January 2015 is the beginning

January2015

Another two letters came through the post today - both from H@lifax - one for DH loan and one for my loan. Both offers of lower payments accepted for 6 months only, interest will accrue on the underpayments and they will expect the arrears to be cleared when the temporary reduced payment plan end - but I'm not concerned about that. Also notes that they have the option to default if payments are not kept at the full rate - please feel free to do this

So on the DMP front I am finally starting to feel like everything is kicking in okay - panic almost over then

Ploppy - I think perhaps you are right and we will car boot our DVDs and CDs in the spring. We have boxed sets that are brand new, still sealed (we didn't buy them, they were xmas and birthday presents) and I looked on music magpie and other similar sites and the average price offered is £2.50.

Have a great day everyone

System

January2015 wrote: »

Another two letters came through the post today - both from H@lifax - one for DH loan and one for my loan. Both offers of lower payments accepted for 6 months only, interest will accrue on the underpayments and they will expect the arrears to be cleared when the temporary reduced payment plan end - but I'm not concerned about that. Also notes that they have the option to default if payments are not kept at the full rate - please feel free to do this

So on the DMP front I am finally starting to feel like everything is kicking in okay - panic almost over then

Ploppy - I think perhaps you are right and we will car boot our DVDs and CDs in the spring. We have boxed sets that are brand new, still sealed (we didn't buy them, they were xmas and birthday presents) and I looked on music magpie and other similar sites and the average price offered is £2.50.

Have a great day everyone

Yeah, a lot of ours are boxed sets....OH has a tendency to buy and never watch them as he downloads stuff!!! We did sort through them a couple of months ago but going to give them another cull as we still have too many. I tend to put on a good DVD when I am ironing... ( I have a few that I can easily watch over and over again), but he hardly ever watches any of them. The only box set we will watch over and over again is West Wing and From the Earth to the Moon.

I think this whole DMP thing has made me want to clear every aspect of my life, not just my debts.

January2015

I've had an email from eBay offering me 10 free listings and 75% off the final sale value fees. Listings must be up by midnight tonight....do I have the energy....er.......errrrrrrrr......oh flip I suppose I should

System

January2015 wrote: »

I've had an email from eBay offering me 10 free listings and 75% off the final sale value fees. Listings must be up by midnight tonight....do I have the energy....er.......errrrrrrrr......oh flip I suppose I should

they sent that to me last week....sold a couple of bits this week, but not much. It seems like we have to lower the prices to actually sell anything:(

January2015

I've spent the last half hour logging into to all our accounts and updating the outstanding balance for each creditor on our SC DMP online account. Debt has increased by £1,100. I knew it would increase whilst the DMP was being set up, but unless we can get Halifax to freeze interest on the loan payments it is going to go up even once the DMP payments are in place. Slightly depressing and I hope they realise their stupidity and default us sooner rather than later

January2015

Having updated the debt totals on SC, our new DFD is December 2023, or put another way it is 8 years 10 months away.

I'm going to monitor how much we can reduce the DFD by. In my dreams we will get that down to 6 years 6 months because then we could celebrate being 60 and being debt free at the same time:D

Brogden

January2015 wrote: »

Having updated the debt totals on SC, our new DFD is December 2023, or put another way it is 8 years 10 months away.

I'm going to monitor how much we can reduce the DFD by. In my dreams we will get that down to 6 years 6 months because then we could celebrate being 60 and being debt free at the same time:D

Hi January

It's frustrating I know but your posts are still beautifully written

You will have no problems, I am sure bringing your DFD forward by many years. I would urge you to consider self managing at sometime in the future though.

On the subject of Hellifax.......if it is a personal loan it is surely not likely that they have been adding interest? All of the interest for the full term would have been added the day you received the money? Your future payments are then just chipping away at an inflated loan figure (capital advanced + full interest.) I have had two or three myself!! CC's are entirely different.

Is it possible that you miscalculated the amount you owed to them and didn't take account of the interest added previously?

Brogden

System

January2015 wrote: »

Having updated the debt totals on SC, our new DFD is December 2023, or put another way it is 8 years 10 months away.

