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  • FIRST POST
    • Countdown_has_begun
    • By Countdown_has_begun 3rd Dec 17, 8:41 PM
    • 21Posts
    • 15Thanks
    Countdown_has_begun
    Half way through my DMP and feeling very low - Don't think I'll ever recover from it
    • #1
    • 3rd Dec 17, 8:41 PM
    Half way through my DMP and feeling very low - Don't think I'll ever recover from it 3rd Dec 17 at 8:41 PM
    I'm halfway through my DMP with StepChange and although I felt positive at first, I'm now wondering whether I've done the right thing...I'm not sure if this is a normal feeling at this stage or just because it's Christmas and I'm getting frustrated that I have little money.

    My debt was a staggering and shameful £32k and I have already paid off £10k, but unfortunately, I lost my evening (second) job last month and I had to lower my debt repayments by £300 per month This has changed my debt free date to July 2020, when it was Oct 2019. I am going to start looking for a new evening job in January which should bring my debt free date forward, but I'm just starting to feel that I'll never be out of this.

    I recently looked at my credit report and it's shocking. Please can anyone advise me on life after a DMP and whether you ever recover from it? I'm beginning to think I'll never get a mortgage or credit again.
    "No matter how many mistakes you make or how slow you progress, you are still way ahead of everyone who isn't trying" - Tony Robbins

    Current Debt: £32k (say it quick!)
    Debt Free Date: September 2019
Page 1
    • sourcrates
    • By sourcrates 3rd Dec 17, 8:55 PM
    • 12,676 Posts
    • 12,016 Thanks
    sourcrates
    • #2
    • 3rd Dec 17, 8:55 PM
    • #2
    • 3rd Dec 17, 8:55 PM
    Every six years usually you gain another life.

    Everything is forgiven, allowing you to mess things up again as much as you want !!

    If the DMP is taking too long, would you qualify for a DRO now ?

    Any assets to lose ? Maybe choose bankrupcy, if not, you just gotta stick it out unfortunately.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • Countdown_has_begun
    • By Countdown_has_begun 3rd Dec 17, 9:03 PM
    • 21 Posts
    • 15 Thanks
    Countdown_has_begun
    • #3
    • 3rd Dec 17, 9:03 PM
    • #3
    • 3rd Dec 17, 9:03 PM
    Thank you sourcrates.

    I'm hoping that I never mess things up again. StepChange advised that a DMP was the best option for me. How does a Debt Relief Order differ from a DMP?

    SC said that bankruptcy wasn't really necessary for me as I have enough to pay through a DMP, but it seems that a DMP well take me longer to recover from and if I've been declared bankrupt surely I will never be able to get a mortgage??
    "No matter how many mistakes you make or how slow you progress, you are still way ahead of everyone who isn't trying" - Tony Robbins

    Current Debt: £32k (say it quick!)
    Debt Free Date: September 2019
    • sourcrates
    • By sourcrates 3rd Dec 17, 9:21 PM
    • 12,676 Posts
    • 12,016 Thanks
    sourcrates
    • #4
    • 3rd Dec 17, 9:21 PM
    • #4
    • 3rd Dec 17, 9:21 PM
    Nothing stays on your credit file longer than 6 years normally.

    Of course you can obtain a mortgage in the future, you are asked on some applications if you have ever been bankrupt, doesn’t mean automatic rejection, life goes on.

    I suggest you google the available debt options and see if you fit any of the criteria, if not you will just have to stick at it.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • -taff
    • By -taff 3rd Dec 17, 9:43 PM
    • 7,170 Posts
    • 5,162 Thanks
    -taff
    • #5
    • 3rd Dec 17, 9:43 PM
    • #5
    • 3rd Dec 17, 9:43 PM
    Bankruptcy won't prevent you getting a mortgage but it may be six years from the end of the bankruptcy that you can get ne, or, it may not.
    There are lenders who will lend, and sometimes in advance of the six years, but it depends on affordability.
    However, you're already 2 years through your DMP so your credit file will be cleared in 4 years time.....
    Again, there are lenders who do adverse credit, so don't give up hope
    • Countdown_has_begun
    • By Countdown_has_begun 3rd Dec 17, 11:13 PM
    • 21 Posts
    • 15 Thanks
    Countdown_has_begun
    • #6
    • 3rd Dec 17, 11:13 PM
    • #6
    • 3rd Dec 17, 11:13 PM
    Thank you both.

    Iím just tired of feeling like Iím a failure and even when I have worked hard to clear my debt I will only be applicable for adverse credit options and at much higher interest rates, which just doesnít seem fair. I know you pose a higher risk to creditors after a DMP but I just want a time in my life where I can have a good credit rating and put this well and truly behind me. At the moment it just feels like that will never happen.
    "No matter how many mistakes you make or how slow you progress, you are still way ahead of everyone who isn't trying" - Tony Robbins

    Current Debt: £32k (say it quick!)
    Debt Free Date: September 2019
    • tori.k
    • By tori.k 4th Dec 17, 7:59 AM
    • 2,924 Posts
    • 6,679 Thanks
    tori.k
    • #7
    • 4th Dec 17, 7:59 AM
    • #7
    • 4th Dec 17, 7:59 AM
    Honestly the middle bit is the boring bit, we have all been there I found the only way to keep me sane ( well that's debatable at times) was use the time to get my house in order, I declutter and cleaned, found free things to do in my community, cooked from scratch trying to make meals cheaper anything that kept me busy that i could think off that didn't cost any real money.
    Time to find your inner scrooge good luck
    Debit to Credit (stage 1) 3652.34 completed 15/10/16
    Debit to Credit (stage 2) 6299.09 completed 25/06/17
    Last Castle 150,000/ 25300
    • Happy Kitties
    • By Happy Kitties 4th Dec 17, 8:41 AM
    • 374 Posts
    • 3,044 Thanks
    Happy Kitties
    • #8
    • 4th Dec 17, 8:41 AM
    • #8
    • 4th Dec 17, 8:41 AM
    I totally agree with tori.k and did exactly the same!

    I didn't do a DMP but an IVA and again the middle bit was the boring bit aswell. I had to do an extra year with the IVA and sometimes I felt like I was wishing my life away. You will get there, it will end. I actually got really stressed at the end of my IVA, I had lived with it for 6 years then all of a sudden it wouldn't be around,that I would almost have to stand on my own 2 feet with budgeting.......again you do it.
    Draw a line under the fact that the debt was 32k as you sound as if u are still beating yourself up about it (mine was 56k), be kind and give urself a pat on the back that u r addressing the problem and have already paid back 10k.
    Good luck on your journey x
    2017 birthday savings so far thru shopping frugally = 228.72 284.31 306.81 481.15:money.
    April grocery challenge £171.21/ £200 May GC £248.47/£190 June GC £87.69/ £190
    • 166million
    • By 166million 4th Dec 17, 4:48 PM
    • 1,129 Posts
    • 4,765 Thanks
    166million
    • #9
    • 4th Dec 17, 4:48 PM
    • #9
    • 4th Dec 17, 4:48 PM
    I was in a horrible situation when I had my debts. You are on the right track now.
    My credit ratings are all 75-90% of perfect these days. It will come right if you stay on the right path
    **Debt Free as of 15:55 on Friday 23rd March 2012**And I am staying that way
    377 166million Sealed Pot Challenge 2018
    My debt free diary http://http://forums.moneysavingexpert.com/showthread.php?t=3630099
    No. 90: Emergency fund £250
    • Countdown_has_begun
    • By Countdown_has_begun 4th Dec 17, 6:07 PM
    • 21 Posts
    • 15 Thanks
    Countdown_has_begun
    Thanks guys, I really appreciate all your support and words of encouragement.

    I'm at a really low point in my life and feeling like I'll never be financially sound again. SC have definitely helped with stopping all the calls, but the feeling of being so useless just hangs over me.
    "No matter how many mistakes you make or how slow you progress, you are still way ahead of everyone who isn't trying" - Tony Robbins

    Current Debt: £32k (say it quick!)
    Debt Free Date: September 2019
    • 166million
    • By 166million 4th Dec 17, 7:08 PM
    • 1,129 Posts
    • 4,765 Thanks
    166million
    You are nt useless. You are moving forward . All mistakes are learning opportunities so you will have valuable learning to take from this.
    **Debt Free as of 15:55 on Friday 23rd March 2012**And I am staying that way
    377 166million Sealed Pot Challenge 2018
    My debt free diary http://http://forums.moneysavingexpert.com/showthread.php?t=3630099
    No. 90: Emergency fund £250
    • loubie_lou
    • By loubie_lou 4th Dec 17, 8:45 PM
    • 1,313 Posts
    • 3,354 Thanks
    loubie_lou
    You are paying off your debt and doing a damn good job on it. In no way are you useless, never forget that.

    I felt the same. I used payplan as it was back in the day and yes it was boring. But think of yourself, do some free things, exercise, meditate, does other suggest and think of all the great holidays you will be able to afford in 2020!!

    All the best....
    In debt no more!
    • Hanginthere
    • By Hanginthere 5th Dec 17, 12:53 AM
    • 12 Posts
    • 12 Thanks
    Hanginthere
    a quicker way of getting over it is start saving a bit on the side and offer your creditors a lower amount to pay off in one go, like if you had a credit card for 1000 and you're paying through SC 10 towards it every month tell them you can pay 600 in one go and they clear your debt in that regards. that may help you get off quicker. and save you some £££.
    • nkkingston
    • By nkkingston 5th Dec 17, 12:19 PM
    • 446 Posts
    • 505 Thanks
    nkkingston
    Give yourself an achievable task to focus on, instead of the debt. Maybe that's learning a new language, brushing up on your cooking, giving yourself an exercise goal, or starting a creative project. If you give yourself something else with a ticking clock and lots of small tasks to complete, it'll take your mind off the other one. Write a novel. Learn Russian. Run a marathon. Paint a bedroom. Knit a jumper. Learn to make the perfect souffle.
    Mortgage
    June 2016: £93,295
    December 2017: £79,667.26
    • Countdown_has_begun
    • By Countdown_has_begun 7th Dec 17, 9:32 PM
    • 21 Posts
    • 15 Thanks
    Countdown_has_begun
    Thank you everyone for your great advice.

