DMP & Mutual Support Thread - Part 9

ianmak

So, after a few years of doing my own budget (I lived on my own), I'm now budgeting for a whole family. How the hell is it done!? And why are boys so expensive in terms of food!!!?

lizzy23

I have a milestone too, we are now under 30k and 10% paid off, review time soon and will be upping our payment so will knock some of those years off our Debt free date

Growurown

ianmak wrote: »

So, after a few years of doing my own budget (I lived on my own), I'm now budgeting for a whole family. How the hell is it done!? And why are boys so expensive in terms of food!!!?

Hollow legs Ian!

samlovescomps

dmb wrote: »

Hi Sam

Yes I had to reduce DMP payment a couple of times. Just ring SC up and explain. They will take reduced payment for that month. I never heard from any of creditors and if any do contact you just refer them to SC

Good luck:)

Thanks again for your help. I have contacted Step Change and they are going to refund £100 of my last payment. They said I should write to my creditors so I have put together a letter explaining and thanking them for their patience so far. I hope they are ok with it. Nothing I can do about it though I really needed the dental treatment. Step Change are so good. I have not felt that anxious since i started the DMP two years ago! Thanks to you guys for helping me as well.

sharpeyes66

Time_to_face_the_music wrote: »

I can't recommend it highly enough, it's a fantastic service.

A word of advice, the allowances are much more generous than those offered in StepChange's DMP so it's possible to pay less to creditors and allow yourself to save to pay off individual debts

I plan on sticking with StepChange for the first 6 months to see how things pan out and in the meantime take the FOS route to see if I can get them to agree that Halifax are not sticking to their own words in that 'we will treat customers in financial difficulty in a sympathetic and positive manner-agreeing on a solution that is best for both parties'

Dont exactly feel that they are doing so by taking £148 p/m payment and charging £130+ p/m in interest etc.

If things dont work out I may need to look at the self managed option to reduce the payments to Natwest OD and halifax card which may give me chance to reduce/freeze interest on those debts. The 'spare' money i have will then allow me to pay extra to the smaller debts and clear them more quickly.

Are creditors normally Ok about switching from SC to self managed?

jubilee14

HI SHarpeyeyes , i have had the same problem with Hfx they have reduced the interest from 22.9% to 12% but are not willing to do anymore. I am paying off £23/ month capital and think it will take about 40 years to clear at present stage but despite teh FOS complaint are still seen to be doing what is fair.

But they have moved my loan to a DCA and defaulted it last month ( about 6 months from them accepting DMP)

Others arent showing any interest at present but will see how long it lasts. THinking about the recommendation from TTFM and others on NEDCAB have my SC budget review in the next few weeks so will see how that goes.

sharpeyes66

jubilee14 wrote: »

HI SHarpeyeyes , i have had the same problem with Hfx they have reduced the interest from 22.9% to 12% but are not willing to do anymore. I am paying off £23/ month capital and think it will take about 40 years to clear at present stage but despite teh FOS complaint are still seen to be doing what is fair.

But they have moved my loan to a DCA and defaulted it last month ( about 6 months from them accepting DMP)

Others arent showing any interest at present but will see how long it lasts. THinking about the recommendation from TTFM and others on NEDCAB have my SC budget review in the next few weeks so will see how that goes.

Hi Jubilee14-thanks for that. Did you complain to the FOS about this then? SC seemed to think FOS would take a dim view of Halifax taking such a small proportion of the monthly payment in reduction of the o/s balance

Poundsandpence

Hi all,
Still pre-DMP. Have an appt with Barclays to open a basic acc tomorrow morning.
I contacted my bank again this afternoon re the "CPA, we can't do anything, payday loans will come out!" and they added now that they will be reimbursed immediately to my account by the bank. Who then holds the actual debt in practice (other than me) isn't clear.
At least the worry of being 'cleaned out' on 12th has subsided.
thanks again sillymeme for all your attention yesterday. IT was an awful day and you were there.:j <even doing the emocion bit properly!>

Enough_Now

Hi all

Just checking in. I've been looking at the board daily but haven't posted in a while.

I'm looking forward to getting my statements this month as (if my trusty spreadsheet is correct) I will have paid off just over £5000 of my debt. This figure was my first big milestone, so can't wait to confirm this

Also had some good news about an outstanding PPI case against RBS. The FOS upheld my case and RBS has agreed with their decision. I know the refunded premiums will be credited against my outstanding balance but I'm hoping the interest can be used to improve my rather pathetic emergency fund - may even treat ourselves to a celebratory drink or two :beer:

Here's hoping our DMP journeys are successful ones - everyone deserves a little bit of good fortune now and again, especially people who are dealing with their problems, like us!

EN x

sillymeme

Poundsandpence wrote: »

Hi all,
Still pre-DMP. Have an appt with Barclays to open a basic acc tomorrow morning.
I contacted my bank again this afternoon re the "CPA, we can't do anything, payday loans will come out!" and they added now that they will be reimbursed immediately to my account by the bank. Who then holds the actual debt in practice (other than me) isn't clear.
At least the worry of being 'cleaned out' on 12th has subsided.
thanks again sillymeme for all your attention yesterday. IT was an awful day and you were there.:j <even doing the emocion bit properly!>

That's great news the bank are being more reassuring. Im sure you will start to feel much better once you get past the first payday and have your new account set up (especially since, if you've been paying several payday loans, you may well have more cash available than before!).