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DMP & Mutual Support Thread - Part 8

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  • BevieB
    BevieB Posts: 139 Forumite
    antonic wrote: »
    Dont worry !

    Keep paying as it reduces your overall debt.

    Barclays referring your debt to their own inhouse D(ebt) C(ollection) A(gency) = DCA could be to your advantage as interest on debts is normally frozen when referred.

    Its strange as both myself and husband have Barclays cc. We commenced our DMP in October and our payments are approx 50% of contractual. They accepted DMP but charge us 3%interest. Although our Barclay Loan was defaulted straight away. No rhyme or reason.
  • Evening all,

    I spoke to my new DMP maintenance manger yesterday and she mentioned that try don't update the original balances again now until the month before the end of the plan. Her reason was as there is no incentive for them to reduce/freeze interest.

    Only logic I can think of is that she meant there I'd no incentive for them to add interest and charges meaning that they could have a higher share of available funds at review time. Am I right?

    Next question is what figure do you track as your true debt? The one without interest and charges on Payplan or do you monitor statements and update a log somewhere? I've already decided to challenge immediately any statement I receive where the debt is increasing or staying stagnant as surely that's not them help someone with financial difficulties.

    Finally, I'm already sniffing a payment date issue with my lloyds card and after googling their practice I'm a tad worried! There statement asks for the next payment by 6 February. They received my first payment through the DMP on the 11th an credited to the previous due amount. So am expecting phone calls and late payment fees :(.

    Anybody effectively managed to get them to move the due date back for a few days?

    I queried with Payplan but didn't get a satusfactory answer really. They just said that payment being made on the 11th met their criteria where as I think the way it's been allocated it won't have.
    SPC5 #1457 Long hauler #293
    LBM 12/11
    Debtbusting -DMP 01/12 - £48832.04/£48806.91 :eek::eek::eek:
    £[STRIKE]400[/STRIKE] to friends and family :beer: [STRIKE]£250[/STRIKE] Payday loan :T
    [STRIKE]£250 [/STRIKE]O/D :j
    Fatbusting - 126lb/66.5lb :j over half way now! :j
  • antonic
    antonic Posts: 1,978 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    On the 1st of each month (or nearest date if its a Bank Holiday) and my 4 creditors get paid about the 10th of each month.

    None of my creditors has ever queried the payment date.

    So I would say only worry IF Lloyds TSB contact you.
    Evening all,

    I spoke to my new DMP maintenance manger yesterday and she mentioned that try don't update the original balances again now until the month before the end of the plan. Her reason was as there is no incentive for them to reduce/freeze interest.

    Only logic I can think of is that she meant there I'd no incentive for them to add interest and charges meaning that they could have a higher share of available funds at review time. Am I right?

    Next question is what figure do you track as your true debt? The one without interest and charges on Payplan or do you monitor statements and update a log somewhere? I've already decided to challenge immediately any statement I receive where the debt is increasing or staying stagnant as surely that's not them help someone with financial difficulties.

    Finally, I'm already sniffing a payment date issue with my lloyds card and after googling their practice I'm a tad worried! There statement asks for the next payment by 6 February. They received my first payment through the DMP on the 11th an credited to the previous due amount. So am expecting phone calls and late payment fees :(.

    Anybody effectively managed to get them to move the due date back for a few days?

    I queried with Payplan but didn't get a satusfactory answer really. They just said that payment being made on the 11th met their criteria where as I think the way it's been allocated it won't have.
  • Evening all,

    I spoke to my new DMP maintenance manger yesterday and she mentioned that try don't update the original balances again now until the month before the end of the plan. Her reason was as there is no incentive for them to reduce/freeze interest.

    Only logic I can think of is that she meant there I'd no incentive for them to add interest and charges meaning that they could have a higher share of available funds at review time. Am I right?

    Next question is what figure do you track as your true debt? The one without interest and charges on Payplan or do you monitor statements and update a log somewhere? I've already decided to challenge immediately any statement I receive where the debt is increasing or staying stagnant as surely that's not them help someone with financial difficulties.

    Finally, I'm already sniffing a payment date issue with my lloyds card and after googling their practice I'm a tad worried! There statement asks for the next payment by 6 February. They received my first payment through the DMP on the 11th an credited to the previous due amount. So am expecting phone calls and late payment fees :(.

    Anybody effectively managed to get them to move the due date back for a few days?

    I queried with Payplan but didn't get a satusfactory answer really. They just said that payment being made on the 11th met their criteria where as I think the way it's been allocated it won't have.
    ,Hi Wannabe:). I track my DMP balance on my own spreadsheet using the statements received from my creditors. I have a column called original debt and then the debt in Oct 11, Nov 11, Dec 11. The totals are at the bottom. I have conditional formatting that colours red any debt that is higher than the original. Also a notes column that shows whether charges, interest are frozen. There overall total is currently red but since I think all interest and charges are now frozen, at least there is now a small but steady increase.:j

    The colour coding isn't strictly necessary, but it gives me something to do other that spend money:money:
    LBM August 2011. DFD somewhere post [STRIKE]2025[/STRIKE]2022 :eek:
    Total debts October 2011 circa GBP 17,700 September 2018 GBP 0 DMP with Payplan
    What doesn't kill you makes you stronger:T:D:D:D
  • Just wanted to share - I've found a free iPhone ap called forecasting that looks like it'll be great to track my current account balance.


