DMP & Mutual Support Thread - Part 10

spot3

Barclaycard stopped marking mine AP a few months ago, once my payments got over the minimum amount, but they left it at 0% interest, which is nice of them.

neiljmuk

spot3 wrote: »

Barclaycard stopped marking mine AP a few months ago, once my payments got over the minimum amount, but they left it at 0% interest, which is nice of them.

Thats interesting, so if I'm making about 50% the normal minimum payment, then once half the balance is gone and the payment from SC represents what would be the actual minimum, they will remove the marker and treat it as a normal payment again with account up to date? To be honest if they do that, and bang interest back on it, I could live with that as I'll just drip feed em with over payments instead of paying in full as early as possible.

spot3

neiljmuk wrote: »

Thats interesting, so if I'm making about 50% the normal minimum payment, then once half the balance is gone and the payment from SC represents what would be the actual minimum, they will remove the marker and treat it as a normal payment again with account up to date? To be honest if they do that, and bang interest back on it, I could live with that as I'll just drip feed em with over payments instead of paying in full as early as possible.

well, that's what has happened to me, I'm not sure if it's normal or not but I've definitely got green markers instead of AP now and i'm still on DMP

neiljmuk

spot3 wrote: »

well, that's what has happened to me, I'm not sure if it's normal or not but I've definitely got green markers instead of AP now and i'm still on DMP

Come to think of it, I once got Citicard debt sold on to Cabot. The payments were up to date but the card suspended as I did not agree to higher interest. I'd missed a payment and caught up with it the month after so surprised it got sold but the cheeky sods at Cabot marked me with APs for 3 months. Must have been a payment that was just below what my minimum would have been but I'd just told them to take what would have been the first minimum payment then that same amount every month. No interest rate reduction or anything. The point is, the APs disappeared and it was green again for the rest of the payments.

Could be some positives re APs esp if their history is removed after 3 years on an open account that's gone green again once the payments are above the old minimum which they should be part way through any plan if you don't reduce the SC payments. I'm gonna ask BC cos they are very articulate and informative via their online ticket system. Could do without the interest but it's a toss up and I'll measure interest being charged across all creditors as a total against total payment and hence debt reduction and make sure that's in check overall before worrying about one creditor changing interest and another not etc

jools35

Time_to_face_the_music wrote: »

You could set up an online bank transfer to switch over your remaining funds from old bank to new, then you don't need to go to a ATM and worry about the limit or go into a branch.

TTFTM x

I'm at the same stage as this. My wages go into my old account on Friday. All dd's will come off on Monday (debits on Saturday, with Clydesdale bank). I have a loan with the bank and i intend to cancel the dd on Wednesday. I also have a 500.00 overdraft and ideally would like to move whats left in my account to my new bank using internet banking. Can the bank put a block on this to stop be taking the available balance (which will include the overdraft)? Or will they only transfer a small amount. I estimate to have in excess of £1K to move.

I could take it out in cash, but would prefer to do it online so less hassle. Just worried that they have some kind of reverse way of getting it back out of my new account?

neiljmuk

jools35 wrote: »

I'm at the same stage as this. My wages go into my old account on Friday. All dd's will come off on Monday (debits on Saturday, with Clydesdale bank). I have a loan with the bank and i intend to cancel the dd on Wednesday. I also have a 500.00 overdraft and ideally would like to move whats left in my account to my new bank using internet banking. Can the bank put a block on this to stop be taking the available balance (which will include the overdraft)? Or will they only transfer a small amount. I estimate to have in excess of £1K to move.

I could take it out in cash, but would prefer to do it online so less hassle. Just worried that they have some kind of reverse way of getting it back out of my new account?

Just bang the lot over. They might be able to see why you've done it but there is not much human intervention in the early stages. Just generic nasty letters because a computer can see that payments have not been made. They would not offset until after a payment goes into arrears and cannot move money back. That's theft once you've spent (ie transferred) it surely. Just cancel DDs you don't want active at the same time as moving your money. Kill the BACS details you have saves as well as the DDs and it's as you were. Make double sure the next pay goes no where near the old account though!

Philip624

Hope everybody is well.

My first annual review is due at the end of April, its been a tough first year with various stresses along the way but I will fortunately be in the position to increase my DMP payment by £50 a month. Spread over 11 creditors it will not amount to much of an increase individually but will have the effect of bringing forward my DFD by a whole year.

What re peoples experiences of increasing their DMP payment, will all creditors happily accept this or will they take the view that if I can afford to pay more then they will start adding charges etc?

System

Philip624 wrote: »

Hope everybody is well.

My first annual review is due at the end of April, its been a tough first year with various stresses along the way but I will fortunately be in the position to increase my DMP payment by £50 a month. Spread over 11 creditors it will not amount to much of an increase individually but will have the effect of bring forward by DFD by a whole year.

What re peoples experiences of increasing their DMP payment, will all creditors happily accept this or will they take the view that if I can afford to pay more then they will start adding charges etc?

Interesting question....look forward to seeing the replies

Philip624

ploppy57 wrote: »

Interesting question....look forward to seeing the replies

Thanks Plops, good luck, I started last March on £57k and similar time frame

spot3

Philip624 wrote: »

Hope everybody is well.

My first annual review is due at the end of April, its been a tough first year with various stresses along the way but I will fortunately be in the position to increase my DMP payment by £50 a month. Spread over 11 creditors it will not amount to much of an increase individually but will have the effect of bringing forward my DFD by a whole year.

What re peoples experiences of increasing their DMP payment, will all creditors happily accept this or will they take the view that if I can afford to pay more then they will start adding charges etc?

I increased mine after about a year by more than double (finished my OU degree so no longer paying fees) and I had no problems with creditors.