pay off more, less, same..?

OHNOANOTHERDFW

thanks whats IYSWIM

lozzam

If You See What I Mean

OHNOANOTHERDFW

thanks lozz.....sometimes I just wish someone else would take over and make these decisions

I was goin along ok, chipping away at the debt each monht, waiting for something to chaqnge - like a DCA / FF+S etc etc

but then impatience gtes me, and I feel I NEED to do something drastically different

thewad

Do they let you keep assets like savings and such when they put you on a DMP?
Don't they check from time to time to make sure your not earning more and if you are make you pay more?
I am just waiting for my appointment for a DMP and have some spare but presumed they would want it.
I'm self employed and the spare is for any repairs/replacement to machine and equipment basically.
How thorough are they at checking your finances out at the appointment.

John

OHNOANOTHERDFW

well they asked for pay slips and the budget is agreed over the phone line by line....

i.e how much is your mobile?
do you have dogs?
how much for dentists

etc etc?

however not sure how it works for the self employed....

re assets, in theory I think yoiu are not meant to keep many, but it will be fine

Matt

thewad

Thought they would ask you about your savings and assets and make you cash them in, or don't they probe too deep?
I have proof of income through tax returns although it does vary even on a monthly basis by quite a bit.
Would like to hold something back from them for emergency but if they don't ask it doesn't matter.

John

MyLastFiver

If you are worried about messing up your DMP, or other creditors getting arsey if you pay off one creditor, just pay off 75% of the interest-bearing debt and continue making payments to all creditors as normal. No-one will know that you have reduced the capital on one debt as everyone will be getting the same payments, but you will be paying 75% less interest.

OHNOANOTHERDFW

thats exactly the plan we hatched over dinner....we have 3 interest bearing accounts (ignoring the frozen & reduced), we will pay half of the 1st one this month

and probably half off the other 2 in march

cheers

thewad

Thought they would ask you about your savings and assets and make you cash them in, or don't they probe too deep?
I have proof of income through tax returns although it does vary even on a monthly basis by quite a bit.
Would like to hold something back from them for emergency but if they don't ask it doesn't matter.

John