DMP & Mutual Support Thread - Part 9

debtdawg

Pickle29 wrote: »

Hi
Can you tell me how your spreadsheets think you can knock years off your DMP? I have several spreadsheets and monitor where I will be at the end of the year, but I am still paying interest on some. Even if I wasn't, I don't know how to reduce time unless i schedule to pay more - is that what you are doing?
Many thanks

I have set my spreadsheet up to include the interest that I am paying on one of my credit cards, which is a great motivator to make any extra payments I can off of that card. I plan to pay off some of the smaller debts earlier and I'm also making teeny payments each day off the card that is charging me interest, just by rounding down my bank to the nearest £1 every day that I log on I'm also planning on putting any Quidco cashback that I earn from Jan 2014 onwards towards my debt, so that's an incentive to always check Quidco if I am buying something online!

Hopelessly_Hopeful

debtdawg wrote: »

I have set my spreadsheet up to include the interest that I am paying on one of my credit cards, which is a great motivator to make any extra payments I can off of that card. I plan to pay off some of the smaller debts earlier and I'm also making teeny payments each day off the card that is charging me interest, just by rounding down my bank to the nearest £1 every day that I log on I'm also planning on putting any Quidco cashback that I earn from Jan 2014 onwards towards my debt, so that's an incentive to always check Quidco if I am buying something online!

Great motivation tips.


Useful for looking at snowballing too


HHx

Sazzie23

Aargh sort of knew that some of my CC would not go down in Jan due to the early pay date in Dec, but don't really like seeing it (just opened the mail).

So thought I'd log onto SC manage DMP and that is down for maintenance - double aargh

So I'd better get off to the allotment before that floats away:eek:

Time_to_face_the_music

Growurown wrote: »

Just been online looking at my new SC statement for January and my estimated debt free date in November next year. Now I know that is a long way off but I could be debt free next year! It just sounds so good to say I will be debt free next year!

I'm another one looking at spreadsheets and statements and thinking we could be debt free next year. It's an amazing thought and makes me more motivated than ever. Our original DFD date was end of January 2016 but am sure we can do better.

When I got my redundancy money, we had enough to pay off 2 debts completely and Mr TTFTM had 2 debts left so we decided to pay off those, so he is now debt free.

He's had lots of fun this week phoning BOS and Natwest. "Hello can you tell me what the balance of my account is please?", closely followed by asking them to close it and then confirm this in writing. As soon as those letters arrive and are safely stashed, we will be having another statement/nasty letter bonfire! :j

Monkeyballs

Morning all!!!

I've been chomping at the bit to do this

BOOM!!!

My brother dropped by this morning and handed me a little brown envelope containing £250

I just called the Cheque Centre and accepted an F&F settlement (it's all in writing and is very clear that the remainder is being written off and the account closed) of £230 and in return they have written off a further £749.35!!!! That's Seven Hundred and fourty nine pounds and thirty five pence!!!

Which means that including this months DMP payment and an overpayment of £6.40 to Barclaycard I have paid put £763.40 but have reduced my debt by a whopping £1451.75!!!!

And I'm hoping to get some money from selling a couple of bit's and bobs later today so if I do then I may be able to strike another creditor off the list and take that debt reduction to just over £1500

Best day EVER!!!!!

MB

Time_to_face_the_music

Great stuff MB - well done and what a brilliant brother! :j
Hello and welcome to our new members :hello:


This thread was a real lifesaver to me when I first came to MSE. The help, advice, experience and support from people in exactly the same situation to you is invaluable.

Every now and then I like to look up an old post that I have saved and offer it to everyone as some of the best advice I have ever read on these forums:

1. You're not alone

2. There's nothing you can tell CAB/Stepchange/Payplan/CAP etc that they haven't seen before

3. There's more to life than money, you need to get a handle on this to stop it happening again, but don't let debt ruin your life. Understand why you got into debt, and plan a way out of it, and feel proud that you are facing it head on.

Thanks as always to "thatsean" for the original message, it really says it all.

The advice I offer myself is to never forget that whoever manages your debt management plan distributes your money to your creditors. NEVER forget that it is still your debt and it's up to you to keep up to date with the ongoing balances, to check each and every statement and to be prepared to fight to get interest to be stopped

With that in mind and the help, advice, experience and support offered on this thread, you will be in a great position.

TTFTM x

debtdawg

Excellent news MB!

nicki342001

Morning all.

1st February will be 2 years complete on our dmp.

I always read this forum as it makes me feel better. This last year our boiler blew up and we were at a loss as what to do... We went with no hot water for 3 weeks, then a family member offered to buy us a new one... A wonderful gift!!

We have 2 kids at uni, who we support as student finance don't take anything into account other than your gross income, but this payment is accepted on our dmp.

Feel sad at times that I just can't go and buy lots of things but then again when I do have a little bit of money I find it difficult to part with. Hopefully this will continue when our debts are cleared.

People on here talk about spreadsheets, is this an app you can download or do you make your own, as I'm not sure I could do that myself!

Note to everyone. It's the best thing we have done as we were getting further into a hole, making minimum payments on everything not getting anywhere and by first week in the month were very close to overdraft limit....

Hopelessly_Hopeful

Monkeyballs wrote: »

Morning all!!!

I've been chomping at the bit to do this

BOOM!!!

My brother dropped by this morning and handed me a little brown envelope containing £250

I just called the Cheque Centre and accepted an F&F settlement (it's all in writing and is very clear that the remainder is being written off and the account closed) of £230 and in return they have written off a further £749.35!!!! That's Seven Hundred and fourty nine pounds and thirty five pence!!!

Which means that including this months DMP payment and an overpayment of £6.40 to Barclaycard I have paid put £763.40 but have reduced my debt by a whopping £1451.75!!!!

And I'm hoping to get some money from selling a couple of bit's and bobs later today so if I do then I may be able to strike another creditor off the list and take that debt reduction to just over £1500

Best day EVER!!!!!

MB

Great news


HHx

Hopelessly_Hopeful

nicki342001 wrote: »

Morning all.

1st February will be 2 years complete on our dmp.

I always read this forum as it makes me feel better. This last year our boiler blew up and we were at a loss as what to do... We went with no hot water for 3 weeks, then a family member offered to buy us a new one... A wonderful gift!!

We have 2 kids at uni, who we support as student finance don't take anything into account other than your gross income, but this payment is accepted on our dmp.

Feel sad at times that I just can't go and buy lots of things but then again when I do have a little bit of money I find it difficult to part with. Hopefully this will continue when our debts are cleared.

People on here talk about spreadsheets, is this an app you can download or do you make your own, as I'm not sure I could do that myself!

Note to everyone. It's the best thing we have done as we were getting further into a hole, making minimum payments on everything not getting anywhere and by first week in the month were very close to overdraft limit....

I use spreadsheets but I do most of it manually because I enjoy double checking and it mentally reinforces situation so I can plan effectively. A pen and ruler will do the same job.


HHx