Felling down. Dmp may be longer than we thought.

elsie52

Hi,

We have been on a DMP since February 2008 and have paid back almost £40k.:T We still owe £34. :eek: Our debt free date should be February 2012, that's according to the figures Payplan have. Our figures are different because some of our creditors have not stopped the interest and I don't think that they ever will, Lloyds and Clydesdale being the worst. I estimate that we actually have another £10 outstanding so what happens to that at the end of our Plan. I know Payplan say they speak to the creditors towards the end, but I can see that it will mean we continue paying for another 6 months.....Now I know another 6 months doesn't seem to be a long time, but its something that really bothers me.:( I have fixed my mind to being debt free by Feb 2012 and to have to go another 6 months seems quite a downer. Has anyone got any experience of what happens at the end? Please cheer me up.!

Oops...should be Feeling down, not felling....Perhaps should wear my glasses more often.!

planning_ahead_2

Hi Elsie

Virtual cuppa and hugs coming your way right now:grouphug:

I can't help cos I don't know about DMPs at all - but don't let this get your down or beat you. You are doing soooooooooo well:)

Hopefully someone else will be along shortly who is far more useful to you knowledge wise, but here's the tea for now;)

Take care
Hugs from PA

ald65

Hi Elsie52

Just wanted to say hang in there . 40K:A:A:A
WELL DONE THATS BRILLIANT
You are over halfway there what an achievment.
I have read that PP negotiate to have the interest and charges removed at the end of the plan, however have no personal experience of this as we still have another three years to go:eek:
We are in the same boat as we owe approx 5K more than justabank says
good luck
A

elsie52

Hi PA and ald65

Thanks for the tea and hugs..... they are much appreciated. This debt busting lark gets me down sometimes, as I am sure it does for others too. I think my problem is because when our debt free date comes, we won't have much longer to work if we retire at 65. So we need to clear it asap so that we can save for our retirement. We do have a couple of private pensions, so we should be okay on those, but we really want savings behind us. We want to enjoy our retirement, debt-free of course. I hope to get the date down to October of next year, but its this extra money for interest charges that is the bug bear.! Anyway thanks again, and hopefully someone will have an answer for me.

Nargleblast

Elsie, you should not feel down because you have actually halved your debt in just two years -pretty good going! Have you revised your budget recently? If not, might be worth doing to see if you can free up any money to make a Full and Final offer on any of the debts? I know you are in a DMP, and all creditors are treated the same, but you may be able to work something out with Payplan to try and get at least one of the creditors off your back. Just keep ploughing on there, you probably thought at the start of it that it would take forever, but two years have gone by already, and those debts will soon clear. Then you can arrange to put some of what you would have paid on a DMP into a savings account and start building up a retirement slush fund, or pay extra off your mortgage if you have one. You will get there in the end.

Faye449

I'm in no position to offer advice as only just starting out but I hope I make progress as quickly as you! Well done for all you have achieved so far x

elsie52

Thanks for replying guys. I know we have done well paying off £40k and I can't wait until its all paid back, but after 4 years on a DMP and then getting to the end, and then someone saying " Hang on a minute, you owe us another £10k," its going to be a bit soul destroying to hear those words. :eek::eek::eek:We have just recently increased our monthly payments and if truth be told we could afford to up them a little bit more, but we are saving a little each month. I know this goes against what a lot of people would say, but we are only 5 years off retirement, and we feel the need to have a little bit put by which we will add to after we finish our DMP. Those savings may be used towards the end for full and finals, I am a little wary of increasing our payments again, I read somewhere on here that creditors may start adding interest if we are paying over the odds, and that's the last thing that I want to happen. We pay £1535 per month already.

Perhaps I'll win the lottery later and then worries will be over.:T

savingmummy

Just want to say well done on doing so well
You should be very proud of yourself and i totally understand having an extra 6 months added on to your dfd!
BUT 6 months compared to the time you have worked hard is little in comparison.
I cant offer any advise but just wanted to send you hugs and a pick me up!

Barneysmom

Well done to you and your family, you have done amazingly well and should be very proud of yourselves.
You must have gone without so many things to clear what you have so far, please tell me some of your secrets!
I do envy you!

bluebag

Ooofh! feels like having your parole date put back LOL! You have come sooooo far, goodness me! a virtual marathon of debt repayment. Don't let the b......s grind you down, you may have six more months than you thought, but there WILL be an end to it. Just remember that, you WILL be debt free.

What's more, your light bulb is well and truly on and burning bright, that's a moment many never ever get. Your going in the right direction. Respect.
bb

elsie52

Savinngmummy...thanks for your words of encouragement, and hugs.....feeling better already. :A

Barneysmom....again thanks for posting. I wish I could tell you what we have gone without, but if truth were known the answer would be NOTHING. We eat well, pay our utilities etc, run a car, go on holidays (not expensive ones, but we do go away). We very rarely eat out or have take aways, but there again we didn't do that very much before our LBM. I usually shop for clothes in Charity shops for myself, because I can't bring myself to pay for new ones. I always look for good brands and quality clothes. There is just my OH and myself at home, our children are grown up. We must be good at this debt paying because none of our family are aware of it, so we must be keeping up appearances quite well. The only people who know are us and everyone on MSE.!! But what I want to know is............what the hell did we spend it on before.?????:mad::mad::mad:

BB.....From now on I am going to get my mind set to the fact that I might have 23/29 months to go and then we will be Debt free. Positive thinking is called for, and its free, so off we go......Thanks :cool:

:T:T:T