My Current DMP Plan

[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

[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

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.

[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 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

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

[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)

[Numpty Monkey]

Re: My Current DMP Plan

Numpty love your long convo withthe confused agent!

I could and should have had a longer convo

but I couldn't be arsed I had better things to do

[Never-In-Doubt]

Re: My Current DMP Plan

I'll explain all this later stop stressing lol.

I'm asking about the loan cos if it's over £25k then things change somewhat. There won't be ppi, it's quite clear from jen's opening post she looks for these things. However I need to see the agreement of the loan if poss? Not a statement, the actual agreement.....

[Life Goes On]

Re: My Current DMP Plan

Hi Niddy

Yes i have all the paperwork, im sure i can dig it out for you. I hope there isnt PPI but i remember at the time saying definately NO everytime i was ever asked for insurance, cos i remember telling everyone when they asked "if i suddently lost my job how would i make the payments", that i had sufficeint savings ( load of crap) that i could always dip into if ever needed , thats usually shut them up sos always stuck to the same story!!!

[Never-In-Doubt]

Re: My Current DMP Plan

Hi Niddy

Yes i have all the paperwork, im sure i can dig it out for you. I hope there isnt PPI but i remember at the time saying definately NO everytime i was ever asked for insurance, cos i remember telling everyone when they asked "if i suddently lost my job how would i make the payments", that i had sufficeint savings ( load of crap) that i could always dip into if ever needed , thats usually shut them up sos always stuck to the same story!!!

Can you please send me a copy of the agreement - click this

[Never-In-Doubt]

Re: My Current DMP Plan

I'll explain all this later stop stressing lol.

I'm asking about the loan cos if it's over £25k then things change somewhat. There won't be ppi, it's quite clear from jen's opening post she looks for these things. However I need to see the agreement of the loan if poss? Not a statement, the actual agreement.....

Ok, the loan in question based on the dates etc seems to be this one here: ---> Northern Rock Together

So, as you can see that explains the process of the product and the details of rate etc.... however, the point I was making above is that loans over £25k were not subject to CCA1974 thus things change, and not in a good way either unfortunately! This means they are not governed by the rules of the CCA, as such.

However, to brighten the mood, the CCA2006 (amendments) gave provision for all loans, unsecured, regardless of amount to have protection of the CCA1974/2006 meaning your loan will now fall within scope of CCA1974 meaning it'd be great to see the agreement as I may find fault with it .

See this link here for details of the amendments to the 1974 Act: ---> Explanation of CCA-2006

[Life Goes On]

Re: My Current DMP Plan

Morning All!

Its friday..yey!!!!

Niddy, i have just mailed you a copy of my agreement. It does say at the top " regulated by the CCA1974" ????

Ill let you take a look, your the expert!

Thanks again

Jen

[di30]

Re: My Current DMP Plan

How's this coming on?

I take it no hidden PPI then for me to help you reclaim on? lol.

[Never-In-Doubt]

Re: My Current DMP Plan

Morning All!

Its friday..yey!!!!

Niddy, i have just mailed you a copy of my agreement. It does say at the top " regulated by the CCA1974" ????

Ill let you take a look, your the expert!

Thanks again

Jen

Hiya Jen

Unfortunately this agreement does contain all the prescribed terms and is therefore 100% enforceable so you can rule out going down the UE route with this one. Its up to you what to do next; can you confirm are you currently paying this? if so then continue to do so..... If not then please advise and i'll give you some idea's.

Sorry to have to do this but this is