DMP & Mutual Support Thread - Part 10

Karen777

Done it. Am noddled. One default and one arrangement to pay. Wierdly a loan account of small (relatively value) are the ones who have put missed/ late payments and they are from the same people saying I am not in hardship (well, technically that was HBOS cc and this is a HBOS loan). Is it worth going back to the loan people specifically do you think?
Also one of my credit cards doesn't show up at all. Is that normal? Unsurprisingly my credit rating is very poor. Despite all my other accounts showing as being up to date. I'm quite confused...

Now off for a lie down.

Monkeyballs

Karen777 wrote: »

Thanks Puzz will have a look.

MB of G - I think it's because HBOS minimum payment is quite low compared to total debt - so because PP pro rata the whole debt, they are getting more than the minimum whereas other ccs (MBNA, Barclaycard and Santander) are not. For similar outstanding amounts the minimum payments are quite different wierdly.

I got a dmp as couldn't make minimum payments as had been using credit to pay off debt for years... and then the credit ran out.

Charges have been stopped on the two overdrafts but nothing on the credit cards or loan (HBOS).

What do you mean by going self managed? (Sorry I am pretty thick when it comes to money - have only started opening post in the last few months and am in my 40s.)

Ok I'll start by saying I've just taken some pain killers and my brain isn't 100% at the moment... LOL

I'm still a little lost, has your income gone up then which has allwed you to pay more than minimum to each of your creditors or have some been paid off maybe?

What I'm trying to say is if the minimum to all of your creditors each month comes to (lets say for sake of argument) £300 and you've gone into a DMP and are paying £350 and are paying comfortably then why would PP advise you to enter into a DMP? All it would do is trash your credit file with a load of defaults? The whole point is that it makes repaying your debts more affordable... Or was the aim of it to specifically stop charges on the two OD's?

When I mentioned going self managed, you would basically contact all of your creditors to tell them you're going self managed and send them a new I&E form with new offers of payment and a request they stop interest and charges (link to CAB info here; https://nedcab.cabmoney.org.uk/dmp.asp).

By doing this you can be more creative with your I&E and make lower offers which are below normal minimum payments which should prompt your creditors to stop charging and in the meantime you can start to save towards F&F's

I'm with SC to be fair but I'm sure someone else on a self managed DMP can explain more

MB of G x

Puzzcat

Karen777 wrote: »

Thanks Puzz will have a look.

MB of G - I think it's because HBOS minimum payment is quite low compared to total debt - so because PP pro rata the whole debt, they are getting more than the minimum whereas other ccs (MBNA, Barclaycard and Santander) are not. For similar outstanding amounts the minimum payments are quite different wierdly.

I got a dmp as couldn't make minimum payments as had been using credit to pay off debt for years... and then the credit ran out.

Charges have been stopped on the two overdrafts but nothing on the credit cards or loan (HBOS).

What do you mean by going self managed? (Sorry I am pretty thick when it comes to money - have only started opening post in the last few months and am in my 40s.)

Karen777 wrote: »

Done it. Am noddled. One default and one arrangement to pay. Wierdly a loan account of small (relatively value) are the ones who have put missed/ late payments and they are from the same people saying I am not in hardship (well, technically that was HBOS cc and this is a HBOS loan). Is it worth going back to the loan people specifically do you think?
Also one of my credit cards doesn't show up at all. Is that normal? Unsurprisingly my credit rating is very poor. Despite all my other accounts showing as being up to date. I'm quite confused...

Now off for a lie down.

Not thick Karen, just head in the sand like the rest of us..!! I found reading back the previous threads really useful pre setting up my dmp, if you can bare to do more reading you may find it incredibly useful.. knowledge is power after all..!!


Enjoy your lie down and well done for noddling..! I previously used experian and one of my cc's never showed on there, not sure why either but unfortuately the debt still existed.
Puzz.x

Karen777

No i'm not paying the minimum to any creditors other than the HBOS cc. Their contracted minimum payment amount is lower as a percentage of the overall debt than my other ccs so whilst not making the minimum payment on them - they have all accepted the payment plan - I am making over the contracted minimum payment for hbos.

So it's more like the minimum for all my creditors is 800 and i'm paying 600 but HBOS are getting more than their stated contractual minimum and everyone else is getting less than.

Sorry if I've confused things. I do that a lot...

F&Fs?

Puzzcat

Karen777 wrote: »

No i'm not paying the minimum to any creditors other than the HBOS cc. Their contracted minimum payment amount is lower as a percentage of the overall debt than my other ccs so whilst not making the minimum payment on them - they have all accepted the payment plan - I am making over the contracted minimum payment for hbos.

So it's more like the minimum for all my creditors is 800 and i'm paying 600 but HBOS are getting more than their stated contractual minimum and everyone else is getting less than.

Sorry if I've confused things. I do that a lot...

F&Fs?

Full and Finals.. offers to creditors for less than you owe, usually done when passed to a debt collecting agency who have bought the debt off the original creditor for less.

Karen777

ah. ok thanks.

Karen777

Hi Puzz/ MB of G - I have just seen a post earlier (#310) which I'd missed and now I see how the confusion has arisen (and I don't know how to post it as a quote in here - it's a Puzz post pointing out that I had said the creditors had reduced interest) - I had been assuming PP figures were right and have only just discovered they are not - I had assumed there was reduced interest as my PP debt was reducing every month by the amount paid and I didn't realise their figures weren't accurate - hence some exploring - hence discovering no reduction bar mbna.
Thanks for the responses and advice.

Time_to_face_the_music

Hi DMPers new and old :hello:

Welcome to tayajade, CloudStrife, mol3 and Karen777

Gosh it's busy here and great to see all the help and support going on from everyone :T

Karen - I think there is something odd going on with your DMP, if it was with StepChange I could understand the weird distribution of payments but it does not sound right for Payplan. How much are you paying per month in total towards your debts and how much is being added on interest? If it's not asking too much, it would be really useful to see a full break down of your debt, the payment per month and the current rate of interest on each debt.

If you are game for a bit of hassle and don't mind moving to a self managed DMP, I would suggest you come up with an emergency that means you have to move to token payments for 3 months or so, then go with the NED CAB DMP. You could save the rest of your normal DMP payment for those 3 months and either pay off one of your smaller debts completely or save it towards a F&F on one of your larger debts.

Going self managed sounds like a big thing but the CAB website is brilliant and you will get everything online that you get via Payplan or Stepchange plus it gives you the option to make more of your own decisions and keep full control of your debts and payments. I really can't recommend it highly enough.

https://nedcab.cabmoney.org.uk/dmp.asp

TTFTM x

sunnyskies2

Hi all

Karen just been catching up with threads - I Noddled last week for first time, all debts were on there apart from Barclaycard. I think I have read on posts that to get a full true picture of all debts you need to pay the £2 for reports from Experian and Exquifax too. For me, for now, the freebie Noddle is ok though:)


Sarah

Growurown

Monkeyballs wrote: »

Que? Pardon, no habla Inglesa dos cientos grammos de naranjas por favore! ('scuse el spellingo

Really MB, what you should be saying is 'mas cerveza por favor':beer:

Welcome to all the newbies, it is very heart warming to see all the support on this thread.

Just updated the spreadsheets with the new totals. We are now under the £18,000 mark, still got a year and a half to go until we are debt free but getting there.