DMP & Mutual Support Thread - Part 9

carlyfluck

they work out how much to pay them and they get paid at the end of each month, although sc take it out of your bank on 1st.
what i have found is that if the bank doesnt stop charges etc you will never pay it off as the charges and interest is more then my payments, so that is why i have wrote to them stating this as basically they wont ever get any money back!

Scouter

Sorry, when I said all being paid at the same time, I meant as in the debts cleared at the same time at the end of the agreement. Didn't word it very well though.

Carly alluded to the first of their debts being paid off before the others, I just assumed they'd all be paid off together.

Mr_Mink

I have a couple of overdrafts with Lloyds and the interest is completely frozen. So they can do it. Can't confirm on the loan front though.

carlyfluck

the debts get paid off when ever our first debt to be cleared was only a 50 pound catalog debt so didnt take as long as say out 9k loan! next one is 286 so fingers crossed that wont be too long... plus when one debt goes they adjust the emount they pay to credits so the others will get slighty more. iykwim

fermi

Time_to_face_the_music wrote: »

And do you know what happened to MSE Badger? He/she seems to be missing in action and it's sad to see people reporting being debt free or mortgage free and then not getting their badge

Probably lives in a CULL area and is keeping his head down.

Seriously, dunno. I suspect MSE have been too busy to issue them of late? I'll ask.

lilysmummy

Well here we are 6 months down the line and all creditors have stopped interest and charges so progress is being made! Had a letter from Aqua today claiming that SC had missed 2 payments, however they also enclosed a statement showing the previous months payment!! I believe this is one of their scare tactics to make me phone them, poor show Aqua but not unexpected! We are sticking to our budget and have a comfortable emergency fund. Still a long way to go but we will get there! Thanks to all of you for your success stories and updates, its keeping us going x

Puzzcat

I was being impatient... following yesterdays post about the welcome pack it arrived in the post today.. I was actually holding on the phone for SC at the time....

The only oddity... which I assume is normal and I will receive further info is the payment to creditors are 1p each.. so at 9p a month I'll be debt free in... well never...!

Scouter

Thanks Lilysmummy.

That's exactly the encouragement those of us about to embark on our DMP journey need.

:T

*Foolish*

carlyfluck wrote: »

Hi everyone, hope your all well.
we have been on our dmp with sc for a year nearly, this month will see the first final payment of one of our debts :-).
However i have just received current balances from other debts all with lloyds and they just seem to be getting bigger, due to interest and charges. I have just wrote a letter asking if they will stop these as they will never get their money back. Our biggest debt was a loan and when we started the dmp was at 9,100 after paying £1000 over the last 10 months its still 9100!
Has anyone had any positive action from lloyds with stopping charges etc?

Thanks

I'm in the process of trying to get them to stop charging on my 2 overdrafts, as they're still charging a £6 usage fee on each, as well as the interest! I sent them a letter and got back them wanting my income and expenditure, I'm awaiting a response to my last letter which told them they will have been sent my I&E by StepChange, it hasn't changed in the 4 months I've been on my DMP, and please please stop adding charges! I'd get letters to them ASAP, if you're lucky they may refund what you've been charged this last year, not guaranteed though, but definitely worth a try! I'll let you know how I get on!
Good luck.

scaredandpoor

Enough_Now wrote: »

I am so motivated by the decreasing debts of fellow thread members. Well done!

Echoing what another poster has said, I now (month 3 of DMP) look forward to my post arriving so I can open it up and update my spreadsheet with my new balances. This is opposed to not opening my bills as I couldn't face the reality of how much debt I was in.

What a turnaround in mental positivity and feeling in control of the situation - finally!

:-)

What is your spreadsheet please? I wish to set up a DMP even though it may take 26yrs to pay off and need all the tips I can :-)