    I'm very jealous *I* want an iPhone :(
    Our LBM: Dec 2011. DMP started: Jan 2012. Debt at LBM: £41,568

    Oct 2012 = Current debt: £40,548.93
    Oct 2013 = Current debt: £39.054.70


    DMP Support number 424 - Long haul number 308
  • Mort
    Mort Posts: 552 Forumite
    Part of the Furniture 500 Posts Photogenic Combo Breaker
    Evening all,

    I spoke to my new DMP maintenance manger yesterday and she mentioned that try don't update the original balances again now until the month before the end of the plan. Her reason was as there is no incentive for them to reduce/freeze interest.

    Only logic I can think of is that she meant there I'd no incentive for them to add interest and charges meaning that they could have a higher share of available funds at review time. Am I right?

    Yes, if you add charges and interest to the creditors balance their slice of the payments will go up. If you were to do this it would be an incentive for the creditors, remember all they want is more of your money.
    Next question is what figure do you track as your true debt? The one without interest and charges on Payplan or do you monitor statements and update a log somewhere? I've already decided to challenge immediately any statement I receive where the debt is increasing or staying stagnant as surely that's not them help someone with financial difficulties.

    The true debt figure will be that held by the creditors and shown on their statements. In my experience the Payplan one will be slightly less. Towards the end of the plan you will have the option of reaching a settlement figure. Use a spreadsheet to keep track of them both.
    Finally, I'm already sniffing a payment date issue with my lloyds card and after googling their practice I'm a tad worried! There statement asks for the next payment by 6 February. They received my first payment through the DMP on the 11th an credited to the previous due amount. So am expecting phone calls and late payment fees :(.

    Anybody effectively managed to get them to move the due date back for a few days?

    I had no problem getting the creditors changing their payment dates. I am paid last working day of month, DD to Payplan went on the 1st and was normally received around the 4th, most payments to creditors were acknowledged as being received by the 12th.
    Proud to have dealt with my debts, became debt free on 03/11/2011. Repaid £54,723.41 LBM May 2006.
    Debt Free Roll Of Honour #504
    Mortgage Free from October 2019
  • I'm very jealous *I* want an iPhone :(

    Lol! Had mine quite a while whilst in denial!! And think I'll have it a good while longer!!!

    I've seen a few posts about getting free (or very cheap) iPhones from offers on the site.
    SPC5 #1457 Long hauler #293
    LBM 12/11
    Debtbusting -DMP 01/12 - £48832.04/£48806.91 :eek::eek::eek:
    £[STRIKE]400[/STRIKE] to friends and family :beer: [STRIKE]£250[/STRIKE] Payday loan :T
    [STRIKE]£250 [/STRIKE]O/D :j
    Fatbusting - 126lb/66.5lb :j over half way now! :j
  • ,Hi Wannabe:). I track my DMP balance on my own spreadsheet using the statements received from my creditors. I have a column called original debt and then the debt in Oct 11, Nov 11, Dec 11. The totals are at the bottom. I have conditional formatting that colours red any debt that is higher than the original. Also a notes column that shows whether charges, interest are frozen. There overall total is currently red but since I think all interest and charges are now frozen, at least there is now a small but steady increase.:j

    The colour coding isn't strictly necessary, but it gives me something to do other that spend money:money:

    I :heart: conditional format tables :j
    SPC5 #1457 Long hauler #293
    LBM 12/11
    Debtbusting -DMP 01/12 - £48832.04/£48806.91 :eek::eek::eek:
    £[STRIKE]400[/STRIKE] to friends and family :beer: [STRIKE]£250[/STRIKE] Payday loan :T
    [STRIKE]£250 [/STRIKE]O/D :j
    Fatbusting - 126lb/66.5lb :j over half way now! :j
  • Mort wrote: »

    I had no problem getting the creditors changing their payment dates. I am paid last working day of month, DD to Payplan went on the 1st and was normally received around the 4th, most payments to creditors were acknowledged as being received by the 12th.

    That's promising. I'll write to lloyds and inform them they need a later payment date under the processing time of the DMP agreement. I was worried as I read they were prone to regular objections and slapping on late payment fees!

    Thanks
    SPC5 #1457 Long hauler #293
    LBM 12/11
    Debtbusting -DMP 01/12 - £48832.04/£48806.91 :eek::eek::eek:
    £[STRIKE]400[/STRIKE] to friends and family :beer: [STRIKE]£250[/STRIKE] Payday loan :T
    [STRIKE]£250 [/STRIKE]O/D :j
    Fatbusting - 126lb/66.5lb :j over half way now! :j
  • 2spicy
    2spicy Posts: 338 Forumite
    Part of the Furniture Combo Breaker Debt-free and Proud!
    edited 15 January 2012 at 2:58AM
    Lol! Had mine quite a while whilst in denial!! And think I'll have it a good while longer!!!

    I've seen a few posts about getting free (or very cheap) iPhones from offers on the site.

    Reading the Mobile section of the site, we went with Mobiles .co .uk .. seems they are a subsiduary of CarPhone Warehouse .. but undercut almost all of CPW's deals!.
    check out th elink on the main MSE homepage titled "cheapest iphone deals"

    just ordered 2 new phones, even passed the credit check!!
    LBM - Oct - 08 DMP Started - Feb -09
    Total Debt - £77,688 .00
    DMP Support Member - 259

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