DMP & Mutual Support Thread - Part 9

*Foolish*

Time_to_face_the_music wrote: »

Hi Foolish and welcome :hello:

Well done on getting started on your debt free journey :T

StepChange need to know about all of your outgoings so they can work out how much you have available to pay towards your debts. If you are not behind with your payments towards insurance, mobile etc, these just go into your monthly spend, together with food, rent/mortgage, gas/electric, transport costs.

All of your debts are then paid from what is left over.

Hope this makes sense but if you have any more questions, there is generally someone here you can help

That's great, thank you. I understand it now. I have told them absolutely everything, it was a bit :eek:
But that makes sense for those things to go into my monthly spend. Thank you.

Time_to_face_the_music

zenshi wrote: »

Ugh, as if things couldn't get worse! My car is still not fixed and the postie brought this months CC statement and they are still charging me interest at over £100 a month

Should I write them another letter?

My glasses need new lenses, the coatings coming off and it's like looking through muck :eek: all my spare money and more went to my car bill!

We are having a nightmare with our car too. £670 so far this month, another £400 to go for tyres and then we still need the MOT. So you have my sympathy on that one

Have you written and complained about your interest and has the CC company replied? They have up to 8 weeks to respond then get the FOS involved.

Are you claiming opticians fees in your DMP costs? if not, get them added in and your DMP adjusted

zenshi

I'm managing my own DMP. So they were just coming out of my emergency fund that doesn't exist yet and will be longer now due to the car!

I have only written the original letter to the CC who weren't happy with my offer of tomen payment anyway

Julie67

Hi all,

Haven't posted for awhile, not much to report, still only making a smallish payment to SC so the debt not coming down much at all, hoping to increase this in July when the mortgage arrears are clear, would like to put the £100 we are paying there into the debt repayment with SC but will see.
Car is a big problem for us as well. ours is old and on its last legs so desperately trying to get the funds together to replace it.
Just feel like its one step forward two steps back just now:(
Hopefully after my leg op on 5th June I can get earning properly and start to really make inroads into the debt

Hopelessly_Hopeful

Foolish I haven't known anyone to have problems with monthly direct debits and things like insurance. Probably because it is sort of pay as you go, if you don't pay they cancel!

So you should be ok.

HHx

alyxzandra

I have some questions about interest and charges. One creditor charged a £100 administration fee on a debt that was originally on zero percent interest. No other interest charges are being applied. Halifax is still charging me 20.9% on one card, but sent another card to a collection agency as well as the small overdrafts. My husband has a loan of around £1700 and he is being charged further interest although all of the interest for it was added on at the start of the loan. We pay about £44 per month and the interest is around £23 per month.

A catalogue has added £400 interest on a £500 debt saying that since it will not be paid off by September this is the original contract agreement. Does anyone think these amounts are excessive?

Time_to_face_the_music

alyxzandra wrote: »

I have some questions about interest and charges. One creditor charged a £100 administration fee on a debt that was originally on zero percent interest. No other interest charges are being applied. Halifax is still charging me 20.9% on one card, but sent another card to a collection agency as well as the small overdrafts. My husband has a loan of around £1700 and he is being charged further interest although all of the interest for it was added on at the start of the loan. We pay about £44 per month and the interest is around £23 per month.

A catalogue has added £400 interest on a £500 debt saying that since it will not be paid off by September this is the original contract agreement. Does anyone think these amounts are excessive?

Yep I think they are excessive :mad:

Write to all of interest charging ones, making sure you emphasise it is a letter of complaint about interest charges and asking them to respond. Mention you intend to contact the FOS too.

If you need a template, give us a shout and we will provide one you can customise.

Time_to_face_the_music

zenshi wrote: »

I'm managing my own DMP. So they were just coming out of my emergency fund that doesn't exist yet and will be longer now due to the car!

I have only written the original letter to the CC who weren't happy with my offer of tomen payment anyway

Did you prepare a self managed DMP via NED CAB or My Money Steps or did you just do it on your own?

Get a letter of complaint in to the CC as soon as possible. You will find a few on this thread or on National Debtline website. I am happy to provide a template to customise if you need one.

alyxzandra

Thanks, Time to face the music. Can I please have a template letter as I intend to write to them. And maybe wipe off some of the debt!

Time_to_face_the_music

Julie67 wrote: »

Car is a big problem for us as well. ours is old and on its last legs so desperately trying to get the funds together to replace it.

I think our car is probably our biggest worry. We travel around 23,000 miles a year and already have almost 180,000 on the clock. It gets more expensive every year but have no idea how we would find the money to replace it

Actually we do have a bigger worry in our endowment shortfall but am currently trying to deal with that one.

Phew I said it out loud! Did you see that Twin?