Increasing my payment to payplan

MyLastFiver

I'm in a similar position to you, in that I have a substantial surplus every month. I have paid off a couple of the smaller debts - Payplan are fine with this.

I have decided that, rather than save the surplus (and be tempted to dip into it) I've been making larger payments to some of my creditors, so then the money is going straight off my debts and therefore out of my reach. I generally pay the creditors who have messed me about the most, to just get them paid off and off my back.

Completely_Confused_2

MyLastFiver wrote: »

I'm in a similar position to you, in that I have a substantial surplus every month. I have paid off a couple of the smaller debts - Payplan are fine with this.

I have decided that, rather than save the surplus (and be tempted to dip into it) I've been making larger payments to some of my creditors, so then the money is going straight off my debts and therefore out of my reach. I generally pay the creditors who have messed me about the most, to just get them paid off and off my back.

Thank you MyLastFiver

Can I just ask how you do this? Do you make the extra payments through Payplan, or directly to the creditor via their payment slip??

I have a Natwest credit card for around £400 and I should be able to get rid of this in one month. What do you think?

BTW I flipping love MSE!!!! xxx

Homer_J

Hi, I'm with Broadpaws - save it separately, then make some Full and Final offers. You're likely to get good discounts from your creditors that way, so you'll gain in the long run - but only if the interest on your debts has been frozen.

Madison

I'm soon to come to the end of a DMP with Payplan which has run for just over six years. I've increased my monthly payments with each pay rise/promotion I've had and the only creditor to start charging interest again was Lloyds TSB. However, a couple of the others have my minimum payment set as the total outstanding balance so it looks as though I'm still having difficulty paying. I've just increased it this month so we'll see what happens now that it's nearing the end. Wouldn't saving the money and making a !!!!!! offer affect your credit file?

MyLastFiver

Completely_Confused wrote: »

Thank you MyLastFiver

Can I just ask how you do this? Do you make the extra payments through Payplan, or directly to the creditor via their payment slip??

I have a Natwest credit card for around £400 and I should be able to get rid of this in one month. What do you think?

BTW I flipping love MSE!!!! xxx

Yep - just pay your creditor directly.