DMP Mutual Support Thread (Part 6)

newlywed

Don't give up on the companies still adding interest though.

I've been on a DMP for over two years now. First Direct reduced the rate to 1% above base rate right from the start (worked out well when the base rate dropped so much). I had my second review recently and for the second time the DMP payment had to reduce (increased outgoings but no increased wage). However, they are the ONLY creditor of mine to continue to charge interest (albeit a "preferential" rate).

They then wrote to me saying they would charge 6% above base rate from now on and sent me a consumer credit agreement to sign.

Because I haven't signed that (and won't) - they are now going to default me and send it to debt collectors.

So finally, after well over 2 years - the interest will stop

That will then save me over £30 a month interest


Like I said, don't give up.

Daffykjs

cheesedoffwithdebt wrote: »

HI Scouse lad et al- ok can I add my comments?

The Payplan cover my life insurance is if you die- so thats not an applicable insurance for other of life's eventualities.

!

But what about the cover my payment one? (which i have to say i'm failing to find any info about!)

It costs more than the cover my life but i think it does what it says on the tin! (like i said i can't find any details about it, which is worrying coz i've got it and am not now sure of what i'm paying for!)

Twit_Head

Hi Kudox - Wow! That is painful!!! As you say companies entitled to recover their lending through interest but it does make a complete mockery of the fact you're doing your best to be responsible. Can only suggest you keep writing/slogging at them and maybe go a bit higher up the feeding chain to rattle some cages?

Hello Scouselad - Sorry no constructive advice but my gut-feeling would be if you are self-employed you need a cushion to soften the blow if disaster strikes and you fall heavily on your b*m! Can you discuss with your company, do search on t'internet for benefits available, insurance packages etc?

Sometimes find it amazing we all stay so positive with some creditors being so ridiculously unhelpful.

Kudox

Twit_Head wrote: »

Hi Kudox - Wow! That is painful!!! As you say companies entitled to recover their lending through interest but it does make a complete mockery of the fact you're doing your best to be responsible. Can only suggest you keep writing/slogging at them and maybe go a bit higher up the feeding chain to rattle some cages?

Hello Scouselad - Sorry no constructive advice but my gut-feeling would be if you are self-employed you need a cushion to soften the blow if disaster strikes and you fall heavily on your b*m! Can you discuss with your company, do search on t'internet for benefits available, insurance packages etc?

Sometimes find it amazing we all stay so positive with some creditors being so ridiculously unhelpful.

Hi TwitHead, you are right it is a mockery.
I have been toying with the idea for ages of taking over the DMP myself, in which case I would just start to pay this company tokens of £1 and split the money between the creditors who are being more helpful.
I know CCCS wouldn't look kindly on this which is why I think I'm going to take over my plan myself and therefore gaining more control in how the money is distributed as my debt is going nowhere as it stands at the moment.
Also this company can't supply a legit CCA so I have more leeway in the way I choose to pay them.
I do want to pay back all my debts but can't see how else to achieve that if they continue to be so unreasonable.

DevonGirl

Kudox wrote: »

Hi all
Just reading through the last couple of pages, regarding anyone struggling with companies still adding interest.
A couple of mine are still doing this too, one an eye-watering £200 odd quid a month as against a payment of £30 odd quid on my DMP.:eek:
Obviously thats a ridiculous situation and is completely negating everything else I'm paying as well. :mad:
As has been said they're under no obligation to stop them and I reckon the only thing you can do is keep on badgering them to try to get them stopped.

Crikey Kudox, that's absolutely outrageous! And here's me moaning about my £15 per month interest paid on my account where I pay £17 per month via DMP. As TwitHead says, it makes a mockery of your attempts to pay off your debts responsibly. Makes me more determined, after my DMP is eventually paid off, to never ever borrow money again, particularly off these institutions who so clearly have no compassion or common sense
DG

Twit_Head

Kudox wrote: »

Hi TwitHead, you are right it is a mockery.
I have been toying with the idea for ages of taking over the DMP myself, in which case I would just start to pay this company tokens of £1 and split the money between the creditors who are being more helpful.
I know CCCS wouldn't look kindly on this which is why I think I'm going to take over my plan myself and therefore gaining more control in how the money is distributed as my debt is going nowhere as it stands at the moment.
Also this company can't supply a legit CCA so I have more leeway in the way I choose to pay them.
I do want to pay back all my debts but can't see how else to achieve that if they continue to be so unreasonable.

Hmm - by no means an expert; still a comparative newbie myself but it seems to me that if you are a fairly organised/clear thinking type you might be better to grasp the nettle and say s*d it! Probably can't get any worse and as you say you would get control, which is SO empowering.
Wish you well in whatever you decide to do - please let us know how it pans out for you.
PS - Maybe in a few months might pluck up the courage to follow you. See my signature re: added interest :sad:

Twit_Head

DevonGirl wrote: »

Makes me more determined, after my DMP is eventually paid off, to never ever borrow money again, particularly off these institutions who so clearly have no compassion or common sense
DG

Yes,yes,yes!!! (Bit of Harry met Sally creeping in here;)) How I long for that happy day when I can say 'Goodbye to you and all your doings' - I'll do it my way (now it's Frank Sinatra!-been at the £1.99 @Chateau de Sump Oil again:o)

Kudox

Thanks Guys I'll let you know how I get on if I do decide to take on my DMP myself.
I feel confident enough to do it now, 12 months down the line, it's just making time to actually act on it:rolleyes:

Brussel_Sprout

Daffykjs wrote: »

But what about the cover my payment one? (which i have to say i'm failing to find any info about!)

It costs more than the cover my life but i think it does what it says on the tin! (like i said i can't find any details about it, which is worrying coz i've got it and am not now sure of what i'm paying for!)

Hi Daffy, the cover my payments covers redundancy, well Im sure it does or what am I paying it for?!

Im trying to log on to Justabank but as usually its playing up and wont log in, but Im sure if you go on there theres more detailed info.

scouselad1974

Thanks everyone for all of your replies to my earlier post. It seems that I need income protection, can anyone who is self employed reccomend a good policy, one that would cover me if I became ill and had to take time off work, or one that would pay out should my business flop.

Also when filling out the policy quote forms, would I include my Working Tax Credit with my income figure, and as my income varies from month to month will an average be ok.

questions question questions sorry to give you all a headache:rolleyes: