Reality check

Honky_tonk

Hi and good morning,

first post on this (and indeed any) board! One of my bosses sent me the link for the newsletter and the rest, as they say, is history.
I have been a frequent hoverer of this forum in particular, spending a little time reading the odd post etc in the vain hope that I could find a miracle cure for my much put off fiscal issues! Of course there is no cure and the only course of action is...to take action!
Anyhoo, enough waffle (sorry). The reality check: saw many people were discussing cccs so thought I'd check out the site. I'd like to say it was fun but I'm going to go with scary! once I'd put in ALL my/our creditors etc the figure that came out was...well, huge! They have suggested a dmp, we (wife and I) are strongly considering this. I do have a question on this and hoped this was the place to ask it. The question will follow my next (condensed) section of waffle.
Nutshell:Had some dross debts already, circumstances changed, now with 1 year old baby, has had lots of poorly time (not serious like some poor souls out there) bad enough that wf has lost 2 jobs due to time off with him. Nursery fees still rack up even with him not there, as do bills etc, overstretched on credit, feel quite sick and stressed 99.9% of time!
THE QUESTION! How much better will I feel if dmp goes ahead?

Probably all wrong but at marks out of ten for effort!?!

Thanks

Horace

Hi and welcome

I don't know anything about DMPs but there are others on here that do. I just didnt want your post to go unanswered - others who have experience in these matters will no doubt be along soon.

Good luck

HHH_2

I think most people will tell you how relieved they felt once their DMP had started. I certainly felt a different person, cliched I know but I felt I had the whole world on my shoulders before. On this site people will ask you to put in your statement of affairs to see where they might save you money. If you go down the CCCS DMP route you will initially get nasty letters and phone calls but after your dmp has been running for a couple of months they usually all stop. often interest is stopped around time too. as far as your wife and child are concerned if your child is often off ill wouldnt it be better for you not to use a nursery at the moment? most ask for a month's notice but it may well save you money in the long run. I'm sure you will get lots of helpful answers on this site but posts tend to drop off the front page very quickly so do bump it up. good luck

Bunnyinthelights

Hey Honkytonk (can't shorten your name! eek!)

Once I started my DMP, the first 6-8 were stressful with phones/letters/texts from creditors BUT the end result was a complete end of the ongoing stress I had felt for YEARS.
I cannot recommend CCCS enough, they literally saved my life.

Welcome, and good luck-you will find lots of support and ultimately wonderful friends here.

Honky_tonk

Hi HHH,

Thanks for your reply! Coupla things whats "bump it up" (total rookie!) I shall work on the statement thing later.

Thanks

milliemonster

Hiya, bump just means somebody posting on your thread to keep it on the front page of the board in the hope more people will read it to give advice

I have no experience of DMP's to be honest but CCCS are very highly thought of on here and offer lots of support and advice

good luck!

skintandscared_2

Hiya Honky tonk

I am just about to start a DMP and initially I was TERRIFIED!! :eek: I haven't yet missed any payments and haven't had any calls or letters from creditors. I know they will start once they get my token payment at the beginning of November, and when they receive correspondence from CCCS for my 1 December start on my plan. But just opening a new account and moving my salary payments/direct debits has made me feel better already. Taking all my credit cards out of my purse and storing them away (so I can cut them up and return them to the appropriate creditor when I make my first token payment) has been therapy in itself. Going out with just a small amount of cash in your wallet makes you think a lot more carefully when you are shopping!!!!

Just doing something positive, and knowing that there will eventually be light at the end of the tunnel is a massive stress reliever. I've slept better than I've done in a long time, just knowing that I've stopped the ever-increasing debt cycle. I already know this is one of the best moves I will ever make. I still have lots of questions and will be posting one in a minute about savings, but I have DEFINITELY done the right thing.

One unexpected positive side is me and my partner have obviously had to talk about this a lot and decide what to do and we are closer than ever 'cos we feel like a really strong team, dealing with it together. You and your wife should be enjoying your relationship and your little baby, not worrying about debt.

Best of luck, whatever you decide x

PS I went through CCCS and did the whole thing online. I have since spoken to them too, and they are brilliant.

newlywed

I was going to say just before you start it you will be worried and going but what if... what happens...

There's a DMP mutual support thread where everyone asks those questions and some peeps who have been on a DMP help to answer them.

But the day the first payment went to CCCS I felt like a huge weight had been lifted. Like someone was out there to help me, and that I knew really I'd never have sorted my debt on my own

So far I have paid off 1/4 of my debt and all has been fine.

You do have to learn to budget for car repairs, tax etc which is a huge learning curve (for me especially), but the first month, you feel like you've got loads of money left as all the food, petrol, gas, electric, etc are all budgeted for so at the end of the month there is (usually) money left for food still. That in itself feels fantastic the first month or two.

Just remember to budget and save for car costs

Although if needed it may be possible to make a one off reduced DMP payment if you are stuck for car repair money (I have done this once with no ill consequences for the DMP).


And my only regret with regard to the DMP???? That I didn't start it soooner!!!!

Jacks_xxx

:wave: Hiya Honkytonk,

I think the generall consensus is that after the initial few weeks /couple of months whilst everybody gets used to the idea :rolleyes: you feel better because there's a plan in place, a method to your madness and a light at the end of the tunnel.

Plus the CCCS are at the end of the phone if you need them.

Post up your SOA my lovely and we'll all do what we can to help.

Love Jacks xxx

petrafyde

Statement of affairs = SOA. It's in my 'signature' which is the writing below (just click it). There are some terrific boardies who'll be able to help you budget costs right down to practically nothing So as well as getting your debt sorted, you might manage to have a bit left over too?

fizz190

Hiya,

Just to add to the messages of support...

I did a DIY DMP (ie I negotiated with all the creditors myself, gulp), got all to agree payments and most to freeze interest. The result - I felt I could breathe again for the first time in years! Although it took a little while to finalise everything, it was a great feeling to know I wasn't hiding anymore and was taking charge.

Now I'm bang up to date with all my debts (although occassionally slip up with GUS's demands for 4 weekly rather than monthly payments - grr), and looking forward to being debt free in about a year.

Good luck!

Fizz