure.

With regards to interest being frozen who knows? I hope they do for us or we will be paying this back forever.


I can't be of anymore help as I am just learning about this at the mo too.

BlueJeans_2

Hi Gargraves and all.

Well decided yesterday I wouldn't think too much at all this as my head was working overtime and was starting to get stressed at what could go wrong.

We took the boys out today to wander around car showrooms (free day out and they love this as they are car mad:T).

I contacted the secure lender this morning about off-setting the PPI claim to our monthly payments and alls good they have agreed to do this and we have agreed to still pay £50 per month as well so this will reduce the term of the loan.

I sent of our CCA requests this morning to the relevant creditors so fingers crossed they won't have the correct documents and then I can offer F&F to the smaller ones first off as we will be saving money per month with not paying the secured loan.

We got accepted for our new bank account so we are praying that OH employer do as they promise and pays the money into the correct account - if not we will be up !!!!!! creek without a paddle next month as our current bank have removed our overdraft so we really are truly in the red - £1722.00 but on the plus side it should £1800 so we have knocked £88 of our debt total as we can't access the money:rotfl:.

Still hoping to get a few more PPI claims back and I know two are for around £1000 each.

I need to get into a rountine with my spending dairy as at the minute I kept forgetting and it's worst when hubby of work as he distracts me:p.

I promise to start my dairy within the next couple of days once hubby bogs off back to work and gives me some peace:rotfl:.

Catch you all later
Blue

gargrave50

Hi Blue,

Good luck with the PPI claims - hope you added yourself to the PPI success reclaim roll of honour

You will need a kick up the bum with the spending diary - glad to oblige.

By the way, loved the day out browsing car showrooms:rotfl::rotfl::rotfl::rotfl::rotfl:

BlueJeans_2

Morning gargrave

Thanks for the link. I have a printout from CCCS that I started to use but I really need to get focused.

Feeling a bit miffed today about the whole thing and having rec'ed the post already this morning with nothing has made me worst:mad:. Phone calls aren't as often now and I don't know wether to send of the harrassment letters I done up or not or just sit tight for a week or so. The CCA have been requested so hopefully we will be in a position to offer F&F for the smaller ones.

Even if they do have the correct CCA/documents etc how long should we leave it to offer F&Fs? Bearing in mind this is our 1st month of reduced payments?

Even better about the car showrooms it was to look at Ferraris and Aston Martins thought about buying one but decided I would spend the £160,000 on something else:rotfl:. We took the camera and got photos of the boys with them as well:p. Who says you need money to have fun!

Hope everything ok with you

gargrave50

Hi blue jeans,

I haven't yet saved enough for F&F's but as far as I know the general consensus if to wait around 6 months of making reduced payments. I think the idea is that they are accepting reduced payments for a while and then you offer a lump sum as F&F and they consider because they would rather have a chunk of money than accept miniscule payments long term.