DMP & Mutual Support Thread - Part 11

phoenixx · 1 April 2016 at 9:03AM

BeingDebtFreeStartsHere wrote: »

So.......

Having a really low couple of days - not sure why

Just feeling a bit gutted about having to count every penny and budget so strictly every single day. Work colleagues are constantly talking about things they have bought or that they have been out for a nice expensive meal etc etc etc - cant even budget for us to take the kids for a McDonalds let alone a proper meal out!!

I think it's also because the Easter hols are here and we can't afford to take the kids places, just feel sad as they are suffering because of our debt problems:( If anyone has any suggestions for cheap and cheerful activities I would be more than grateful!!

Just having to walk past nice treats in the supermarket because we can't afford it - little things like that - has got to me these last few days.

I think we may need to redo our SC review a bit earlier and drop the payments a bit just to give us more breathing space. It will extend our DFD (which is already 2028 :eek:) but i guess that's all we can do, especially as we only have one wage coming in.

Sorry for the long post - just needed to vent today and I know you guys understand.

Thanks for reading

BDFSH x

Hi BDFSH

Sorry to hear is bleak for you at the moment. I know exactly the feelings you are experiencing! Colleagues bleating on about their plans drives me nuts. 2 in my team gone to Australia, one to Thailand and one to Vietnam. I am on staycation. One afternoon to London with travel paid for by job number 2...as popped into the office and then slotted in free museum.
I agree with Sazzie's points - lots of free things to do that kids will remember. Ours are older now but they still enjoy a walk in the woods, making home made pizzas from the bread maker (couple of jars of passata and some toppings) and a movie on TV. For cinema we use meerkat movies 2 for 1 and they also enjoy a board game. We have been on our DMP 5 years now and holidays are often the worst time. Our first budget with SC left us way too short with no wiggle room at all. We are now on a lower amount and living is slightly easier. Mr Phoenix changes jobs next month for the sake of his health and this will mean drop in pay but we'll adapt. When you redo your budget, check carefully that you've accommodated all outgoings. It's easy to miss something. Build in a buffer as far as you can.
I bet that debt free day will come down. Things do change.

Love and hugs

Phoenixx :A

Spoonhead88 · 1 April 2016 at 10:59AM

Puzzcat wrote: »

Hi,

Have you written a complaint letter to the creditors still charging interest?

I will definitely give this a shot as the worse they can do is say no.

Thanks Puzzcat

Sazzie23 wrote: »

Hi Spoonhead, good progress so far,

I think I'd be tempted to go to token payments if you don't know if/when you get ESA. It will concentrate the minds of creditors to consider cutting interest.

You can increase payments again when it's worked out.

Saz

Thank you Saz, this is something I will think about though at the moment I'm in a lucky situation living with family so there is always food available.

blisteringblue · 1 April 2016 at 11:16AM

We've had a few "time for your review" letters from the predators but can't be arsed. I wonder how long they will pursue it

I feel this is my new game. I know I know, but sometimes it's the simplest pleasure of predator dealings and my DMP

Triangle · 1 April 2016 at 3:45PM

BeingDebtFreeStartsHere wrote: »

So.......

I think it's also because the Easter hols are here and we can't afford to take the kids places, just feel sad as they are suffering because of our debt problems:( If anyone has any suggestions for cheap and cheerful activities I would be more than grateful!!

Just having to walk past nice treats in the supermarket because we can't afford it - little things like that - has got to me these last few days.

BDFSH x

This - 100%. I promise you that you aren't alone, I was in tears last week about the exact same thing. I felt like such a failure. Today I took my munchkins to a local fun park/farm. £5 entry (munchkins were free) and we had the best morning ever :j Things can be done on the cheap - it's just finding them! I took a picnic which I plan to do whenever we go out this spring/summer. My DMP is with SC and I have money allocated every month for 'entertainment' which I actually classify as the munchkins entertainment (it's higher than the standard allowed - the SC advisor told me to raise it because of the children). Every month I take this money out and put it in a seperate purse (which I got free with a magazine years ago

) and use this for outings etc. It has definitely helped with budgeting

make_the_change · 1 April 2016 at 4:04PM

Hi All,

Haven't been around for a while due to personal reasons. As some of you know I am desperate to move home so now need to do some mega saving towards that. My creditors are due for an update soon so was wondering if anyone had any advice on how to approach this as I need to continue to make token payments to be able to save to move.

Thanks

BeingDebtFreeStartsHere · 2 April 2016 at 10:43AM

Phoenixx and Triangle,

Thanks to both of you for your lovely, supportive posts.