    I think I am just focusing too much on clearing the debt and worrying about what my creditability will be in the future - it's turning into an obsession. I constantly worry about ever being accepted for things again. Don't get me wrong, I never want loads of credit and store cards again, but it would be nice to eligible and perhaps be able to access credit if I ever really needed it - especially a mortgage.

    You are definitely right about getting into something to occupy my mind. I did a 5k fun run with my Niece on the weekend and really enjoyed it, so it made me think about starting running. Baking and cake decorating is also a serious hobby and passion of mine. I have thought about starting a food blog, but not sure I have what it takes...I guess it can't hurt!

    I find myself wishing my life away and I hate it because I'm 34 and now's the time that I should be relishing my 30s.

    Thank you to everyone once again.
    "No matter how many mistakes you make or how slow you progress, you are still way ahead of everyone who isn't trying" - Tony Robbins

    Current Debt: £32k (say it quick!)
    Debt Free Date: September 2019
    • Fireflyaway
    • By Fireflyaway 8th Dec 17, 5:25 PM
    • 1,355 Posts
    • 1,374 Thanks
    Fireflyaway
    My DMP will take another 104 years to pay off. Literally I'm not exaggerating! However the debt is now old and although I'm still liable for the balance it no longer showing on my credit file.
    Even with a bad score you can live. There are always ways round having to use credit. The fact you have been disciplined and paid off so much is so impressive. Think how well off you will be once the debts gone and vyiu can save the same amount!
    • tealady
    • By tealady 9th Dec 17, 5:35 AM
    • 2,740 Posts
    • 3,238 Thanks
    tealady
    Hi
    Don't worry about the future, it isn't here yet and lots can change.
    Just concentrate on enjoying life, find free/cheap things to do.
    Yes clearing debts is a slog, but that doesn't mean life has to go on hold (nor is life over)
    Why not have a chat with stepchange to see what your options are?
    Also have a look at your own signature, and believe in it
    Good luck
    Proud to be an MSE nerd
    Judge people by their achievements, not by their mistakes
    • sourcrates
    • By sourcrates 9th Dec 17, 10:41 AM
    • 12,676 Posts
    • 12,016 Thanks
    sourcrates
    My DMP will take another 104 years to pay off. Literally I'm not exaggerating! However the debt is now old and although I'm still liable for the balance it no longer showing on my credit file.
    Even with a bad score you can live. There are always ways round having to use credit. The fact you have been disciplined and paid off so much is so impressive. Think how well off you will be once the debts gone and vyiu can save the same amount!
    Originally posted by Fireflyaway
    Now may be the time to send out some CCA requests, i would bet a lot of it may now be potentially unenforceable if they cannot supply compliant paperwork.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • Chrisblue1962
    • By Chrisblue1962 10th Dec 17, 11:28 AM
    • 1,136 Posts
    • 1,818 Thanks
    Chrisblue1962
    Thank you both.

    I’m just tired of feeling like I’m a failure and even when I have worked hard to clear my debt I will only be applicable for adverse credit options and at much higher interest rates, which just doesn’t seem fair. I know you pose a higher risk to creditors after a DMP but I just want a time in my life where I can have a good credit rating and put this well and truly behind me. At the moment it just feels like that will never happen.
    Originally posted by Countdown_has_begun
    Trust me, you are not a failure - this is somebody who is 8 years into a DMP and still has circa £15,000 to repay - "Get knocked down seven times, get up eight times !!"
    Last edited by Chrisblue1962; 10-12-2017 at 11:35 AM. Reason: typos
    DFW'er - Lightbulb moment : 31st July 2009 - £18,499
    26th October 2017 -
    £14,642.00 - 20.8% paid off.
    Demolishing my House of Debt.. one brick at a time!!
    Thinking of spending???..YNAB says "NO!!!!"


    • Chrisblue1962
    • By Chrisblue1962 10th Dec 17, 11:41 AM
    • 1,136 Posts
    • 1,818 Thanks
    Chrisblue1962
    Give yourself an achievable task to focus on, instead of the debt. Maybe that's learning a new language, brushing up on your cooking, giving yourself an exercise goal, or starting a creative project. If you give yourself something else with a ticking clock and lots of small tasks to complete, it'll take your mind off the other one. Write a novel. Learn Russian. Run a marathon. Paint a bedroom. Knit a jumper. Learn to make the perfect souffle.
    Originally posted by nkkingston
    Excellent advice, which are wise words to us all. I have recently started learning to ride and maintain a scooter (motor not push-along ). Got lots and lots of other things I wish to do too !
    Last edited by Chrisblue1962; 10-12-2017 at 11:42 AM. Reason: typos
    DFW'er - Lightbulb moment : 31st July 2009 - £18,499
    26th October 2017 -
    £14,642.00 - 20.8% paid off.
    Demolishing my House of Debt.. one brick at a time!!
    Thinking of spending???..YNAB says "NO!!!!"


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