DMP Mutual Support Thread (Part 4)

newlywed

Barclays website isn't very helpful. You go through apply now and answer all the questions and it says - print this out and apply in branch :rolleyes:

rayday2

Some companies just don't grasp online applications!

Ardan

Hi All,

Have sent my documentation back to Payplan, also letters to all creditors with token payment offers - Planning on putting my phone on silent for a while!!!!!!

Also been accepted for Step a/c with Nat West - Happy Days!!!!!

Ardan

Lodge

Lodge wrote: »

Hi and many thanks for the reply!!

The £400 I am paying my creditors is between 50 and 75 quid to each of them, and is the amounts they accepted after I made my offer. I guess you could say I am running my own self managed DMP.

The problem is that most are still charging a reduced interest rate so out of the 50 quid 30 quid of that goes in interest!!

Are you paying interest to your creditors? If not how did you manage to get it stopped?

After seeing your figures it confirms what I thought - that my offers of payments are too high! Do you know if I can re-negotiate my monthly payments with them?

With the ever increasing cost of living it is becoming more and more difficult each month to survive.

I was worried that because I have equity in my house that the creditors may push for a charging order or worse, bankruptcy!! But you have more than double my equity - has a creditor ever enquired about this??

Hi Everyone.

Above is my current situation, all seems okay BUT with the ever increasing cost of things I really need to lower my outgoings and the only way I see I can do this is by lowering the amount I pay to each creditor?

I've read other posts on here from people with similar debts and income as me but they are paying back nothing like I do!!

Could I offer lower payments to my creditors?

Lodge

Lodge wrote: »

Hi.

Reading your post got me thinking how similar our situations are!

This is me:

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


I would be interested to know who your creditors are and how much they have accepted in monthly payments, if you wouldn't mind?

Sorry, this is the post I meant to have quoted above

Lancs_Lad_4

Lodge, contact CCCS or Payplan, as you are a homeowner with good income they will look at the possibility of an IVA, if this is not appropriate then free DMP would be offered.

mary_mungo_+_midge

Help! Been on a self administered DMP for approx 6 months, set up a new bank account to take care of my wages and all the debt pyments. Left my old HSBC account still running with all my utility bills etc coming out of it and my husbands wages going into it. Occasionally went over overdraft limit if bills came out a day or too before wages went in. Just logged on to see that they have reversed a direct debit that came out yesterday because of insufficent funds and cancelled all the direct debits. Arggghhhh....

rayday2

Lodge wrote: »

Sorry, this is the post I meant to have quoted above

Its really hard to tell if your budget is right or not. It depends on your income, outgoings etc but if you want a good idea why don't you go on the CCCS debt remedy, I did it recently out of interest and it allocated money for lovely things like hairdressers etc, maybe using that will give you an idea of what to offer your creditors. Also look at the national debtline guide to debt they let you know what you should allow for house keeping.

Are your payments worked out pro-rata or are you just plucking amounts out the air? If you are use the national debtline budget sheet, armed with all the info mentioned above you should find you have more to live off and creditors will see a fair way of being repayed.

rayday2

mary_mungo_+_midge wrote: »

Help! Been on a self administered DMP for approx 6 months, set up a new bank account to take care of my wages and all the debt pyments. Left my old HSBC account still running with all my utility bills etc coming out of it and my husbands wages going into it. Occasionally went over overdraft limit if bills came out a day or too before wages went in. Just logged on to see that they have reversed a direct debit that came out yesterday because of insufficent funds and cancelled all the direct debits. Arggghhhh....

Sorry can't think of anything you can do other than ring the bank and appeal to their better nature - if they have one!

What you might want to do is review the value of all your direct debits and husbands wages as you have said that you are cutting it close every month which is not the best idea.

maz1964

Good Afternoon all

thanks ex spendaholic for your advice will do

newlywed, sorry you had a bit of a bad day yesterday hope today is better

rayday hope you are okay,

and hello to everyone new here and keeping us busy with your posts,

anyhow i wanted to share a new thread ive subscribed to ,

its been interesting like this one here, so basically it was stared by

ehallett and its in the debt free wannabee like this thread bit

titled as A Payment a day,,,,,,,,

i think if you cant find it just search for ehallett and find the threads done

so everyday put something towards a particular debt or saving plan you wish to contribute to, and ie send the payment either every day, mostly do by internet banking or weekly however everyone wants to do it, so have a peek and see what you all think

its made me realise that a little a day will get rid of a focused creditor much quicker so im trying it and hope it may prove useful to you all too

off to do a harrasment letter to clydesdale cos im not going to take anymore of their phone calls only in writing from now on, !!!!

see you all laters ciao for now MAZ