DMP Mutual Support Thread (Part 6)

the_tooth_fairy

Alfie983 wrote: »

I have taken the plunge into my DMP, first payment goes on the 1st Feb and I should be debt free in under two years if creditors are willing to freeze interest on my debts. Does anyone have any advice for those of us just starting out on our journeys?

Hi Alfie and Welcome,
We started our DMP with Payplan last Oct, and things are really only settling down now. It can take about three months (we have found) for interest to stop after all the default notices, etc. Two of our creditors had to formally terminate our contracts with them before stopping interest, but now everyone is on board.

You have done the right thing to 'take the plunge' - can you imagine how much interest everyone on here would be paying if we all kept our heads in the sand? In the early days of our DMP, I kept strong when any creditors called by reminding myself that we had paid them LOADS over the years and now it's, quite literally, payback time.

Wish you well, along with everyone else who's posts I've been reading, two years is not really that long to retrieve yourself from all this, and like the rest of us, learn how to deal with money in the future sensibly, and not line any more of the credit companies' pockets.

ttf.

maxmax

the_tooth_fairy wrote: »

Hi Alfie and Welcome,
We started our DMP with Payplan last Oct, and things are really only settling down now. It can take about three months (we have found) for interest to stop after all the default notices, etc. Two of our creditors had to formally terminate our contracts with them before stopping interest, but now everyone is on board.

You have done the right thing to 'take the plunge' - can you imagine how much interest everyone on here would be paying if we all kept our heads in the sand? In the early days of our DMP, I kept strong when any creditors called by reminding myself that we had paid them LOADS over the years and now it's, quite literally, payback time.

Wish you well, along with everyone else who's posts I've been reading, two years is not really that long to retrieve yourself from all this, and like the rest of us, learn how to deal with money in the future sensibly, and not line any more of the credit companies' pockets.

ttf.

Hi Tooth Fairy,were from belfast too!! small world lol:T

the_tooth_fairy

maxmax wrote: »

Hi Tooth Fairy,were from belfast too!! small world lol:T

Brill!! (or should I say Dead on!) we will be able to speak Norn Irn to each other!:rotfl:

maxmax

the_tooth_fairy wrote: »

Brill!! (or should I say Dead on!) we will be able to speak Norn Irn to each other!:rotfl:

:rotfl: dead on norn iron lol

were just starting our dmp 1st feb,scary stuff tooth fairy but had to be done:T
nice to meet a local on here lol

the_tooth_fairy

maxmax wrote: »

:rotfl: dead on norn iron lol

were just starting our dmp 1st feb,scary stuff tooth fairy but had to be done:T
nice to meet a local on here lol

That's right - sometimes its hard because when creditors phone you, and they see 'Ireland' anywhere on your info they start saying things like 'well, in the UK..." we are in the UK for goodness sake!!

Good to hear you are up and running 1st Feb, here's more power to your elbow!!!

ttf

maxmax

thanks tooth fairy take care and good luck

the_tooth_fairy

maxmax wrote: »

thanks tooth fairy take care and good luck

And the very best to you, too.:beer: Just think, every penny in your pocket next month will be your own. Once we got up and running in the first month, I was sleeping better just knowing that all the bills were being paid, even if it's by someone else, with what we had left.

You won't regret moving forward, we didn't. Now, I think we should have gone down this road at least 2 years ago!!

ttf x

lilyb131

Hi Everyone

I am new on here just wanted to say hello and ask if anyone has any advice for me

I have 30,000 in unsecured debt with my husband spread across credit cards and a personel loan.

I started this week feeling quite positive and decided this was the year we were going to get this mess sorted I had a phone appointment yesterday with payplan and was sooo embarressed going through the mess that is our finacial situation. At the end of the appointment he asked how me and my husband got in so much debt I tried to explain yes we have been stupid with money but have had some bad situations as well redundancy and ill health. He rang me back and said that we had two options an DMP paying £300 a month he painted quite a bad picture of this explained there could be CCJ's etc he seemed to think it was better to go for a IVA (this scares me to be honest I feel like this is just like bankruptcy).

I came off the phone feeling quite deflated he also said my husband needs to check either won't affect his job as he works for a bank in call centre.

Has anyone any advice on which would be best a DMP or IVA and anyone work in the banking industry on a DMP??

Thanks a very tired Lily
x

iwillgetoutofdebt

I would just like to say "thank-you" to all of those that have been following a DMP for some time. Hearing about your experiences is really encouraging and is helping me through these early days.

I still get moments of panic when I receive the letters and see the log of calls from all my creditors, but reading your posts reminds me that I am not ignoring the situation anymore, but taking control and facing up to my debt.

Johnfosteruk

Hi all. Great news. Mbna wrote to us and they've accepted the proposal. One of the catalogs wrote to us to acknowledge and say they're just waiting to hear from cccs. Feeling very nice and positive thankyou very much. :-)