Posted: Sun May 08, 2011 7:14 pm
Hi there,
Me and my wife have been paying a DMP with payplan for over 7 years and have shifted over £40k debt.
Our Estimated end of plan was May 2011 but upon checking balances ourselves with our creditors have found there to be an additional £6000 left to pay.
Researching these amounts have indicated that the £6000 is purely interest with 2 Lloyds loans and 1 Lloyds current acct overdraught.
Our other 2 creditors are at Zero as of this months (what was supposed to be) final payment i.e. zero interest.
Our Payplan Financial advisor is due to have a meeting with our creditors in 10 days time to negociate interest, but in the meantime after chatting with him over the phone and telling him the creditor balances, our payplan status page has been updated with the £6000 and estimated completion date set back to June 2012.
Obviously my wife is very upset over all this and was hoping to be debt free by our May 2011 completion date and we now face an additional 13 months payments.
Im not knocking payplan who have provided a Free great service and I can appreciate all the "We can not guarantee interest" etc.
Is there anything we should be doing? letters to creditors etc etc or just leave for our Financial Manager to hopefully negociate interest drop on the amounts?
In our experience Lloyds seam to be the very worst of creditors with constant letters and harassing phone calls so personally, im not holding my breath with any interest being dropped.
Many thanks for reading my essay hehe
and ta in advance for any help.
Me and my wife have been paying a DMP with payplan for over 7 years and have shifted over £40k debt.
Our Estimated end of plan was May 2011 but upon checking balances ourselves with our creditors have found there to be an additional £6000 left to pay.
Researching these amounts have indicated that the £6000 is purely interest with 2 Lloyds loans and 1 Lloyds current acct overdraught.
Our other 2 creditors are at Zero as of this months (what was supposed to be) final payment i.e. zero interest.
Our Payplan Financial advisor is due to have a meeting with our creditors in 10 days time to negociate interest, but in the meantime after chatting with him over the phone and telling him the creditor balances, our payplan status page has been updated with the £6000 and estimated completion date set back to June 2012.
Obviously my wife is very upset over all this and was hoping to be debt free by our May 2011 completion date and we now face an additional 13 months payments.
Im not knocking payplan who have provided a Free great service and I can appreciate all the "We can not guarantee interest" etc.
Is there anything we should be doing? letters to creditors etc etc or just leave for our Financial Manager to hopefully negociate interest drop on the amounts?
In our experience Lloyds seam to be the very worst of creditors with constant letters and harassing phone calls so personally, im not holding my breath with any interest being dropped.
Many thanks for reading my essay hehe
and ta in advance for any help.