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DMP & Mutual Support Thread - Part 9

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DMP & Mutual Support Thread - Part 9

edited 9 February 2013 at 1:29PM in Debt-Free Wannabe
5.4K replies 414K views
fermifermi Forumite
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edited 9 February 2013 at 1:29PM in Debt-Free Wannabe
Once again the old thread was getting a bit large, so here is a fresh thread. :)

The previous thread can be found here: Click ---> DMP Mutual Support Thread (Part 8)

Or click here for the last page of posts on the old thread. ---> Last Page

Good luck with your DMP everyone. :T
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Replies

  • Hopelessly_HopefulHopelessly_Hopeful Forumite
    2.9K posts
    Debt-free and Proud!
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    antonic wrote: »
    I now have £1130.82 left to pay out of £23678.14 or £1130.82/£23678.14 x 100% = 4.77 % left to pay !.


    95% paid off, brilliant!

    HHx
  • antonic wrote: »
    I now have £1130.82 left to pay out of £23678.14 or £1130.82/£23678.14 x 100% = 4.77 % left to pay !.

    antonic that is brilliant news well done nearly there. I am at the other end but reading posts like this gives me a spur to keep going.
    :beer:
    LBM Sept 2012
    started DMP 1.11.12
    Debt [STRIKE]£37012[/STRIKE]/£0 DFD January 2019 :beer:
  • catandycatandy Forumite
    868 posts
    500 Posts
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    a question for all those that are a bit more savvy and knowledgeable than me -

    I'm currently paying nominal payments to all co's as on JSA and not enough money for stepchange to set up a formal DMP until situation changes / improves.

    all but 2 of the CC have accepted reduced payments and frozen interest and fees, just aqua and vanquis havent :(

    I have a job lined up but doesnt start until May (meaning that nominal payments will have to continue for at least another 4 or even 5 months (till I get my first paycheque again). Obviously if I pick up another job or temping work in the meantime I will be in a position to pay more quicker...

    anyway I've been offered 5K cash from my mum, no interest, pay her back if/ when I ever have it in the future... the offer is open until mid March. I plan to accept it and use perhaps £500 of it clearning my rent arrears and suspended eviction on my property so my kids and I dont end up homeless - housing benefit will cover rent in its entirety whilst I'm out of work this is just arrears that need clearings.

    that leaves me 4500 over to clear some balances... enough to clear vanquis and aqua in their entirety but if I do that surely the other CC co's will feel rightly aggrieved that I'm favouring others over and above them and put the interest rates back into play. I will be in a position to resume paying them all back at the minimum rates + some extra as soon as I get my first full paycheque in June so that will start making inroads into the balances.

    ok so do i pay them all a % or pay the 2 interest paying cards of completely or ??? dont know what to do and change my mind with the wind at the moment as to whats the best thing to do.

    thanks in advance!
  • catandy wrote: »
    a question for all those that are a bit more savvy and knowledgeable than me -

    I'm currently paying nominal payments to all co's as on JSA and not enough money for stepchange to set up a formal DMP until situation changes / improves.

    all but 2 of the CC have accepted reduced payments and frozen interest and fees, just aqua and vanquis havent :(

    I have a job lined up but doesnt start until May (meaning that nominal payments will have to continue for at least another 4 or even 5 months (till I get my first paycheque again). Obviously if I pick up another job or temping work in the meantime I will be in a position to pay more quicker...

    anyway I've been offered 5K cash from my mum, no interest, pay her back if/ when I ever have it in the future... the offer is open until mid March. I plan to accept it and use perhaps £500 of it clearning my rent arrears and suspended eviction on my property so my kids and I dont end up homeless - housing benefit will cover rent in its entirety whilst I'm out of work this is just arrears that need clearings.

    that leaves me 4500 over to clear some balances... enough to clear vanquis and aqua in their entirety but if I do that surely the other CC co's will feel rightly aggrieved that I'm favouring others over and above them and put the interest rates back into play. I will be in a position to resume paying them all back at the minimum rates + some extra as soon as I get my first full paycheque in June so that will start making inroads into the balances.

    ok so do i pay them all a % or pay the 2 interest paying cards of completely or ??? dont know what to do and change my mind with the wind at the moment as to whats the best thing to do.

    thanks in advance!

    I personally would say pay the ones with the higher interest, which are the two who havent frozen them.
    The other creditors won't know you have cleared them, so I don't think it will affect the frozen interest, I may be wrong though..!
    DFD 1st January 2016
    Total Debt £4600 01/01/2013
    £4100 15/11/2013 01/11/15 £0 :j
  • I am so motivated by the decreasing debts of fellow thread members. Well done!

    Echoing what another poster has said, I now (month 3 of DMP) look forward to my post arriving so I can open it up and update my spreadsheet with my new balances. This is opposed to not opening my bills as I couldn't face the reality of how much debt I was in.

    What a turnaround in mental positivity and feeling in control of the situation - finally!

