I recently started the DOLP (Dead on Last Payment)

Hello everyone!

I recently started the DOLP (Dead on Last Payment) and the way it works is you enter what you owe on each card, what the minimum payment due is each month and then you divide the amount owed by the payment due and that is the DOLP. Then you sort the DOLP by the lowest number first and that is the credit card you apply extra payments to each month while paying the minimum due to the rest of the forms. The idea is that you’ll pay off the lower DOLP cards quicker. My problem is that, some of the credit cards I have, if I pay only the minimum payment, then the balance goes up the next month. So, it all doesn’t make sense to me. Can someone help me with this please?

I know it is mentioned there, that¹s where I got the idea… But I’m asking in your forums because I thought someone could help me to understand why my other balances are going up when I pay the minimum amount due and should I pay more than the minimum amount due even though the DOLP says not to?

There is a website online that I read ab out in Readers Digest called debt goal. I did not sign up for anything it was free. What it did was show me with the interest rates that I plugged in how much I should pay on everything. It says to pay the minimum on the lowest rates and whatever you have towards your highest interest rate card. Have you stopped using the credit cards? What I never understood for a long time was that the credit cards had their interest calculated daily which caused me once I started using them to quickly snowball my way deeper into debt. We paid off one card and if I need to purchase something online I don’t unless I can transfer the cash out of my savings account. Then I pay that bill right away.

If you sign up for debt goal (not to pay bills on but just use their calculater) it will show you if you pay such and such what your amount will be and how quickley your total will decrease. My understanding is that there’s a flaw in the calculator in that it doesn’t calculate interest. So… I’ve pushed this before, but I’ll push it again.

The Rapid Debt Repayment Plan Calculator (at debtproofliving.com) is the best I’ve seen. It not only calculates your interest and gives you a payoff calendar, but it allows you to sort by either interest rate (highest to lowest), payoff amount (highest to lowest), or a manual sort of your choosing. It also will recalculate your interest and payoff date if you pay every two weeks. And it allows you to add a “booster” amount.

The only downside is the $29 annual fee for access to the web site, but you get a bunch of other stuff with that, and frankly, I think constant motivation is totally worth it. (carefully stepping down from soap box) Sorry for the enthusiasm. I just love having a tool that is accurate. It makes this whole process much more transparent and makes me more optimistic that I’m doing the best I can to get out of debt!

I work for Albertson’s and not every sale item rings up right

I work for Albertson’s and not every sale item rings up right! We have a policy that many people don’t know of, which is “price accuracy.” That policy is posted in the store at every register. If something doesn’t scan right, its free. (With a some exceptions). But you would be surprised at some of the things I have seen become free. So watch the prices and watch your receipts! Most stores want to keep their customers happy and will fix any mistakes that were made.

I thought I replied to this already. There is really no help that anyone can give until you find out where ytour money goes. Telling us you have a budget of $300 a week ($1200 a month) gives us very little information with which to start.

Do you have a car payment? How much is your car insurance? How much gas to you need a week? All this stuff you need to find out for yourself and then ask for ways to cut back. A better question for you to ask would be ‘I just noticed I spend $80 a month on coffee, is there a way to cut this down?’. Of course that was my personal experience. I had no idea that I wasted that much money every month until I, oops, you guessed it, wrote it down. So I don’t mean to be rude, but reposting three times and not giving us any new information and not taking the advice in the first place is going to get you nowhere.

Not sure anyone can answer this. I have been working with naca since december to get the bank to modify my mortage its is in forclosure now I can seem to get anywhere with naca or Bank of America I have had to submit forms so many times because naca kept telling me i did not submit them come to find out i did not sign one of them. Finaly got that done and my file submitted. Then the bank requested some documents I did not know what they were tryed to contact naca it took 4 weeks to get a appointment buy then the bank denied my file. I had to start all over again. My file has now been subbmitted twice its now been over 30 days and I still have not gotten a answer just talked to naca they told me I will most likly loose my house and its only been 30 day I should give them 15 more days and to call them myself. Any suggestions any one has of what else I can do Please let me know.

Have you tried the Hope for Homeowners program? I think it is over at the end of the month. I thought there was no hope for us- we were laid off and got behind on everything and expected to lose the house. But our mortgage company- who had been awful at helping prior to that- contacted us about the program. It reduced our payment by a thousand dollars and cut what we owed on the mortgage in half.