Without a paddle... support for anyone starting a DMP in 2010 (part2)

tinytunes

Hi everyone, I don't think I have ever posted on here but I am really concerned about starting a DMP and need a bit of reassurance please.

I have had my DMP paperwork for about 3 weeks and it is sitting infront of me now and I am scared to send it off and finally get started. I know I need to do it but my DMP is only £77 per month and will take 17 years to clear my debt, ok things should get better and hopefully next year we will be able to make bigger payments but for now it is only the £77/month for a £15k ish debt to 3 credit cards, an overdraft and a couple of stores.

I am worried that they cc's will continue to add interest taking the DMP to more than the 17 years estimated.

I am worried that we could get threatening phone calls.

I am also worried about changing my bank account, I think we need to take all of our money from Barclays to a new account, get all direct debits transfered and have wages paid in hence leaving just the overdraft in Barclays.

I am pleased and relieved I have finallly taken a positive step towards sorting our debts but like I say it's a huge worry.

Thank you so much for reading

mamajojo

Hi Tiny Welcome and well done :j on taking the first steps.
Our debt is considerably larger and spread over more creditors so i imagine we would be paying similar amounts to each. Ours is a low start dmp also, and for the most part they have all accepted - the ones where we are paying pretty much the minimum payment have continued as before, and a couple still need chasing but have said they would stop.

It is a huge worry - at the beginning, it gets easier as you go along the process and i so badly wish we knew we could do this years ago. We only started in March - and as the lovely people here will tell you I was a wobbly mess, but know I feel we will be able to deal with what ever comes along in the process of the dmp, and the relief of knowing we are actually dealing with the debt and not having to worry about trying to make the payments each month is incredible.

It can be a rocky ride at first - with phone calls, I think that depnds on the timescale of letters and contact with creditors, we didn't tell them anything until we'd missed payments after months of late ones and then we were asking for 30 days to sort ourselves out. Some people have had much less phone contact than us and there are ways round it!
You sound much more organised and if you haven't contacted your creditors alredy you will be well armed having your cccs number and paperwork ready.
Your 17 year date is just a target to break!:D

Keep posting

mamajojo

Morning lovely people - hope everyone has a good day! Must get off computer and break the peace by waking children.....phew paypal money from ebay has gone into account - so can get some shopping and feed us! Budget seriously bu$$ered this month, must try harder!

true27

Hiya Tiny!!

Welcome ! Haven't got anything to add to what Mama has said, but keep posting - any questions, just shout xx

true27

Morning all!

Not got much to say other than hello so I'm off for coffee in the gorgeous sunshine

Have a great day - IIIIIIIIIIITS FRIIIIIIIDAY :j:j:j

ljm23k

OMG, what a good day! the sun is shining and there's an extra £387 in my account from tax credits!!!:j:j:j<- i can do that again!!

We always work a year behind as my DH overtime is so unpredictable. Yippee!!! I can get the last bits of home ed stuff for next year and my kids can finally get summer shoes, then I can start saving for Christmas.....

true27

Thats brilliant LJM!!! Don't hurt your ankle doing too much :j though :rotfl:

ljm23k

true27 wrote: »

Thats brilliant LJM!!! Don't hurt your ankle doing too much :j though :rotfl:

I'm going to channel my excitement into cleaning, with 3 kids (2 of them small boys) and 4 dogs, there is more than a faint aroma of wee in this heat....:rotfl::rotfl:

true27

ljm23k wrote: »

I'm going to channel my excitement into cleaning, with 3 kids (2 of them small boys) and 4 dogs, there is more than a faint aroma of wee in this heat....:rotfl::rotfl:

:rotfl: Oh I know what thats like lol you can come and do mine too if you like :rotfl:

ljm23k

true27 wrote: »

:rotfl: Oh I know what thats like lol you can come and do mine too if you like :rotfl:

:rotfl::rotfl: