Time to start a fresh.

enthusiasticsaver

Those are high interest rates especially the 118 loan.  Are you carrying on with the DMP?

BlueJ94

enthusiasticsaver said:

Those are high interest rates especially the 118 loan.  Are you carrying on with the DMP?

Yes I know its stupidly high. No I'm not, purely because they're awful. They over charged me on my first payment and haven't refunded me the money yet. They also take ages to actually reply to me.

I'm going to try and pay off my smaller CC and go from there. If I feel I'm really struggling I'll look into it again 

BlueJ94

Spoke to two CC they both offered 28 days interest free to pay both in full. Its a start I guess! 

Sarahwithlove

That's great I would give the companies all a ring and let them know you are struggling. Worst that happens is they say no but you can always do your own DMP. There's lots of information out there about them and how to contact the companies etc. 

BlueJ94

Sarahwithlove said:

That's great I would give the companies all a ring and let them know you are struggling. Worst that happens is they say no but you can always do your own DMP. There's lots of information out there about them and how to contact the companies etc. 

Yes I will do, I've spoken to one of my loans and sent them my expenses etc and they told me to pay £10 instead of the £90 I was paying before better than not paying at all I guess! 

enthusiasticsaver

I would contact them yourself.  The worst ones are the loans but the trouble is if you only pay £10 to them and they are still charging interest then the debt will go up significantly.  Those are the ones you either need to default on and see if they stop charging interest or overpay on to get rid asap. 

BlueJ94

enthusiasticsaver said:

I would contact them yourself.  The worst ones are the loans but the trouble is if you only pay £10 to them and they are still charging interest then the debt will go up significantly.  Those are the ones you either need to default on and see if they stop charging interest or overpay on to get rid asap. 

Yes I will do, that's my plan to do today. Contact them all explain my situation and see if they'd offer interest freeze or offer me so many days to pay etc 

enthusiasticsaver

jadewest94 said:

enthusiasticsaver said:

I would contact them yourself.  The worst ones are the loans but the trouble is if you only pay £10 to them and they are still charging interest then the debt will go up significantly.  Those are the ones you either need to default on and see if they stop charging interest or overpay on to get rid asap. 

Yes I will do, that's my plan to do today. Contact them all explain my situation and see if they'd offer interest freeze or offer me so many days to pay etc 

Good plan.  The main thing is you do not want the debt figure to rise further.  Offering reduced payments if they will still continue to charge interest is counter productive.  Similar with payment holidays.  It just delays the inevitable.  

BlueJ94

enthusiasticsaver said:

jadewest94 said:

enthusiasticsaver said:

I would contact them yourself.  The worst ones are the loans but the trouble is if you only pay £10 to them and they are still charging interest then the debt will go up significantly.  Those are the ones you either need to default on and see if they stop charging interest or overpay on to get rid asap. 

Yes I will do, that's my plan to do today. Contact them all explain my situation and see if they'd offer interest freeze or offer me so many days to pay etc 

Good plan.  The main thing is you do not want the debt figure to rise further.  Offering reduced payments if they will still continue to charge interest is counter productive.  Similar with payment holidays.  It just delays the inevitable.  

Thank you for the advice. I'll email them and go from there.

BlueJ94

Morning all that read/watch.
I think after I've paid these two CC off next month I'm going to start a snowball method. See if this works for me as most of my CC debts are pretty small. Anything I can afford will be going towards the 118 loan as this is the highest Loan in interest and in general. 

Not much going on today besides heading to work and then going out for my run afterwards.