Have you found it easy or hard living with the type of payment plan you're on ???

Mics_chick

I've taken my first steps by filling in a debt remedy on CCCS's website and I've sent them an email so they'll be in touch after the Easter holidays sometime.

I've read their info about the different types of plan too but I dunno if any of them will be relevant to me or not...

But just wondered what it's actually like living with the consequences for the next few years???

Is it really the end of money worries or is it difficult or depressing to live with?

swampduck

Having battled with all our creditors and created our own dmp I can honestly say that it does get easier as time goes on.
We allowed £250 per month for debt repayments which was well over the repayments required for our creditors which we were snowballing.

But that said OH is self employed and we have been hard hit by the recession and the £250 allowed has been cut to £150 - still within our minimum repayments but leaves us 15 quid or so for snowballing. OH now has a part time cleaning job which is helping a lot but it will be a while before we can get back to the £250 per month we were originally paying

But we do get debt collectors phoning/writing every six months for increased payments but tell them you hav'nt had a pay rise and nowt has changed except that gas/electric/petrol has gone up meaning you have even less money for them and can you reduce your payments even more? and they say no thats fine just carry on as you are. They have targets to reach and if you lower your payments they get it in the neck from their bosses!!

The trick is to leave yourself enough leg room to adapt to changing situations - I have seen from reading some MSE posters on here that there is little room for adjustment if something goes wrong or changes.

But that said other posters cope admirably well given their circumstances but when you're in it for the long haul as we are (7 years if we pay £250 per or 13 years at £150) it just becomes a way of life and you get on with it!!

Good luck

Swampy

Mics_chick

Thanks for that Swampy

Why did you choose to do it yourself and not through one of the charities?

Jacobs_Crackers

Hi,
I have been on a dmp with Payplan since Sept 08, & I can honestly say it was the best thing I ever did! They send out my SOA to all the creditors & sort out all the payments for me. I can't speak for CCCS as I have never dealt with them myself, but I believe they're very good. With Payplan I have access to my online account & see all the details of my debts, I don't know but CCCS maybe have something similar.
Before I started my DMP, I was scrimping & saving where I could, (& often failing!) but now on the DMP, there is a little leeway allowed so I allow myself the occasional little treat. Don't get me wrong, I can't live a life of luxury! My DMP has got me out of deep doo-doo & saved my sanity!
Hope this helps a little,
JC.
x

Mics_chick

That's great to hear JC :-D

Don't you know when your DMP is due to end?

Jacobs_Crackers

Hi,
My original & official dfd with Payplan was Sept 2012, but due to my recent communications with my creditors re: unenforceability, I have brought my official dfd forward to May 2011. However, I have been working my little socks off working every hour God has sent me & saving what I can to make full & final settlements, so I'm hoping that my dfd will be late summer/early autumn this year. I can't wait, this is spurring me on even more!

Mics_chick

Wow that's great Congrats JC :T

Do you mind me asking how much you owed when you first approached your creditors?

Jacobs_Crackers

I don't mind at all. I owed £27.5k.
Off to bed now, will check in again tomorrow.
JC.
x

Mics_chick

Thanks again JC I was off to bed then too

westiedog

Im with Payplan. Best thing I ever did, they literally saved my life as I thought ending my life was the only way out.

Its going to take me a long time to pay off - I spent the money so I will pay every single penny back.

When creditors tell me being on a DMP will damage your credit rating - my reply is I wont need any credit again. If I cant afford it then I will save for it.

I feel I have a life again x

JES_F1

Hello! :wave:

I've had my DMP with the CCCS for just over two years now and should be debt free in just under three years' time.

It's definitely the best thing I ever did!

'Fortunately' my debts were from simply spending too much on 'nice things' (and not because my income's low so couldn't afford essentials). This has meant I can throw a big chunk of my salary each month at my debts.

Bizarrely, I hate shopping! But I was spending money on lots of long weekends, eating out, and buying 'luxury products' where a cheaper brand would have been perfectly adequate.

Having my lightbulb moment meant that I realised I couldn't continue like this.

I'm sure I could probably cut back further and pay a little more to my DMP each month ... but I've found it useful to have a little room for manoeuvre by not having stripped back completely. It's a fine line between wanting to throw everything at my debts while still maintaining some level of sanity ...

I do miss parts of my 'old life' but now love seeing my debts going down and my bank account always being in credit. Once debt free, I now realise that I can have a really good life without the need to run up huge amounts on credit - and will continue with the MSE/DFW of doing things!!

Good luck and best wishes.