My Current DMP Plan

[Numpty Monkey]

Re: My Current DMP Plan

Hi Numpty, thansk for your post.

Not sure about the loan bing on fixed repayment, i dont think it is, ill need to check. its something we have never bothered with as it just comes out with the mortgage payment.

Might be worth looking at
I put the numbers into an intrest calc
Your first monthly payment will be £167.3. It will take you 297 months to pay off this debt if you only make minimum payments and you will be charged £23316.89 in interest charges.

Up the payments to £180
Your monthly payment of £180 will take 255 months to clear the debt and you will pay a total of £19512.43 in interest charges.

29 years x 12months = 348months
Your first monthly payment will be £156.6. It will take you 348 months to pay off this debt if you only make minimum payments and you will be charged £28127.39 in interest charges

Something just isn't adding up,

I agree with Di,
you seem to have PPI hidden in there somewhere
about £11 a month by my sums (so it will probably be wrong)

[LooLoo]

Re: My Current DMP Plan

O my loans are on interest only as well as my mortgage

[Life Goes On]

Re: My Current DMP Plan

Hi Looloo

Yes all money is collected from NR in one go but the loan is unsecured and on a repayment, only the mortgage is on interest only.

[LooLoo]

Re: My Current DMP Plan

Jen I have two secured loans with Northern Rock (in joint name with hubby) I just count them as my mortgage as they are paid with the mortgage (interest only) and will be paid back when the house is sold. Are your loans on the same repayment as your mortgage?

Numpty love your long convo withthe confused agent!

[Life Goes On]

Re: My Current DMP Plan

Hi Numpty, thansk for your post.

Not sure about the loan bing on fixed repayment, i dont think it is, ill need to check. its something we have never bothered with as it just comes out with the mortgage payment.

[Numpty Monkey]

Re: My Current DMP Plan

Hi jenjn

I'm not sure if CCCS will "allow" you to keep the big loan seperate on a DMP
I they might, but it doesn't harm talking to them , they are ok.

If you want to do your own then people will help
all the letters and advice are on here

Don't worry about DCA's coming to visit I had 1 last week
I could've sent the letters (didn't have money for postage)
the conversation was very short and brief, I can't rember what he said,
I think I said - Maybe, No, No, In writing, No, Bye,
shut the door and left stood there with a confussed look on his face

The big loan is that on a fixed repayment? can you over pay it?
to me it looks like rolling interest (ie a credit card)
and not front loaded

[Life Goes On]

Re: My Current DMP Plan

Thanks Di.

Niddy i have my loan paperwork here today. as per this statement on 28/02/11 it says the loan was taken 30 June 2006 for £26,236.47 unsecured remaining term over 29yrs and 4 months on a straight repayment. (We actually pay £167.30 per month.) Interest rate @ 5.99%

It says on the statement:
Opening Balance: 26,236.37
Closing Balance: 26,257.69

Hope this helps!
Jen

[di30]

Re: My Current DMP Plan

Hi JenJen

With some of my policies, I did not even know I was paying for PPI, and only when checking on them through receiving documents via Subject Access Request (SAR) in recent years - I noticed they added it without authorisation.

However, you seem to be on top of things there and aware your not paying out on PPI, but just thought I would mention it just in case.
This can also include Credit Card, and Store Card, Catalogues, Car Finance and so on.

[Never-In-Doubt]

Re: My Current DMP Plan

Hi the loan was taken out in July 2006 im pretty certain the amount borrowed was 26K but id have to check the paperwork at home to see if includes the interest etc.

Please do and update tomorrow.......

[Life Goes On]

Re: My Current DMP Plan

Hi the loan was taken out in July 2006 im pretty certain the amount borrowed was 26K but id have to check the paperwork at home to see if includes the interest etc.

[Never-In-Doubt]

Re: My Current DMP Plan

just pm'd you my incoming / outgoings.

No PPI was taken on the loan, never took any on anything. the loan was a "together" loan with Northern Rock when we took our mortgage, no idea why they let us have the £26k then, at the time we used it to pay off our credit cards and furnish the house. We pay £161 per month between us, it comes out with my mortgage payment.

Thanks for the info, the loan now makes sense but £25k is the maximum unsecured loan - or it was! When did you take it out (can you also confirm if that figure of £26k includes uploaded interest/charges for late payments etc - or just the actual debt outstanding?)

What was the original loan for, ie the amount?

Thanks

[Life Goes On]

Re: My Current DMP Plan

just pm'd you my incoming / outgoings.

No PPI was taken on the loan, never took any on anything. the loan was a "together" loan with Northern Rock when we took our mortgage, no idea why they let us have the £26k then, at the time we used it to pay off our credit cards and furnish the house. We pay £161 per month between us, it comes out with my mortgage payment.

[Never-In-Doubt]

Re: My Current DMP Plan

I owe the amounts below on the cards and the 26k joint loan with my husband. House has no equity its value is more or less the same as when we bought it 5yrs ago.

yes i understand, thanks im trying to get through reading peoples stories but can only get on here whilst at work so its taking some time.

Can I ask, what is your income vs outgoings? If it's too personal and you'd rather PM, feel free - but it would help me assess one or two things, your level of debt is tiny - it really is 9not meaning to sound bitchy, but i'd be dubious about going down UE router because of the small value involved)....

The joint loan, who is it with and was PPi added? Reason I ask, unsecured loans are max at £25k, so why £26k....?

[Life Goes On]

Re: My Current DMP Plan

I owe the amounts below on the cards and the 26k joint loan with my husband. House has no equity its value is more or less the same as when we bought it 5yrs ago.

yes i understand, thanks im trying to get through reading peoples stories but can only get on here whilst at work so its taking some time.

[LooLoo]

Re: My Current DMP Plan

Jen you will see that everyone is nervous before UE and it is not easy I and I kept thinking - erm ok so I just stop paying - like stop paying............

As Nid said have a read around the UE threads and diaries they really are a great help