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

Mephista

Hi all

It must be that time for all of us. I just had my bank on the phone today reviewing my overdraft and saying that they wanted me to try and reduce it. Its sitting at £2000 at the moment and, give or take, most months I'm within £10 of the limit. I almost felt like saying "Are you having a laugh? With what money should I pay it back?".

Anyway after a long and convulated chat again divesting my life history since I lost my big money job and going on about the cost of living, she said she would extend it until the end of May for a review again since that is when my contract here is due to end.

I told her that obviously I wanted to pay it back but that I needed spare money to do that and at the minute that was like trying to grasp handfuls of rain!! Never neverland.

I told her that if I could secure a permanent job on a reasonable salary (I should be so lucky cause they are like golddust), the idea would be to get the overdraft shifted the same as everything else.

I've worked out that as per this month, I've paid back in total to my creditors about £700-odds from a £21,000 debt. It doesn't look like much but I'm kinda proud of myself because I only had all of this set up about November time last year. I think I've sold her on that meantime.

I think I'm going to try and keep up with the same payments, if any of the creditors due a review, because I want to try and get this paid off as quickly as I can but its going to be real difficult. We are all running into difficulties with the cost of living, petrol, food ... its a crisis!!!:eek:

Anyway good to see you back Gabriella. How's it going? Long time no speak.

Well hello ljm. How you doing? Nice to hear that someone else on here is from rainy NI. At least I know you're experiences will be the same as mine in our glorious backward country. How have you found things? I went through Citizens Advice in Newtownabbey and they were really helpful sorting things out with my creditors, I have to say. Who did you get sorted with and how are you finding it?

Sorry guys, I can't help it. I've found a homie!!!:T

ljm23k

:rotfl:

Mephista wrote: »

Hi all

It must be that time for all of us. I just had my bank on the phone today reviewing my overdraft and saying that they wanted me to try and reduce it. Its sitting at £2000 at the moment and, give or take, most months I'm within £10 of the limit. I almost felt like saying "Are you having a laugh? With what money should I pay it back?".

Anyway after a long and convulated chat again divesting my life history since I lost my big money job and going on about the cost of living, she said she would extend it until the end of May for a review again since that is when my contract here is due to end.

I told her that obviously I wanted to pay it back but that I needed spare money to do that and at the minute that was like trying to grasp handfuls of rain!! Never neverland.

I told her that if I could secure a permanent job on a reasonable salary (I should be so lucky cause they are like golddust), the idea would be to get the overdraft shifted the same as everything else.

I've worked out that as per this month, I've paid back in total to my creditors about £700-odds from a £21,000 debt. It doesn't look like much but I'm kinda proud of myself because I only had all of this set up about November time last year. I think I've sold her on that meantime.

I think I'm going to try and keep up with the same payments, if any of the creditors due a review, because I want to try and get this paid off as quickly as I can but its going to be real difficult. We are all running into difficulties with the cost of living, petrol, food ... its a crisis!!!:eek:

Anyway good to see you back Gabriella. How's it going? Long time no speak.

Well hello ljm. How you doing? Nice to hear that someone else on here is from rainy NI. At least I know you're experiences will be the same as mine in our glorious backward country. How have you found things? I went through Citizens Advice in Newtownabbey and they were really helpful sorting things out with my creditors, I have to say. Who did you get sorted with and how are you finding it?

Sorry guys, I can't help it. I've found a homie!!!:T

Grrrr, I lost my original reply...

I went with CCCS online so I didn't have to talk to a real person, I'm way too odd:rotfl:

It's been OK, I panicked way more than I needed too as the DMP was up and running in a month or so and no probs. I'm living OK on the budget.

mikon

Hi everyone

Received a letter from out of the blue today from M & S they have informed me they are happy for me to continue with my DMP payment for another year. They thanked me for my prompt payments I have made.

Do not know why they wrote but its good to see that they have froze interest and charges for another year.

So it just shows that some creditors do have a sympathetic approach. Hope this inspires our newbies.

Mikon

GibbsRule_No3

Good news re M&S mikon ;-)

Payplan have asked me to arrange my yearly review. I was hoping not to do it until I knew how much my rent and water rates were going up by. No Council tax rise this year, so those are the only two major changes I'm expecting other than the general cost of living rising.

mikon

CommitedToChange and all new DMPers

I was like you when I first started. Let me take you back a year in 2010 unknown to me my wife was stressed out about our finances. Like most households my wife dealt with all our finances but I contributed to spending the money. She was the one robbing Peter to pay Paul and I was plodding along oblivious to our finances.

Then one day in April 2010 we took some time off work to spring clean and it was then when my wife opened her heart to me and I realised that for the past year my wife had been handling the stress of our finances all by herself. It was not selfish on my behalf it was just I never got involved with the finances. That I guess was our Light Bulb Moment (LBM).

From that point onwards we took the decision that we would work through things together.

Option 1 - Consolidate all loans and debts and make one monthly payment, done it before and still ended up in a hole.

Option 2 – Sell House no way our house is not just a house its a home filled with love and memories.

Option 3 – Seek professional debt advice – DMP or IVA

I contacted the National Debt Helpline who gave us some priceless advice and referred us to CCCS.

Moving on to setting our DMP up we changed bank accounts and sent token payments off and then my mind started working overtime and these are the thoughts I had

Will I loose my home?
Will people come knocking a the door demanding money?
Will the banks put a charging order on my house?
Will I be taken to court?

