Dmp Mutal Support Thread (Part Two)

Gemmzie

If you can manage your minimum payments then a DMP probably isn't ideal for you anyway.

newlywed

Mine went up a bit for the first two months. Basically you are not paying your minimum when you start the DMP and the companies often will not freeze interest and charges immediately - most of mine were after the 2nd payment or so many days after the first payment.

As soon as they do agree to it and freeze interest though, the debt does drop and to be honest, my minimum payments only just covered the interest and I couldn't pay any more so the actual debt was NEVER going to go down

rayday2

I think if you only pay the minimum on credit cards without more spending it can take anything up to 15 years to pay off. Which always makes me angry you could think twice about applying for a 15 year loan for holidays and clothes and yet people don't realise how long cards on minimum payments go on for!

debrag

not all mine have frozen interest. HFC are charging me £32.38 next month for interest with min payment £38.90. My payment each month is £38.85 so don't know if that will be affected as this is the first statement I've seen since 2006.

savvy14

Thanks for all your replies since last night - I am in real turmoil! Couldn't get through to the CCCS tonight so now I will be worrying all weekend. If we start getting charges, and they never freeze interest we will be worse off - plus, as 60% of debt is on loans (which already have the interest as part of the full balance) then what are we risking with those.

One thing I am not sure about is bailiffs etc. If any creditors pass debt to a DCA, does this mean we could have people knocking at our door, reclaiming goods? I apologise for my silly questions!

bowz25

hi all
hi to savvy 14, i can understand you are worried it is early days if you are setting up a dmp.
I have made 8 payments so far and we have 15 different creditors but this is including overdrafts with bank. I would say about 10 of the creditors have frozen the interest so far some are still charging even after 8 months. I must say though it is the best thing we ever did facing it all.
Our balance is going down, not as quick as i would like but we have paid over £3,000 pounds back so far however the balance overall have not gone down by that amount but it has still reduced. The added interest was at the start when we missed payments and had late payment fees for a few months and interest chargesas well. If one creditor accepts its a bonus and hopefully the rest will follow. I have a loan on my list of creditors and they accepted the reduced payment not sure about interest on it though.
i felt exactly the same and understand the worry and churning feeling it gives you, and people on these boards are very supportive and there is always someone one step ahead on the dmp journey to give advice.

take care and keep us posted on what you decide.
bye for now.

rayday2

Grrr yesterday my tumble dryer died, some of you will remember that my ex has stopped paying maintenance for a few months and my bloomin tumble dryer decided now was a good time to die!

We know we need a new one we have had to use tricks to keep it going, its also amazingly stripping paint off the utility room walls - so a condenser dryer was on the cards.

I panicked a bit on how to afford one, then I remembered my emergency ISA so tomorrow we have an all paid for no new credit tumble dryer coming. With 5 in the house my tumble dryer is essential! Now I need to put more aside to bump my ISA back up but its less than credit payments would have been!

Two years ago the old cards would have been battered and not worried about the price I paid particularly either - what a difference a DMP makes!

debrag

So my monthly payments have gone up & my DFD has gone down, good you’d thing but no. My figures are incorrect some by a few £100, First Nation has been changed to the correct figure but that figure hasn’t changed since the start!!!
Payplan don’t seem to get this.

rayday2

Sorry a bit slow here, so you are saying that the total balance figures are wrong, so the pro-rata payments the company gets are wrong?

Why won't they correct them you can't work out averages on incorrect figures??!!

debrag

I have been contacting them, they don't change figures unless they is a 40% difference. The pro-rata payments are correct for the figures they have. I have around £3k more than what they have down.
They just won't listen to my concerns about First National could it be that they have passed my debt to a DCA?