Actual money left over!

Time_to_face_the_music

moohound wrote: »

Would paying one debt off be seen as treating the creditors fairly though? I thought you were not supposed to favour one above another.

You are not supposed to do it but we make extra payments to creditors who are still charging us interest. I think fair goes out of the window when you want to pay off your debt and banks adding interest are stopping you from doing it quickly and effectively.

If we had an extra £400 it would go straight towards OH's NatWest OD.

moohound

That seems sensible to clear the debts that are charging interest, two of mine are Lloyds ODs and I think they can be quite uncooperative with ODs on DMPs. So I might start a fund to pay them off first.

TTFTM do you just send them a payment and update your figures with you Debt management provider?

Have you had any problems with doing this?

Sorry that this thread started as one thing then ended up another I seem to have hijacked my own post:rotfl:

sickasachip13

Moohound, you're allowed to hijack your own thread!

Whilst on our dmp we've done two F&Fs and paid off another creditor by giving them a little extra whenever we could. We talked about the F&Fs with CCCS and got their advice. They said because we had a few really small debts and then a big leap up to our next ones, they understood why we might do F&Fs on some smaller ones. They said they could do the negotiation between us and the creditors but we decided to do it ourselves. We let CCCS know when it was final and changed the online thing. On the other debt, that we've been giving a little extra too every now and then, we've just changed the amount owed on the cccs system when we've paid something.

Hope this is helpful

SAAC

Time_to_face_the_music

moohound wrote: »

That seems sensible to clear the debts that are charging interest, two of mine are Lloyds ODs and I think they can be quite uncooperative with ODs on DMPs. So I might start a fund to pay them off first.

TTFTM do you just send them a payment and update your figures with you Debt management provider?

Have you had any problems with doing this?

Sorry that this thread started as one thing then ended up another I seem to have hijacked my own post:rotfl:

Yes we just make a payment via online banking or pay it in over the counter, then update the figures on CCCS website.

No problems so far. If CCCS question why we are doing it, we will explain. If they don't like it, I suppose it will be a push into going it alone which is something we have considered to get a month ahead with our DMP. Though we are very grateful to CCCS and do like have the buffer there between us and the creditors.

If we hadn't made extra payments, our NatWest OD would have gone down by approximately £400 in 5 months. The actual figure is just over £2000

sistafromanothermista

:wave: you have had some fantastic advice so far , i just wanted to add my 2pence worth, personally i would stash to one side.
If you wasn't on a payplan or dmp of any kind i would put towards a debt but seeing as i know little to nothing about them this is what i would do.
Hope whatever you decide is best for you in your circumstances.