DMP & Mutual Support Thread - Part 10

snpjaw

snpjaw wrote: »

Good Evening All

I have had an active DMP since 2012 and should be DF by early 2017. My biggest outstanding amount is to Halifax on a credit card approx 5k at present so they have been receiving the biggest payment on the DMP, having been able to jiggle my budget around over the last couple of years I am now paying them more than my original contractual payment (so far they have not defaulted me on the DMP). They have noticed that I am now overpaying and have put interest back up to original rate of 29.95% :eek:, (they did write to me regarding this and I got in touch to say this may put me back into financial difficulty) obviously this is going to prolong things DMP wise but I'm reluctant to stamp my feet too much as I'm trying to be responsible about all of my debt and also hold a mortgage with them but just wondered if anyone else has experienced this?

Any advice appreciated, many thanks

Thanks to all who gave advice on this post, wrote into Halifax back in April to say I thought the decision to hike the interest back up was a little unfair as my payments would increase as my debt decreased etc etc and have finally had a decision in writing back, my default has been removed, I have had just over £1800 :eek: of interest and charges refunded, all future charges and interest have been waived :T so ultimately my DFD has come forward by about 4 months :rotfl: so pleased!! To anyone having similar issues, if you think charges are hampering your DMP, get a letter sent off outlining your issues, it could get you a really positive result :money:

Have a lovely weekend everyone :j

SquirrelNuts

snpjaw wrote: »

Thanks to all who gave advice on this post, wrote into Halifax back in April to say I thought the decision to hike the interest back up was a little unfair as my payments would increase as my debt decreased etc etc and have finally had a decision in writing back, my default has been removed, I have had just over £1800 :eek: of interest and charges refunded, all future charges and interest have been waived :T so ultimately my DFD has come forward by about 4 months :rotfl: so pleased!! To anyone having similar issues, if you think charges are hampering your DMP, get a letter sent off outlining your issues, it could get you a really positive result :money:

Have a lovely weekend everyone :j

Wow! Great result Snpjaw!

I am still waiting for Everyday Loans to get back to me re: their interest charges, so hoping for a fair result from them too.

Squiz

Karen777

well done Snpjaw!! that's great stuff!!

Jono987

Has anyone tried to contact SC today? I have tried four times and been on hold constantly each time, god knows how much its cost me.

Almostthere78

Great news snpjaw!

Puzzcat

Jono987 wrote: »

Has anyone tried to contact SC today? I have tried four times and been on hold constantly each time, god knows how much its cost me.

Are you using 08001381111 this is a free phone including all major mobile networks.
Puzz.x

Sazzie23

Jono987 wrote: »

Has anyone tried to contact SC today? I have tried four times and been on hold constantly each time, god knows how much its cost me.

Ricky on the skint dad blog site has recommended this app

http://www.weq4u.co.uk Which gives access to free 01.02 and 08 numbers, I haven't tried it myself but maybe it'd help for some calls.

I just happened to be reading the blog when I saw the dmp post.

phoenixx

GibbsRule_No3 wrote: »

Just realised I have been debt free for a year this month. What a difference a year has made. New home, all new furniture and fittings. No debt, all paid off with the pension lump sum and still lots left, now I don't have the monthly payments to the DMP. Two or three years more working with the added DMP and monthly pension money to build up a nest egg before the State Pension kicks in. As it worked out the DMP was the best thing for me, it meant for five years before the Private Pension kicked in I managed to pay off all my debts so that PP is now all mine and did not have to pay the debts, leaving me with nothing. It was scary for the first few months after realizing I was spending more than I earned and the Bank were not going to let me roll over another loan, so glad they did not now. I hope all your outcomes are as good as mine has worked out. Main thing it is a long haul, so don't scrimp to the bone to get it paid quicker you are more likely to fail that way. Budget to live a comfortable, but not extravagant life. Think of that DMP money that will be yours monthly after it is paid off. It is nice knowing when I buy something it is paid for, even after the year I still don't have a credit card.

I found your post inspirational Gibbsruleno3 - how wonderful to think of the freedom when DMP ends. We have been in a bit of a half way house doldrums recently but reading how things are for you post DMP has helped me to regroup and plan for the future. Comfortable but not extravagant is a great premis. I don't think I ever want another credit card!

Phoenix

Sazzie23

Hi everyone

I've noticed a few posts lately which make me think the average age of a DMPer is probably higher than I'd assumed, simply because we are mentioning retirement and pensions so I wondered if anyone would be willing to take part in a quick straw poll.

Here are my answers, bit of fun, but I am kinda interested ?


Age you started DMP 46
How long in years since you started DMP ? 2
How long left approx- at current rate or in your plan 15/7

GibbsRule_No3

Sazzie I was 55. I applied for a 10 year loan and was turned down. I had done this since about age 35. When I was turned down it was a shock. I had never had problems paying them back and knew that around 60 I would have at least one final salary lump sum that I would have used to pay the new one off, or at least not need another. I did wonder after the turn down if my age was the problem. On paper at least and they did not my circumstances, still working, lump sum and extra pension per month. As I have said the turn down of that loan and then doing the DMP was a Godsend now. I had the opportunity to downsize my two bedroom, noisy ground floor flat for a single storey dwelling in a group of twelve bungalows, in four groups of three attached, in a close, where you have to be over 55. The money from the lump sum was now mine, so everything in the home is brand new and will now last me (hopefully) for the rest of my life with the exception of TVs, fridges, curtains, bedding changes etc. yes the rent is more but having the extra DMP money that I had not been able to use for myself I knew I could afford it. This thread and the "without a paddle" one that I joined whenI started the DMP with like minded or situation mined people was a great help. Information shared was invaluable and the encouragement to keep going when things look bleak really helps. If you read new postings this thread is often recommend. I certainly agree, no negativity whatsoever ever.