DMP & Mutual Support Thread - Part 9

maybedmp

Growurown wrote: »

You don't have to write to them, they will get the info from Step Change eventually, but I would send them a letter anyway if it were me, but the choice is yours:)

Thanks Growurown, think I will send one to show willing

maybedmp

Enough_Now wrote: »

Just had my ppi claim offer letter from rbs which informs me that they have applied the whole amount to my defaulted debt with them. I'm really chuffed as the refund amount equates to 8.5% of my total DMP debt, so a massive boost to my DMP progress (knocking 3 months off my DFD).

It would have been nice to have some of the refund paid to me for a small treat but at least this way it's all come off my debt.

I'm hoping to up my payments to SC mid-2014, by £100 or so, as I am determined to be debt free by the end of 2015.

Thought the board could do with some good news and also to encourage others to explore any potential ppi refund opportunities - for the cost of two stamps I am feeling even more positive about my debt free journey.

EN x

Great news Enough Now

andrar

Question - I can't get two of my creditors to stop charging me interest. If I pay extra money to payplan they have told me they have to distribute evenly across all my creditors and not just snowball them.

If I take my overpayments and pay the creditors who are charging me interest direct (thus reducing interest I need to pay and hopefully reducing time it takes to pay it) will this cause me any problems? Will payplan be annoyed? Will it mess up my psyments eg I could end up overpaying if payplan don't keep track of what's left to pay - or do the creditors speak to payplan when the debt is near an end?

Thanks for any help you can give!

Growurown

andrar wrote: »

Question - I can't get two of my creditors to stop charging me interest. If I pay extra money to payplan they have told me they have to distribute evenly across all my creditors and not just snowball them.

If I take my overpayments and pay the creditors who are charging me interest direct (thus reducing interest I need to pay and hopefully reducing time it takes to pay it) will this cause me any problems? Will payplan be annoyed? Will it mess up my psyments eg I could end up overpaying if payplan don't keep track of what's left to pay - or do the creditors speak to payplan when the debt is near an end?

Thanks for any help you can give!

Some people have had success at getting interest reduced/stopped by going through the FOS. If you can squeeze some extra money out of your budget you can put it towards those debts without going through payplan at all just pay them direct, but most people's budgets don't have much in them to spare. It seems that Step change and payplan have their methods of paying creditors and won't deviate from that even if it means you end up paying more in interest, so to get around it some people self manage their DMP so they can make the best use of their payments.

andrar

Thanks Growurown - I want to stay with payplan, I just want to know whether its OK to pay extra direct to the creditors who are charging me interest or if this will cause problems? Has anyone else done/tried this?

antonic

You *may* find as I did, that when my debts were referred to DCA`s the interest was frozen.

Hopelessly_Hopeful

Morning all

Great to see so many people posting and helping each other, I love this place! All questions seem to be answered. Welcome to the newbies I haven't had the opportunity to say a personal hello too .

Life is OK here. I got itchy fingers and raided the emergency fund and saving pots to get rid of the Hellifax cc that was at 14.9% interest. Good riddance. Need to get my head down the next few months to build up a reserve again.

Enjoy the rest of the weekend.

HHx

Hopelessly_Hopeful

andrar wrote: »

Thanks Growurown - I want to stay with payplan, I just want to know whether its OK to pay extra direct to the creditors who are charging me interest or if this will cause problems? Has anyone else done/tried this?

Hi

No consistency because of the informal nature of DMPs so you have do what you feel comfortable with.

This is always a risk. Many people have paid early and been fine, others ran into trouble. My nerves wouldn't have stood it incase it went upside down so I waited until nearly 3 years into the plan, was at the stage I could handle the worst happening.

Good luck with it.

HHx

andrar

Hopelessly_Hopeful wrote: »

.

Life is OK here. I got itchy fingers and raided the emergency fund and saving pots to get rid of the Hellifax cc that was at 14.9% interest. Good riddance. Need to get my head down the next few months to build up a reserve again.

HHx

So did you pay off the credit card separately to you DMP? Did it cause any problems doing that or are you self managing your DMP?

andrar

Hopelessly_Hopeful wrote: »

Hi

No consistency because of the informal nature of DMPs so you have do what you feel comfortable with.

This is always a risk. Many people have paid early and been fine, others ran into trouble. My nerves wouldn't have stood it incase it went upside down so I waited until nearly 3 years into the plan, was at the stage I could handle the worst happening.

Good luck with it.

HHx

What do you mean by the 'worst happening' ?! Could I get in more debt or something if I try and make extra payments??