DMP Mutual Support Thread (Part 4)

Lodge

Here's my situation if any of you would be so kind as to have a look over and let me have your thoughts:

INCOME (Monthly):

Salary: £1800.00

EXPENDITURE (Monthly):

Mortgage: £763.12
Council Tax: £95.00
EDF Energy (Electric): £53.00
EDF Energy (GAS): £50.00
Wessex Water: £36.00
TV Licence: £12.00
Telephone Line Rental £12.00
Petrol £120.00
Buildings & Cont’ Insurance £30.00
Food & Household goods £200.00
Car Tax, Insurance & MOT £60.00

TOTAL £1431.12

DEBTS:

34K Split between about 8 Creditors.

Paying approx £400 between them on my own, self managed DMP.

My main concern is that not all of my Creditors have frozen the interest, some have just reduced it to a lower level (ie: I pay 50 quid but nearly 30 quid of that is interest.... Grrr! Is this normal on a DMP??)

Thanks in advance everyone!!

D.

ianmak

Lodge wrote: »

Here's my situation if any of you would be so kind as to have a look over and let me have your thoughts:

INCOME (Monthly):

Salary: £1800.00

EXPENDITURE (Monthly):

Mortgage: £763.12
Council Tax: £95.00
EDF Energy (Electric): £53.00
EDF Energy (GAS): £50.00
Wessex Water: £36.00
TV Licence: £12.00
Telephone Line Rental £12.00
Petrol £120.00
Buildings & Cont’ Insurance £30.00
Food & Household goods £200.00
Car Tax, Insurance & MOT £60.00

TOTAL £1431.12

DEBTS:

34K Split between about 8 Creditors.

Paying approx £400 between them on my own, self managed DMP.

My main concern is that not all of my Creditors have frozen the interest, some have just reduced it to a lower level (ie: I pay 50 quid but nearly 30 quid of that is interest.... Grrr! Is this normal on a DMP??)

Thanks in advance everyone!!

D.

Is that all your expenses (No TV, phone etc)? If not then that sounds ok, as long as you have enough to live on.

I had a basic account with Co Op accepted today, yay! Just got to transfer everything over now...

Lodge

ianmak wrote: »

Is that all your expenses (No TV, phone etc)? If not then that sounds ok, as long as you have enough to live on.

I had a basic account with Co Op accepted today, yay! Just got to transfer everything over now...

Congrats on the account being accepted!

I have listed phone and tv in my SOA above!

Ex-Spendaholic

Hello and welcome to the new people. :beer:

Lodge, your SOA looks fine. You could probably get your house insurance for less when it comes up for renewal. I pay £10.50 through Direct Line and thats for buildings and contents. I would write to your creditors asking them to suspend interest. There was a letter kicking about on here yesterday I think it was that you could use.

Angelcake and Longforthesun, good to hear things are going well.

Maz, if you reclaim charges and you have debt to the company it comes off the balance. Try it, you've nothing to lose.

I'm looking for the template letter asking for no contact by phone. I'm not being harassed or anything but Apex Credit Management who have my Cahoot Debt left me automated messages on my mobile twice last week and then yesterday sent me a text. The text said to ring them as they could give me a substantial discount. I don't want texts from them or anyone else. I wouldn't like someone to lift my phone and read it.

Lodge

Lodge wrote: »

Here's my situation if any of you would be so kind as to have a look over and let me have your thoughts:

INCOME (Monthly):

Salary: £1800.00

EXPENDITURE (Monthly):

Mortgage: £763.12
Council Tax: £95.00
EDF Energy (Electric): £53.00
EDF Energy (GAS): £50.00
Wessex Water: £36.00
TV Licence: £12.00
Telephone Line Rental £12.00
Petrol £120.00
Buildings & Cont’ Insurance £30.00
Food & Household goods £200.00
Car Tax, Insurance & MOT £60.00

TOTAL £1431.12

DEBTS:

34K Split between about 8 Creditors.

Paying approx £400 between them on my own, self managed DMP.

My main concern is that not all of my Creditors have frozen the interest, some have just reduced it to a lower level (ie: I pay 50 quid but nearly 30 quid of that is interest.... Grrr! Is this normal on a DMP??)

Thanks in advance everyone!!

D.

Just wanted to bump my SOA to the first page to see if anyone else had any comments.

Thanks.

D.

ianmak

Oops, sorry Lodge, Iwas a wee bit tired last night, sorry!

Yes, it all looks good I think?

Lodge

Lodge wrote: »

Just wanted to bump my SOA to the first page to see if anyone else had any comments.

Thanks.

D.

Could anyone let me know if it's normal for Creditors to keep charging interest on my accounts even though I'm on a DMP?

I pay each one around 50 quid a month but a few of them are still charging around £30 per month interest. It's demoralizing as I'm paying around £400 per month but my debt reduces by less than £200.

Gemmzie

Lodge, that last statement concerns me a bit - are they all equal amounts?

Lodge

Gemmzie wrote: »

Lodge, that last statement concerns me a bit - are they all equal amounts?

Lloyds TSB Credit Card: 9K Balance: Paying £60 per month

Co-Op Credit Card: 5K Balance: Paying £60 per month

Capital One Credit Card: 5K Balance: Paying £60 per month

Goldfish Credit Card: 5K Balance: Paying £75 per month

AMEX Credit Card: 5K Balance: Paying £30 per month

2x MBNA Credit Cards: 1.5K on one Paying £15 per month, 3.5K on the other Paying £30 per month.

Lloyds, co-op and Goldfish are the ones charging me interest still. AMEX and Capital One are with DCA's and they charge me no interest (nor does MBNA)

These are the amounts I have battled to get with each Creditor.

Please help in any way you can if you feel I am going about this the wrong way.

The one that terrifies me is Lloyds TSB Credit Cards because of the size of the balance (over 9K) and I worry they will push for Charging Order or worse still Bankruptcy?

I believe in a year or two I could be back on track but I need the Creditors to play ball until then.

Lancs_Debt_Adviser

Hi Lodge,

DMP's are informal arrangements with no legal requirements for interest to be suspended. It's not uncommon for people who do their own DMP's to find interest is still be charges. Given the circs you describe I would suggest contacting one of the free DMP companies (CCCS, Payplan) for further assistance. Reputable DMP companies will usually ensure interest is suspended as part of the repayment negotiation.

Good luck!