Still having good and bad days - desperate to get to the end of the month as I have done some overtime last month that will help boost my next wage so hopefully next month will not be as tight.

Hoping the weather improves so we can get out to the parks and go for walks/picnics with the kids over the holidays. Still thinking of the museums for rainy days too.

I really do appreciate everyone's support and kind words. This forum has the BEST people. It is so nice to know that there is always someone there to offer support when you have a wobble.

Thanks again,

BDFSH x

sourcrates · 2 April 2016 at 11:25AM

BeingDebtFreeStartsHere wrote: »

Phoenixx and Triangle,

Thanks to both of you for your lovely, supportive posts.

Still having good and bad days - desperate to get to the end of the month as I have done some overtime last month that will help boost my next wage so hopefully next month will not be as tight.

Hoping the weather improves so we can get out to the parks and go for walks/picnics with the kids over the holidays. Still thinking of the museums for rainy days too.

I really do appreciate everyone's support and kind words. This forum has the BEST people. It is so nice to know that there is always someone there to offer support when you have a wobble.

Thanks again,

BDFSH x

Hi,

Sorry BDFSH, I cant recall your exact situation, is there a particular reason you have to stay on the DMP ?

Have you a property to protect, or job worries that would preclude a more formal solution to your debt woes ?

BeingDebtFreeStartsHere · 2 April 2016 at 11:41AM

sourcrates wrote: »

Hi,

Sorry BDFSH, I cant recall your exact situation, is there a particular reason you have to stay on the DMP ?

Have you a property to protect, or job worries that would preclude a more formal solution to your debt woes ?

Hi Sourcrates,

Yes, I would have to inform my employer if I moved to an IVA/Bankruptcy and cannot risk losing my job as mine is the only household income. We also have a mortgage on our property and no equity so I think that the DMP is our only real option - am I correct in thinking this?? Any advice welcome

BDFSH x

sourcrates · 2 April 2016 at 12:02PM

BeingDebtFreeStartsHere wrote: »

Hi Sourcrates,

Yes, I would have to inform my employer if I moved to an IVA/Bankcruptcy and cannot risk losing my job as mine is the only household income. We also have a mortgage on our property and no equity so I think that the DMP is our only real option - am I correct in thinking this?? Any advice welcome

BDFSH x

A IVA may be an option for you, again, it would depend on what your contract of employment says in regard to this, maybe look into this a bit more ?

I read your previous posts, struck a bit of a chord with me, I have 3 kids, and if your hard up for money, it can be a real drag, that's why I don't subscribe to the "pay off debt at all costs" theory, you must have quality of life as well, as you will never get this time again with your kids.

There is another option, wont be a popular choice, and I`m not saying you should choose this option, but I`m just throwing it out there for you, if the DMP is leaving you short of money, switch to token payments of £1, or, stop paying altogether.

Save the money up that you would of paid to your creditors, allow yourselves a bit more room in your budget, then with the money you save, if, or when, a creditor threatens to get legal, settle each account on that basis, for as little as possible.

Do this till the debts become statute barred.

The fact is, less than 10% of debts ever get to court, and due to the timescales involved, the process can take years.

Not advising you do this, its purely for information purposes.

Dory2016 · 2 April 2016 at 4:05PM

Just wanted to say hi and thank you. I've read all of this thread (and the previous one!) Since my lbm two weeks ago. I spent that weekend feeling so desperate and anxious as I didn't know where to start with my debts. They're all my own and my husband doesn't know the full figure of what I owe. I wish I could say that I have a lot to show for nearly 16k but in all honesty it's been nearly 15 years of putting a bit on a card here and there. My lbm came when I realised that I'd taken a pay day loan out for the second month in a row and unless I did something drastic it was a cycle that I wasn't going to be able to get out of
So in the last two weeks I've contacted Step Change, set up a new personal account and persuaded my husband to move the joint account without him being aware that the main reason is that I'm scared Santander will set off my debt with them by using the account that we both pay into to pay bills. I've told him that I'm sorting out my debt without being specific about going into a dmp and what I owe.
My main concern at the moment is that with the budget I set my dmp isn't due to finish for nearly 10 years... a few months before our fixed rate mortgage is due to expire. My credit score is already at 1/5 and I'd really like to get it back up before we need to look at other deals. I purposely set my budget the way I did knowing that we have a young child, would like to have another at some point and that actually if we tighten our belts I should be able to pay it all back a lot quicker. It was just the crippling interest charges that were meaning that I wasn't making a dent in the actual debt. I suppose by setting it low I might actually default quicker and be in a position to start building my score back up in 6/7 years?!

DMP & Mutual Support Thread - Part 11

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free