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

eyeopener2

Weird.

I really struggled to buy something with my £20, I just found myself thinking that I didn't want to waste it as I might not have the opportunity again.

Twenty quid! Thats all it was. I used to spend that in a second without thinking.

As it was I bought myself a rugby shirt (half price in the sale), a decent make that I know will last a while rather than popping into Primarni and buying loads of clothes that won't.

My word i've changed.

And i've paid back over £4k of debt this year.

Amazing year its been, it really has.

mikon

Eyeopener

I am getting like you. In the past I would not hesitate to spend money and spend it in an unwisely manner. Now I think about it and ask do I really need this.

Well done on your repayments and purchase its sounds as if you deserve it.

Mikon

Hopelessly_Hopeful

Hello Paddlers

Hope you are all OK

Anyone wanting inspiration for 2011 then I suggest you pop over to Hyno's post having just completed a DMP. https://forums.moneysavingexpert.com/discussion/2853586=

Can't wait to be congratulating fellow paddler on the roll of honour!

HHx

eyeopener2

Wow that was some effort from Hypno. I'd read a few of the diaries before before but not realised how close the finish line was.

See guys, it can be done. It just takes time. No regrets now, we just get on and bl**** do it.

GibbsRule_No3

Well how did we all do? Like most I'm guessing this was around the LBM time last year. So just checked my bank statement, should be paid tomorrow and I have £11.00 more than same time for November, which is both good and bad. I did not pay water rates this month so that was an extra £35.00 I should have had. When I consider that both Christmas and three peoples birthday's have happened in this month, being really only £24.00 down is not bad. Hope to do better next month and then two months with Council Tax free. Heaven knows what those new taxes and rent are going up by, just hope the Payplan review is after I find out so I can budget before the April uprise.

eyeopener2

Hi everybody.

In my quest to trim the expenditure I today left the lottery syndicate i've been in for 3 years. I had told them in advance that I was going so they new but it stills leaves that "what if ". However this past year we won the pricely sum of £21 each, which I will get in January, so its not really been a good investment!

£7 a month spare now. (This was included, for CCCS purposes, in my monthly "entertainment" budget of £20), so what do I do with it............

You may laugh at this but i've decided to overpay our mortgage by £7 a month so that comes down by a miniscule amount but it all helps. I don't need the £7 for anything really and I know i'd probably just fritter it and everything else is budgeted for. If things get tight I can always stop it.

I suppose I could save it for emergencys though. Mmmmmmm. Maybe I will have another think.

It really is life changing this stuff.

Hopelessly_Hopeful

Well done Gibbs, I know just what you mean. We should all give ourselves a big pat on the back. Will be an interesting year ahead when we see effect of VAT and inevitable hike in mortgage rate. I face it with some trepidation, who knows whether DMPs will be honoured to the end of their life for us but I feel in a reasonable position in terms of knowledge, support and in turn confidence to tackle what gets thrown at us.

E2, pleased for you that you have a choice to exercise with the money. It's not for anyone else to laugh or cast judgement. My personal concern is lack of emergency reserve so I can empathise with your dilemma. Once DMP is over I hope to put at least 2/3rd of the DMP payment to overpay my mortgage. Interestingly there's an article by Martin re don't break your neck to pay off your debts/mortgage, yes be frugal but don't be miserable. I guess it's all about a sense of balance and control.

How's everyone else doing?

Dopey do you have water yet?


HHx

eyeopener2

That a good point HH, I suppose it is a trap you can easily fall into, going from one extreme to the other. Overspending to, dare I say it, underspending.

I will just leave things for now and maybe use that little bit of cash for some frivolities. Although like you, once the DMP ends the mortgage is next.

The year ahead could be interesting for us all as you say. The hike in VAT will make a difference on some of the regular bills, mobile phones for example and will interest rates rise? I have doubts about the second one, in the short term at least but we can only deal with these events as they happen and not worry about 5% rates or more.

Will our DMPs be honoured till the death? I have a feeling that some of mine may start interest again as a couple are getting close to the minimum payments again but we shall see. M & S is the one I have most concerns about as the original agreement was for a year but as ever we will see what happens. My largest balances are both loans so the interest is already piled on so not much is going to change there.

No doubt things will be thrown at us over the next 12 months but as long as I get near to my half way target (approx £12k) come Dec 31st 2011 then I will be happy.

Thank you for the wise words HH

E2

chocolates

Hi everybody
Ive done something stupid and overspent this Christmas and my bills and dmp payment are due out on the 1st and im £125 short
Im so mad with myself but lost track of spending and dont know what to do..... Shall i ring CCCS and see if they can reduce my payment this month?? Has anybody ever done this??

londonfraggle

chocolates wrote: »

Hi everybody
Ive done something stupid and overspent this Christmas and my bills and dmp payment are due out on the 1st and im £125 short
Im so mad with myself but lost track of spending and dont know what to do..... Shall i ring CCCS and see if they can reduce my payment this month?? Has anybody ever done this??

Hi there - Merry Christmas!!

I read your message and it really tugged as you sound as if you're in exactly the same position as I am.

I have been on my DMP for over a year and was feeling pretty smug about having done so well. But over the last couple of months I've had loads of extra expenses (most of them a long story to do with my work expenses and the way I'm paid back). To cut a long story short I had an entirely miserable Xmas stressing about how to make my January DMP payment (and some of my priority bills inc. council tax etc.). I bit the bullet and called CCCS who were brilliant. Whilst they didn't condone my lack of budgeting and planning they did remind me that the important thing was to keep the DMP going. We agreed therefore for me to pay a reduced payment in Jan with it going back to normal in Feb.

Of course I don't know how my preditors will react to the reduced payment (am scared witless at the idea of calls and letters again - especially after having worked so hard to stop them and pay as much as I could). But...CCCS were fine with it. Reduced my Jan payment by necessary amount, advised me to write to me preditors to let them know and...well that's it.

So I think you should definitely phone them. My advice is to perhaps explain why you have over spent (mine was to do with work and quite rubbish - but necessary - house issues) and I'm sure they'll be fine. I don't know how they would take a "I just overspent cos it was Xmas" but I'm sure you have your reasons, and I'm sure they will listen. Bottom line is the creditors want something rather than nothing and you are showing a huge effort and willing by being on a DMP than not doing anything at all.

I suspect they'll be sympathetic and just reduce your jan payment. Please don't worry.

Take care and Happy New Year!
Fraggle x

Ps if your bills and DMP are due out of the 1st I would suggest phoning CCCS ASAP to discuss cancelling your payment on the 1st - you need enough money in there to pay your bills first and CCCS will understand that if you tell them.