The "Pay ALL your debt off by Xmas 2012" challenge

rubywhatashmoo

Hey everyone - I've been lurking in this thread since it first started and kept thinking about signing up and I wasn't going to because I've only got a little bit of my debt left - but then I felt a bit weird just hiding out reading about how everyone else is doing so here I am if you'll have me

Sooo as of right now I've got £1550 left to pay off one CC @ 0% and my OD. It is (finally!) payday today though so I'll be back in a bit to update how much I've managed to knock that down by and make it look like I'm really on the ball with it! :rotfl:

kerri_dfw

strawberryR wrote: »

Can I ask for peoples opinions, spoke to my bank re loan I have with them, found out that I have PPI on the loan and wanted to see if I could cancel to reduce the payment, the lady at the bank called someone and stated that in order to cancel I would have to reapply for the loan and this may increase the payments??? Very confused and unsure where to post this. I hope someone can point me in the right direction, been reading MSE details about complaining re PPI.

I'd post on the PPI forum, but knowing from my loan agreement that you are entitled to cancel it at any point then I would file a complaint for misselling of PPI, and also state in their that when you asked to cancel the PPI you were told you had to refinance the loan, which is incorrect.
Any complaints filed from October 2011 are being processed in an 8 week turnaround.

kerri_dfw

rubywhatashmoo wrote: »

Hey everyone - I've been lurking in this thread since it first started and kept thinking about signing up and I wasn't going to because I've only got a little bit of my debt left - but then I felt a bit weird just hiding out reading about how everyone else is doing so here I am if you'll have me

Sooo as of right now I've got £1550 left to pay off one CC @ 0% and my OD. It is (finally!) payday today though so I'll be back in a bit to update how much I've managed to knock that down by and make it look like I'm really on the ball with it! :rotfl:

Welcome aboard rubywhatashmoo we're pleased to have you

rubywhatashmoo

StrawberryR - that doesn't sound right to me - have you still got the paperwork from when you first signed up for it to see what that says? It might be specific to the contract with your provider that you have to do that - but there should be some other get out clause if that is the case? Sounds a bit dodgy - who is it with?

strawberryR

kerri_dfw wrote: »

I'd post on the PPI forum, but knowing from my loan agreement that you are entitled to cancel it at any point then I would file a complaint for misselling of PPI, and also state in their that when you asked to cancel the PPI you were told you had to refinance the loan, which is incorrect.
Any complaints filed from October 2011 are being processed in an 8 week turnaround.

Thanks for that will have a look at making a claim, being on this forum is certainly make me look at documents I signed a long time ago and reading the small print! I have been paying £52.40 per month in PPI!!!

kerri_dfw

So we can stay on topic, the PPI forum is here

idristhedragon

ooh thanks for that calculator thingy! If I can pay £170 a month on Crapital One I will be debt free by Dec 2012 exactly! I will aim for £200 and then cut self some slack for unexpected billage.
Going to play on it for Vanquis Schmanquis now.
Welcome Rubywhatashmoo. This thread gets better every day.

Oh and on a completely non related note I just recieved through the post the Sega collection on Xbox so am looking forward to hours of free fun playing Sonic the Hedgehog, Golden Axe etc and all the other Sega Megadrive games I spent the early ninties playing in shared houses LOL I cant bearall the new games like Halo etc- I cant work them so I can now whup my kids ar*es at ganes from Back In The Day. Rock on!!!

strawberryR

Thanks everyone and for the point in the right direction Kerry going to post on the PPI forum,

kerri_dfw

mf0u has just let me know of a new challenge starting on the 1st December for anyone that wants to try to tackle one of their debts, it's the pay off a debt in 100 days 1-12-2011 - 10-3-2012 challenge. I've put a link on post #10 for anyone that forgets where the list is. This might be good for those of you with huge total debts that are looking for a way to achieve a goal quickly and will help spur you on

mf0u1098

strawberryR wrote: »

Can I ask for peoples opinions, spoke to my bank re loan I have with them, found out that I have PPI on the loan and wanted to see if I could cancel to reduce the payment, the lady at the bank called someone and stated that in order to cancel I would have to reapply for the loan and this may increase the payments??? Very confused and unsure where to post this. I hope someone can point me in the right direction, been reading MSE details about complaining re PPI.

Crafty barstewards!!! Not too sure what to advise you but what I think they are doing is: When you repay your loans, most of your repayments in the beginning are interest and a small amount is to pay your capital back. As you keep making your repayments this shifts until right at the end you are paying back mainly capital as there is not much interest left.

What they are doing is effectively saying that you will need to take another loan again for the value of what you owe but then they will add all the interest on again making your repayments bigger! You'll then be paying loads of interest back at the beginning of the new term and not as much capital. sneaky sons of ^%$£%^&!!!!

Please someone correct me if I'm wrong but I that's how I take it...? I'm afraid I don't know what to advise but if noone can help you here then perhaps post on the main DFW board and ask someone there? xxx