DMP & Mutual Support Thread - Part 8

Time_to_face_the_music

BlushingRose wrote: »

Hiya gang, anyone able to help me with this question please?
https://forums.moneysavingexpert.com/discussion/4039227

Thanks x

Hi BR :hello:

We don't have any PPI so don't know much about it but did get an email from CCCS yesterday about this subject. If you haven't had the same email, check this out:

http://moneyaware.co.uk/2012/06/reclaim-ppi-for-free/?dm_i=VD3,UEM0,5OZTKK,2HWYB,1

Good luck

sickasachip13

Time_to_face_the_music wrote: »

Brilliant news SAAC :T

I love it when one of our debts drops from the X thousands to the Y thousands. Am currently looking at an extra £15 payment to bring our lowest from £1000 and a bit to £900 and something

Ha, yes, I know that scenario. Psychologically it makes such a difference. We look at our statement every month and if anything's really close to rolling down to a new 1st figure then we target it for an additional payment (within about £5 - £10 pounds). It seems to give us a new, small target, which we like.

klfairy

Ball is rolling - I've opened us a new joint account and begun the switching process.

I'm so frustrated though and feel like my hard work to get things organised at the end of last year was a bloody waste of time. I suppose it wasn't really, because I know exactly what we pay to whom and when now, and I didn't then. We are in a better position than we would have been, but even so, this really shouldn't have happened.

Ho hum.

gizmo111

ben80 wrote: »

Can someone check something for me please?

As or today, I owe £7443 on my DMP. My monthly payment is £989. The CCCS website says my DMP will finish in March 2013. But I work it out as a full payment in January and a smaller payment in February, just to finish it off. I wondered if it was interest payments that I hadn't taken into account, but my total interest from all creditors is only about £20 a month.

Can anyone explain where I've gone wrong?

Is it anything to do with the way they pay creditors and you won't get nil statements until March?

gizmo111

klfairy wrote: »

That is brilliant news!! I had visions of slogging to the end of the debt and then still bearing the badge of it for years more.

I'm dealing with CCCS now, who were lovely on the phone. I still think I've a long way to go to convince my OH though. He's quite head in the sand-y and seems to think everything will miraculously somehow be ok.

How does it work with irregular earnings? OH will be paid part basic and part commission. I have based all our budget figures on basic only because we don't know how much extra he'll earn. If he brings home, say £200 extra one month, do we get to keep that extra, or do we have to use it to pay off debts? Not that I'm saying we'd be daft, but it might be nice from time to time to have a treat if he's earned a bit extra (ie a takeaway or a few beers rather than avoiding paying debt iykwim).

If you get extra then you could save it up and offer full and final reduced settlements as you go along - you have the chance the chance to get a huge saving on your debt.

ben80

gizmo111 wrote: »

Is it anything to do with the way they pay creditors and you won't get nil statements until March?

I initially wondered that, but the website says they take DMP on the 1st/10th and pay to creditors on 25th of a month... So I would have paid everything off by the 25th Feb. Not sure where the extra month is coming from. I've e-mailed CCCS as I couldn't get time to myself to use the phone today.

Growurown

klfairy wrote: »

I still think I've a long way to go to convince my OH though. He's quite head in the sand-y and seems to think everything will miraculously somehow be ok.

:rotfl::rotfl:
Sounds like we weren't the only ones with 'ostrich syndrome'

Not sorry at all that we took up the DMP option. Things might be a bit rocky at the start for you but well worth it in the long run. Keep us posted on your progress.

gizmo111

ben80 wrote: »

I initially wondered that, but the website says they take DMP on the 1st/10th and pay to creditors on 25th of a month... So I would have paid everything off by the 25th Feb. Not sure where the extra month is coming from. I've e-mailed CCCS as I couldn't get time to myself to use the phone today.

Hopefully they will clarfiy for you tomorrow.

Check all your balances on thier site match yours.

Good Luck

ben80

Thanks gizmo, they do all match with the exception of 2 which are less than £50 wrong in total, so hopefully they'll come back with "Oh yeah, you're right.... -1 month!"

gizmo111

ben80 wrote: »

Thanks gizmo, they do all match with the exception of 2 which are less than £50 wrong in total, so hopefully they'll come back with "Oh yeah, you're right.... -1 month!"

I think CCCS rely on you to update balances as well.

Good Luck

How many days now to DFD on your count???