DMP & Mutual Support Thread - Part 9

Ellieseleven

Great news Puzzcat, it really does make a huge difference when you can see the debt reducing. 10 of our 11 creditors are interest free and we have defaults from all apart from BC (never thought that I would be pleased to say that!)

Each month now we can see a dent in our debts and we appear to reach our milestones much quicker these days and all down to the fact that we are not paying interest:o

You're right, it's fantastic to see everyone becoming debt free. It's these stories which keep me on the straight and narrow and motivated in my own battle with debt

Take care
Ellie xx

Time_to_face_the_music

Puzzcat wrote: »

Little update from me..


8 of my 9 debts are on interest free now, only creation are charging a reduced amount but still £30ish a month which is a lot when i'm only paying them £36... so I wrote and complained and just within the 8 weeks they have written back to inform me as I had predicted that they are staying with what they have arranged.. so next step is a letter to FOS. Luckily they are one of my smaller debts I would be a lot more concerned if they weren't!


I can't moan as out of my original 60K debt at the moment 55k is on interest free..


Still loving my dmp... and lovely to hear peoples success stories of reaching the end and becoming debtfree.

Ring the FOS, they prefer it and it's much faster.

They complete the complaint while you are actually on the phone and I had follow up action within 2 weeks.

http://www.financial-ombudsman.org.uk/consumer/complaints.htm

Go for it Puzz!

Find_The_Real

Congratulations TTFM on the brilliant reduction in your debt.

Also congratulations ianmak on the debt free status (although I can understand not wanting to make it official until you get the coveted completion certificate in your hand!) and wishing you all the best for a debt free future and wedding.

I just wanted to welcome any newbies who are starting their journey, there is some excellent advice in this thread so do read through it if you can. It will be a rollercoaster journey, some high points and some low points but as long as your budget is realistic and you are the one to remain in control of your DMP, you can survive. Good luck to everyone.

debtdawg

I had some great news today!

I sent the letter template to Lloyds regarding the interest they were charging on my loan a couple of weeks ago (see previous posts). I had a letter back today telling me that they are refunding £600 of interest charged from Nov 2012 to Jan 2014 and my account is being moved to recovery, which means that all interest will be frozen to allow me to clear the loan. This is amazing news as my monthly repayments were being swallowed by interest and it means the balance of my loan will finally fall under £2k, which is a visual milestone

I'm so chuffed! Thank you to TTFTM who helped point me in the right direction of the letter to send

Time_to_face_the_music

debtdawg wrote: »

I had some great news today!

I sent the letter template to Lloyds regarding the interest they were charging on my loan a couple of weeks ago (see previous posts). I had a letter back today telling me that they are refunding £600 of interest charged from Nov 2012 to Jan 2014 and my account is being moved to recovery, which means that all interest will be frozen to allow me to clear the loan. This is amazing news as my monthly repayments were being swallowed by interest and it means the balance of my loan will finally fall under £2k, which is a visual milestone

I'm so chuffed! Thank you to TTFTM who helped point me in the right direction of the letter to send

Yay what a result! Absolutely brilliant news debtdawg :j

To anyone reading this who is still being charged interest on a DMP, this is proof that it is worth fighting. Go get 'em DMPers!

Find_The_Real

I wholly agree with TTFTM that the interest issue is worth fighting as you have nothing to lose apart from the cost of a few stamps.

Also thanks for posting debtdawg to update us as it does remind people you can get the required result by biting those preditors back.

Pickle29

Just to add to the thread about interest....
We have a loan with GE money, where we get an annual statement. The interest is charged daily about 18% APR which works out about £47 per month on a monthly payment of £69 - before the DMP! I am now paying £32 pm through stepchange so obviously the monthly payment won't even cover the interest. So, I wrote to them and they still refuse to amend the interest!

Having read all the posts above, I rang the FOS tonight and they are going to write to them, don't know what the outcome will be but I can but try!

Thanks for your advice - ringing FOS was certainly quick and easy, don't know when I will hear anything but I will let you know x

Growurown

I sent off my complaint to the FOS regarding OH's Halifax CC and tonight the Halifax called asking to talk to OH about the complaint he has made. Do you think I have got them worried?:rotfl:

Pickle29

Growurown wrote: »

I sent off my complaint to the FOS regarding OH's Halifax CC and tonight the Halifax called asking to talk to OH about the complaint he has made. Do you think I have got them worried?:rotfl:

Ooh, I hope so, fingers crossed x

Coinmachine

Got home tonight to very nice letter from one creditor saying they will give me 30 days to send statement of accounts etc its in response to my letter quoting stepchange reference but probably sent before they have heard from stepchange

Also a phone call from one other creditor not sure how they got my number but i have already requested all dealings be in writing - sorry i only saw it the other dsy but where is the template letter re phonecalls? I dont want to be too heavy but just reiterate i had said by writing only and they should hear from stepchange