Decision made - what happens next though?

bottom_of_the_class

We have clicked on the DMP button ... told our families and friends ... and am now terrified again - emotions really do rocket while going through this don't they - last night I was so relieved we had eventually reached a decision and we are now terrified that we won't be accepted for a DMP

We have £70k worth of unsecured debts and are able to repay £420 a month - our creditors are Barclays (lots) Lloyds TSB, MBNA, Egg and Nationwide

No arrears at present as have been sacrificing sensible living to enure that everything remained fully paid and up to date

Will we be accepted for a DMP - the advice from CCCS was either an IVA or a DMP - and if we're not what happens then?

I sooo thought we would be ok with this DMP thing and now reading the threads am not sure - if anyone would be willing to share their experiences I would be really grateful

Huge thanks xxx

sarriep

I can't sgare much but I am much in the same boat as you! Found out what I thought was 25k of debt is really 48 last week due to husbands gambling. Have an apt with CCCS soon to discuss. One minute I feel relived we are getting sorted and the next I am in a blind panic about whether we can afford to pay back and live! Having never budgetted that's a whols new ball game too.
A DMP seems likely from what I have been reading. I've considered an IVA but they scare me a bit so we're hoping to pursue the DMP route.
It really is an emotional rollercoaster isn't it? But I know the thing I'm looking forward to the most is seeing my bank balance in credit after 14 years living on an overdraft!
Good luck x

bottom_of_the_class

Good luck to you too - it is terrifying isn't it and yes learning to budget properly is a whole new ball game for us too - seeing our accounts in credit knowing that they're that way due to budgeting not credit will be an amazing feeling, but I'm now really scared after thinking that a dmp would help us start to get straight that it may not be accepted and even if it is that not all creditors may agree to it :-(

Rabbit-in-headlights

Hi BOTC,

me too - my DMP starts in October, and I am waiting with baited breath to find out if my creditors (7 of them) will accept the payment plan and freeze interest.:o

From reading other threads on here, it looks like some creditors will accept more quickly than others but the main thing to remember is that you have taken control and your debts WILL start to fall once you start your DMP. (Try the DMP Support Group thread, it's full of advice and experiences of other DMP'ers:
http://forums.moneysavingexpert.com/showthread.html?t=977633)

You might want to avoid answering the phone calls, or if you do pick up, refuse to go through their security questions, tell them you are with CCCS and quote them your plan number. If phone calls are causing you too much stress, you can write to them and request that all communication is put in writing.

Like you said, it's an emotional rollercoaster, I hope the advice so far has helped a little but above all, you will find emotional support here in truck loads, this board is a godsend to us all:A

Hang on in there, you're on the right road, and in good company with the DFW's!:D

Rabbit