Help with interest on DMP!

vanie

hi folks,

I started a DMP 08/12. The total unsecured debt was £42,000 and i have been paying back £800.00 per month. It was done via payplan whom I rate as ok.

Mint & Santander have frozen interest (£5.3k & £4krespectively). First Direct & Barclaycard charge 7% (£13.3 & £10k respectively) and Marbles (£9.4k) charge a staggering 13%.

As a result, I still pay around £200 in interest. Any ideas on how to improve the siyuation?

Also, I suspect that PPI was paid to one of the Barclaycards (was Goldfish?) and to Marbles. I have not claimed them yet. Should I claim them? Is there a deadline? Will it antagonise my creditors?

Thanks in advance.

Vanie

Tixy

Hi

Some people have had success with writing to their creditors direct to ask them to reconsider freezing the interest - that could be worth a try. There is a template letter on national debtline website to do just this.

There is no reason why you shouldn't look to claim missold PPI just because you are on a DMP. If you think you have a case for the PPI being missold then I would look to start the process (step by step guide on the reclaim PPI section of the forum on how to find out if you were paying PPI and whether you may have a case for reclaiming).