Reduced SC DMP payment to repay a whole debt?

Puzzcat

But if you saved the £20 you would need to make up the f & f to the PDL you wouldn't need to reduce your dmp payment at all and you wouldn't need to make any contact with SC, then you can just update your online dmp.


Surely this would be easier than reducing dmp payments for one month? Maybe stop padding for a month then you'll have enough cash.... or do you have anything to that value you can sell??

eyeopener2

Bedsit_Bob wrote: »

Of course they will know, unless you intend to let them continue paying a creditor you have paid off.

But does it actually matter? I may have typed in haste there but the actual aim of my post was to say it's up to the individual debtor how they play these things.

There are many people who have overpaid one creditor to get rid, adjusting the balance as they go to zero.

You can offer one creditor a f n f, but not the others, it's no different.

Nothing to stop you doing that in the same way that creditors can up your interest without warning, if they have reduced it previously eg. Barclaycard.

Monkeyballs

Puzzcat wrote: »

But if you saved the £20 you would need to make up the f & f to the PDL you wouldn't need to reduce your dmp payment at all and you wouldn't need to make any contact with SC, then you can just update your online dmp.


Surely this would be easier than reducing dmp payments for one month? Maybe stop padding for a month then you'll have enough cash.... or do you have anything to that value you can sell??

The problem is that I always make my payment to SC on payday...

Oh hang on, penny just dropped LOL

I could just make a £500 payment to SC as normal, zero out the Wonga balance and then the £500 would be split among the others so it would be a £20 overpayment that month...

DURRR... The extra £20 wasn't an issue, I just didn't want SC making an additional £20 to Wonga after I'd paid their F&F but as they hold my money for almost a month I'll have plenty of time to get in pay them and zero it down!

I think (if I do go for it) that Wonga would be my last F&F at least for a while as my other debts are mostly bigger or less willing to negotiate plus I now want to start saving a shilling or two towards a treat for when I'm debt free

Thanks Puzz x

MB