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DMP mutual support thread part 13 !!

edited 13 March 2019 at 10:03AM in Debt-Free Wannabe
3.1K replies 456.2K views
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  • Morning everyone, could someone advise me on my options with my last remaining debt on my DMP. I originally started my DMP about 4 years ago with a 68k balance, I had reduced this to 26k a few months back but then withdrew some old pensions at the ripe old age of 55... a couple of debts had never defaulted so I paid these in full and got settlement figures of around 20% reduction on most of the rest. The only lender who wouldn't give me a reasonable settlement was PRA who only offered 5% discount. My question is, now I've paid all other debts off. just leaving the 6K to PRA, I could realistically pay them £500 a month, is this what I will have to do till its paid, or can I just tell them its £100 a month as the money is better in my pocket than theirs as I don't feel a desire to stretch myself to pay off this last debt..
  • SystemSystem
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    sasha180 wrote: »
    Morning everyone, could someone advise me on my options with my last remaining debt on my DMP. I originally started my DMP about 4 years ago with a 68k balance, I had reduced this to 26k a few months back but then withdrew some old pensions at the ripe old age of 55... a couple of debts had never defaulted so I paid these in full and got settlement figures of around 20% reduction on most of the rest. The only lender who wouldn't give me a reasonable settlement was PRA who only offered 5% discount. My question is, now I've paid all other debts off. just leaving the 6K to PRA, I could realistically pay them £500 a month, is this what I will have to do till its paid, or can I just tell them its £100 a month as the money is better in my pocket than theirs as I don't feel a desire to stretch myself to pay off this last debt..


    Well if it were me, I would pay them as little as possible, in the hope that eventually they would agree to a better discount. They don't need to know how much money you really have to pay them with. Some people like to pay more to get it paid quicker, but personally I would hold out for a better discount
    We are currently not paying PRA anything as they have said they are unable to find the CAA paper work and so deem them to be UE in the mean time.
  • edited 31 December 2018 at 2:45PM
    motivatedmotivated Forumite
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    edited 31 December 2018 at 2:45PM
    Hi all

    I've not posted for a while but I can assure you I am always lurking :p

    Wanted to share my good news (for me anyway)
    Just received 2 letters from Halifax regarding our 2 huge loans. They say 'we agreed to freeze interest and fees on your account when you informed us you couldn't keep up the interest payments. We had wrongly added interest etc and have now refunded back to your accounts the sums of £485.73 and £310.67 and these sums will now reduce your balances :T

    Obviously I haven't won the lottery but it sure feels like it :D

    I also remember Sourcrates saying that around this time of year the boards become extra busy with new members asking for debt and DMP advice. Take it from me do not be scared to enter into a DMP if that is your only option. I am still here , I haven't been dragged through the courts, the big burly bailiffs never smashed their way into my home. In fact our creditors have been amazingly supportive.

    I'm still plugging and will be for the foreseeable future BUT having nearly £800 taken off our overall balance is a great boost going into a new year in DMP land :D

    Happy new year all
    M
    Emptying my lake with a teaspoon :)
  • SystemSystem
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    motivated wrote: »
    Hi all

    I've not posted for a while but I can assure you I am always lurking :p

    Wanted to share my good news (for me anyway)
    Just received 2 letters from Halifax regarding our 2 huge loans. They say 'we agreed to freeze interest and fees on your account when you informed us you couldn't keep up the interest payments. We had wrongly added interest etc and have now refunded back to your accounts the sums of £485.73 and £310.67 and these sums will now reduce your balances :T

    Obviously I haven't won the lottery but it sure feels like it :D

    I also remember Sourcrates saying that around this time of year the boards become extra busy with new members asking for debt and DMP advice. Take it from me do not be scared to enter into a DMP if that is your only option. I am still here , I haven't been dragged through the courts, the big burly bailiffs never smashed their way into my home. In fact our creditors have been amazingly supportive.

    I'm still plugging and will be for the foreseeable future BUT having nearly £800 taken off our overall balance is a great boost going into a new year in DMP land :D

    Happy new year all
    M



    Wow, its lovely when that happens. We also got this from H/fax, but no where near that amount. It certainly helps the total go down.
  • motivatedmotivated Forumite
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    Hi ploppy

    Both the Halifax loans are our highest debts. This is probably why the refunds were high.
    M
    Emptying my lake with a teaspoon :)
  • Hi all just wanted to say happy New year to everyone. Also a quick update from me. After having trouble with tesco bank I decided to call them and find out what was happening. The lady was extremely helpful and set up my payment plan and said I will not be bothered anymore for the next 12 months as long as I make my arranged payments. All my accounts are now defaulted and interest has stopped. For anyone considering taking the step just do it. I have self managed my creditors and stayed strong with them and have to say the flexibility in self managing makes it worthwile and has been relatively pain free. All the best and happy New year to all.
  • DandytfDandytf Forumite
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    1st part interest refund I didn't know had been added in error by hbos.
    32 pounds has been added as interest incorrectly which will be refunded to reduce my 2012 hbos overdraft which is still one of my sc dmp debts.
    Nice surprise as I struggle towards 2019 and early 2020's to finish this dmp.
    Happy new year mser's keep happy with something to yourselves during dmp journey
    sc dmp 2012 13k Dec 2019 11140 paid 80% approx.-Next Update Early Jan 2021
    Mid 2018 Help2save 50 uk pounds per month-New Rules 2020
    Mid 2019/20-Virgin Money e-saver 14.
    H.L. Active -Charter Savings .65% 50 u.k. pounds.
  • Hi

    On new yrs Eve I rung Stepchange after reassessing my finances and after having a complete melt down.

    I owe 46k they are suggesting a token payment of a £1 for 12mths as I should hopefully have some money from an accident in aug17 which how this all started approx 10k which sort some of it out, hopefully I will be able to do a dmp at the end of 12 mths.

    To say I’m scared is an understatement and it looks like I’m going to have a Few crap years but looking at this thread it does look like there is light at the end of the tunnel.
  • ploppy57 wrote: »
    Well if it were me, I would pay them as little as possible, in the hope that eventually they would agree to a better discount. They don't need to know how much money you really have to pay them with. Some people like to pay more to get it paid quicker, but personally I would hold out for a better discount
    We are currently not paying PRA anything as they have said they are unable to find the CAA paper work and so deem them to be UE in the mean time.
    Thanks for your reply, I feel the same way, but when I put my offers in for full and final settlement I listed all my debt, what I was offering pro rata to each debt, and my IE sheet. So now when I contact them they no I only have the one outstanding debt and know I have £500 a month free after paying all priorities, so im worried they will say they want the lot till the debt is paid:-(
  • SystemSystem
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    sasha180 wrote: »
    Thanks for your reply, I feel the same way, but when I put my offers in for full and final settlement I listed all my debt, what I was offering pro rata to each debt, and my IE sheet. So now when I contact them they no I only have the one outstanding debt and know I have £500 a month free after paying all priorities, so im worried they will say they want the lot till the debt is paid:-(


    But they don't know exactly what your day to day expenses are...you can tweak the I&E quite a bit. Also they don't ask for proof of how much you earn, you could have had a pay cut or a new job? We had to buy a new washing machine and fridge the other year. FIL lent us the money and then decided he didn't want it repaid. But if we had been having to repay it, I would have reduced my DMP payments to allow for this. All sorts of things happen that mean we have to reduce payments.
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