DMP & Mutual Support Thread - Part 8

Twit_Head

Time_to_face_the_music wrote: »

Well done :T That 50% paid can't be far off now and that's a huge milestone :j

We are still newbies and last week made our 3rd payment to CCCS. The first payment made almost no impact as interest and added unpaid and overlimit charges were horrendous. The 2nd payment took us to 2.3% paid and we estimate that this month's 3rd payment should get us to 4.2% paid.

We work every day at getting NatWest, Lloyds TSB and M&S to stop, or at least reduce, the interest. From what we have read here, we are not optimistic, particularly about the first two, but it won't stop us trying

Stick with it! I know it's just so head-banging frustrating at the moment but it's still early days for you yet.
A very general rule of thumb is to allow about 6 months or so for a DMP to bed in.
The creditors need to see you are being responsible about your debts and are keeping to your repayment schedule.
Different people have different responses from creditors (no set pattern) and it can be very confusing and annoying when you're doing your best to repay.
Keep trying and I wish you well

'Twitty'

Rochdale_Guy

Good for you

I'm only 0.00933333% into paying off what I owe, having made two payments to CCCS so far.

Only got until 2030 to go, sigh :wall:

Growurown

We had a loan with NatWest and they stopped interest on that. We have a Halifax CC each and they are still charging interest but the debt is at least going down although not by much. All our other creditors stopped interest.

Time_to_face_the_music

Twit_Head wrote: »

Stick with it! I know it's just so head-banging frustrating at the moment but it's still early days for you yet.
A very general rule of thumb is to allow about 6 months or so for a DMP to bed in.
The creditors need to see you are being responsible about your debts and are keeping to your repayment schedule.
Different people have different responses from creditors (no set pattern) and it can be very confusing and annoying when you're doing your best to repay.
Keep trying and I wish you well

'Twitty'

Thanks Twitty

We started off with 10 debts to 7 creditors:
Lloyds TSB have reduced interest on CC but increased it on overdraft, they temporarily increased the overdraft limit to avoid charges.
NatWest have stopped interest on CC but increased it on OD, plus were piling on daily overlimit charges until we gave in and made a payment before CCCS did. We knew we weren't supposed to do it but if we hadn't, it would have meant the CCCS payment still wouldn't have taken us out of the over the overdraft limit range by the time it was paid to NatWest
M&S have stopped interest on CC but kept interest at same rate on loan account.
All rest, MBNA, Bank of Scotland, Opus and Marbles have either stopped interest or greatly reduced it.

7 out of 10 isn't bad and we are very grateful, after all we did borrow the money in the first place and had hidden our heads in the sand for far too long. We just wish our lightbulb moment had come sooner. Around about the time we were handing over £37,000 to our builder may have been a good moment :rotfl:

Growurown

Time_to_face_the_music wrote: »

7 out of 10 isn't bad and we are very grateful, after all we did borrow the money in the first place and had hidden our heads in the sand for far too long. We just wish our lightbulb moment had come sooner. Around about the time we were handing over £37,000 to our builder may have been a good moment :rotfl:

As Twitty says stick with it. She is very wise you know.;)

Like you I wish we had started sooner but we have both done the hardest part so things should get better from here on. At least I don't have to worry about having enough cash to buy food or petrol anymore. :T

Time_to_face_the_music

Growurown wrote: »

As Twitty says stick with it. She is very wise you know.;)

Like you I wish we had started sooner but we have both done the hardest part so things should get better from here on. At least I don't have to worry about having enough cash to buy food or petrol anymore. :T

I agree about the wisdom of Twitty, her posts are always inspiring :T

The food and the petrol is very true. I am really enjoying finding new frugal recipes. Our diesel is currently costing £80 a week and I know we would have been struggling without the DMP.

Good luck with everything

Disduprop

Not sure if I'm posting in the right place, but you all seem to know what your talking about.
I have a DMP which is coming up for it's first yearly review. Could anyone tell me how many wage slips I need for review? Also do I need statements from creditors? Not all of my creditors now send out monthly statements.
My DMP has been running quite smoothly and I've had little contact with creditors over the past few months. However, yesterday I received a letter from Blair, Oliver and Scott stating that Bank of Scotland had instructed them to commence court proceedings for a CC debt of £1500. Needless to say I have no way of paying this, and as it's been getting paid pro-rata via DMP I thought that something like this couldn't happen. I feel that having been on emotional recovery from depression etc following initial set up of plan I'm now spiralling downwards and am sick with worry.
Any advice appreciated. Thanks in advance.

Hopelessly_Hopeful

Disduprop wrote: »

Not sure if I'm posting in the right place, but you all seem to know what your talking about.
I have a DMP which is coming up for it's first yearly review. Could anyone tell me how many wage slips I need for review? Also do I need statements from creditors? Not all of my creditors now send out monthly statements.
My DMP has been running quite smoothly and I've had little contact with creditors over the past few months. However, yesterday I received a letter from Blair, Oliver and Scott stating that Bank of Scotland had instructed them to commence court proceedings for a CC debt of £1500. Needless to say I have no way of paying this, and as it's been getting paid pro-rata via DMP I thought that something like this couldn't happen. I feel that having been on emotional recovery from depression etc following initial set up of plan I'm now spiralling downwards and am sick with worry.
Any advice appreciated. Thanks in advance.

Welcome

Who is your DMP with?

I have not heard of anyone having to resubmit wage slips or statements. Thats said I would want statements for myself. I'd ask all creditors to send them. They only HAVE to send on a yearly basis. But I would argue you need them monthly in order to manage your debt. If you don't get statements how do you know they haven't hicked up in the interest rate etc.

Sorry to hear aboout BOS. They can do it but often it doesn't get to court even when they have threatened it. If it does get to court it is likely to work in your favour. Whats the state of your BOS account? Are they still charging interest?

There's a solution for everything so please try not to let it get you down.

Look forward to hearing from you.

HHx

2spicy

Twit_Head wrote: »

Sorry to hear about the mess-up 2spicy. Hope it's sorted now.
Am a bit behind now with not reading regularly - has 'Baby Spice' made an appearance yet? (Or perhaps I'm so behind, the child is now attending Uni?)
I was wondering the whys and wherefores of rebuilding your credit file. Are you really that bothered? (No offence intended ) Mine is shot to hell but it's not keeping me awake at night at the moment. I suppose the only thing would be if the car 'died' and had to be replaced (haven't had time to build reasonable savings yet )
Just interested in your thoughts.

'Twitty'

Hey Twitty, Baby Spice will be 1 years old in just over 10 weeks time ... Wow, time does fly !!...
Reasons for trying to get our Credit file looking a little healthier is that with our Jobs, its a pain having to disclose "everything", and a poor dredit rating usually means paperwork to explain that were not security risks, or vunerable to bribery etc .. (Its all gov. stuff!). Plus its a pain travelling with work and paying for hotels / accomodation having to ask for cash advances etc every time, when a Credit card to use solely for accomodation would be so much easier & less of a risk than carrying £400 around. The plan is to use a pre-pay CC, its safer, and the credit builder facility was a freebee bonus

Twit_Head

Time_to_face_the_music wrote: »

Thanks Twitty

We just wish our lightbulb moment had come sooner. Around about the time we were handing over £37,000 to our builder may have been a good moment :rotfl:

Well in your darkest moments you can just console yourself with the thought him and the missus probably had a fabulous holiday in the Bahamas, and think very highly of you!

'Twitty'