DMP Mutual Support Thread (Part 6)

impetus

LittleMissSkint wrote: »

:eek: That's downright cheeky. :eek:

But par for the course as far as they are concerned. I have learnt a lot on here over the last few days and I now know who the CROOKS are and they are the financial institutions! Many of us are on here here because we have been stupid, some because of changes in circumstances but the bottom line is the banks etc allowed many of us to overspend and then complain when we don't pay. How many on here had their credit limits raised without permission in the "good old days". Stable door now being bolted now with new legislation but its a bit late for those of us to go yeha another few months of breathing space!

When they announce their profits are down from umpty ump billion to a few billion I really do feel depressed!

Feel better for that rant! :j

impetus

the_tooth_fairy wrote: »

I know but on the bright side (ha ha!) our local bank have agreed to the DMP in writing now, so am pleased with that. So out of 10 creditors, we have letters from,
Next, Mint x2, Local bank, Virgin c/c,. The rest have agreed in principle on Justabank site, no letters yet.
Apart from 2. Halifax and my old friend, Sainsburys Visa.
I can't be that unhappy in only a months work, I keep thinking of the interest saved from only the 5 I've heard from. Hope that news helps anyone else out there just starting all this!!
ttf

Hi tooth fairy, just starting out and I check on Justabank every day to see what has been accepted. Nothing to date but can't wait to see the first and then there is light at the end of an extremely dark tunnel. I have eleven creditors and am £71,000 in debt so it could be a long slog!

Is there a long slog club I can join?

geoffmr1

Twit_Head wrote: »

Seeking advice please...
I received my annual mortgage statement and review today and because of low interest rates my monthy payment is due to be reduced by £74 approx.
Obviously good news but it has upskittled me a bit. My gut feeling is to overide and continue paying at the higher rate to clear the mortgage sooner. At the moment there is 10 and a half years left which would be paid off when I am 65 (told you I was MUCH older than all you young things!!!) I would decrease the term as well as increasing the equity in my house (if the worse came to the worse and I had to sell) and freeing up more cash for my long term DMP further down the line.
My DMP is with CCCS (done online) and I will be due a 1st review fairly soon. If I overide and continue my mortgage D/D at the higher rate am I technicaly committing 'fraud' by not freeing up the money for the DMP?
See my signature re:low income-I live very frugally and can still only pay £76-00 monthly to creditors. My main fear is if I go for the lower revised mortgage payment and increase the DMP payments (would double it!) that interest rates will start to rise and next mortgage review I will have to dramatically increase payments again thereby 'robbing' the DMP and upsetting creditors at reducing payments (my income etc will not change much) and having to go through the whole sort of 'set up' process again. (And still feel 'My home is my castle' and that the money is better going there)
Apologies for the long post but grateful for your thoughts and replies.

My advice would be to do whatever you're comfortable with. Nobody will know if you want to continue paying your mortgage at the higher rate, I have never advised anybody that my mortgage payments have decreased. I use the extra money to make full & final offers especially on the smaller debts or pay higher amounts to the mortgage.

Even if a creditor were to find out it makes no difference, you are not avoiding your debts & your mortgage is a priority, so if you have a little extra money to put towards that nobody can touch you!!

ianmak

Twit_Head wrote: »

Seeking advice please...
I received my annual mortgage statement and review today and because of low interest rates my monthy payment is due to be reduced by £74 approx.
Obviously good news but it has upskittled me a bit. My gut feeling is to overide and continue paying at the higher rate to clear the mortgage sooner. At the moment there is 10 and a half years left which would be paid off when I am 65 (told you I was MUCH older than all you young things!!!) I would decrease the term as well as increasing the equity in my house (if the worse came to the worse and I had to sell) and freeing up more cash for my long term DMP further down the line.
My DMP is with CCCS (done online) and I will be due a 1st review fairly soon. If I overide and continue my mortgage D/D at the higher rate am I technicaly committing 'fraud' by not freeing up the money for the DMP?
See my signature re:low income-I live very frugally and can still only pay £76-00 monthly to creditors. My main fear is if I go for the lower revised mortgage payment and increase the DMP payments (would double it!) that interest rates will start to rise and next mortgage review I will have to dramatically increase payments again thereby 'robbing' the DMP and upsetting creditors at reducing payments (my income etc will not change much) and having to go through the whole sort of 'set up' process again. (And still feel 'My home is my castle' and that the money is better going there)
Apologies for the long post but grateful for your thoughts and replies.

That's a difficult one tbh. I'm in the same boat having come off a fixed rate a few months ago. I haven't informed PP yet as I'm concerned that the SVR will start to creep up soon.

I reckon carry on paying the extra for a couple of months to see if the rates creep up, if they don't then maybe give it over to PP.

Just my thoughts, but maybe ask PP for advice? The trouble is as you say, if the rates go up then you'll prob have to reduce your DMP payment again!

ianmak

Or do what Geoff said.

Twit_Head

ianmak wrote: »

Or do what Geoff said.

Thanks to you both for your ever sensible, swift and reasoned replies :T
As I said my gut feeling is to stay with same mortgage payment - (would love to have the option to splurge the extra money on a bit of easy living for a change!) but feel putting it into the bricks and mortar is my best bet at the moment.
Thankyou again for your help and advice. You have set my mind at rest and clarified my decision for me.
'Twitty' (as Toffee Penny dubbed me!)

the_tooth_fairy

impetus wrote: »

Hi tooth fairy, just starting out and I check on Justabank every day to see what has been accepted. Nothing to date but can't wait to see the first and then there is light at the end of an extremely dark tunnel. I have eleven creditors and am £71,000 in debt so it could be a long slog!

Is there a long slog club I can join?

Welcome!
Our debts are (now) 67k. I was totally shocked when they were all added up.
Just hold on and wait and see, things really do get better, even though you are living on far less, I must admit I struggle with that.
My biggest drive is to protect that DMP at all costs. I'm determined to get through this ( I know we won't starve!) there's NO WAY I'm giving these people any more of our money, all of us here are trying to pay back, responsibly, what we owe without making fools of ourselves again by taking on further debt.
Let us know when you see a glimmer of light!
ttf

I bet Ianmak can help with the different clubs available, maybe the "long haul"? see you there!

Twit_Head

Twit_Head wrote: »

(would love to have the option to splurge the extra money on a bit of easy living for a change!)

Apologies for quoting my own post but since when has £74-00 equated to 'Easy Living?'
Holidays in the Maldives anyone? Gucci handbag? Food and petrol for next month if we're lucky?
It's a hard road to tread but thankyou to all on this thread who help us with our problems and to all who post,share and help support each other.:T

the_tooth_fairy

74 boxes of party food from Asda.

Party at Twitty's!!!

Sadly, it's BYO drink.

the_tooth_fairy

Has anyone tried Musicmagpie.co.uk for selling on their old CDs and DVDs?
You just log on, put in the code of the disc or dvd and they offer you cash. We used it last month when we were broke and made a tidy profit. They send you pre paid sticker(s) for your parcels as well, so all you do is to is take the box or parcel to the post office.
Downsides are, it can take about 3 weeks from start to finish and very common CDs only get a small amount (30p for Robbie!)
Good bits are, my OH is really into Jazz, etc, so some of the CDs he had already put on to his Ipod got £3.
I'm doing another delivery to them to help with Christmas, and they have been fair with me so far, touch wood.
If anyone is interested, log on, so at least you can see what price is on offer before you start. I decided I can't hold on to loads of CDs forever, they are dust collectors!
Would love to hear if anyone else has had a good experience and made some money, I did.
ttf