The other side of the coin was my wife had the stress of worrying about the debt lifted off her shoulders and that to me was worth more that anything. As time passed and some people on here will verify I was worried sick about the things that could happen, worrying about things that may never happen is not healthy. The people and information I gather from this forum has been invaluable. It has enabled me to take on some of the largest financial institutions in the UK and come out with a result in interest being frozen and no charges. I received a few phone calls from creditors but after 2 months this quietened down and now all correspondence is via letter.
What I will add is that all people embarking on a DMP let their minds run wild imagining all sorts of horror stories that do not actually happen. I would not say it was easy but as time passes it does get better and my wife does not worry. You wges and ill have the odd day when you get a letter and it throws you but come on here and get some advice and your mind is at rest.

Of the 11 creditors I have 9 have stopped interest and charges 1 has reduced interest charges and 1 has reinstated interest. Since I started I have paid off 7% of my overall debt and am working with my wife to pay the debts back and be debt free.

This is a story of my journey so far, hopefully it will give the new DMPs an insight into the DMP journey and it will set aside some fears. The one thing to remember is that as long as you continue to make reduced payments to your creditors they normally are quite happy and will work with you as you will see from my last post the letter from M & S.
Sorry if I have bored you.

Loubylou2

Hi Paddlers.
Sorry I have not been with you for a while. I need to catch up on all the posts.
TBH have been a bit depressed through January. I was so good at Christmas but somehow still managed to overspend - still don't know how. January was so long and even pay day bought no relief.
OH's wages have reduced by over £100 a month and our energy bill has gone up by £50 to pay the arrears. That doesn't include the increase in charges.:eek: Then last week the central heating packed up....we are still awaiting the invoice for that. Just can't see a light then to top it all OH's employers are shutting down so redundancy is a certainty within the next two years. That was out of the blue.
I know this is the same for many people just finding it hard to take on board.
He will get a lump sum but not sure what the package will be. He rang Tesco to get an idea of a F&F as Nat West had offered one over the phone. However Tesco said as our payments on the DMP are only just lower than our agreement, (they lumped all the interest on up front) it would be a straightforward calculation of interest up to date. Does anyone have any advice on this? Don't know why I'm even thinking about it as no idea when he will actually be made redundant.

Anyway thats about it. Feel like all we do is cut back and are getting nowhere. DS no 3 needs new shoes and next payday is way off.:( Thought about ringing Payplan but as all creditors have stpped interest i'm petrified at waking a sleeping dragon.

Bet you're glad i'm back here to cheer you all up:o

mikon

Loubylou2 wrote: »

Hi Paddlers.
Sorry I have not been with you for a while. I need to catch up on all the posts.
TBH have been a bit depressed through January. I was so good at Christmas but somehow still managed to overspend - still don't know how. January was so long and even pay day bought no relief.
OH's wages have reduced by over £100 a month and our energy bill has gone up by £50 to pay the arrears. That doesn't include the increase in charges.:eek: Then last week the central heating packed up....we are still awaiting the invoice for that. Just can't see a light then to top it all OH's employers are shutting down so redundancy is a certainty within the next two years. That was out of the blue.
I know this is the same for many people just finding it hard to take on board.
He will get a lump sum but not sure what the package will be. He rang Tesco to get an idea of a F&F as Nat West had offered one over the phone. However Tesco said as our payments on the DMP are only just lower than our agreement, (they lumped all the interest on up front) it would be a straightforward calculation of interest up to date. Does anyone have any advice on this? Don't know why I'm even thinking about it as no idea when he will actually be made redundant.

Anyway thats about it. Feel like all we do is cut back and are getting nowhere. DS no 3 needs new shoes and next payday is way off.:( Thought about ringing Payplan but as all creditors have stpped interest i'm petrified at waking a sleeping dragon.

Bet you're glad i'm back here to cheer you all up:o

Loubylou2

I know how you feel I am in a similar boat struggling to get to the end of the month and like you worried about how creditors will react to reducing the payments, especially after letter from M & S as they have thanked me for the payments and agreeing another year.

It is a struggle but its nice to hear from you and keep smiling

Regards

Mikon

Hopelessly_Hopeful

Have a good start to the weekend Paddlers.

I did a big shop yesterday, coffee, soap powder loo rolls etc. Going to try an live out the cupboards and the freezer now as Feb/March paydays could be thinner than usual due to tax coding problem. I didn't like spending the money yesterday, am I in recovery?!

HHx

newbeginning_2

Hopelessly_Hopeful wrote: »

Have a good start to the weekend Paddlers.

I did a big shop yesterday, coffee, soap powder loo rolls etc. Going to try an live out the cupboards and the freezer now as Feb/March paydays could be thinner than usual due to tax coding problem. I didn't like spending the money yesterday, am I in recovery?!

HHx

I hate doing the 'big shop' too

Loubylou2

Hi everyone.
Bizarely feel a bit better today. I think posting yesterday helped me clear my mind a bit. I'd avoided the forum as feeling so down and think I was sticking my head in the sand as hadn't even checked the bank balance. Well i did that last night so all demons faced and will get throught the month albeit hungry but hey ho I need to lose weight! And can't go overdrawn so that's gotta be better than this time last year.
Appreciate the dodgy group hug and kind words from Teds & Mikon.
I hate doing the big shop too. Just reminds me how expensive everything is.
Bloomin steam generator has packed in and I have an ironing customer's order to complete.:mad: Luckily well within warranty. So not too bad.
LOVE TO ALLx