DMP & Mutual Support Thread - Part 11

Sazzie23 · 16 July 2015 at 2:57AM

lewpster wrote: »

I am due to get a lump sum of around £40,000 in a few months when my house sells as I am in the process of seperating from my ex.

I am on a DMP paying £175 though Stepchange to 6 creditors with £25k owed My current DFD is like July 2027 A solicitor says I should be asking my ex for something towards the debts as they were largely incurred buying food, clothes etc as I was too scared to ask him. I would just rather get them sorted myself as can't be going down that road as it's too much hassle.

My question is, would you ask for F&F settlements when the house sells(I will have been in DMP almost a year), up my monthly payments and put the money away or just pay them all off.

I can't afford to buy so not sure what I should do - clean slate or just keep going? xx

Hey Lewpster, sorry to hear the relationship has ended, but sounds like it might be a good thing for you?

Where will you live, and how will you pay for this? Think you should hold off doing anything until you've decided what to do, I suspect you wouldn't be able to get a new mortgage under the current conditions, but who knows til you try? Be sad if you need that money and it's gone already.

Do you pay any interest on your debts? I'd target those with f&f soecifically, which might seem unfair to the others but life is unfair!

Re claiming from the ex, the solicitor has a duty to tell you what is fair, if you choose not to use that option it's you're right but obviously you can't then go back to the solicitor to say 'you never told me I should claim his share back'.
If you decide to go f&f, then you might have in your mind that the amount you 'reduce'the debt by, would be equivalent to his share, so then you are straight and can move on. If you can't think like that then possibly in the future you'll wish you had tried to claim against him.

Not sure that answers your question but it's my opinions on the matter, oh and SC can manage your f&f but I'd be inclined to deal direct with creditors, just tell SC the story BB suggests if they question it.

Sazzie23 · 16 July 2015 at 5:32AM

Looking at the thread at the moment, there is rather too much of my input so far, so please chipe in to redress the balance !

Anyway as I couldn't sleep, thought I'd just check a few figures on the spreadsheet and discovered despite everything I've managed to drop below 60% outstanding meaning I'm in the 50something % bracket which is just amazing, halfway is in sight &#55357;&#56832;

Time_to_face_the_music · 16 July 2015 at 5:49AM

Sazzie23 wrote: »

Looking at the thread at the moment, there is rather too much of my input so far, so please chipe in to redress the balance !

Anyway as I couldn't sleep, thought I'd just check a few figures on the spreadsheet and discovered despite everything I've managed to drop below 60% outstanding meaning I'm in the 50something % bracket which is just amazing, halfway is in sight ��

Sazzie, your input is invaluable, there could never be too much from you. Maybe some people haven't found the new thread yet and will appear soon.

Fantastic news on the under 60% milestone! :j:j:j

TTFTM x

lewpster · 16 July 2015 at 9:04AM

Thanks

I won't be able to get another mortgage. I am renting privately. My lovely Nanny kindly paid my deposit and first month's rent and just hoping my tax credits are sorted by the end of July as my rent is due 3 days before I get paid.

Edited to say no the 6 cards are all 0% thankfully so paid off around £1,200 in 8 months but it's a start

Scarily enough once I am sorted, I am better off alone!

I feel happier already and a sense of relief even if I am left with a big dent in my credit record but the only way is up now!

I've just passed my OU Level 2 module I barely revised for so am chuffed to bits and it's given me a massive lift.

It's a long road ahead to a debt free future, but this is the start of a better future for my children and I

x

timetosayenough · 16 July 2015 at 12:32PM

Hi everyone,

Hope you're all well. Good news is that my pension payment went into new account this morning. YAY!
Rang the bank yesterday, it was a right problem getting through to right department but anyway informed that I was in discussion with Stepchange and wouldn't be able to pay my loan repayment this month. Also told him about overdraft. He went away and came back and said they are putting me on a CUC. Any ideas what that is?
He did say about the 30 days grace. I asked him about cancelling direct debit and he said not to but I did anyway cos if the money comes out of my account it will put me over overdraft limit which will mean more fees. Am sending my forms off to Stepchange today. Wanted to make sure payment went into new bank first.

Funny thing, got an email from the loan provider who now know I'm going on a DMP asking if I would like a loan. Don't understand that because terms and conditions say if you have one loan with them you can't have another one. Don't worry ignored it.

timetosayenough · 16 July 2015 at 12:33PM

Oops forgot to say Sazzie your input is certainly valuable. I've learnt so much from you and others so thank you.

kb_soma · 16 July 2015 at 1:26PM

Hello everyone, sorry I've been absent - I didn't see the new thread?Just caught up on the last one. Looks like everyone is doing well and I can see some really positive things have been happening, well done everyone!

KID77, well done one getting the plan set up!

timetosayenough, looks like everything is moving along.

Jon81, well done for talking to OH about DMP. I'm so glad you've got the support that you need.

Sazzie great post! Very inspirational.

kb_soma · 16 July 2015 at 1:30PM

NewYorkJetsFan1 wrote: »

Hi

Now one year into my DMP with SC, all going well now under the 10K marker, but I still have another 3 years to go - is feeling this disheartened all par for the course ? Its so easy to slip back into my old thinking, .

Hi, and welcome to the thread, I found this completely normal. I would go through phases of feeling so sorry for myself and believing that I was so deprived. You need to remember that you are doing something great, and, hey! it's okay to dream about that special dress - If you really want that dress, you could set yourself a savings goal and save up for that dress, like cutting back on hair cuts or other luxuries to save up for it, and at the end of it when you've saved up that money, you may even decide to put it towards your debt instead.

Remember, you are strong, and that occasionally you need to give yourself a pat on the back for getting this far.

Good luck x

kb_soma · 16 July 2015 at 1:35PM

Sazzie23 wrote: »

Looking at the thread at the moment, there is rather too much of my input so far, so please chipe in to redress the balance !

Anyway as I couldn't sleep, thought I'd just check a few figures on the spreadsheet and discovered despite everything I've managed to drop below 60% outstanding meaning I'm in the 50something % bracket which is just amazing, halfway is in sight ��

Yay! I remember when I was 50% paid off, you're nearly half way there and will really start to see the balances going down.

GIVE YOURSELF A MASSIVE PAT ON THE BACK - YOU DESERVE IT!!!

Well done you!!!

kb_soma · 16 July 2015 at 1:39PM

timetosayenough wrote: »

Oops forgot to say Sazzie your input is certainly valuable. I've learnt so much from you and others so thank you.

Agreeing with ttse here, Sazzie, your advice is great!

DMP & Mutual Support Thread - Part 11

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