DMP Mutual Support Thread (Part 6)

symesd

Had my review with CCCS today, increased my payment each month by £54, this now means my debts will be cleared in about 8 years (a reduction of 2yrs & 4mths - just for £54 increase) hope I can increase again soon & get out of this horrible Debt.

ianmak

the_tooth_fairy wrote: »

Firstly SmcShane you live on £40 a week food shop? Thats brilliant!! you really don't need to be reviewing that anytime soon x
Please, I need some advice from everyone on this. We borrowed £25,000 from Halifax last Nov. Mostly for house stuff (which has all been done) also Xmas, a few bills,etc. We paid up till now leaving a balance (settlement figure from them) £24,528. According to figures from Justabank today thats now £30,927!
Thats obviously a figure from them so whats happened? Is it because we defaulted in the first year maybe? Any input gratefully received.

We are now paying £469 instead of the original payment of £401 so its not as if they are getting any less!

I believe, and someone correct me if I'm wrong, the settlement figure is when you're paying the whole lot off. The £30k is due to the extra interest that they would have earnt through you paying the debt off for the next few years. I think. They did a similar thing to me on my loan.

As I say, I could be wrong, but I have a feeling this is what the issue is.

scared1

Finally some relief....

2 of my creditors have written back accepting my debt management plan reduced payments.

Abbey were the first within days and they have frozen interest also.

Alliance and Leicester confirmed today they would accept reduced payments also but didn't mention interest.

Its such a relief that this is finally starting to work out.

Now I'm just waiting to hear from HSBC, Halifax, Tesco and Mint.

Fingercrossed.

newlywed

Mint took 4 months to default me and stop interest - just so you know the timescales - at the time that seemed (from this thread) to be their average time to stop interest for DMP's

pinkpower

Daffykjs wrote: »

how do you get these free cuts etc?? i really need mine doing but can't justify the money!

Just pop in to local hair salons and ask if they need models for training cuts - some charge, and some are free.

Twit_Head

Daffykjs wrote: »

how do you get these free cuts etc?? i really need mine doing but can't justify the money!

Call in or phone your local 'good' salon. Might put you on a waiting list till the trainee is at the appropriate stage for your cut. Drawback is of course you have to have a fairly standard 'training' cut and as I said previously they take ages when they first start!
Have mine done at Saks - get a £40-00 haircut for nowt! (But always give a fair tip to trainee) They also do colouring for £10-00 charge to cover costs.

the_tooth_fairy

Can I ask anyone out there who's with Payplan when does the amount you paid in show up on Justabank? Mine went out yesterday but still not showing up. Think I'm a bit jittery cos its only the first month but I'd still like to know. Also heard someone who's with CCCS say they don't pay creditors until later in the month. Do Payplan do the same?
Thanks in advance.
ttf

katkins2

the_tooth_fairy wrote: »

Firstly SmcShane you live on £40 a week food shop? Thats brilliant!! you really don't need to be reviewing that anytime soon x
Please, I need some advice from everyone on this. We borrowed £25,000 from Halifax last Nov. Mostly for house stuff (which has all been done) also Xmas, a few bills,etc. We paid up till now leaving a balance (settlement figure from them) £24,528. According to figures from Justabank today thats now £30,927!
Thats obviously a figure from them so whats happened? Is it because we defaulted in the first year maybe? Any input gratefully received.

We are now paying £469 instead of the original payment of £401 so its not as if they are getting any less!

Hi tooth fairy,

The same happened to me last month. I started my DMP on 1st Sept and had rung AA Loans previously to get a balance. Once they were notified of my DMP they bunged £3000 on the balance. Apparently, the first figure they gave me was for if I was going to settle the account there and then. Once you default on the account, then the whole amount you owe including the interest becomes due. I was gutted as my total debt increased by £3000 overnight. The best way to think about it is that the amount you now owe with the interest is the same amount as you would have paid back eventually anyway..............or thats what I tell myself LOL.x

ianmak

the_tooth_fairy wrote: »

Can I ask anyone out there who's with Payplan when does the amount you paid in show up on Justabank? Mine went out yesterday but still not showing up. Think I'm a bit jittery cos its only the first month but I'd still like to know. Also heard someone who's with CCCS say they don't pay creditors until later in the month. Do Payplan do the same?
Thanks in advance.
ttf

It'll take 5 (ish) days for the payment to go from your account to PP. The wonders of standing orders... then expect another week for them to distribute payments to your creditors.

ianmak

pinkpower wrote: »

Just pop in to local hair salons and ask if they need models for training cuts - some charge, and some are free.

There's a college near me who teach hairdressing. They do a similar thing, but charge. A small amount obviously though. I guess you could look for something similar near to you?