DMP & Mutual Support Thread - Part 11

zenshi

Then I would definitely put it aside and leave it. If by chance next month, you have extra then you could carry on and build am emergency fund or use a bit as an extra payment

They are getting a payment.....they are happyish....do not make life more stressful for yourself

MitziB

Pc2003 wrote: »

Okay... Some help/thoughts as this is where I struggle. Get paid today. Done a budget covers everything to the penny. I will have a surplus of aprx 140 pounds this month....
What do I do with it???
I have no emergency/savings fund. Do I use it for this or do I pay some towards debt??
I'm so worried if i pay it off debt it's gone and if I need it I can't have it....
If I do pay it towards debt do I split it equally between all or do I pay it all off one? Split between all will prob only be a tenner or so? Is it worth it?

***Sorry, you posted a couple of times more since I read the quote above and wrote my reply here. Will leave it as it is , at the risk of seeming bonkers:o and even though you answered some of my points in your posts which I hadn't seen when I wrote it.***


Well done for having a nice surplus:beer:. I'm green with envy:o.

Sorry if I've got it wrong but didn't you say you are on a DMP? If it is with Stepchange they really don't like people paying extra to their creditors as they have negotiated a pro rata system so all creditors are paid fairly. Paying extra to one upsets the apple cart.

You could contact SC (if that's who you are with) and pay an extra sum this month and they would probably then distribute it evenly (and thinly) among all your creditors.

Stepchange should be aware of all your debts if you are on a DMP but if you have others that they are not aware of I don't suppose it will be a problem paying them directly;).

Personally, if I ever manage to accrue a bit of extra money (as rare as hens' teeth though:o) I save it towards potential emergencies. Being on a DMP with no savings or access to credit is scary when something major needs repairing or replacing:eek:. It's so reassuring to have a cushion to fall back on:j

Pc2003

Great thanks folk. Will put it aside.

chiefsfanuk

Well I have had a busy afternoon preparing my SC paperwork and evidence. Hope to get it all sent off to them tomorrow. Got most of it together just need to dig out evidence of tax credits & child benefit.
Got our new basic account card & pins through this week so that feels nice, shiny new bank account with no overdraft or bad history!
Anyone know how SC and DMPs deal with variable pay? I'm on salary so mine is flat rate every month, but DH works salary plus overtime plus a school term time element which depends on the amount of school days in the month. His pay can vary from £780 to £930 so on the initial enquiry I just put £850... Curious as to how this might be taken into consideration.

Hope you're all having a nice day

System

January2015 wrote: »

Awesome news Plopper :j

I am awaiting a response to our latest letter to BC. Fingers crossed we get the result you (and Phoenix) finally have;)

Will keep my fingers crossed for you.

System

I have read that a few people have paid extra to one creditor if they get any extra money one month, just by logging on to their account and paying direct. Is it ok to do this or would SC get funny about it? We have about 3 debts that are under £600 each and I would like to get them paid off in full if possible asap. I know that if I send the money to SC they will distribute it among all of them and I would prefer not to do it that way. Will we have to go self managed if we want to do that or do you think I could do it a couple of times while still on SC DMP?

BeingDebtFreeStartsHere

Pc2003 wrote: »

Okay... Some help/thoughts as this is where I struggle. Get paid today. Done a budget covers everything to the penny. I will have a surplus of aprx 140 pounds this month....
What do I do with it???
I have no emergency/savings fund. Do I use it for this or do I pay some towards debt??
I'm so worried if i pay it off debt it's gone and if I need it I can't have it....
If I do pay it towards debt do I split it equally between all or do I pay it all off one? Split between all will prob only be a tenner or so? Is it worth it?

Hi Pc2003,

I would definitely keep this to one side and start building up an emergency fund. It's always worth having some money in case anything unexpected crops up. We're trying to slowly build our emergency fund too.

Take care

BDFSH x

BeingDebtFreeStartsHere

Grrrrrr!!!!! :mad:

Had a letter from BC threatening a default!! Hurrah!! My hubby phoned them to make sure everything was on track and they have informed him that they have now started adding interest as they have not had a recent I & E from SC. We did our review last August and assumed that all creditors had got this info as all seemed ok.

Why has it taken them so long to tell us they haven't had it?? The lady has put the account on a 30 day hold and we have contacted SC who have said they have resent the info for us. Got to phone BC in 2 weeks to see if they have received the updated I & E info and ask them to stop interest again.

Just wish they would default us and be done with it!! Chuffed for Ploppy and Phoenixx who have got that elusive default although you have to wait 7 months.

Good luck Jan with your challenge with BC - let's hope we can secure a default too

BDFSH x

Scottishmummy

Received another CCA today. I think it is enforceable because it is a copy of the original but there is a small part of my brain telling me something is missing. I am pretty sure I have read on here that as well as my signature it has to have been signed on behalf of the company. Do any of you knowledgeable lot know if this is correct or is it a figment of my imagination?

phoenixx

ploppy57 wrote: »

Have you any idea why it is 7 months? It does seem an odd figure and I didn't think to ask BC why it took 7 months.

We thought 7 months was odd. Mr Phoenixx rang and was told 'it is industry policy' to wait 7 months. I suspect this is baloney but if they do it I guess I will take it...:cool:I am still suspicious of them as they have messed us about before.