Parsley the Lion and the DMP

Parsley_2

I've been persuaded that a debt diary is a good way to help keep the debt under control.

I'm very bad at diary keeping so I don't know how long it'll last but I'll give it a go.

3 months ago I realised that with the reduced income from my husband's business (i.e. nothing) we couldn't afford to pay all our credit cards. Turned into a bit of an ostrich and hoped the problems would go away but now we're 4 payments behind and it's going nowhere. My income is enough for all bar 2 ccs but not for food.

Did a lot of research on the internet and found out about CCCS and Debt Management Plans. I only have a very basic knowledge of how it'll work but it sounded very much like the answer to my prayers. Can't do a trust deed as then my husband would lose his business. It may not be doing well but it's holding in there with no help from me.

Did the online Debt Remedy which suggested £417 per month to start with and after another 5 weeks and a long talk with my DH I pushed the button to get the pack.

Everything has been sent to them on Thursday (3 days ago) and I sent all the letters to all the credit cards advising them that the DMP would be starting in September. Have yet to send the one to the bank with the overdraft as I'm still unsure how it'll work.

Yesterday I opened a key account with RBS and I will get my wages paid in there and all the DDs from the other bank account.

Have spent a while figuring out how to change all the dds and getting phone numbers for those I'll need to phone but I won't change until after the August payment has gone. Mortgage will be the most difficult as it's with the bank with the overdraft.

DH has changed his tune as now he's saying that it's the only thing to do and the right thing to do whereas before he wanted nothing to do with it and was unwilling to entertain the idea at all. The long talk must have actually caused him to listen for a change.

Anyway I think I now have to wait for CCCS to do their thing and write to each creditor with a proposal. Then I have to wait for them to agree. Is it going to take effect from September or not? I don't know. I hate the waiting game.

Now I'm trying to find other ways to cut back spending. Sky will be the first to go but there's not much else I can get rid of anymore. Already streamlined as much as I can.

This is the first long installment. See where it goes from here.

Marie

amyandjon

:j Yipee you started your own diary put a statement of affairs up and others will be able to tell you where you can save etc ....just got back from town with a new spendingbook for my bagso il be feeeling reluctant to spend if i have to write it all down lol ....welcome to the mse dfw team hehe :rotfl: i cant wait to read all about your journey xxx

PoorPrincess

Congrats on starting your own Diary and thread, i love keeping up with mine and love to be able to change my signature as my income goes up and debts go down. Any questions dont hesitate to ask. No matter how big or small, everyone is lovely on here and no doubt somebody will be able to amswer your questions. A diary on here will help keep you focused and give that extra bit of strength that sometimes we all need!

Princess

x

Parsley_2

OK, this is a list of what I need to do by the end of August. The first thing before doing all this is to get internet banking on the new account but so far it's not recognising me when I try. I have an account & Sort code but maybe it hasn't uploaded onto the system because it's the weekend. I'll try tomorrow. It comes under current account so should work with the internet banking. May have to wait for debit card first to get it activated.

1) Set up pay to new bank account
2) DD - BT £14
3) SO - Council Tax £107
4) DD - Hydro Electric £66
5) DD - Lottery £4
6) DD - TV License £11.61
7) DD - Mortgage £600
8) DD - Sky £17 (Going to change to Skyfreesat so one off £20)
9) Cancel Sky repair plan £7.00 as they won't carry out the repairs due to changes in the height laws. Our dish is above the Special Heights team limit and only cost £40 for independant person to fix it last time.
10) DD - Internet £13.99
11) DD - Home & Contents Insurance £28
12) DD - Audible £7.99 (May cancel as luxury item)
13) DD - Payment prot on mortgage £15
14) DD - Income protection £11
15) DD - Life insurance £27
16) Pay first installment of DMP if all agreed.

Quite a few bits to remember there. Will cancel off the old dd's as I set up the new ones so I know where I'm at. Must also send the DMP letter to the bank for the overdraft account. Keep forgetting to do that as I'm scared they'll freeze the account and keep the cash in it which is supposed to cover the rest of the payments. Most of them should have been paid by now.

Need to find all the paperwork to know who to phone to change things. One at a time.

Aussieonabudget

Good luck with getting through that list - it looks long but I'm sure you'll get through it in no time! And congrats on the new diary, hope it helps in whatever way possible!

I had to wait for an internet banking pack and pin number to be sent before I could get into the account I opened recently. You should be able to ring up customer services and find out if it still doens't work tomorrow!

Keep us posted on your progress and well done for taking the first steps!
Aussie

Parsley_2

Step 1 is complete. Put up the details for new bank to payroll today.

Step 2 is complete. Changed DD with BT online. Cancelled old one with BOS just to be on the safe side.

2 down 14 to go.

amyandjon

Hey well done on finishing 2/14 jobs woo hoo :P hows the day been ? x

Parsley_2

Hi Amy,

Feels like I've started to achieve something finally. Still can't get access to the online banking but that may be because I don't have my debit card and pin number. It's a little worrying but the letter from the bank definately says that the account is open and gives details so it must just take time to register on their online system.

Got a default notice from TSB but everyone on the DMP forum says it's normal and not to worry about it.

I'm going to take a leaf out of your book and get myself a new folder to keep everything debt related in. I think it might be a good idea to put it all in one place where I can easily find it. Will visit Poundland on Thursday and pick up a bright coloured folder that can easily be seen. There or Pound-Stretcher. They're pretty much next door to each other.

Taken up beading as a new hobby. Spend about £2-£5 a week on bits and make a bracelet each time. Building up quite a collection and I always end up with some left so soon I'll be able to make without buying first. Cheaper than drink.

amyandjon

hehe, just had a bath ready for bed, got a long day ahead of me tomorrow...... its intense been a nurse my feet are throbbing.... i almost feel i could sleep for days..... i have myslimming world on thursday cant wait for eigh in im expecting to achieve my half stone award woo hoo maybe win slimmer of the week lol lol...... im having a blonde moment default from tsb :S :P im sick of looking at the big 50 like a looming number grrrrrrrr...... right missy il get my sen off to sleep :-) i havent got the patience of beading :-0 night night :d

Parsley_2

Well, tried to get 3 more dd's sorted but they all closed at 8 so couldn't sort them. One of them takes Solo card so will wait for the card to arrive and be activated then change it to a card payment for a month before being able to set up a new direct debit.

What a pest it all is.

Egg have sent a message to say that my direct debit has been cancelled and I must set up a new one as their terms and conditions state that there must be a direct debit set up to pay the account. Somehow I doubt that CCCS will be paying them by DD so not sure what will happen there. Since I stopped the DD I know it's stopped but I won't be contacting them to organise a new one.

Will be phoning CCCS tomorrow to see what the next step is as not heard from them yet. Thought they might phone but wasn't expecting mail yet.

amyandjon

evening sounds progressive... im with egg and only know direct debit i dont know how ccs will pay them but it will be sorted eh :P how was the day apart from that :P