DMP Mutual Support Thread (Part 6)

dannynixon

yellowpinky wrote: »

Hi Apple38
Re: views on Payplan, by far the majority of views I've read about them have been good so I'm happy to be involved with them though understand that there may be unfortunate experiences with them (as with anything) too. Good luck to Dannynixon and others starting/considering DMP's.

YP x

Thanks YP and good luck to you too! Do let us know how your appointment with PP goes!

Me and the wife sat down last night writing our letters to our creditors informing them of our impending DMP, I'm sure they'll be happy with us

emmiloam

I have a together mortgage with NR which is basically a mortgage with an unsecured loan attached to it.

Now, NR have already kindly "given" us a ccj on the unsecured loan as they wouldn't agree to the amount offered. They have now issued an interim Charging Order and the hearing is due to take place at the end of Sept.

My hubby has been in constant contact with NR and they've come up with a deal which actually sounds quite good to me.

At present we're paying 5.8% (£1060) on a fixed rate mortgage plus the unsecured (was £147, but at present £59 through CCCS). They are now offerin to cut our rate on both parts to 5% which means we would be paying off mortgage and loan at £1089. It's £29 more than we're paying our mortgage now, but it would also mean their money would be freed up from cccs payment and would go to other 4 creditors. It also means they wouldn't go for the charging order.

What do you all think?

Em

Daffykjs

Hi all,

Well I've messed up again with my monthly budgeting! Just don't know how i manage it! the first couple of months went brilliantly but since then i keep overspending and seem to be struggling to get it together! have had to phone mum and borrow £40 til payday next week! coz i'll need petrol and food (think it will be living on bread and bread alone next week) as i have nothing til then.

pretty annoyed at myself! but at least it's not as bad as when we went on holiday and needed an extra £300 lent to us!

I must stop doing it and pay more attention and NOT do the same next month!

scouselad1974

Hi

No matter how well you budget something always seems to pop up doesn't it, I have just had a similar experience with my van which I require for work, for the first time in my life I had started to put x amount away monthly to cover any unforeseen expenses, rather than just chucking it on a credit card, month two and my van needs mega repairs, so I have managed to use up the two monthly payments and had to borrow a bit extra from my parents to cover the costs. So last night I re arranged my budget which now means I need to pay a bit more monthly to ensure the same thing doesn't happen again. I suppose the first six months of budgeting are a test run to see if you really can survive on what you think you can.

Daffykjs

yeah I guess that's true scouselad. our budget is very tight so any extra spending really messes it up! And as yet I haven't managed to save anything for emergencies coz there's none spare! I need to get more organised and strict on myself! and probbaly a lot more honest about the budget!

mozzyc

We always struggle to budget. We think we have, then the end of the month comes and its suddenly, where did the money go???

So now we've done a new budget, a weekly one this time. No more monthly budgets. We have put aside a certain amount that has to do us Friday till the following Friday. Plus our fridge/freezer isn't big enough to store a months worth of food in anyway, so it makes sense for us. Let's hope it works!!

smcshane

Hi Guys,

Just a quick question - what template have people used when asking creditors to freeze interest. I have looked at the National Debtline one but dont know if I like it!!! (Fussy I know).

Having been on my dmp 3 months now I thought I'd write to the creditors still charging interest or not at a reduced rate and see if they would reconsider.

I am also having my review with CCCS next month as I have just heard I have got my promotion at work and also my incremental pay rise so want to up my payments but also tweak the budget as wont be able to do this again until next year.

Thanks for the help.

Sx

ianmak

I've always found I live by my means, no matter how much money I have coming in. :huh: I tend to spend it all early (Not on much I might add), then end up living on 20 quid for the last two weeks...

Of course, it doesn't help when I'm having to pay back money to me Dad for a season ticket to watch my local footie team (The only time I really get to see my Dad...) and money to pay my local adult eduction centre for a Polish language course I'm starting in a few weeks....

symesd

I have been tryig to think of ways of saving money again. Wondering if this would be possible - we have a mortgage of £118000 with Britannia (fixed rate of 4.74% until Jan 2011 - Fantastic @ £468 interest only), we also have a Secured Loan with Welcome Finance of £20,000 @ £392 not so great,

My idea to ask Britannia if they could move the Secured loan over to join our mortgage - which would be £550.85 (which would save us about £300 a month)

£300 a month which we could pay towards our CCCS DMP - we could pay off much quicker.

The question is - will Britannia do this - even though we are in a DMP, would we be better trying to speak to someone direct at a branch to expain how much this would benefit us & to show how we are trying to deal with out debts & reduce them as quickly as possible.

Or will it be a straight no - based on out terrible credit rating and history and DMP.

Any thoughts please, anyone have experience of Britannia or any other financial institution ACTUALLY wishing to help people get out of debt.

Thanks

D.

2spicy

emmiloam wrote: »

I have a together mortgage with NR which is basically a mortgage with an unsecured loan attached to it.

Now, NR have already kindly "given" us a ccj on the unsecured loan as they wouldn't agree to the amount offered. They have now issued an interim Charging Order and the hearing is due to take place at the end of Sept.

My hubby has been in constant contact with NR and they've come up with a deal which actually sounds quite good to me.

At present we're paying 5.8% (£1060) on a fixed rate mortgage plus the unsecured (was £147, but at present £59 through CCCS). They are now offerin to cut our rate on both parts to 5% which means we would be paying off mortgage and loan at £1089. It's £29 more than we're paying our mortgage now, but it would also mean their money would be freed up from cccs payment and would go to other 4 creditors. It also means they wouldn't go for the charging order.

What do you all think?

Em

Excellent ... a lender that actually listens and is willing to come to a solution and actually help someone .. gotta be a first.!!

Just make sure everything is done in writing and all credit references are marked as Satisfied or clear