DMP & Mutual Support Thread - Part 10

Jono987

Rooster01 wrote: »

You will find some debts are paid quicker than others and when this happens payments towards other debts increases.

Ah i see, thank you I just assumed (wrongly) that it would be calculated to pay them all off at the same time. Lets hope my creditors are nice!

charmed1318

Hi to everyone.

I just have a question about DMPs. Are they much different to you doing it yourself.
Granted I am only paying between £1 and £5 to each of the nine companies I am dealing with because I am on ESA, but when I do get a job I will increase these payments (hopefully), am I missing out on something?

Charmed

Puzzcat

charmed1318 wrote: »

Hi to everyone.

I just have a question about DMPs. Are they much different to you doing it yourself.
Granted I am only paying between £1 and £5 to each of the nine companies I am dealing with because I am on ESA, but when I do get a job I will increase these payments (hopefully), am I missing out on something?

Charmed

Hi Charmed,


Don't think you are doing anything different just a self managed dmp. Well done! A dmp through a provider such as stepchange just means they communicate with the creditors during the set up and distribute your money. So we pay them once a month and they split it between the creditors. When it comes to getting interest frozen etc that is still down to the individual not for the dmp provider to push for.


Puzz

charmed1318

Thanks Puzz

minkeymootoyou

my direct debit, was returned and my rent paid, what a panic that was, phew !

Do you have to contact your lenders yourself to get 0% interst etc ?

spot3

minkeymootoyou wrote: »

my direct debit, was returned and my rent paid, what a panic that was, phew !

Do you have to contact your lenders yourself to get 0% interst etc ?

Thank goodness!

I didn't contact my lenders - Quickquid, RBS, Barclays overdraft, RBS overdraft, Fashionworld and Next all gave me 0%. Barclaycard didn't until 3 months ago when I queried why I had a late charge (they needed a review from SC) and i've been interest free ever since.

spot3

Sorry Sazzie, missed your reply. Thanks for not thinking i'm too weird. Challenges are a good idea, thank you.

I've confided in a friend, we're going to try and keep each other on track in terms of budget. I've helped her with snowball calculator and stuff and she's very motivated. I never expected to be able to help anyone get their finances in order!

Puzzcat

minkeymootoyou wrote: »

my direct debit, was returned and my rent paid, what a panic that was, phew !

Do you have to contact your lenders yourself to get 0% interst etc ?

If they don't freeze it, then yes ! You would need to write and complain and then take it up with the fos. They don't have to freeze interest but most do. BC are well known for not, and I did battle with creation and got mine reduced.
Puzz.x

Sazzie23

Jono987 wrote: »

Ah i see, thank you I just assumed (wrongly) that it would be calculated to pay them all off at the same time. Lets hope my creditors are nice!

Hi Jono, I'm still not sure I understand how SC get to that figure but here is the link that explains how they work it out.

http://www.stepchange.org/Existingclients/DMPclients/YourDMPpayment.aspx

joee

Hello there,

I am sorry for posting here, I feel awful doing this as a I don’t give advice (I would but I am not totally confident in advising or posting if I am being completely honest).

I am coming towards the end of my DMP with Stepchange (my total updated debt is £10,789.76) and I have a couple of questions if anyone is able to answer them I would be very grateful –

I am just reviewing all of my financial stuff and when I logged on to update my balances and I saw that my debt free date if the 14th June 2015 – can anyone explain this to me please. I send my payment to Stepchange on the first of every month and SC send payment to creditors on the 25th.

Along the same lines I have worked out the estimated balances for the next 4 months if I am able to continue paying £352.00 –

25th January – £9701.00
25th February - £10053.00
25th March – £10405.00
25th April - £10,757.00

In May I would be paying £32.76, can I add this to April’s payment, I know that this sounds stupid but I would love to be debt free by my birthday in May. If I am able to make an additional payment how can I do this?

I am very sorry if it is not appropriate for me to post here.

Lucy