£7k in 7 months...I hope!

Kepp

Just replied x

If_My_Pennies_Were_Pounds

PM me too if you like hun x

Woowoo

Just seen you diary Hun, have pm'd you x

jtr2803

Thanks everyone for your PMs and posts. I think all of you will have read about it by now. I haven't had a chance to reply to any yet but as most of you will have got the same message I sent Becs earlier I guess I can type a reply here without it being too cryptic!


I can't mention names or amounts but for those who I haven't PM'd.....I made a F&F offer to one of my creditors last week, I didn't write about it on the forum as I wanted to wait until it was agreed. Well I got a call from them this morning and they have refused all offers and said they will only accept a F&F that is around 10% lower than the debt balance!! They say as I am coming to the end of my plan it means I have to pay more :mad:, I did remind them that I still have over 2 years left on my DMP but apparently that means nothing.

This is a big deal for me. I was honestly hoping to settle for a max of around 60% of that debt total, and even then it would have been tight to pay it off by Feb. Now, I am WAY behind because of this and it annoys me as the same company offered me a HUGE discount earlier in the year but obviously I didn't have the cash then. This particular company have been written about a lot recently on CAG/MSE due to their aggressiveness after posting massive losses last year.

This leaves me with a big dilemma, my other creditors will not entertain a F&F settlement either, this I already know for a fact. So by scrimping and saving to repay early I am actually saving 1 month on my DFD?!? Bear in mind that I don't pay interest on my accounts then to me it seems a little pointless in making the huge effort it would take to pay it off early next year. My defaults don't come off until March 2013 so no benefit in clearing before that date. I do really appreciate everyone who has replied sayng it's only a temporary setback and if you pay it off you wont have it hanging over you etc, and I totally get your point BUT at the same time, am I not better off continuing to pay my monthly DMP until the end of the plan and just continuing to save? At least I am earning interest then!!!

I need to talk to OH about it but a few work colleagues has said they would be tempted not to pay it off in full if there is no benefit to me, to let them stew and wait for it if they want to be awkward. At the moment I am so down and annoyed that I am tempted to throw all sense out of the window....book my Maldives holiday using the savings I already have and then just keep my year end bonus as a safety net or until I have whittled down the DMP enough to settle.

Kepp

Is it definitely only 1 month off your DFD if you have to pay the full amount back?

I think definitely talk it over with your OH and anyone else you need to.

I can understand the temptation now to book the holiday etc and say screw them all.

But I would wait a few days till the dust settles and you have had a chance to really play with your figures etc.

Do whatever feel right in the end, but just don't do anything now that you may regret in a week or so's time xxx

Woowoo

Have responded to your PM instead hun

jtr2803

beccie wrote: »

Is it definitely only 1 month off your DFD if you have to pay the full amount back?

I think definitely talk it over with your OH and anyone else you need to.

I can understand the temptation now to book the holiday etc and say screw them all.

But I would wait a few days till the dust settles and you have had a chance to really play with your figures etc.

Do whatever feel right in the end, but just don't do anything now that you may regret in a week or so's time xxx

Hi Hun, Yes it's exactly one month in real terms as the discount they offered is just under £300 BUT a few pages back I mentioned the other account where payplan say £80 and the debt people say £120 so knock that £40 off my discount and I'm left with £260...that would be one whole month off if you compare it in that sense.

Even if I continue to pay the DMP I will still be able to save in excess of £300 a month with my payrise so I'm still going to be saving a nice chunk...obviously at some point along the line there will be a point where savings is more than the DMP balance so I will just pay it off, just means I'm not leaving myself brassic for 3/4 months and then have to rebuild my savings.

If it was on CC's/Loans then it would be a no brainer but it isn't so interest doesn't come into it. I haven't said I wont make an additional payment of some kind but it's all up in the air at the moment!

LittleMoog

Hi Jody,
Sorry to read about your setback, been in meetings all morning and just caught up That's really disappointing when you were hoping to settle for lower. Would it be worth waiting a month or two and sending another offer letter (best done by post, I believe?), to see if whoever deals with it feels differently?

Alternatively, can you up your DMP payment by the £300 a month instead, which by my rough calculation (DMP payment £260(?) + 300 = 560) would have the DMP cleared in 10/11months? You could use what you have in savings for your maldives trip + any extras you make from pub work etc?

Anyway, no need for a hasty decision, plenty of time to consider what to do. *hugs*

Kepp

I know what you mean, if this were CCs this would be so much more straightforward.

If it were me, I would keep going trying to save up the full amount, I would maybe be aiming for a DFD of Dec 2011 which is still a whole year earlier. I would be doing it with savings though rather than an upped payment though just in case there were emergencies I needed the money for.

You have to decide what's right for you though xxx

jtr2803

LittleMoog wrote: »

Hi Jody,
Sorry to read about your setback, been in meetings all morning and just caught up That's really disappointing when you were hoping to settle for lower. Would it be worth waiting a month or two and sending another offer letter (best done by post, I believe?), to see if whoever deals with it feels differently?

Alternatively, can you up your DMP payment by the £300 a month instead, which by my rough calculation (DMP payment £260(?) + 300 = 560) would have the DMP cleared in 10/11months? You could use what you have in savings for your maldives trip + any extras you make from pub work etc?

Anyway, no need for a hasty decision, plenty of time to consider what to do. *hugs*

Hi Jules, thank you for your kind words my love. I did send the original letter by post but they called me at work, I don't mind talking to them but I made it clear I wouldn't be paying anything until I had it in writing! Upping my DMP payment is part of my possible plan, although I would never include my pub wages just in case I was out of a job, apparently it's very hard to justify getting your monthly payment lowered!

beccie wrote: »

I know what you mean, if this were CCs this would be so much more straightforward.

If it were me, I would keep going trying to save up the full amount, I would maybe be aiming for a DFD of Dec 2011 which is still a whole year earlier. I would be doing it with savings though rather than an upped payment though just in case there were emergencies I needed the money for.

You have to decide what's right for you though xxx

I think what you have suggested is something along the lines of where I am heading. I could still be debt free by maybe May if I carried on as I am but I still don't get any benefit from it. I think I might up my monthly payment a bit and just keep saving.

PS just got excited as my dream Maldives hotel has dropped in price :rotfl:. I'll practice my sad face to OH tonight until he agrees!