DMP & Mutual Support Thread - Part 8

Squidge123

I get paid tomorrow so will write letters to everyone saying that i'm going to be making token payments until my DMP is set up and then use november and december pays to save some money etc

carlyfluck

What's the address you used to send Lloyds loan a token payment? I'm struggling to find the address.

PinotGrigio41

Time_to_face_the_music wrote: »

Hi Mrs PG :hello:

Can I just ask you about the allocation of payments under CASHflow please.

CCCS shares out payments according to the minimum payment and not the total debt. This never made sense to me and this is causing us issues as we are paying more to some debts with lower balances and hence reaching minimum payments quickly. I looked at the NED CAB self managed plan and they appear to suggest payment allocation according to total debt so I wondered what CASHflow does?

Thanks very much for your help
TTFTM x

No problem Tilly, Cashflow allocate payments based on the debt amount , so the lower the debt the less they receive. I think I am correct in saying that.

I think they are more generous with their figures ie Groceries etc than CCCS which has left us with a bit of room to manouevre and try and put some more money away for Emergencies and thank goodness we did !

As I said Im not sure its for everyone but it has been well received by the Predators , all of them have frozen interest and we are plodding along nicely !

PinotGrigio41

debtdawg wrote: »

All pretty quiet here so far. Barclaycard have written to say that interest and charges have been suspended for a month whilst they wait to hear from the DMP company and the two £1 token cheques I sent for the loans (Lloyds and Nationwide) have been banked, so at least I know they are definitely aware of the situation!

First payment to SC goes out on the 1st December. My bank account has never looked so healthy lol. I won't be scrabbling around for the rent because of struggling with my debt repayments this month which is a relief.:T

Great News ! It really is a weight of your mind !

Freshstart2012

Hi Everyone

I hope you are all well. I am looking for some advice on what amount to offer Santander as a Full & Final Settlement. I currently owe £94.32 and have been paying this amount back at £5 per month for the past 3 years. The debt is still with the banks internal debt department.
Do you think I have a chance of a Full & Final being accepted or should I continue as I am.
Also does anybody have an address for Santander Collections.

Thanks in advance

Time_to_face_the_music

PinotGrigio41 wrote: »

No problem Tilly, Cashflow allocate payments based on the debt amount , so the lower the debt the less they receive. I think I am correct in saying that.

I think they are more generous with their figures ie Groceries etc than CCCS which has left us with a bit of room to manouevre and try and put some more money away for Emergencies and thank goodness we did !

As I said Im not sure its for everyone but it has been well received by the Predators , all of them have frozen interest and we are plodding along nicely !

That's really useful, thanks very much Mrs PG :T

I really cannot understand why CCCS allocate it this way but am concerned that if we move over to self managed, the ones who are getting loads at the moment may not like their re-share of the payment

Maybe I can tempt them in by saying they will get two payments this month, the delayed CCCS one and ours on the same date, so we will immediately be a month ahead with the DMP. Ugh I don't know know what to do :wall:

supersavor

After reading your very helpful advice for the past few years and joining the descussion on the single dfw thread can you please add me to this list

stupid-fool

Squidge123 wrote: »

Now that I look at the budget in my remedy pack I sit and wonder why I didn't budget like this before. I think I just had my head buried in the sand

I know exactly what you mean. We have just set up our DMP and are working with a one-off November budget before the on-going budget for December onwards kicks in with the DMP payment.

November is looking very frightening as we only have around £54 left unallocated until the end of the month, but in reality we have budgeted everything we can think of so far. This means that we 'should' keep our heads above water this month. It's scary because previously we never worried about the bank balance even though we were getting in deeper each month - Ostrich indeed !! :eek:

Our only problem is that I was so worried about missing payments to creditors that we made our November minimum payments in full on time and so go into our DMP in December with no emergency fund. I can see why others say to build one up. Luckily my wife has just managed to get some extra casual work so we will use this to pay for Christmas and try to build a small emergency fund. The budget should then kick-in and build the fund month by month.

But it is liberating seeing the new bank account in the black

stupid-fool

I need some advice about my Lloyds TSB Bank account (and overdraft) which is part of the DMP.

Lloyds have rejected the DMP on this account and StepChange told me that I need to go into the branch and request that they remove the OD limit and close the account so that it can be transferred into the collections department. I am told that I can't do it directly with collections myself.

My problem is that a close family 'friend' works in our Lloyds branch and I am sure that word would spread amongst all of our friends if she finds out. Whilst I know that this is absolutely not permitted and would cost the friend her job, my wife is terrified that this might happen and even if just the friend knew we would be mortified.

So far I am assuming that our account topics won't have actually been common knowledge in our branch as I guess it's all dealt with centrally, but how can I close take the next steps requested by StepChange without the risk?

carlyfluck

Il be worried.about that too as we have 2 od with Lloyds hopefully going on the dmp.