    :-)
    LBM October 2012
    DMP Start December 2012
    DFD February 2016
    1/9 Creditors Paid Off
  • Quick question for anyone in the know. I have been on my DMP with CCCS (stepchange) for about 14 months now. One of the creditors was halifax ultimate reward. since i started with DMP the account is closed and i cannot view it online. I am still paying the £10 account fee, but cannot sign up for the services online such as phone insurance, presumably because my account is closed. Can Halifax continue to take the fee but not offer the services? Am i within my right to request a refund of the 14 x £10 for payment of a service that i cannot receive?
    Thanks
  • catandy wrote: »
    a question for all those that are a bit more savvy and knowledgeable than me -

    I'm currently paying nominal payments to all co's as on JSA and not enough money for stepchange to set up a formal DMP until situation changes / improves.

    all but 2 of the CC have accepted reduced payments and frozen interest and fees, just aqua and vanquis havent :(

    I have a job lined up but doesnt start until May (meaning that nominal payments will have to continue for at least another 4 or even 5 months (till I get my first paycheque again). Obviously if I pick up another job or temping work in the meantime I will be in a position to pay more quicker...

    anyway I've been offered 5K cash from my mum, no interest, pay her back if/ when I ever have it in the future... the offer is open until mid March. I plan to accept it and use perhaps £500 of it clearning my rent arrears and suspended eviction on my property so my kids and I dont end up homeless - housing benefit will cover rent in its entirety whilst I'm out of work this is just arrears that need clearings.

    that leaves me 4500 over to clear some balances... enough to clear vanquis and aqua in their entirety but if I do that surely the other CC co's will feel rightly aggrieved that I'm favouring others over and above them and put the interest rates back into play. I will be in a position to resume paying them all back at the minimum rates + some extra as soon as I get my first full paycheque in June so that will start making inroads into the balances.

    ok so do i pay them all a % or pay the 2 interest paying cards of completely or ??? dont know what to do and change my mind with the wind at the moment as to whats the best thing to do.

    thanks in advance!

    1) Rent arrears as priority debt

    2) Clear anything still charging interest, highest interest first

    3) Start emergency fund

    Great news on the job :T
    LBM 10/1/12 ~ DFW Start 6/2/12: £82,344 ~ Now Zero
    :staradmin:starmod::staradmin Debt free 17th April 2015 :staradmin:starmod::staradmin
    Eternal thanks to the DMP & Mutual Support (no.439) and Payment a Day Threads
    Mortgage free 3rd July 2014 - Grateful thanks to the 2013/14 MFW threads
    "Debt is normal. Be weird!" Dave Ramsey
    Proud to have dealt with our debt :)
  • Enough_Now wrote: »
    I am so motivated by the decreasing debts of fellow thread members. Well done!

    Echoing what another poster has said, I now (month 3 of DMP) look forward to my post arriving so I can open it up and update my spreadsheet with my new balances. This is opposed to not opening my bills as I couldn't face the reality of how much debt I was in.

    What a turnaround in mental positivity and feeling in control of the situation - finally!

    :-)

    Keeping or regaining some control is what it's all about :j
    LBM 10/1/12 ~ DFW Start 6/2/12: £82,344 ~ Now Zero
    :staradmin:starmod::staradmin Debt free 17th April 2015 :staradmin:starmod::staradmin
    Eternal thanks to the DMP & Mutual Support (no.439) and Payment a Day Threads
    Mortgage free 3rd July 2014 - Grateful thanks to the 2013/14 MFW threads
    "Debt is normal. Be weird!" Dave Ramsey
    Proud to have dealt with our debt :)
  • ant192 wrote: »
    Quick question for anyone in the know. I have been on my DMP with CCCS (stepchange) for about 14 months now. One of the creditors was halifax ultimate reward. since i started with DMP the account is closed and i cannot view it online. I am still paying the £10 account fee, but cannot sign up for the services online such as phone insurance, presumably because my account is closed. Can Halifax continue to take the fee but not offer the services? Am i within my right to request a refund of the 14 x £10 for payment of a service that i cannot receive?
    Thanks

    When we started our debt free journey, we had several accounts with benefits at a premium cost. One of our first actions was to cancel these services and change to basic accounts.

    I think Halifax would argue the case that you should have cancelled this account and moved to a basic account before you started your DMP. However it's worth a try so give it a go and see how you get on.

    Good luck and please let us know how it goes :)
    LBM 10/1/12 ~ DFW Start 6/2/12: £82,344 ~ Now Zero
    :staradmin:starmod::staradmin Debt free 17th April 2015 :staradmin:starmod::staradmin
    Eternal thanks to the DMP & Mutual Support (no.439) and Payment a Day Threads
    Mortgage free 3rd July 2014 - Grateful thanks to the 2013/14 MFW threads
    "Debt is normal. Be weird!" Dave Ramsey
    Proud to have dealt with our debt :)
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