DMP & Mutual Support Thread - Part 9

Find_The_Real

I just wanted to say well done to everyone who has managed to make a dent in their debts this year, all of you are such an inspiration and to those that are just starting good luck with your DMP.

I just want to wish everyone a very Happy 2014, may it be full of joy and happiness, good health and good fortune for all my fellow DMP friends on here.

Back_on_budget

debtdawg wrote: »

Hi all, it's been a long time since I've been on this thread properly

Up to today we've paid £3874 off of our DMP (outstanding balance £27570). Unfortunately about £600 of that has been swallowed in interest, mainly by Lloyds. Out of the £47 a month I pay them, they charge me £40 something in interest, so since starting my DMP I've barely made a dent (actually I've just checked and looks like they've charged even more than my payment in interest this month). I sent the obligatory letter a few months ago and heard nothing from them.

Keep fighting. It took me a number of letters, and contact with e ecutive complaints to get anywhere, but I managed to get interest frozen, and a refund of all interest paid since starting the DMP. It's hard work, but worth it when you get a result!

debtdawg wrote: »

Bigger costs will be bunkbeds, a double pushchair (I've spotted some 2nd hand ones I like though) and a bigger car!
.

Congratulations on the new arrival.

I have a second hand double buggy for sale. Feel free to PM me if you want more details.

Ellieseleven

2013 has had it's ups and downs for us and at times has been challenging but we have managed to pay back just short of 8k this year and we continue to make inroads into our debt as we reach the halfway mark. We couldn't have done all of this without the help of this forum and in particular this thread.

I wish each and every one of you a healthy and happy 2014 and here's to another debt busting year for all!!

Take care

Ellie xx

Sazzie23

Happy New Year Everyone

And thanks, I think we're all doing great:j:j

If you've paid off loads, cut your interest or charges, taken the plunge and signed up to a DMP, used the advice on here or just joined in by posting

WELL DONE :j:j

and Cheers :beer:to 2014 for staying in touch, in control and as debt free as possible

Sazzie23

and may I recommend Freecycle/freegle/realcycle (can take a bit of finding in your area, but its worth doing), or Gumtree if you there isn't a local group. Either for giving away stuff you don't feel happy selling ....or for acquiring replacement stuff ...furniture, boxes, clothing, baby stuff etc etc

smcshane

Dear All,

I know I don't post much but have continued to read avidly as hearing what is going on in other's debt free journeys continues to keep me motivated.

As always there continues to be lists of useful advise on this thread (and others) that show we are all able to achieve our dream of being debt free if we just take the time to take control.

In April this year it will be 5 yrs since I started my DMP and I always had it mind I would like to work towards a 5 year end date even if Stepchange said longer.

I think I may be pushing it for end of April but it certainly won't be much longer after that.

To all those who are; just contemplating a DMP, just scratched the surface, nearly half way through or approaching the end, keep going. We can all achieve this together.

I am already starting to think about the next mission, MFW maybe:rotfl:

Happy New Year 2014 and make it a good un'

Sx

Monkeyballs

Happy New Year everyone!

I hope you all had a great night and a fab day?

It's finally starting to dawn on me that tomorrow is a work day... Fabulous...

Anyway, in the hope of taking my mind off that I started to look at my debts again, one thing I never considered was that the outstanding loan amount that I allocated as owing to Provident included the interest which would be repayable over the life of the loan?

By this I mean if I repaid them on the day of which I entered the DMP then I would have repaid around £1750 whereas throughout the course of the DMP I will be repaying this AND the interest of around £1500...

I have previously contacted C K Edrupt who are Providents solicitors to ask for a settlement balance (more out of curiosity at the time) who very rudely and abruptly told me that I owe the full £3250 and would no longer qualify for early settlement reduction but were willing to offer a token reduction (something like £50 I can't remember exactly).

The more I think about it, the more I think that this is wrong... Has anyone any experience of getting Provident to stop interest so the actual amount loaned is repayable either before or after it went to their [STRIKE]pitbull[/STRIKE] solicitors C K Edrupt?

Ideally I would rather not be paying the interest as this would obviously be a debt reduction of a grand and a half which would be lovely!

I would just send a "please stop charging me interest" letter but the involvement of CK Edrupt and previous contact has left me feeling more than a little intimidated about contacting them again...

Cheers all

MB

Mr_Mink

Monkeyballs wrote: »

Happy New Year everyone!

I hope you all had a great night and a fab day?

It's finally starting to dawn on me that tomorrow is a work day... Fabulous...

Anyway, in the hope of taking my mind off that I started to look at my debts again, one thing I never considered was that the outstanding loan amount that I allocated as owing to Provident included the interest which would be repayable over the life of the loan?

By this I mean if I repaid them on the day of which I entered the DMP then I would have repaid around £1750 whereas throughout the course of the DMP I will be repaying this AND the interest of around £1500...

I have previously contacted C K Edrupt who are Providents solicitors to ask for a settlement balance (more out of curiosity at the time) who very rudely and abruptly told me that I owe the full £3250 and would no longer qualify for early settlement reduction but were willing to offer a token reduction (something like £50 I can't remember exactly).

The more I think about it, the more I think that this is wrong... Has anyone any experience of getting Provident to stop interest so the actual amount loaned is repayable either before or after it went to their [STRIKE]pitbull[/STRIKE] solicitors C K Edrupt?

Ideally I would rather not be paying the interest as this would obviously be a debt reduction of a grand and a half which would be lovely!

I would just send a "please stop charging me interest" letter but the involvement of CK Edrupt and previous contact has left me feeling more than a little intimidated about contacting them again...

Cheers all

MB

Is the interest applied each month and if so does it prevent you from reducing the debt at a reasonable pace?

It's awkward because people have a different of what's "reasonable" but if the interest is anywhere near your repayments the FOS will be on your side.

debtdawg

I didn't want to block up the support thread with this, but can anyone help? https://forums.moneysavingexpert.com/discussion/4857240

Monkeyballs

Mr_Mink wrote: »

Is the interest applied each month and if so does it prevent you from reducing the debt at a reasonable pace?

It's awkward because people have a different of what's "reasonable" but if the interest is anywhere near your repayments the FOS will be on your side.

Hi Mr. Mink,

Nope, they have applied the whole interest to the outstanding debt so...

If I had repaid on the day I went onto my DMP I would have owed the outstanding balance (I can't remember off the top of my head what it was) plus any accrued interest.

As it stands, from the moment I went onto my DMP they have said the balance and the whole of the interest is owed - so even when I called and asked for a settlement figure (not that I could have afforded it) after what would have been approx a third of the way through the loan duration they quoted the whole amount = loan plus 3 years of interest!

If it was still with Provident I'd feel more comfortable in dealing with them but C K Edrupt were quite intimidating when I called...

Thanks,

MB