DMP & Mutual Support Thread - Part 8

BevieB

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.

Wannabefree1

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.

antonic

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.

Wannabefree1 wrote: »

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.

Standingtall

Wannabefree1 wrote: »

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:

BlushingRose

Wannabefree1 wrote: »

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

Mort

Wannabefree1 wrote: »

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.

Wannabefree1 wrote: »

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.

Wannabefree1 wrote: »

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.

Wannabefree1

BlushingRose wrote: »

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.

Wannabefree1

Standingtall wrote: »

,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 conditional format tables :j

Wannabefree1

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

2spicy

Wannabefree1 wrote: »

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!!