Dmp Mutal Support Thread (Part Two)

weezypoos

Thats a relief! I thought they had allowed us too much!

Theres myself, hubby and daughter plus a dog and an african grey parrot!

We also both travel to work and they have allowed us £180 a month for petrol and running costs.

We make our first payment on 1st October and I have cancelled all my DD's now that they have been paid for September so fingers crossed in 4 years and 6 months we'll be debt free!:j Although, I can't see many of our creditors being willing to cease the interest

newlywed

The money looks a lot after all the struggles - but remember that you need to plan for the future too - eg car tax money, car services and MOT costs too.

There isn't any credit to fall back on so if you find you need new tyres for your car you need to have a bit put aside - or have some stretch in the budget where you can reallocate funds - eg give up haircuts and clothes for a month etc etc.

amani_2

who are your creditors?

amani_2

sorry just seen them

weezypoos

Thanks Newlywed, I'm a newly wed too which is probably why are finances are in crisis!

Its worked out quite well as hubby gets paid on the 13th of each month and after bills we have left £350 from his wages. I get paid on 1st of each month so anything left from hubby's wages when I get paid, he transfers into his ISA and we do the same with mine if any are left by the time hubby gets paid. Does that make any sense!

THanks for the help!

amani_2

yes thats very good advice from newlywed

hsbc are one of my creditors, but we dont owe them much about £750.00, they are still adding interest after 6 months.

newlywed

weezypoos wrote: »

Although, I can't see many of our creditors being willing to cease the interest

I couldn't either - but after a few months it really does happen.

Initially I got an immediate No. Then a month later that one said yes. The next said we'll drop interest down to less than a third of what it was if you keep your payments (fine by me). The third ignored me completely, didn't acknowledge any letters at all, and after 4 months finally (quietly) stopped charging.

So chin up, initially it will look like the debt is going up because your payment has gone down and they will still be charging. But in a few months you will see the debt steadily start to fall and ask ..."why didn't I do it sooner???"

weezypoos

Thanks so much people, your help is really appreciated.

Does anyone know if I can make extra payments to CCCS? If theres any left at the end of the month can I pay them more? Or, should I keep the dosh to one side for emergencies, as I'm writing it sounds like it makes more sense to keep some for a rainy day.....

amani_2

mbna are another one of our creditors they excepted after about three months. All our other creditors have excepted except citi and halifax loan.

amani_2

I would save it for a rainy day!