Is A DMP inevitable ?

Imelda

Hi there Lynz, hope you're doing ok today.

So your SOA up there is including your full pay, am I right? If so I'm afraid it does look like you are going to have to make some arrangements while you sort out your work/ dla situation. One suggestion, your student loan, if you're on sick pay can they still take it as you'll be under the threshold? I think that will be the easiest one to sort out (I take it it's from the student loans company?). The sofa, would you be able to open a new 0%/ lower rate card to pay that off? I know some agreements won't let you use credit cards to pay off a credit agreement. Even if it went on the bcard at 19.9% that would be something.
I'm afraid I can't help anymore than that, I have no experience of a DMP and so have no idea what is involved. The opening up of a basic account sounds like a good idea anyway.
Hugs Lynz and keep us posted.

dottyanne

Lynz - i agree with Emmzi and wonder girl - dont see a DMP as some kind of 'failure' or something on your part - its about doing whats best for you at this moment in time - as wonder girl pointed out - its not legally binding so you can stop whenever you want to - im looking at my DMP as not going to take 10 years but that i have the flexibility that if nothing improves at least i can manage the payments for the 10 years.

At the end of the day you have to do whats right for you - just dont rule it out ok?

love
dotty xx

lynzpower

the sickener is for me that paying off my debt was the only thing that was going well. Everything else is going pearshaped cos of the job thing

Maybe I just have to force myself to go back to work, although its really rather unsafe i fear

lynzpower

thanks for the Sloans question Im sure I can stop the payments to them

In fact, thinking about it, there is very little that a DMP would achieve, as a) I dont have to pay an install ment till september on my b/card and the minimum is tiny in any case ( ie less than a tenner)

I can pay the min to egg.

Im not paying off my ODs yet in any case, Ive decided to do those last.

my parents loans wont be included. so this major payment will still have to be made.

Im paying all the bills on 570 + 400 that OH pays PCM in any case so theres no arrears or anything on those

Im hoping that I will be working at home by sepetember in any case so surely by the time a DMP starts up, I should be out of the woods? If not, maybe Ill panic then

I dunno

earwig

hi lynz
if you can get by with out a dmp then do so its only going to be for a while un6tell you sell your flat and then you could pay of your debt with any profit from that also if you do a dmp now it will mess up your credit rating and for the sake of a couple of months its not worth it have a word with mum and dad im sure they would rather you lower your payments to them than mess up your future with a dmp and if they cant like you have said just pay the min on every thing untill you have sold your flat

Josie64

lynzpower wrote:

I cant get incapacity benefit, as Im still being paid from work

I might be able to get council tax benefit, I have to phone the council now

I just dont think a DMP is going to work for me really as I dont want to stop paying things.

Hi Lynz,
six months ago we contacted the CCCS and felt the same as you , we didn't want to stop paying creditors and carried on paying them all £10 month , (instead of £1 month) anyway 6 months down the line , with hubby being off work and living on 90w , there is nothing left to pay them , and not enough income to do DMP , we are currently using 1,500 of 2,000 overdraft and have yet to take the plunge and change bank accounts , but we have 2 c/cards and loan with same co as bank account .

However we got council tax benefit while hubby was off work but now back to full payments. We are all here and we know what you are going through , you have been there for us , now its our turn to be there for you...
Jo

lynzpower

I think I might get rid of the DMP idea.

I'll be deferring my s loans payment so thats something. I think im paying over the min on my egg card so need to call them to bring it back down to min.

My credit rating is pretty good, and we might want another mortgage in the next few years, and If I get to work from home then Ill be on decent money in any case again so it does look temporary. If in fact, I cant work from home, then Ill get a DMP and thats that.

I think starting one rigt now could be financial suicide, I need to have a word with mum & dad again anyway, I think I can reduce my payments maybe by even 20 pcm

OH is looking ( still!!) for a better job and there are a few things possibly in the pipeline, the outcome of that would mean my payments to the joint account would be lower and his higher he does owe me a bit of money as well, which hes been completely unable to pay me back.( equates to the whole of the b/card) However if he gets a better job then Ill be getting this back too.

Also I have some bank charges things in the pipeline, so if I get my lloydspayout my egg card will halve so the payments WILL be lower . I just have to hang in there I think and not knee jerk and panic which I have been doing.