DMP & Mutual Support Thread - Part 8

Ellieseleven

Just wanted to say Hi and update on our debt-free journey.

We have been on a DMP for 18 months and it was scary to start but life has settled back to some sort of normality. This site and the wonderful people on here are what keeps me sane most of the time.

We have one more payment to go and then our car is paid for! This means we can crank up the amount we are paying back on CC's bringing our debt free date closer:)

OH hasn't had much (if any) work through the winter:( but hopefully the milder weather will make a difference soon (he's a gardener). We are now managing on my salary alone and we are still here:o We don't go out or spend on anything that is not essential but we are happy and I find saving is becoming a bit of an obsession:o

I use Aldi more than ever and find that the quality of their items is on a par with the more expensive supermarkets. We cook the majority of our meals from scratch and hubby is quite the chef these days:)

I feel quite positive about the future most of the time but have a wobble and a bit of a cry from time to time about our situation but it is nothing compared to the stress that we were under at the beginning. We've now paid off £5,843.09 in 18 months and our total debt has just dipped under the 40k mark. These milestones are the things that keep me going:T

For all you newbies out there, things do get better and before you know it life is no longer about the phone ringing and threatening letters. I can't believe that 18 months has passed so quickly and I know that we wouldn't have paid nearly 6k off our debts (they would have probably been even higher by now:eek:)

Take care all and here's to a debt free future:beer:

Ellie xx

Hopelessly_Hopeful

Ellieseleven wrote: »

Just wanted to say Hi and update on our debt-free journey.

We have been on a DMP for 18 months and it was scary to start but life has settled back to some sort of normality. This site and the wonderful people on here are what keeps me sane most of the time.

We have one more payment to go and then our car is paid for! This means we can crank up the amount we are paying back on CC's bringing our debt free date closer:)

OH hasn't had much (if any) work through the winter:( but hopefully the milder weather will make a difference soon (he's a gardener). We are now managing on my salary alone and we are still here:o We don't go out or spend on anything that is not essential but we are happy and I find saving is becoming a bit of an obsession:o

I use Aldi more than ever and find that the quality of their items is on a par with the more expensive supermarkets. We cook the majority of our meals from scratch and hubby is quite the chef these days:)

I feel quite positive about the future most of the time but have a wobble and a bit of a cry from time to time about our situation but it is nothing compared to the stress that we were under at the beginning. We've now paid off £5,843.09 in 18 months and our total debt has just dipped under the 40k mark. These milestones are the things that keep me going:T

For all you newbies out there, things do get better and before you know it life is no longer about the phone ringing and threatening letters. I can't believe that 18 months has passed so quickly and I know that we wouldn't have paid nearly 6k off our debts (they would have probably been even higher by now:eek:)

Take care all and here's to a debt free future:beer:

Ellie xx

Lovely post Ellie, glad to hear things are heading in the right direction

HHx

typhoo_2

Got my first letter from creditor today!

MBNA have said they will accept my payment through CCCS and have frozen interest at 0% YAY!!:j

Problem is though, that they have also said payment is due to them on 22 of every month, I understand CCCS pay everyone on 25th? Should I contact MBNA and ask for a new payment date, or shall I call CCCS?

I just don't want MBNA calling me on the 23rd and 24th and 25th of every month saying they haven't received payment. They said they won't charge any late fees which is great, but they also said they will issue a default if not paid on time.

Advice?

Also, my NatWest credit card is not visible on my NatWest online banking anymore. Any reason?

Thanks all!:):)

Hopelessly_Hopeful

typhoo wrote: »

Got my first letter from creditor today!

MBNA have said they will accept my payment through CCCS and have frozen interest at 0% YAY!!:j

Problem is though, that they have also said payment is due to them on 22 of every month, I understand CCCS pay everyone on 25th? Should I contact MBNA and ask for a new payment date, or shall I call CCCS?

I just don't want MBNA calling me on the 23rd and 24th and 25th of every month saying they haven't received payment. They said they won't charge any late fees which is great, but they also said they will issue a default if not paid on time.

Advice?

Also, my NatWest credit card is not visible on my NatWest online banking anymore. Any reason?

Thanks all!:):)

Good news

They know this, the monkeys. My advice is letter, put it in writting, ask them to confirm they have moved the date and know that CCCS make the payment on the 25th.


FYI CCCS often make anytime from the 20th but you don't want to rely on that.

HHX

pumpkinsoup

Hi all curry was brill footie on in our house so... ive had a nice glass of red!! and thought i would update u with the 1st phonecall ive taken from a creditor!!!! go me......
Barclaycard phoned asking about payments explained situation etc been in touch with cccs she asked for reference number. said im sorry to hear of ur financial difficulties we will stop all interest and phonecalls for the next 30 days until you get sorted. Even told me what to send off to cccs! then bid me a good evening!!! im in shock!
just wanted to let anyone know who is not answering the phone to be a bit braver!! i feel totally empowered now!
Im not naive enough to think everyones gonna be so nice and its all gonna be simple but after crapping myself and not answering my phone for the last month it was good start phew!!! and gulp! hope everyones having a fab evening. x:T

rubyjam

typhoo wrote: »

Got my first letter from creditor today!

MBNA have said they will accept my payment through CCCS and have frozen interest at 0% YAY!!:j

Problem is though, that they have also said payment is due to them on 22 of every month, I understand CCCS pay everyone on 25th? Should I contact MBNA and ask for a new payment date, or shall I call CCCS?

