DMP Mutual Support Thread (Part 4)

Lodge

rayday2 wrote: »

Do you mind telling us which ones are and an approximate total debt just a rough guide so we can share experiences. None of my creditors charge interest but then again all of mine bar Lloyds are with DCA (another good thing about them lol)

Its hard for us to judge without some small details, for example, none of my creditors get over £26 so that sounds huge to me, its all relative to what we owe though.

Of course.....

Total debt 34K (F**k me!!)


Monthly repayments approx £400 between the 8 Creditors.

Salary £28K per year.

I live alone and am a homeowner.

about 20K equity in my property.

Okay............. What do you think?

Am I paying too much / not enough etc etc.............

ANY info would be greatly appreciated.


Lloyds TSB Credit Card: 9K
Co-Op Credit Card: 5K
Capital One Credit Card: 5K
Goldfish Credit Card: 5K
AMEX Credit Card: 5K
2x MBNA Credit Cards: 5K

newlywed

First direct still charge me but at a "preferential rate" of 1% above base rate - so just over 6% interest. I have asked them to stop charging this and they refuse and say it is a preferential rate. I was being charged 19% before so figured maybe I shouldn't argue too much.

Mint stopped charging me after issuing a default notice (about 4-5 months into the DMP).

The one passed to a DCA doesn't charge any interest.

WhoopieDoodle

Lodge, I complained (strongly) about interest with Nat West CC and they sent a nice letter in return and have ceased adding it and made a refund. So yes, write and ask them to stop or reduce it. I have also made an official complaint to Barclaycard and I had a response that they were dealing with it and would be in touch soon.

Basically, I said ... (put your creditor's name where the asterix are)

Whilst I am very grateful that *** have accepted my monthly payments under the Debt Management Plan, I am extremely upset and demoralized that ** have continued to add an inordinate amount of interest to my account on a monthly basis.

Whilst I appreciate that ** do not offer interest free credit, surely under the circumstances it would be fair and sympathetic to cease the interest. Even a reduction in the amount charged would be of benefit to me. The majority of my other creditors have agreed to the offer of payment and agreed to suspend any interest charges. They have accepted that to continue to charge interest would not assist me in my present financial situation and can only serve to increase my total debt.

I have now paid considerable sums in interest to the above account. If interest charges continue, the monthly instalments I am paying will not even cover the interest. Also, the cooperation of my other creditors who have agreed to freeze interest would be put at risk.

I would therefore be grateful if you would reconsider your decision not to freeze the interest. This would mean that the monthly payments I make would actually reduce the balance outstanding to your company, therefore giving me more incentive to pay.

So, try something along those lines

WhoopieDoodle

Whoops, don't know what happened to my font there! Also, what is the plural of asterix? (no jokes about Vikings please)

newlywed

WhoopieDoodle wrote: »

Also, what is the plural of asterix? (no jokes about Vikings please)

http://answers.yahoo.com/question/index?qid=20080325212425AAllmCj

It's asterisk and asterisks

rayday2

Only one I am with is Lloyds (twice over!) and both of those are suspended interest one about 8k which was Visa and one 3k which was mastercard. But I think there are quite a few on here that have Lloyds charging a small interest rate somewhere around the 1% or lower possibly (my memory is terrible!)

WhoopieDoodle

tee hee, thanks newlywed

WhoopieDoodle

Lloyds stopped our interest about 2 months ago!

rayday2

WhoopieDoodle wrote: »

Lloyds stopped our interest about 2 months ago!

Don't know if you remember but a few months ago I doubled the amount I was paying my creditors (after my remortgage) and Lloyds said they would not accept twice as much money a month :rolleyes: - well all these months later the statements still expect the old minimum, new payment gets credited and no interest added - they puzzle me completely!

Then the old Lloyds bank account which did accept the new payment a few weeks later sent out a full and final settlement offer!

I have never dealt with such a random company ever!

Well done on your stopped interest :T

yellowmonkey

Morning gang

After yesterdays confessional I went online last night at work and am more confused now:rolleyes:

CCCS Debt remedy at first suggested bankruptcy :eek: but after tweaking the figures I managed to upgrade to an IVA :rolleyes:. They also suggested a DMP so I did the national debtline budget sheet and I can realistically afford £250 per month between 4 creditors.This is allowing for everything and is a truer reflection of what I can afford and although longer to pay back it will afford me to live and enjoy it.

They will be getting less than they are at the moment but I do really want to persevere with a dmp for a while to pay back what I owe.

I will leave it for Payplan to share out next months payments and then I will cancel Payplan I think and either go it alone or try CCCS. Quite fancy doing it myself really.

Hope you all have a great day and weekend

ym