DMP & Mutual Support Thread - Part 10

Sazzie23

Slothy88 wrote: »

On the subject of F&Fs, does making a reduced final payment do any more damage to your credit file, i.e. will it add yet more years onto being 'marked' or does it look particularly worse to lenders? (Asking for mortgage purposes again). When I asked the lady at Stepchange she seemed to think it wasn't a great idea as it shows up on you file as only being partially paid.

Interesting, I've never heard of that, I think there is an F&f thread somewhere I might try and find out

Kate_fixing_it wrote: »

Now I have a "what do you think?" query.

Creation have come back with a counter F&F offer. 80%. £518 off the total. What's bugging me is that £300 of the total is interest they've charged since I started the DMP

The woman on the phone hinted that if I called back later and offered 68% they might go for it.

What do you think?

Kate x

Well I suppose that's saving £518 means that the £300 interest is taken off ? Or am I being dim

Kate_fixing_it wrote: »

To add to this I have the same showing as Puzz but the mobile display and Web page displays are different. The mobile one says UC on each green dot for one account and plain green on another, that plain green changes to AR on the full website.

Definitely worth double checking in both views.

Kate x

Ooh thanks Puzz, TTfTm & Kate, I will go and have another look at this on Noodle, any other credit sites I ought to check ?

From a book ending perspective, I have updated my SC balances for November.

Puzzcat

Hello...


There are quite a few posts appearing on the debtfree wannabee thread from disgruntled dmp'ers who hadn't realised that interest had not been frozen or reduced until well into the plans.




DMP'ERS.....
CHECK YOUR STATEMENTS EVERY MONTH
IF YOU DON'T GET STATEMENTS RING FOR BALANCES
CHECK FOR FREE ON NODDLE (slightly behind but you can work it out...)


I'm just amazed that so many people assume they are not being charged and rely solely on the providers statements and are then surprised when they find out !! Just thought I'd shout the middle bit for anyone who hasn't posted yet but may be reading who is doing this...


Puzz. x

Kate_fixing_it

Sazzie23 wrote: »

Well I suppose that's saving £518 means that the £300 interest is taken off ? Or am I being dim
.

Sorry didn't explain very well.

I owe 2907, I pay 28 per month they add 27 interest :mad: if they weren't charging interest (like ALL my other creditors) I'd have reduced the balance to under 2600 by now.

I offered 1392, they've countered with 2326 (80%)

Because of the interest and additional charges at the beginning the balance increased as the DMP began and (lower) interest is still being charged so I'm actually paying 57p per month off a debt of 2907 :eek:

So my 20% discount consists of 6% them writing off their own charges and 14% off the initial debt.

Kate x

Kate_fixing_it

Well, I've countered again at 1792 (61%) and it's literally all I can give them.

Trying to think positive now. IF they accept, my DFD will leap 18 months closer - 55 more payments. On my DFD I'll have cleared £16,360 of debt. And to put that in perspective when I had my LBM I thought I owed around £8,000 IF this is accepted I'll have £7,187 left to pay.

Cross everything for me please people! Not quite sure how I feel about it all right now. Feel like a bit of a failure for asking for a discount on repaying money I borrowed. I keep telling myself that masses of it is interest and charges but it's not much consolation right now. I just really hope they accept this offer.

Kate x

TimeToDoIt

Thinking of you and hope they come back with a big fat YES

SquirrelNuts

Kate_fixing_it wrote: »

Well, I've countered again at 1792 (61%) and it's literally all I can give them.

Trying to think positive now. IF they accept, my DFD will leap 18 months closer - 55 more payments. On my DFD I'll have cleared £16,360 of debt. And to put that in perspective when I had my LBM I thought I owed around £8,000 IF this is accepted I'll have £7,187 left to pay.

Cross everything for me please people! Not quite sure how I feel about it all right now. Feel like a bit of a failure for asking for a discount on repaying money I borrowed. I keep telling myself that masses of it is interest and charges but it's not much consolation right now. I just really hope they accept this offer.

Kate x

Hi Kate,

If they don't accept, then you've still got that money tucked away to utilize at a later date when some of the debts are smaller, so nothing lost and your DFD date is already closer...

Of course, if rejected, you could make a F&F offer to one / some of your other creditors in your debt plan - you never know, even if the other debts are larger, one of them might accept!

SquirrelNuts

toots82

Hi everyone,

not been on in 4 months :eek: how bad is that??

Well, I've just had our first annual review with Gregory Pennington (was Wilson Andrews) for our DAS & it went well, DH and I have both had wage increases but mine is a flexible contract plus childcare costs have increased so its all balanced out and is staying as it is :T

We've had a nightmare with RBS, they just couldn't seem to get to grips with us being on the DAS & have intermittently harassed us, passing us on to recovery companies the last week getting a sheriff court summons issued to my DH :eek: . I have to say this was one of the times I was so glad we have a company dealing with this for us, a few emails to GP advisers and it was all dealt with smoothly. Annoyed though as in a DAS it's deemed unlawful for the companies to try and take this action against you.....we've been in the DAS a year now and contacted RBS numerous times!!!

Anyhoo that's all by the by. Hows everyone else doing?

1 year down, 4 to go

Sazzie23

toots82 wrote: »

Hi everyone,

not been on in 4 months :eek: how bad is that??

Well, I've just had our first annual review with Gregory Pennington (was Wilson Andrews) for our DAS & it went well, DH and I have both had wage increases but mine is a flexible contract plus childcare costs have increased so its all balanced out and is staying as it is :T

We've had a nightmare with RBS, they just couldn't seem to get to grips with us being on the DAS & have intermittently harassed us, passing us on to recovery companies the last week getting a sheriff court summons issued to my DH :eek: . I have to say this was one of the times I was so glad we have a company dealing with this for us, a few emails to GP advisers and it was all dealt with smoothly. Annoyed though as in a DAS it's deemed unlawful for the companies to try and take this action against you.....we've been in the DAS a year now and contacted RBS numerous times!!!

Anyhoo that's all by the by. Hows everyone else doing?

1 year down, 4 to go

And RBS are a Scottish bank..tsk tsk
Glad it's sorted though and you are getting on well. Is interest frozen automatically on a DAS?

Sazzie23

SquirrelNuts wrote: »

Hi Kate,

If they don't accept, then you've still got that money tucked away to utilize at a later date when some of the debts are smaller, so nothing lost and your DFD date is already closer...

Of course, if rejected, you could make a F&F offer to one / some of your other creditors in your debt plan - you never know, even if the other debts are larger, one of them might accept!

SquirrelNuts

Great point, and Kate don't feel bad about it, you will be saving them loads of costs in admin and have probably paid off the actual amount borrowed several times over. And if they don't accept...it wasn't meant to be !!

Kate_fixing_it

I don't know why it's bugging me, not as if they're playing fair with the interest and I'm usually so positive about debt busting. This is biggest debt (more than double the next one down and almost 30% of my total debt).

Guess it's a bunch of stuff weighing on me and not enough time to do it all. I'm sure I'll snap out of it soon.

Thank you for your kind words lovely people

Kate x