DMP & Mutual Support Thread - Part 9

Mossop01

Haha a HSBC support group!
Theyll need my support of they dont get their finger out!
No post here either some free incontience pads?! What!!! Maybe theyre hsbc contribution to my financial situation!!!

cocoloco

Hi all!

What a day! I had finally had my telephone interview with Stepchange- it was better than expected! We had been paying £1500:eek: / month just to service our debts and now we will be only paying £220! Take that preditors (laughs hysterically)! :rotfl::rotfl::rotfl:That was 55% of our total income- no wonder we were living off reduced stuff and credit cards! I already poster 13 out of 19 letters with the minimum payment (last Friday) and cancelled most of DD's but one MBNA DD slipped through at £116 - not happy!:o
Hopefully our DMP will start on 1st April and was advised to just make £1 token payment and set up a different bank account away from our debts- I explained to her that I'm a big fan of moneysavingexperts forum and getting all the advise from here, including getting in touch with Stepchange.
Well, I'm ready for dance with our preditors, they will not get any more money from us. Hope you all have a good day, sorry about rambling on...

PS- I suggested before that we should bring the issue with HSBC to Martin's :money:attention- I'm sure he could get them to explain as why are they keep putting on all sort of charges and maximum interest on people who are struggaling financially?!?:money:

Mossop01

Well done on taking the first step cocoloco
Onwards n upwards!

Growurown

Sadly the debts do rise at the start of a DMP but usually everything settles down after a few months, although I do remember one poster saying it was 6 months before they saw their debt decrease. Hope it doesn't take that long for you newbies though!!

cocoloco

Growurown wrote: »

Sadly the debts do rise at the start of a DMP but usually everything settles down after a few months, although I do remember one poster saying it was 6 months before they saw their debt decrease. Hope it doesn't take that long for you newbies though!!

To be honest GUO, I know we will be into it a longhaul-at the moment we are looking at 18 years of DMP:eek:.
My reasoning is this- our mortgage will run also for 18 years and hopefully by the end of we will be mortgage and debt free- WITHOUT living in constant fear and stress and maybe will be able to enjoy our life a little .

Currently I will not get upset about the balances- once I have the DMP up and running I will be on the back of any company with a vegence who will try to charge us unreasonably!!!

Growurown

cocoloco wrote: »

To be honest GUO, I know we will be into it a longhaul-at the moment we are looking at 18 years of DMP:eek:.
My reasoning is this- our mortgage will run also for 18 years and hopefully by the end of we will be mortgage and debt free- WITHOUT living in constant fear and stress and maybe will be able to enjoy our life a little .

Currently I will not get upset about the balances- once I have the DMP up and running I will be on the back of any company with a vegence who will try to charge us unreasonably!!!

That's a long time, however to be debt free and mortgage free at the same time will be great. I think you will find though that the debts may go quicker than the mortgage. What you owe now will sound like peanuts in ten years time and circumstances can change (hopefully for the better!)

As you say once the first hurdle is over then you can think about the other stuff. Do keep an eye on your balances though. Check regularly with your creditors to make sure that charges and/or interest is under control. You don't want to get a couple of years down the line thinking you have paid off a big wodge of your debt only to find the preditor has been piling on costs without your knowledge.

Time_to_face_the_music

cocoloco wrote: »

... once I have the DMP up and running I will be on the back of any company with a vegence who will try to charge us unreasonably!!!

Go get 'em cocoloco! :T

Had a very odd conversation with Lloyds TSB this afternoon. They have recently reintroduced interest and charges on an overdraft, we had managed to get these stopped with the help of the FOS last May. Foolishly we thought it was sorted and then Lloyds TSB stung us with an interest notice at the end of last week.

Phoned up and played innocent, we thought you had stopped interest for the duration of the DMP blah blah.

Lloyds TSB - no we only do this for a maximum of 12 months. You are paying too much and are clearly not in financial difficulty.

Me - oh well, I will have to contact the FOS again.

Lloyds TSB - well we could default you instead, then we would freeze interest and you can pay us whatever you want.

Me - Oh yes please!

Lloyds TSB - are you sure you want us to default you? It will be on your credit report for 6 years.

Me - yes please.

Lloyds TSB - ok it's done, you will receive the letters this week and we will refund all interest and charges from this month.

It felt surreal but very good. 7 out of 10 debts now have interest frozen, which is a massive improvement on the last year. Maybe the moral of this story is ... If you want a default, ask for one

Growurown

Time_to_face_the_music wrote: »

It felt surreal but very good. 7 out of 10 debts now have interest frozen, which is a massive improvement on the last year. Maybe the moral of this story is ... If you want a default, ask for one

Well done TTFTM. I can't understand why, when every other preditor has defaulted me, that I would be concerned about being defaulted by just one more:D

GibbsRule_No3

Congrats on that result. TtFtM Default or frozen interest? No contest. Default please ;-) Wonder if I can ask Barclaycard for one?

Mossop01

TTFTM good news with lloyds! Maybe if u dont ask u dont get..... Worth bearing it in mind