DMP & Mutual Support Thread - Part 10

Sazzie23

Morning all

Just heard some news about Wonga writing off a load of debts, not one of my creditors map but maybe good news for some on here ?

Monkeyballs

Hey, good shout Sazzie...

http://www.theguardian.com/money/2014/oct/02/wonga-writes-off-customer-debt

Wonder if this will include people who are repaying through DMP's since "technically" we are behind with our repayments...

MB of G x

moneypit2014

ghostmadlittlemiss wrote: »

I think you're absolutely right to give it a few months first, when I was with StepChange I thought their food amount was huge and it turned out to be much less than I was actually spending. But if they do turn out to be too generous, maybe think about putting the money into your emergency fund and then when that's at a level that you're totally comfortable with, try saving for Full and Finals.

Also, it's worth keeping in mind that StepChange's budget can be a bit limited in terms of categories, I can't remember whether or not they have a birthday/Xmas pressies category but I know they don't have a holiday one and the length of most DMPs is a long time to go without even a weekend away somewhere. So it might be worth keeping the excess StepChange is giving you for other things that they don't take into account.
Kayleigh

No, they don't have birthdays/christmas. That's good advice, thanks.

We've set up a couple of savings accounts - one for yearly or ad hoc bills and another for any money we have extra at the end of the month.

moneypit2014

And you're welcome Moneypit. I think most people have a bit of a "high" for the first few weeks in reaction to being in control (I know I did) Now you're over the peak of the mountain have a rest and stroll down the other side with us. Keep in mind this is a marathon not a sprint.

Thanks Kate. Oh I know, we've been in debt since we have been together (and hubby was before). I think we kind of lived in the culture of being in debt is ok, it never crossed our minds in our younger years about being debt free. We have always kind of managed it to an ok level, but this time it was just too much.

Time_to_face_the_music

Iwanttobefree wrote: »

Phoned Creation today as I noticed that on two of the accounts/letters payment was due yesterday while the 3rd account/letter (same date) says it's not due until 31st October.

I pointed out that Stepchange set it all up last month and weren't even taking my first payment until today, he said he would log into his Stepchange portal to check (which I thought was weird), so I told him I decided to run my DMP myself and informed Stepchange Monday, just wanted to check the payment dates.

Even though I explained Stepchange only set it up last month, as I told Creation I was managing the DMP myself, I have to send them I all my income and outgoings.

I thought I'd escape this for a few months having just done it with Stepchange but no, they have put all 3 accounts on hold for 2 weeks until they get my details.

On the plus side he did say on all 3 accounts there was always the offer of a 30% discount for final settlement (he said this was noted on all 3) so if I ever get some money, that's a nice £6k off what I owe them.

Stepchange communicate with creditors via an online portal, rather than email, writing, phone etc.

Are you paying your creditors the same as Stepchange would have? If so, just send their budget again or cut and paste it into a letter and take out Stepchange's details. If not, NED CAB DMP website has some great templates for I&E, letters etc.

TTFTM x

Time_to_face_the_music

Kate_fixing_it wrote: »

PPI is on its way!!! :j :j :j

Payment was sent at 12.05pm today Technically HSBC haven't called back yet, they called about something else but I wouldn't let it drop so the (actually really nice) lady on the phone read out all the details on her screen.

So I'll be celebrating my 1st LBM Anniversary with nearly £3,000 in the bank ready for F&Fs and a full emergency fund, can't think of a better way to celebrate

The moral of the story? Check what details you give VERY carefully! And yes, I'm a bit of a Muppet sometimes

Actually today has turned out pretty well, I escaped from work at 4.20pm and don't need to work tonight so I'll be having a wonderful hour sitting in a car park while DS2 is at Fight Club (our special name for his martial arts class) with a book in peace. Bliss!

Kate x

Brilliant news about PPI Kate and hope you enjoyed the LBM anniversary :T

Monkeyballs wrote: »

I luuurve the Barclaycard in every single way,
The way the lie and cheat us all despite us wanting to pay,
If I just had a single wish, this is what my wish would do,
I'd make a wish for Barclaycard to be a lot less poo

THE END

Not sure if my feelings about Barclaycard have been clear enough in the past

MB of G x

MB - you crack me up! :rotfl:

flowerpotter_2

Congratulations on the PPI Kate! :T


I have to say nobody in our family know the extent of our debt problems or the fact we are on a DMP.


Busy few days debt wise.


No progress with Virgin Media and them supposedly not receiving PP payments. PP is in the process of sending proof over so we shall see what they say then.

I had a late night tango with Shop Direct last night. The debt was originally in my OH’s name but he signed over authority for me to deal with it ages ago. I have been speaking to them for months but for some reason last night they “could not see any authorization on their records” and subsequently would not deal with me! :mad::mad: I fired off an email this morning but they are really good at ignoring them so I will have to get OH to phone next week.


Interesting news re Wonga. We have just under £2,000 with them and it would be fantastic if we were one of the chosen! :j


Louise

flowerpotter_2

I forgot to say I had a LBM with my phone bill last night. :rotfl::o It suddenly occurred to me that Plusnet offer an "Anytime" call package at £5 a month. I did a little back dating on our phone bills and going by average call usage we will save £25 a month with the new package.

I feel a bit dim for not thinking about it sooner! :o:D

Louise

moneypit2014

flowerpotter wrote: »

I forgot to say I had a LBM with my phone bill last night. :rotfl::o It suddenly occurred to me that Plusnet offer an "Anytime" call package at £5 a month. I did a little back dating on our phone bills and going by average call usage we will save £25 a month with the new package.

I feel a bit dim for not thinking about it sooner! :o:D

Louise

Better now then never! £25 saving per month is awesome

jubilee14

Flippin heck put a post in start of the week and its now four pages back! great activity.

I know a lot of recent posts are on the creation - which i cant really contribute to.

But was just wanting to know on Self Managed do you have to justify the split of money to all the creditors? reason i ask is did my spreadsheet what if update to see if i reallocated the payment agains size of the debts. because BC are still the larges debt about 35% of my debt. if i pay them 35% of the payment they will likely still charge.

Could i revert to a token payment while i set this up and then allocate money else where till its paid off? Or should i reduce all the interest free payments to drive down the BC debt. at the moment the way i am paying through SC even with 6.9% interest seems to work out quicker. though cant think why!

Pay 527/ month
BC get 205/mth and apply about £60 interest.

Rest of payment is split between HBOS/Hfx on cc and 1 very small payment to OD.

any accounting advice would be appreciated as i seem to have confused myself as to best way to take Self manged forward. hoping to up payments by at least 50 quid per year till paid off.

thx