I just don't want MBNA calling me on the 23rd and 24th and 25th of every month saying they haven't received payment. They said they won't charge any late fees which is great, but they also said they will issue a default if not paid on time.

Advice?

Also, my NatWest credit card is not visible on my NatWest online banking anymore. Any reason?

Thanks all!:):)

Hi to typhoo and everyone just starting their DMP, it doesn't seem 6 months ago that I started mine - it really has gone very quickly.

Virgin (MBNA) were the first (and only) creditor to accept my DMP in writing. The others (I think) have accepted my payment plan because they have all stopped interest but non of them have ever written to me confirming this.

I was worried about late payments too. It did happen once - my statement showed no payments one month and then two payments the following month. No action was taken by Virgin so I wouldn't worry too much as they do know that CCCS pay towards the end of the month.

Even if you pay them on time, they will eventually default you if are paying less that their normal minimum payments. Six months in and I've just received a default notice from them.

Wannabefree1

pumpkinsoup wrote: »

Hi all curry was brill footie on in our house so... ive had a nice glass of red!! and thought i would update u with the 1st phonecall ive taken from a creditor!!!! go me......
Barclaycard phoned asking about payments explained situation etc been in touch with cccs she asked for reference number. said im sorry to hear of ur financial difficulties we will stop all interest and phonecalls for the next 30 days until you get sorted. Even told me what to send off to cccs! then bid me a good evening!!! im in shock!
just wanted to let anyone know who is not answering the phone to be a bit braver!! i feel totally empowered now!
Im not naive enough to think everyones gonna be so nice and its all gonna be simple but after crapping myself and not answering my phone for the last month it was good start phew!!! and gulp! hope everyones having a fab evening. x:T

You're braver than me; you should be proud that you took that phone call. Certainly a feel of empowerment!!

Barclaycard were the only creditor to accept our request for a 30day freeze of the account while we set up our DMP. Luckily in that respect as our latest creditor! The others froze the charges but continued to pile on interest at 29.9%. I may go back and challenge this in about a month and see if I an get it removed. They can only say no right?!?

Wannabefree1

Morning all,

We are it a situation where Mr W used to get regular guaranteed overtime, had done for many years, which was allowing us to just break even. Then it got stopped, childcare increased to nearly £900 a month and our debt servicing wheels dropped off.

Following Christmas overtime is back on, by a week by week basis, however it looks pretty long term judging by the work they have ordered at the moment. It makes a significant difference to his pick up pay £130 extra this week for instance. We've been squirreling it away - living of his basic and will clear the family/friends debt this month.

My question is in these circumstances is it acceptable for us to squirrel it away to build up to enough to settle one of the debts. I know if we can pay the catalogue off by the end of August £1300ish that it will prevent £800 of buy now pay later interest being applied. Or do I have to squirrel and then pay a lump sum to Payplan to spread across my creitors as they suggested every 6 months?

Obviously, if his overtime is taken back off we're back to square one. But at least this square one means we can afford to live!

Barclaycard have offered us 6.9% (better than 29.9%) and have said they are not in a position to freeze interest due to the balance of the accounts and our monthly payment. I presume this is because our payment is quite a large % of the contractual payment and adding interest still means the debt is serviceable in 8 years (rather than 5.5). I just hope we can stick to the original 5ish year estimate by chucking every last penny at it over the course of the plan.

Hopelessly_Hopeful

Wannabefree1 wrote: »

Morning all,

We are it a situation where Mr W used to get regular guaranteed overtime, had done for many years, which was allowing us to just break even. Then it got stopped, childcare increased to nearly £900 a month and our debt servicing wheels dropped off.

Following Christmas overtime is back on, by a week by week basis, however it looks pretty long term judging by the work they have ordered at the moment. It makes a significant difference to his pick up pay £130 extra this week for instance. We've been squirreling it away - living of his basic and will clear the family/friends debt this month.

My question is in these circumstances is it acceptable for us to squirrel it away to build up to enough to settle one of the debts. I know if we can pay the catalogue off by the end of August £1300ish that it will prevent £800 of buy now pay later interest being applied. Or do I have to squirrel and then pay a lump sum to Payplan to spread across my creitors as they suggested every 6 months?

Obviously, if his overtime is taken back off we're back to square one. But at least this square one means we can afford to live!

Barclaycard have offered us 6.9% (better than 29.9%) and have said they are not in a position to freeze interest due to the balance of the accounts and our monthly payment. I presume this is because our payment is quite a large % of the contractual payment and adding interest still means the debt is serviceable in 8 years (rather than 5.5). I just hope we can stick to the original 5ish year estimate by chucking every last penny at it over the course of the plan.

Morning

Hope your sitauation continues to get easier.

Crazy as it sounds over payments can potentially cause you more problems, especially if you are close to minimum repayments which your post suggests. If you are able to settle the catalogue debt will that DMP amount redistributed take you over minimum repayments for the others?

Good luck.

HHx

Wannabefree1

Hopelessly_Hopeful wrote: »

Morning

Hope your sitauation continues to get easier.

Crazy as it sounds over payments can potentially cause you more problems, especially if you are close to minimum repayments which your post suggests. If you are able to settle the catalogue debt will that DMP amount redistributed take you over minimum repayments for the others?

Good luck.

HHx

Hi, thanks for the reply. No we'd still be below the contractual payments as the monthly figure for the catalogue is only £30.