I'm going to monitor how much we can reduce the DFD by. In my dreams we will get that down to 6 years 6 months because then we could celebrate being 60 and being debt free at the same time:D

I need to update ours again, I did it the other week, but need to make sure it is correct. Ours is currently at 7 years and 1 month, but think it may be a bit more than that...it is the Lloyds loan and BC that are out problem!

January2015

Brogden wrote: »

Hi January

It's frustrating I know but your posts are still beautifully written

Thank you kind sir

Brogden wrote: »

You will have no problems, I am sure bringing your DFD forward by many years. I would urge you to consider self managing at sometime in the future though.

I am interested to know why you consider self managing preferable to going through a free debt charity service - being new to all this DMP stuff I can only see the benefit in having SC do the negotiations on my behalf, but am open to being informed differently

Brogden wrote: »

On the subject of Hellifax.......

:rotfl:I do so love your name for [EMAIL="H@alifax.....can"]H@alifax.....can[/EMAIL] I please have permission to use it from this point on:rotfl:

Brogden wrote: »

if it is a personal loan it is surely not likely that they have been adding interest? All of the interest for the full term would have been added the day you received the money? Your future payments are then just chipping away at an inflated loan figure (capital advanced + full interest.) I have had two or three myself!! CC's are entirely different.

Is it possible that you miscalculated the amount you owed to them and didn't take account of the interest added previously?

Brogden

The balance showing on our accounts (2 of the damn things) is the total owed; so you are correct interest for the full term of the loans was added the day we had the funds deposited into our current account and we have been (slowly) chipping away and interest and capital (in that order;)).

Hellifax have written advising they will accept the reduced payments offered by SC but advised as follows:

"You will pay more interest overall than if you were paying the full monthly amount when it is due. This is because interest is charged on the outstanding balance and this balance will be higher if you pay less than your full monthly payment when it is due"

My understanding of that (and please feel free to tell me if I have misunderstood) is Hellifax are treating the proposed offer of reduced monthly installments almost as a type of repayment reduction/holiday meaning the overall length of each loan will need to extended and they will continue to charge interest on the outstanding loan balance meaning we will pay more interest overall.

I probably haven't worded my posts very well, but what I am trying to say is that we are happy to freeze the balance of the loans as they are now, which includes the interest calculated for the entire term of the loans. We are not happy for Hellifax to continue applying interest on the balance of the loan due to reduced monthly installments offered and agreed through SC - does that make more sense? It will take far longer to clear the loans than the original terms with the reduced payments, but if they keep adding interest we will most likely never get there as the interest each month is more than the payment SC have offered them.

System

January2015 wrote: »

Thank you kind sir



I am interested to know why you consider self managing preferable to going through a free debt charity service - being new to all this DMP stuff I can only see the benefit in having SC do the negotiations on my behalf, but am open to being informed differently



:rotfl:I do so love your name for [EMAIL="H@alifax.....can"]H@alifax.....can[/EMAIL] I please have permission to use it from this point on:rotfl:



The balance showing on our accounts (2 of the damn things) is the total owed; so you are correct interest for the full term of the loans was added the day we had the funds deposited into our current account and we have been (slowly) chipping away and interest and capital (in that order;)).

Hellifax have written advising they will accept the reduced payments offered by SC but advised as follows:

"You will pay more interest overall than if you were paying the full monthly amount when it is due. This is because interest is charged on the outstanding balance and this balance will be higher if you pay less than your full monthly payment when it is due"

My understanding of that (and please feel free to tell me if I have misunderstood) is Hellifax are treating the proposed offer of reduced monthly installments almost as a type of repayment reduction/holiday meaning the overall length of each loan will need to extended and they will continue to charge interest on the outstanding loan balance meaning we will pay more interest overall.

I probably haven't worded my posts very well, but what I am trying to say is that we are happy to freeze the balance of the loans as they are now, which includes the interest calculated for the entire term of the loans. We are not happy for Hellifax to continue applying interest on the balance of the loan due to reduced monthly installments offered and agreed through SC - does that make more sense? It will take far longer to clear the loans than the original terms with the reduced payments, but if they keep adding interest we will most likely never get there as the interest each month is more than the payment SC have offered them.

Exactly what will happen with our LL***S one.....can't even bring myself to say their name now...LOL. We have so far paid them over £10k off the loan so we are about half way through but already the balance showing online is more than it was last month!