Coming to the end of a DMP-what next?

Jreg_2

Hi everyone

I'm coming (hopefully!) to the end of a 4 year DMP. Officially, the last payment is next month but there is a substantial difference between Payplan's balance and some of our creditors. I think this is approx 4 more months worth of payments. I appreciate this doesn't seem long to some but after 4 years we are desperate for this to be over. I was hoping for some advice from people who've been in a similar situation. How do the creditors respond to this difference. Is it wishful thinking to think that it will be written off (probably!) or do they expect all the additional interest to be paid?

Some of our creditors froze interest straight away or charge something like £5 a month. Thank you barclycard and virgin. Marlin have been absolutely horrendous and haven't frozen interest at all.

It's been tough at times but feel like light is at the end of the tunnel. Paid off approx £36,000 over last 4 years. Still can't believe we got ourselves in this situation but proud to have (almost!) dug ourselves out of it!

Thank you in advance for any help.

To anyone at the beginning of this journey....good on you for dealing with it and keep going...you will get there in the end!

sourcrates

Hi,
Cant understand why the balances would differ, as the information regarding your accounts should be shared information, you need to get exact clarification of what remains outstanding, maybe better doing this yourself for peace of mind, wont hurt to ask the creditors to close the accounts for payments to date, seen as though you've paid them back 36 grand respectively, well done on that score by the way, great feeling to be debt free :beer:

Puzzcat

Did you update your payplan balances as you went along with your creditor statements? I am only in the early stages of my dmp so can't advise on what happens next, I assume you will keep paying until payplan say its finished.
Well done on paying so much off in a relatively short time, you are an inspiration and I hope you have lots of lovely plans for when you are finally df.

Time_to_face_the_music

Jreg wrote: »

Hi everyone

I'm coming (hopefully!) to the end of a 4 year DMP. Officially, the last payment is next month but there is a substantial difference between Payplan's balance and some of our creditors. I think this is approx 4 more months worth of payments. I appreciate this doesn't seem long to some but after 4 years we are desperate for this to be over. I was hoping for some advice from people who've been in a similar situation. How do the creditors respond to this difference. Is it wishful thinking to think that it will be written off (probably!) or do they expect all the additional interest to be paid?

Some of our creditors froze interest straight away or charge something like £5 a month. Thank you barclycard and virgin. Marlin have been absolutely horrendous and haven't frozen interest at all.

It's been tough at times but feel like light is at the end of the tunnel. Paid off approx £36,000 over last 4 years. Still can't believe we got ourselves in this situation but proud to have (almost!) dug ourselves out of it!

Thank you in advance for any help.

To anyone at the beginning of this journey....good on you for dealing with it and keep going...you will get there in the end!

Payplan and Stepchange do not take any interest into account when updating your balance each month, so you will need to find accurate balances for all of your accounts and update these on the Payplan website.

Did you ever make official complaints about creditors who were still charging you interest? If not, it's late in the day but it still may be worth doing it now and asking for interest paid to be refunded. If you need help with template letters, you can use those on the National Debtline website or ask for one and someone here will guide you.

Have you claimed back any PPI paid on any of your accounts? If not and you did pay any, now is the time to act on that too.

TTFTM x

sourcrates

Time_to_face_the_music wrote: »

Payplan and Stepchange do not take any interest into account when updating your balance each month, so you will need to find accurate balances for all of your accounts and update these on the Payplan website.

Did you ever make official complaints about creditors who were still charging you interest? If not, it's late in the day but it still may be worth doing it now and asking for interest paid to be refunded. If you need help with template letters, you can use those on the National Debtline website or ask for one and someone here will guide you.

Have you claimed back any PPI paid on any of your accounts? If not and you did pay any, now is the time to act on that too.

TTFTM x

Also any charges applied to creditcard accounts, reclaim them too !!

Jreg_2

Thank you for the replies so far. Really helpful and i will be in touch with the creditors to see what they can/might do.

thanks again

antonic

Enjoy the rest of your life and vow NEVER to get back into debt again .... thats what I am doing after I finished my DMP with Payplan last year.

Since I got DF I have been able to

1) Save up and pay for Xmas and
2) Have a first foreign holiday with my dad.

With regards to the difference in balances outstanding, I knew well in advance that I had been charged interest by HBOS during the life of my DMP which equated to a further 6 months of payments.

I paid them and am now DF.

(BTW when you log into your Payplan account, it does make it clear that the outstanding balances do not include which may be charged).

Well done on getting DF, enjoy the rest of your life !