More persistent debt

Dandytf

!!! wrote: »

Yes, I am to believe from previous postings that OP is taking out new lines of credit - card, finance etc.

Could have asked and I would have agreed as much earlier into dmp I started to see some progress in 2nd year and later years.
As a reminder via mse my idea at that time was to try a credit builder type card-cap1 was decent example, where i could re start some continuos spend/repayment also when sc is finished and multiple defaults drop off there my report would show on time re payments.
Here i am a few years into dmp and my plan continues, as i deal with each challenge as best as I can, some which include:-
Changes to Heath
Changes in career
Ran o2 plate Clio until 2014 -(that was paid 36 months 2009)
2014 a few bumps later and hitting 90k miles local dealership found motor barne -as I posted via mse at that time which agreed to 48mthd finance on another Clio.
Ran that until written off 3rd party 2017 -then got excellent 7.9 apr from Blackhorse -3rd Clio -ran that until early 2019-4rth Clio which I'm driving.(60 months though only had 7.5k miles since 2015
One or two unexpected home emergency's most of which were posted via mse -more recently some white goods replacements etc.

When it seems I'lm not very mse as they say, I am trying to achieve quite a few essentials which should last a few years.

Dandytf

Only to decide if I cancelled Mtg SO from Dec or Jan -think my preference is Dec' then reactive SO for Jan's mtg payment.
With xmasNew Years holidays approaching, freeing up Dec's end of month Mtg payment, should mean I can pay Cap1 required 267.
Wonder what that means next in terms of avoiding new rules for time being, or will they continuously pursue higher re payments until I clear of full CC balance.

Dandytf

Thanks mser's
Have amended next mortgage payment from Dec' to late Jan
Freeing up one overpayment to pay cap1 persistent debt amount.
This does not clear off balance, hopefully it does allow me to continue making medium payments for some time.
From early next year maybe Feb or March I'll begin to make considerable payments to aqua.
I intend not to free up what is since small mortgage overpayments unless necessary.

Dandytf

Slightly off topic though nice to see Aqua are moving to paperless letters from Jan.
Though I have received mixed posted letters such as limit increases and more recently persistent debt info.
Personally I enjoy online letters.

Terry_Towelling

Dandytf wrote: »

Slightly off topic though nice to see Aqua are moving to paperless letters from Jan.
Though I have received mixed posted letters such as limit increases and more recently persistent debt info.
Personally I enjoy online letters.

The trouble with online letters (so to speak) is that you don't know whether you've got one unless you log in to your account. To solve that issue, the account providers have come up with the wheeze of texting or emailing to say 'you have an important message about your account'. So, all excited, you waste several millennia logging in to see that this important message is not remotely important at all.

At least with a posted letter you can open it at the same time as doing something else and quickly pop it in the recycling (after removing all confidential information).

Consider also, without a paper letter what on earth am I going to put in my recycling bin?:)

Dandytf

@terrryt

my recycling is limited to plastic lucozade bottles+cardboard.
maybe by the time aqua persistent debt rules are dealt with , I won't be wanting much more letters of any format.

preference though is digital.
had a few rbs texts's which I can clear from view instantly before reviewing at my inconvenience.
though the your about to go into your overdraft message has very little effect on what happens next.

Dandytf

Upto date persistent debt payments required (Non monthly basis)
Additional One off payments.
Aqua1 -largest balance though recently under 2k -324 pounds-April/May 2020
Aqua2 -2nd largest balanced recently under 1.8k -341 pounds-Sept 2020-I'll pay March/April
Cap1 - 1k approx 276 payment no later than Feb 2020 -my 1st New Rules payment -next day or two. 1st Jan paid.

Those three payments should make it hopefully simpler to then consider snowball effect and work towards clearing 1-3 years max.

Thanks mser's seems larger CC balances are being discouraged if not paying back swiftly.

Dandytf

One Aqua statement in since medium payment was made 
Have Aqua removed Booster payment option already, maybe it's wishful thinking though No such option on Latest
statement or via website.
With a decent attempt I could clear this card by lmid or late 2022 -hope that's going to be enough to avoid any action.

Second card statement could be available after early April medium payment -not quite as high balance though similar situation which could take considerable months later to fully repay.
Lets' hope something slightly less forceful is implemented to allow more time to clear balances with any CRA negative steps being taken.

Dandytf

Aqua and FCA have finally applied Persistent Debt Rules.
48 months from 57 pounds per month.
I'm asking Aqua one or two questions -not that I disagree with pay down plan (thats FCA'S Ruling.)
48*57=2736 pounds- how does this sum arrive from 1448 balance, is it due to 37%apr.
second question is as my Direct Debit has been fixed by myself at 95 pounds per month for considerable time.
Am I still on track to clear balance by March 2022 as per Aqua Calculator.
p.s. Interest is Hiigh@37% apr -no further comments on this please.
Also remember I treat unsecured borrowing Separate from savings/investments which will continue way past this and other Card Balances. 
Last question to Aqua why does online show 2 identical plans -have they been added twice incorrectly.
Thanks if sense can be made from 2736 from 1448 Balance.

Malkytheheed

[Deleted User] said:

As per the normal advice given to you;

Stop applying for more credit and clear your existing debts first

Anyone know who poster this was? Very curious