DMP & Mutual Support Thread - Part 10

ghostmadlittlemiss

Sazzie23 wrote: »

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 wrote: »

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

According to this, yes, it will! :j :j :j £449 off my debts and if the FCA does the same thing to all payday lenders, my debt will be easily cut in half straight away! :j :beer:
Kayleigh

Time_to_face_the_music

jubilee14 wrote: »

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

When we changed to self managed, I made token payments to all creditors for 3 months and saved all normal DMP payments. At the end of the 3 months, just one account, M&S, was still charging interest and we had already lost a case with the FOS on this one, so I used the 3 months savings to pay them off completely and shared the remainder out amongst other creditors. The next month I sent out an updated I&E and we started up normal DMP payments again to all creditors.

You will need to be very disciplined about saving the money and to have an excuse why you are on token payments for 3 months, we needed a new roof. We actually did need roof repairs but they certainly weren't as extensive as I made out

TTFTM x

Kate_fixing_it

The article says they'll inform you by 10th October so only 8 days to wait.

I'm so glad to see their new CEO is tackling this and hopefully kerbing the PDL epidemic. The PDL business took a huge hit earlier this year when many firms collapsed. I think this is an attempt to achieve longevity by wonga. They withstood quite a shake already this year. Next they'll be sending around their staff to hug us all I'd love to see their bottom line if they can payout £220mil without putting up a fight I can imagine what they have stashed away!

Thanks for the well wishes from all. At worst that'll be a quarter of my remaining debt gone and take me down to four figures at best I'll get some F&Fs and it'll drop further. Getting really excited about it now!

Kate x

Time_to_face_the_music

Kate_fixing_it wrote: »

The article says they'll inform you by 10th October so only 8 days to wait.

I'm so glad to see their new CEO is tackling this and hopefully kerbing the PDL epidemic. The PDL business took a huge hit earlier this year when many firms collapsed. I think this is an attempt to achieve longevity by wonga. They withstood quite a shake already this year. Next they'll be sending around their staff to hug us all I'd love to see their bottom line if they can payout £220mil without putting up a fight I can imagine what they have stashed away!

Thanks for the well wishes from all. At worst that'll be a quarter of my remaining debt gone and take me down to four figures at best I'll get some F&Fs and it'll drop further. Getting really excited about it now!

Kate x

Their £220 million write off will only cost them £35 million, I think we all know where the rest of the money would have come from :mad:

Am very disappointed not to see Stella Creasey's name mentioned in the campaign to sort out the scum. She has been a tireless campaigner and it's about time she received some credit for it.

Now all that needs to happen is to stop the big names in banking pulling the same tricks that the sub primers do/did. I wonder when that will be ..... anyone see that pig flying past :whistle:

TTFTM x

Kate_fixing_it

Time_to_face_the_music wrote: »

Their £220 million write off will only cost them £35 million, I think we all know where the rest of the money would have come from :mad:

Am very disappointed not to see Stella Creasey's name mentioned in the campaign to sort out the scum. She has been a tireless campaigner and it's about time she received some credit for it.

Now all that needs to happen is to stop the big names in banking pulling the same tricks that the sub primers do/did. I wonder when that will be ..... anyone see that pig flying past :whistle:

TTFTM x

She's the one name that comes up over and over, you're right, ßhe deserves some recognition.

I do wonder if this is the tide turning? Perhaps we will see changes going up the food chain, I certainly hope so.

whatever happens I think we'll see a lot of milestones on this thread very soon

Kate x

Kate_fixing_it

And to lighten the mood...in no way debt related...

DD2 told me what she wants for Christmas this morning. A pony :eek: being a responsible parent I explained that we don't own our house and we're not allowed pets so, in attempt to halt any thoughts of puppies or kittens I told her she should try to think of something that's not alive. DS2 piped up; "a dead pony". She spent the rest of the 15 minute drive to school evaluating that option.

:rotfl: :rotfl: :rotfl:

Kate x

Monkeyballs

Kate_fixing_it wrote: »

DD2 told me what she wants for Christmas this morning. A pony :eek: being a responsible parent I explained that we don't own our house and we're not allowed pets so, in attempt to halt any thoughts of puppies or kittens I told her she should try to think of something that's not alive. DS2 piped up; "a dead pony".

I obviously have the mind of a child as my thoughts turned to a dead pony too LOL awesome

MB of G xxx

jubilee14

Kate_fixing_it wrote: »

And to lighten the mood...in no way debt related...

DD2 told me what she wants for Christmas this morning. A pony :eek: being a responsible parent I explained that we don't own our house and we're not allowed pets so, in attempt to halt any thoughts of puppies or kittens I told her she should try to think of something that's not alive. DS2 piped up; "a dead pony". She spent the rest of the 15 minute drive to school evaluating that option.

:rotfl: :rotfl: :rotfl:

Kate x

Just Brilliant!

jubilee14

Time_to_face_the_music wrote: »

When we changed to self managed, I made token payments to all creditors for 3 months and saved all normal DMP payments. At the end of the 3 months, just one account, M&S, was still charging interest and we had already lost a case with the FOS on this one, so I used the 3 months savings to pay them off completely and shared the remainder out amongst other creditors. The next month I sent out an updated I&E and we started up normal DMP payments again to all creditors.

You will need to be very disciplined about saving the money and to have an excuse why you are on token payments for 3 months, we needed a new roof. We actually did need roof repairs but they certainly weren't as extensive as I made out

TTFTM x

Thanks TTFM i think i will look at all the options on how best to attack this as i wont have enough F&F to write BC off just now.

as you say need to be disciplined. Might opt for an official complaint as because they hadnt been charging interest till the other month i hadnt done that yet.

Might dig out the PPI and see if any joy as been putting that off and not sure it will come to anything. but got to try

Monkeyballs

Hi,

Just a little word to the wise, Barclaycard review accounts semi-regularly so if they see an account which had previously being making small enough payments for them to stop interest altogether and then see payments being made which are higher then they will start to charge interest.

I don't think the same applies if you make one off additional payments but if you pay more regularly or make a higher offer to pay than before then they'll charge

From what I've seen in the past, the best way to avoid this is to make token offers until they sell the debt or just make smaller offers and save extra to either make an F&F or pay the debt off in full.

Hope this helps someone

MB of G x