Without a paddle... support for anyone starting a DMP in 2010 (part2)

Professor_Pat_Pending

Mikon, I started at £700 a month, am now at £620 a month, but my F and Fs have meant I can drop this without the other creditors losing as Payplan assign money pro rata.

My plan is to go for the 40% MBNA F and F in the autumn and then I'll be left with 4x BoS and Egg, I will do an immediate review go down to £400-£450 a month. The BoS cards/loan are all with DCAs so no interest there and I'm pretty sure Egg is UE but I spoke to them last week and they said they might be interested in a 40% F and F so they'll be next.

When I'm done with Egg I will go self managed and see what happens, I'm aiming to get below £30k by Xmas (thats nearly half done in 20 months) so we will see. PP

mikon

Professor P P

Your an inspiration and a good mentor. I am following your example unfortunately I am a year in to my DMP and have not got any spare cash or relatives to call on for money to offer F & F. That is why i want to reduce my monthly payments

1 to make living easier and more comfortable

2 to put some money aside for F & F in the future.

Do you think this sounds like a good plan?

Mikon

Professor_Pat_Pending

mikon wrote: »

Professor P P

Your an inspiration and a good mentor. I am following your example unfortunately I am a year in to my DMP and have not got any spare cash or relatives to call on for money to offer F & F. That is why i want to reduce my monthly payments

1 to make living easier and more comfortable

2 to put some money aside for F & F in the future.

Do you think this sounds like a good plan?

Mikon

Awwww shucks , that's the plan, FYI I regularly call my lot and discuss F and Fs, usually every 6 weeks or so. PP

mikon

Prof P P

Do they never question you as to where the money is coming from?

My worry would be that they think I had money and started applying interest.

Well done Prof PP

Professor_Pat_Pending

mikon wrote: »

Prof P P

Do they never question you as to where the money is coming from?

My worry would be that they think I had money and started applying interest.

Well done Prof PP

Its very important that you say the money is from a rich relative and can only be used for F and Fs.
It also helps if you tell them you have offered the same rate to your other creditors.
I offered my 4 lowest creditors 20%, 2 wanted to play and 2 didnt. :A

Hopelessly_Hopeful

Just a quickie as upto my whatsits.

Good luck guys.

HHx

NittyGritty

hi all sorry not been on for a while, just a quick update from me, everything is going ok at the mo, most have stopped intrest and running smoothly only natwest thats still applying intrest,

i have my review coming next week,after being on dmp for nearly a year now, i was just wondering if anyone as filled in the blank budget from cccs ready for when the review comes, ive filled in mine ready, do you think this is ok or will some items not be allowed such as tobacco etc or maybe ive put too much on some that wont be allowed etc?
http://www.flickr.com/photos/63283558@N07/5757585351/

also a quick note on F+F, does anyone have any templates of what u wrote to creditors about offering them something

NittyGritty

tedsd wrote: »

Hello Nitty gritty, good to see you and glad it's going well.

Just had a quick look at your budget and going from my own experience at the outset, I'd move the tobacco and newspapers/mags amount into another category as they are not seen as essential eg into your emergency fund which is too low if the gremlins start on your washing machine etc

A few of us have already done a review so may be able to help further.

Good luck with it.

Ted

ps National Debtline has info and a template on their site for F & Fs. Prof may have a better one though

pps. Have sent you a PM re the guidelines for expenditure

cheers ted

mikon

tedsd wrote: »

Hello Nitty gritty, good to see you and glad it's going well.

Just had a quick look at your budget and going from my own experience at the outset, I'd move the tobacco and newspapers/mags amount into another category as they are not seen as essential eg into your emergency fund which is too low if the gremlins start on your washing machine etc

A few others have already done a review so may be able to help further.

Good luck with it.

Ted

ps National Debtline has info and a template on their site for F & Fs. Prof may have a better one though

pps. Have sent you a PM re the guidelines for expenditure

Tedsd

Could you send me the guidelines on expenditure to assist me with my forthcoming review. Much appreciated.

Mikon

Hopelessly_Hopeful

Evening all

And me too please Teds. You are a real gem.

Good luck with your review Nitty.

I've just been informed Egg have sold my debt to Barclaycard. Gutted as Egg reduced me to 0% eventually but BC are charging interest on my other account. Trying to think positive.... ho hum.

Hope you are all making it through the week. x