DMP Mutual Support Thread (Part 6)

newlywed

tinkerbell12 wrote: »

newlywed - It must be very frustrating for you having to reduce payments. Sorry to here about your threatened redundancy and OH's loss of work. I thought being on mat leave would reduce our payments loads but luckily we have only had to lower it a bit and have managed to cut right back on things.

I cannot wait until that last payment goes to CCCS and we will have literally £100s free to SAVE each month!! No more credit cards EVER again!!

yeah my debt free date went from 3.5 years to 13 years in one phone call :eek: But it will get even worse when I'm made redundant Hopefully OH will get more work soon.

girlypink

Thanks newlywed, i dont want any credit either i just hope in years to come i could get a mortgage although time may be against me anyway i guess the longer the debt goes on the shorter mortgage period id have so it all boils down to i shouldve done this ten years ago lol story of my life!

thats brilliant tinkerbell well done to you :beer:

mrs:optimist_2

Well we had our telephone appointment with the CCCS this evening and I am actually feeling ok about it all!

The lady was really nice and non judgemental, and we have decided to go ahead with a DMP with them.

We will make our first payment on 1st March so have a month to set up a new bank account - sort out DDs etc.

The scary news is that it will take 15yrs 1 month to pay it all off, but the good news is that we are going to be able to decrease that in the next few years.

We have 20 months left on our car payment (which is classed as a priority) so once that's paid off there will be an extra £175 to put into the DMP (we are starting out with a payment of £200 so it will go up to £375).

Also I am planning to go back to work once DD is in school (in about 3 years) so at that point we will have a huge jump in income and that can all go into it. Plus DH is in line for promotion.

So it's official, we are going ahead with it and I refuse to feel scared because we are dealing with it before it gets bad, we have never missed a payment yet.

I'm not naive enough to think it will all be easy and stress free, but I am confident that I can deal with the phone calls and letters, and once they stop then it will become easier.

Is anyone else starting on the same date? I just have a huge sense of relief that they said it was feasible and didn't say it was impossible or anything like that!

iwillgetoutofdebt

Can I ask what is probably as stupid question (I am blonde, so bear with me ) Once your DMP is up and running properly, do the letters and phone calls stop completely? I am just asking because my creditors have been noticeable by their silence over the past few days. Only two have formally accepted as yet, but can I take this as a good sign that the others are probably accepting too?

DeBilde

I start my DMP on 1st March after setting it up with CCCS. They sent the proposals to the Creditors last Tuesday. I got a letter from MBNA on Saturday to say they are happy to accept the payments and freeze interest and charges.

1 down 6 to go.

newlywed

iwillgetoutofdebt wrote: »

Can I ask what is probably as stupid question (I am blonde, so bear with me ) Once your DMP is up and running properly, do the letters and phone calls stop completely? I am just asking because my creditors have been noticeable by their silence over the past few days. Only two have formally accepted as yet, but can I take this as a good sign that the others are probably accepting too?

It's quite usual for you to feel incredibly neglected and forgotten by your creditors once your DMP is up and running After a few months all I ever got was statements saying carry on paying.

Ex-Spendaholic

Just popping in to say hello as I haven't been on the thread in ages.

My DMP has its 3rd birthday this month. When I think back to the state I was in 3 years ago it just doesn't bear thinking about.

To answer the new people, the DMP in my mind is just one payment to one creditor (even though it is 7 creditors alamgamated in one), that is just how I like to think of it. I get the odd random statement but thats it.

Newlywed sorry to hear about the job situation. I hope things improve for you both soon.

newlywed

Hi Ex. Yeah just sending off my CV to a couple of jobs. Here's hoping

mrs:optimist_2

newlywed wrote: »

Hi Ex. Yeah just sending off my CV to a couple of jobs. Here's hoping

Good luck, I hope you get something quickly

pinkpower

Had my 6 month review today. No problems at all payments are going up £3 per month, my salary had gone up but so have gas, electric, petrol, car insurance, house insurance and fares. Seemed to be acceptable. CCCS calculate that I will be debt free in 4 years, hopefully I can reduce that a bit.

No more credit cards for me either - I'm like an alcoholic and can never trust myself again.