DMP & Mutual Support Thread - Part 9

Jenjen

grant1wish wrote: »

Hi All,

Barclaycard are still charging me interest of 3%, which whilst good is not ideal. I rang them last week and they stated the following:

Because I am paying between 1.5% and 2.5% of the balance I am charged 3% interest. If I was paying between 0.5% and 1.5% of the balance there would be no interest. So basically being punished for paying too much! I don't think I can do anything about this whilst on a DMP with stepchange.


G1W

That's interesting. Barclaycard are charging me 3% too but I just worked out based on our latest bill that our repayment is only 1.2%. I think after my recent success with getting HSBC to stop charging 19.9% I might take on Barclaycard next!

bmma

Hi all letters and token payments sent-just waiting for new bank account paperwork -all cards cut up-not a patient person-probably one of the reasons for piling up the debts-did not have the patience to save up.well I'll be saving up now or doing without!

catandy

Already had a spanner thrown into the works courtesy of DS1 who has landed a fine on me today - thats another £50 to find with no warning....

oh and my freelance project is on hold and hence my income.

getting so close to just giving up on this and reading up on bankruptcy - I'm beginning that I cant see any other way out now.

grant1wish

Please don't give up on it... I have had those thoughts many times, especially when the boiler broke and the wife wasn't talking to me.

I am not 6 months into my DMP and it is the best decision I have made in years. Not worrying what the postman will deliver, not worrying about how to buy bread for the kids sandwiches. The list is almost endless.

Yes, it is going to be hard and long. £50K is going to take forever to pay back, but I already can see the day I am debt free. I imagine the feelings and the money!!

Good luck with everything

G1W

Mossop01

bmma wrote: »

Hi all letters and token payments sent-just waiting for new bank account paperwork -all cards cut up-not a patient person-probably one of the reasons for piling up the debts-did not have the patience to save up.well I'll be saving up now or doing without!

Hiya, becareful cutting up cards because 3 of mine have asked for cards to be returned! God knows why, just being pedantic!!

Mossop01

Julie67 wrote: »

Evening all,

It's been a tough week this week. We are sticking to our budget on spending but have a set amount to pay in each week to make the budget work. Unfortunately that depends at the moment on dh having enough work and its been such a quiet month. We have barely scraped through this month. We should just about pay everything including the SC payment but it feels like the old days when we had very little control over anything.
I know it's not really and hopefully this month will be a normal one, but so desperate to try and start getting an emergency fund together. Which at the moment feels impossible. Have been out for lunch today, a treat from my DS otherwise we couldn't have gone, but am so fed up of being skint. Hopefully I can start work soon, sorry for the moan just feeling a bit fed up with everything.
Hope others are faring better.

Hiya julie, weve had a similar month too! Budget is really tight and had added extras to pay out this month so emergency fund is zilch!!!
Just hoping this month goes fast! Dmp is running smoothly but weve overstretched ourselves in the budget, im hoping this month is a one off, it should be, but once we have one emergency to wipe out funds another seems to crop up at the same time! Life eh!!
Thinking of you and hope things pick up x

debtfree77

Hi Guys, Just thought I would post an update received two letters from Barclayloan today, both were notice of default letters and give me the normal get back on the regular repayments or else. Daft question is a "notice of default" and a "Default" the same thing? Or is the notice the warning before the actual default?

Other than that still haven't heard from NRAM, Barclaycard or Barclays (Overdraft), but in two days time the regular payment would have been missed so except more contact then.

Tomorrow is pay day and im praying that everything goes smoothly e.g Pay goes into correct bank :rotfl::) and all my DD use my new account, although I have triple checked everything. May is the first month for two odd years where I don't have to panic about finding money to pay my CC or OD.

Hope everybody elses DMP and budgeting are going to plan.

Suseka

Phew.. creditor letters off in the post. Now we wait.

Hoping to hear about the agreement from SC soon - but then we've set the start date as 1 June, so plenty of time yet.

Will have the emergency fund up and running this month and then just need to see the debts reducing.

It's been a difficult day one way or another and so looking forward to an early night.

Am not sure whether to start a debt diary or not - those that do, does it help? Or perhaps I'll just post progress on here and/or the long haulers thread - not sure, but time to consider.

Night all

Julie67

Morning all,

Thanks mossop it has been a tough month.
Well last day of the month and we've managed it, by the skin of our teeth. Literally managed just about to pay everything. Really hoping dh work picks up and we can get back to proper budgeting like we did in March and February.
catandy I know exactly how you feel, the bankruptcy route is something I do think about but I really really don't want to lose the house and fear we would if we went that route. Currently we only have less than a months mortgage arrears which we are paying off at £100 per month.
We've worked so hard to make it into a home for the past 7 years I would hate to lose it. Then there is all the hassle of trying to find a rental when your bankrupt.
Anyway we continue on the DMP and just hope that dh income steadies a bit. Also I will hopefully be bringing in some money soon once my leg op is done.
One our debts, Barclaycard seems to have been passed to a debt company, Mercury? I haven't got the letter here as dh has taken to work with him to call them later. Hopefully they will just carry on with the Sc payment.
Anyway off to do some ebaying, have a good day

Hopelessly_Hopeful

Morning all

Sorry for the ones that are finding it especially tough at the mo.

Apologies in advance if I am teaching anyone to suck eggs but these are the things I would have benefitted from having spelt out earlier in the plan.

I think most of us are so relieved there may be a solution that we continue to overstretch ourselves and accept low level of allowances at the start of the DMP. DMPs need to be sustainable as most of us are on them for several years. Yes they are informal and you can change the budget when life events come along; however; this usually kicks off computerised madness and hassle, so best to make as few changes as possible for an easier ride.

Personally I think it better to max out your allowances as much as you can so you can squirrel away for emergencies and later to finish the plan earlier if possible.

Things are up and down generally with the creditors at the start so if anyone not feeling like the budget is doable then go back to SC/PP and renegotiate the allowances.

Any creditor still charging interest at month three I would hound and report to FOS in cases of inaction.

Always keep some emergency foods in the freezer and cupboards and a list of cheap meals for when you need that last half of the month to stretch out.

Plan your budget for at least three months in advance, plot in life events such as birthdays, insurance renewals. Less chance of being caught unawares then.

Never rely on PP/SC statements, keep your own records. Likewise same with the bank balance. I know where I am to the penny on any given day now.

Checking in online keeps me going no end. Tips from OS board. Looking back at what I had already achieved since LBM and also planning what life will look like post DMP is very motivational. If I am fretting I try to channel the energy, cleaning, sorting, planning budgets. Good to be specific about concerns then people can often offer a different approach you may not have considered. In any case it's good to get support when it is tough and to contribute by supporting others whether that be emotionally or practically.

Hope that helps.

HHx