PD's £50K + DMP Debt free Quest

Puzzcat

I'm watching you.......:D

blisteringblue

Baby Steps, LOL. I want all the creditors to agree first, I still have this nagging doubt. As I was saying to Puzzcat and my failed snowballing, my latest version tells me I am paying over £700 a month in interest to credit card companies. That is £200 more than my mortgage payments. Even seeing that written down, I must be an idiot. I'm not an idiot though, I like to think I'm an intelligent person, but it's there in black and white. BB you are an idiot

Anyway I'm not beating myself up. Decision made and the debt free journey starts here.

I'm hoping to be done in under 5 years. Which I was really surprised about. Maybe sooner when the wife gets her qualification.

PlymouthDad

Hey there

I have done nothing these past few days. No inclination at all todo anythi. Tut.

Anyhoo i still havent sent a token payment to loan company yet and as i hae cancelled the direct debit due on the 4th march they have written to me telling me to call if im having trouble meeting the payment. I am going to miss the payment obviously my question is should i send the token payment and be done with it. Or should i also call them to let them know. I get awful flustered on the phone you see.

Historybuff

Hi PD,
I would say ring them and explain that you are having financial difficulties and need to speak to someone about organising a payment plan. I was really dreading ringing the CC companies up and had to really force myself to do it. Once you explain the situation to them I think you will find they will do their best to offer you a plan based on your pro rata payments and stop interest and charges. I had to ring six companies this week and they have all stopped interest and charges and agreed to the payment plan I offered .
Good luck with whatever you decide to do PD. I think you will save yourself a lot of stress and anxiety if you give them a ring, though. Stay focused!

blisteringblue

Hi PD, At the bottom of all my token payments letter I just put, I don't want to deal with this over the phone, please use written correspondence.

Now I'm expecting some of them to just ignore this, but why not just send you token payment, along with your Stepchange Ref Number and a line saying written correspondence only?

PlymouthDad

Thanks hb and bb for your comments. Yes Bb i have een doing that aswell. Just wondered though if it would be of any benefit to ring them as well. Also ive left it a bit late to get my token payment to them now before the due date. (have ran out of cheques!!). I could just do an onlibe token payment i guess.

I dont feel like ive actually done anything so far. Other than cancel dirct debits, send out letters and token payments im really not doing anything. Am i being impatient again? Or is this all there is to it i wonder. (Sorry about spelling or grammar mistakes. Im typin on my phone)

blisteringblue

I know what you mean, they have had my tokens for a whole 2 days and no phone calls or emails. I'm almost disappointed

It seems to be 2-3 days for a reply from Stepchange too. Is this the norm? I know I can ring them but as my first payment to them won't go till 1st April thought there was not a lot of point.

PlymouthDad

Morning.

I think its because i'm following a couple of diaries where they are self managing and seem to be doing a lot more than I am. I am basically waiting until after 1st week of march to send my info to stepchange so they can start it in april. Gives us a little bit of emergency cash then to help us with the unknown surprises that will come up and if we struggle with the new budget, coz lets face it, if we could budget in the first place we wouldnt be in this mess!! grrrrr

blisteringblue

I know the feeling, I've sent all my details to stepchange now, asking to take first payment on 1st April, ready for dispersal 25th April.

Still means token payments until then I guess, even though some may get a little more when stepchange send it out.

I could have paid all my minimums this month as normal, but squirreling it away for those rainy days. We've working kids (twins) at home too who pay keep (it's declared with stepchange), but they are prepared to be an extra contingency if needed, said it was the least they can do, but we hope not to need it, but unlike their parents they are quite switched on with money. However as they drive the runabout car, benefited from the holidays and "stuff" that got us where we are now, they are going to help when needed.

PlymouthDad

Ah thats very grown up of your kids Bb. Nice. I like that.

Ive been a little bit more productive today. Have set up all but a couple of direct debits to the new account.

Just got home and found the first reply to my token payments and letter from Mbna. Basically thanks for letting them know, credit card is now closed. Please make sure i pay minimum payments otherwise charges and interest will be made. Tut.