DMP & Mutual Support Thread - Part 9

Monkeyballs

stickman wrote: »

Hi
On DMP with Stepchange who are brilliant by the way.
However creditors willing for full and final which sounds great.
Problem is I can't get loan to cover it.
Currently paying 500 plus on DMP with end date of approx 4yrs time. 12k loan =350/380 over 3yrs.
So saving 200 per month and debt free in half the time.
Realise that loan would default DMP but surely better to clear in half the time also creditors will be happy that all debt has been paid off.

Help and advice please.
Thanks

Hmmm...

Infact, I've looked at other posts and you have asked the same question almost word for word several times over the past couple of years quoting the same amount?

Interspersed have been questions about applying for credit cards and payday loans while on a DMP and (could be my interpretation of some of your posts, apologies if this is the case) but you seem to vary in ages/stages of life too? You also seem to start a thread reply to a couple of posts offering help and advice and then disappear?

I smell troll...

MB

Pappa

68K debt, 12K paid off and still going strong ! Hang in there my friends....

debtdawg

Spent a couple of hours on a spreadsheet this afternoon, feeling a bit of a DMP geek

Planning on paying off a few of the smaller debts over the next 15 months, so I wanted to see how this would affect my debts and also see how long they will take individually to clear if payments go up etc. If I do clear some of the smaller ones then my DFD with no increase in DMP payments is Aug 2019, compared to May 2021 on the SC website. I am certain I can get this down to maybe some point in 2018 with some hard debt clearing work. As long as Barclaycard don't ramp my interest up!

catandy

(quote)Aquacard have accepted the payment plan, but are still charging interest, although it looks less than before, the statement is not very clear. I'm going to write to them to request that they suspend it.(/quote)


fight them as soon as you can - from my experience they are the most unwilling to help at all - they dropped my interest rate by a measly 1% for just short of 6 months as a sign of goodwill (laughable really with their rates anyway)... they did freeze all rates and fees eventually but only after getting the FOS involved and complaining about them.


I'm not trying to put you off just don't let it drift - chase them as soon as you can. Good luck!

Monkeyballs

Not that I'm bored or just anxious to get to the end of the month but...

My DMP balance is currently £15595 and I'm repaying at £500 pcm.

At the end of January I will be making another £500 payment which takes my balance down to £15105 (allowing for the tenner interest which Barclaycard charges still).

I'll also be paying £230 (thanks to my bro who is gifting me £250 out of his annual bonus, cheers bro!) to the Cheque Centre who are accepting this as an F&F for a £945 balance which brings my DMP balance down to £14160 and I am going to use the left over £20 with some cash I've made selling things and a bit of a top up from my wage to repay the £60 left outstanding on my Barclays overdraft! This brings me down to £14100!!!

My god it feels good seeing these numbers drop... It also feels good seeing the number of creditors drop too! That's 2 out of 12 creditors wiped off the list

Then, on top of that I can cash in some free shares from work at the start of March so that's about another £500 and hopefully I can get settlements on a couple of other debts too

I can't believe I'm in this position and thinking so positively after less than a year with Step Change!

Phew!!!

MB

Hopelessly_Hopeful

debtdawg wrote: »

Spent a couple of hours on a spreadsheet this afternoon, feeling a bit of a DMP geek

Planning on paying off a few of the smaller debts over the next 15 months, so I wanted to see how this would affect my debts and also see how long they will take individually to clear if payments go up etc. If I do clear some of the smaller ones then my DFD with no increase in DMP payments is Aug 2019, compared to May 2021 on the SC website. I am certain I can get this down to maybe some point in 2018 with some hard debt clearing work. As long as Barclaycard don't ramp my interest up!

I love the power of investing in what ifs on the spreadsheet. I do most of mine manually but this has kept me so motivated over the past 4 years.


Fingers crossed for you.


HHx

Hopelessly_Hopeful

Monkeyballs wrote: »

Not that I'm bored or just anxious to get to the end of the month but...

My DMP balance is currently £15595 and I'm repaying at £500 pcm.

At the end of January I will be making another £500 payment which takes my balance down to £15105 (allowing for the tenner interest which Barclaycard charges still).

I'll also be paying £230 (thanks to my bro who is gifting me £250 out of his annual bonus, cheers bro!) to the Cheque Centre who are accepting this as an F&F for a £945 balance which brings my DMP balance down to £14160 and I am going to use the left over £20 with some cash I've made selling things and a bit of a top up from my wage to repay the £60 left outstanding on my Barclays overdraft! This brings me down to £14100!!!

My god it feels good seeing these numbers drop... It also feels good seeing the number of creditors drop too! That's 2 out of 12 creditors wiped off the list

Then, on top of that I can cash in some free shares from work at the start of March so that's about another £500 and hopefully I can get settlements on a couple of other debts too

I can't believe I'm in this position and thinking so positively after less than a year with Step Change!

Phew!!!

MB

2014 is defo going to be your year, especially with that spirit and positive attitude


HHx

bertman

Hopelessly_Hopeful wrote: »

2014 is defo going to be your year, especially with that spirit and positive attitude


HHx

I can only echo HH's comments, well done! We are also feeling much more positive this year, our back tax to the lovely HMRC will be paid off so we will end up with more cash from the start of the next financial year. I also have only 6 more months to pay a further tax shortfall that they allowed me to pay over 3 years, this will free up nearly £125 a month. I am sure with all the tax I have paid over the last 3 years I have helped prop up the UK!!

We still have a very long way to go but things are more positive this year. I hope that these stories help others who are just starting out or even contemplating a DMP this year.

bertman

There have been various comments on here about paying additional amounts to creditors. Our DMP is with SC, we have recently started a major clear out and listed a lot of stuff on Ebay. If I pay bits and pieces into certain creditors accounts will this cause hassle with SC? Or do they turn a blind eye? I am not talking of thousands or even hundreds of pounds - just a few £ here and these.
Has anyone with SC done this? We cant do this every month but just if we had some cash we could.

Hopelessly_Hopeful

bertman wrote: »

There have been various comments on here about paying additional amounts to creditors. Our DMP is with SC, we have recently started a major clear out and listed a lot of stuff on Ebay. If I pay bits and pieces into certain creditors accounts will this cause hassle with SC? Or do they turn a blind eye? I am not talking of thousands or even hundreds of pounds - just a few £ here and these.
Has anyone with SC done this? We cant do this every month but just if we had some cash we could.

Hi


This is one reason why I don't like the informal nature of DMPs.
In the gentleman's agreement of DMP land this could threaten SC and the creditors willingness to allow a DMP to continue. I took the view of not overpaying until I was in a position that I could handle them reapplying interest rates and in which case I would use snowball method. For me this came last January so with 18 months left to run on the DMP. I went self managed so I could get rid of the 27% interest that was being charged by M&S. The problem with the informality is you cant reliably predict what will happen so there could be good or bad consequence. Ms TTFTM has been very fortunate/skilled with zero/low interest. I was too much of a scardy cat to do it any earlier so chose to squirrel until it was time to make my move.


Good luck


HHx