DMP & Mutual Support Thread - Part 9

Hopelessly_Hopeful

Little update from me. I have today had a mortgage payment holiday approved for next month. This has just enabled me to pay off MBNA and chunk of Tesco. It's also taken my oustanding debt to £5899 meaning I have paid off 90.04% of the DMP.


Hope everyone not feeling too blue being back at work.


HHx

debtdawg

Just to update that Barclaycard responded and said that they are charging interest at a vastly reduced rate of 3% apr and cannot reduce it further as I am making payments of between 1 and 1.5% of the total debt.

Growurown

Ellieseleven wrote: »

WhooHoo Growurown, mine too! That's a huge milestone for us

Ellie xx

Hopelessly_Hopeful wrote: »

Well done to both Ellie and GUO. Great to celebrate success, woop woop

HHx

Yes it is a big milestone, as we have now paid off half of all our debt, We started with approximately £48,000 of debt on loans, credit cards and overdrafts. We also owed another couple of thousand on the car but that was on HP and not included in the DMP. The car is now paid for and one loan has finished, and a lot of the debts are now under the three thousand mark. It's odd because it's just a number but owing £2,999 just sounds so much better than £3,001:rotfl:

The only fly in the ointment is the Halifax. They have started piling back on the interest as they say we broke our agreement when we had to make a reduced payment last November when the car went wrong. Anyway we are making a complaint through the FO so we shall see where that gets us:)

Monkeyballs

debtdawg wrote: »

Just to update that Barclaycard responded and said that they are charging interest at a vastly reduced rate of 3% apr and cannot reduce it further as I am making payments of between 1 and 1.5% of the total debt.

Hi Dawg,

Thanks for the update. Sorry to hear that - not sure if it's worth challenging with FOS as some posts re. previous failed attempts have suggested? Hopefully someone 'more in the know' will be able to make a suggestions...

In the meantime, I still haven't heard but that doesn't fill me with a lot of hope as that sounds about the same as what I am currently paying...

I say that but I'm a bit dense when it comes to interest rates and APR's, my monthly interest is 0.561%

If anyone smarter than me has any idea what this works out as or can help me figure the APR out then it would be appreciated?

My Barclaycard debt is currently £1997 and through my DMP I'm paying £33.86 per month of which they are taking £11.53 in interest so each monthly balance reduction is just £22.33...

The really frustrating thing is that Vanquis with whom I have a larger balance (close to £3000) has completely frozen the interest altogether and it's Vanquis who are constantly getting a bad rap!!!

As soon as I hear back from BC I'll post their response

Cheers,

MB

Time_to_face_the_music

Growurown wrote: »

The good news is that my total debt has just gone under the £25,000 mark:j

Ellieseleven wrote: »

WhooHoo Growurown, mine too! That's a huge milestone for us

Hopelessly_Hopeful wrote: »

Little update from me. I have today had a mortgage payment holiday approved for next month. This has just enabled me to pay off MBNA and chunk of Tesco. It's also taken my oustanding debt to £5899 meaning I have paid off 90.04% of the DMP.

I am loving all of these motivational milestones :T :j

Time_to_face_the_music

abbylou wrote: »

Hi all. Haven't been here for ages so thought I'd do an update/introduction.
We started a DMP with Debtline (I know, I know) in February 2011. It got us out of an awful place at the time and we carried on for over 2.5 years. However, this year we decided to take the bull by the horns and dump Debtline, they were charging us £60 a month for their services which is ridiculous. We rang all our debtors and they were all happy to accept a payment plan set up and managed by us. We increased all our payments slightly and only 1/10 refused to freeze interest. We now have a brilliant spreadsheet set up by my husband which shows all the figures. We started in October and have so far paid off 4% of our £21,000 debt. It feels brilliant to see it going down. We would ideally like to be debt-free before Christmas 2016.
In March my husband will make his final £300 payment on a debt to his dad that he kent us when we needed a new boiler. We have decided to put an extra £200 into the debt and save the other £100. I know the advice is to put all available money into the debts but we have no savings at all and no way of getting credit if anything should come up. My husband's car is getting quite old now....
Tonight we have gone through the spreadsheet putting in the figures we think we will pay off throughout this year, also including the £100 payrise my husband will get in September. Obviously it is only approximate but we think we will have paid off 37% by the end of this year which means we will definitely be on track for our target.

Well done on dumping the charging DMP provider :T


I really support the idea of having some emergency savings, we never know what is around the corner ....


Great to have another spreadsheet geek onboard, we all love our spreadsheets here :j

Hopelessly_Hopeful

debtdawg wrote: »

Just to update that Barclaycard responded and said that they are charging interest at a vastly reduced rate of 3% apr and cannot reduce it further as I am making payments of between 1 and 1.5% of the total debt.

That sounds right they then put it up later as you start to pay more back so keep that in mind


HHx

Hopelessly_Hopeful

Growurown wrote: »

Yes it is a big milestone, as we have now paid off half of all our debt, We started with approximately £48,000 of debt on loans, credit cards and overdrafts. We also owed another couple of thousand on the car but that was on HP and not included in the DMP. The car is now paid for and one loan has finished, and a lot of the debts are now under the three thousand mark. It's odd because it's just a number but owing £2,999 just sounds so much better than £3,001:rotfl:

The only fly in the ointment is the Halifax. They have started piling back on the interest as they say we broke our agreement when we had to make a reduced payment last November when the car went wrong. Anyway we are making a complaint through the FO so we shall see where that gets us:)

Worked for me with Hellifax and FOS so will keep fingers crossed.


HHx

Hopelessly_Hopeful

Time_to_face_the_music wrote: »

I am loving all of these motivational milestones :T :j

And yours coming up soon Ms TTFTM





HHx

Hopelessly_Hopeful

Monkeyballs wrote: »

Hi Dawg,

Thanks for the update. Sorry to hear that - not sure if it's worth challenging with FOS as some posts re. previous failed attempts have suggested? Hopefully someone 'more in the know' will be able to make a suggestions...

In the meantime, I still haven't heard but that doesn't fill me with a lot of hope as that sounds about the same as what I am currently paying...

I say that but I'm a bit dense when it comes to interest rates and APR's, my monthly interest is 0.561%

If anyone smarter than me has any idea what this works out as or can help me figure the APR out then it would be appreciated?

My Barclaycard debt is currently £1997 and through my DMP I'm paying £33.86 per month of which they are taking £11.53 in interest so each monthly balance reduction is just £22.33...

The really frustrating thing is that Vanquis with whom I have a larger balance (close to £3000) has completely frozen the interest altogether and it's Vanquis who are constantly getting a bad rap!!!

As soon as I hear back from BC I'll post their response

Cheers,

MB

Simplest way to do it is just punch in £1997 into calculator + .561 = £11.20 so that adds up.


To work out the apr its just .561 x 12 =6.73%. The geeks will probably step in an explain scientifically that is is marginally different but this works for me and I'm rarely more than a few pennies out.


Hope that helps.


HHx