for all those on dmp's

blueye

i just wanted to know how hard you all have it, are you actually living on beans on toast, driving 200 pound cars and watching black an white tv no disrespect intended i myself am doing a dmp but after some remarks im thinking im not doing enough and maybe i should sell everything of value house and all and start again with slightly less debt

SueP19

Hi Blueye, I am not sure about others but myself I am trying to cut back on areas that I can ................food, other spending on rubbish, will be looking at gas and electric too.

I think that the speed with which you pay off debts is directly related to how much you cut back and and of course how much you owe in the first place. Having been through this once years ago, you realise that you cannot live on the bread line for long periods, to me its unsustainable in the long term. Beans on toast for 6 years is not healthy!! I also see no point in selling off goods unless they are unwanted the second hand market after all gives low return. If I had diamonds etc or designer clothes then maybe.

If you had a small debt and could clear it in say 4-6 months then it would be worth going all out. The biggest thing I am trying to learn how to do is budget, so I don't fall into the same trap again, also learning how to save, being on a tight budget makes you spend every penny you have, just purely because you get into the habit of any spare left you buy that magazine or dvd, cos your not sure if you will have any spare next week/month........................not explaining that one well

You do it the way you feel is right, so don't feel bad because you are not watching a b/w tv :T

Miss_Piggy_2

I won't lie to you, sometimes its hard. But, for me, I think this is because I NEVER budgeted before I went on a DMP. Watching what you're spending and budgeting for things is a totally new experience.

But....going on a DMP is the best thing I've ever done. The budgets they set aren't unrealistic. And if you want something nice then you save for it. I never saved before but I'm a committed "save for what you want" person now. And I most definately don't buy things I don't need!

Sometimes I feel like the "poor relative" but to honest, thats my own fault. And its surely better than carrying on spending and being the "relative with CCJs, bailiffs at the door and finally bankrupt!!!!"

Good luck with whatever you decide

Miss P
xx

[Deleted User]

Hi , I stupidly got myself in debt, its gonna take a few years of hard graft, and I'm gonna do it, so it will be reduced items from supermarkets, and bargains from carboots, charity shops, etc, and do you know what I am actually enjoying the challenge, so why pay more, you can do it.:j:j

inamess200

I have been on DMP for 4 years - 12 to go!!! I try and cut back where i can so the children can still go on school trips, days out etc - I could not bring them up with no treats at all. While all creditors are accepting payment that is all i am sending - if we do a car boot is so we can go camping in the summer. We do have months like this one where beans on toast is a main meal but my kids have what they need (probably not what they want !!) and they are happy so I am happy - creditors can just wait!!!

JES_F1

Hello! :hello:

I've been on a DMP for about 16 months now - and actually find it OK. I was buying 'luxury things' on credit rather than having to use credit for essentials.

I realised that I was spending a ridiculous amount of money on things like takeaway coffees, popping into M&S for food, items I didn't really need/want, not bothering to take unwanted stuff back for refunds, having lots of short breaks away, eating out lots, etc, etc. So once I cut all that out, and got used to it, I have found it fine! In a strange way, I actually have more money available now than before my blinding flash of a lightbulb moment.

I do still have Sky and make a small charity donation each month. I also still enjoy a meal out or coffee with friends but we make good use of 2-for-1 deals in Pizza Express, Zizzi's, etc. From time to time, I get myself a takeaway Costa coffee (once a month max), and actually enjoy it far more than my old daily habit!!

pepe2008

Actually, £58K on a dmp....but the Budget is set to be reasonable. I do earn slightly more than the figure that the dmp is based on........and occassionally I get extra hours which give me the chance for the odd luxury now and again.
Yes I have got a nice car ( for the Family ), but I go to work in a £200 car from choice....as I always have done.

I could do more to reduce the debt quicker, but I have it all on int free for life now and the Creditors were quick enough to lend it to me ( even with an obvious record showing a complete lack of Financial Self-Control) so let them wait.