I have setup this blog to hopefully record our progress through our Debt Management Plan (DMP) and our journey from debt to debt-free.

If you have any questions then please let me know however if they are financial questions then can I suggest you speak directly with a free debt management company.

I am recommending the Consumer Credit Counselling Service (CCCS) as I have found numerous forum posts and success stories from people who have been where we are - all the information I could find about the CCCS was excellent and they come highly recommended.

I shall be updating this blog regularly with any information/letters/phone calls I receive from both the CCCS and/or my creditors to hopefully give you some idea of the process involved in a DMP.

I hope this site proves helpful.

Thursday, January 21, 2010

Lloyds TSB Mastercard - accepted and % reduced!

I had a statement from Lloyds yesterday.

My usual monthly minimum payment is around £265 a month and my anual interest is 22.9%.  My latest bill shows an expected payment of £179 (which was offered by CCCS) and the interest rate has reduced to 0.482% per month which equates to approximately 5.7% APR!

This is great news as they are my 2nd biggest lender after NorthernRock!

My wife and I are feeling so much better after starting our DMP and for our first month we've managed to stick to our budget.  Our budget is very tight but it's not impossible!