DMP Mutual Support Thread - Part 7

powerchimp

Been on to Tesco's again today. It seems I am now paying over the minimum monthly amount so they have upped the interest, they tell me that they had reduced it when I first got in touch about the DMP (that's the first I heard about it), but now I can met the minimum payment it has gone back up.

I asked if it was possible to stop or reduce the interest to try to pay things off quickier but was told that was not possible. Ho-hum

Twit_Head

kljross75 wrote: »

Twit head, sending you virtual hugs, I've got £25 left for food for the month but fortunately I do have a freezer and cupboards full...if you need anything I'll try and help.

You are a darling!
Just send oysters and champagne to the following address..........:D
Again thank you to you all. The DMP gremlin bit my bum with a vengeance. :embarasse
Sure hope I haven't put the fear of God in all newbies - it really works most of the time honest

'Twitty'

mikon

Hi everyone

Has anyone experienced Barclaycard reinstating interest albeit at a reduced rate after 6 months on a DMP? They have done this to me and the only thing I can think of is that I need to send another statement of affairs with a covering letter. I have asked CCCS to contact them on my behalf but CCCS have not come back to me with a resolution.

So if anyone else can shed a bit of light on this I would be grateful. I am aware of one other person who has experienced this eyeopener2 from the other forum.

Thank you in anticipation.

mikon

Here is a mathematical question

If I pay £8.00 per month to a creditor and they charge £6.03 interest. What level of interest are they charging me the company claim the have reduced the interest from 29.9% APR to 9%. Have they?

Thank you

mikon

Hi Everyone

Seeking some further advice. I am on a DMP with CCCS and most of my creditors have accepted my payment arrangements for 1 yr. I am wondering if anyone on this forum can advise me on what happens when the 1 yr point is reached. Will the telephone calls start again and will interest be added or will CCCS send them a SOA and continue to pay the monthly payments that have previously been paid? Do things just continue to run smoothly or does the process all start again.

Thank you in advance.

ianmak

mikon wrote: »

Here is a mathematical question

If I pay £8.00 per month to a creditor and they charge £6.03 interest. What level of interest are they charging me the company claim the have reduced the interest from 29.9% APR to 9%. Have they?

Thank you

If you could tell us the amount they are charging £6.03 interest on, we maybe able to help.

ianmak

monica31 wrote: »

I’m looking for a bit DMP advice, we have been thinking about doing a DMP for a long time and have eventually decided we can’t cope without some structure in our finances.

Alliance and Leicester Loan £5541.95
HSBC overdraft £627.85
Capital One c/c £167.74
Payday Loan £900.00
Egg c/c £1300.00
Barclay c/c £550.00

**All of the above have been passed to debt collecting agencies**

We also pay monthly
£360.00 Mortgage
£448.00 Secured Loan
**Neither of these have had any missed payments**

We have the DMP pack from national debtline but were wondering how hard it would be doing it ourselves.

Any advice would be a great help

ps sorry if i've put this in the wrong place i'm new to the forum world

Hi ya and welcome!

The hardest part doing your own DMP is negotiating with creditors and making the payments each month. Also make sure you've budgeted correctly using any financial statements templates they may have on the NDL website.

There are some on here who are doing their own, who should be able to advise better.

Have you considered using PayPlan or CCCS? They kinda do the hard work for you and don't charge for their services.

mikon

ianmak wrote: »

If you could tell us the amount they are charging £6.03 interest on, we maybe able to help.

Ianmak

The outstanding balance is £795.03

The Monthly repayment is £8.00

Monthly interest in £6.03

What is the % being charged in interest I am told it has been reduced from %29.9 to 9% can anyone confirm this.

Thank you

ianmak

mikon wrote: »

Hi Everyone

Seeking some further advice. I am on a DMP with CCCS and most of my creditors have accepted my payment arrangements for 1 yr. I am wondering if anyone on this forum can advise me on what happens when the 1 yr point is reached. Will the telephone calls start again and will interest be added or will CCCS send them a SOA and continue to pay the monthly payments that have previously been paid? Do things just continue to run smoothly or does the process all start again.

Thank you in advance.

It depends. You will have your review with CCCS, and if you can increase your payments, by even a little amount, that normally keeps the creditors happy. They may wish to speak to you to see how you're getting on, and things may just carry on as normal.

There's always the threat of legal action/charging orders/CCJs however.

What is important is that you don't ignore any contact from your creditors, and if necessary communicate through CCCS or in writing.

inamess_man

hi monica31 and good luck

this thread has been great for me

i decided to go it alone because payplan and cccs couldnt help me due to a certain circumstance (they did help with templates e.t.c though)

i will be totally honest at times i have felt very lost (hence the posts on here!) and have often thought how much easier it would have been if i had some official help

having said that luck plays a part if each creditor had responded as quickly and efficiently as halifax did the stress would have been non exsitent

send me a message by all means if you do go it alone