DMP Mutual Support Thread - Part 7

bella1010

Hi,
Hope you don't mind me joining.

I have just at the beginning of a DMP.
Tomorrow i am going to open a new bank accout but in the mean time i am going to have my wages put in to my partners account.

I have cancelled all my direct debits and standing orders and will pay my essential bills from my other halfs bank over the phone.
I have to send letters to all my crediters along with a little payment - is this correct? - i am not sure how to do this as i cannot send a cheque as i cannot use my origianl accout as its 125 over my arranged overdraft?

Then what happens please?

I am very nervous and having thearpy atm for stress and this is making me worse.
Anybody got any advice - will things settle down.

Thanks for reading cannot really talk to anyone about this as i only get lectured:(

darwins_mum

bella1010 wrote: »

Hi,
Hope you don't mind me joining. Welcome aboard.

I have just at the beginning of a DMP.
Tomorrow i am going to open a new bank accout but in the mean time i am going to have my wages put in to my partners account.

I have cancelled all my direct debits and standing orders and will pay my essential bills from my other halfs bank over the phone.
I have to send letters to all my crediters along with a little payment - is this correct? a token payment of as much as you can afford will suffice - i am not sure how to do this as i cannot send a cheque as i cannot use my origianl accout as its 125 over my arranged overdraft? Postal orders in this case are fine

Then what happens please? It might be useful for you to speak to one of the debt charities such as CCCS or Payplan who will advise you further. In the meantime your predators will make contact with you advising that you have defaulted on your payments. The debt charity of your choice along with some of the wonderful folk on here will advise you on how best to deal with them. The main thing is to not worry or get co-erced into paying what you cannot afford.
It might be an idea to post your statement of affairs - (sorry I cant find the link but a helpful soul will be along with one shortly) You can then realistically see what you can afford to pay towards your debts.


I am very nervous and having thearpy atm for stress and this is making me worse.
Anybody got any advice - will things settle down. Things will settle down in the fullness of time, the road can be a little bumpy at the start

Thanks for reading cannot really talk to anyone about this as i only get lectured:(

Most of us are careful who we seek advice from regarding our finances, but it is not good to keep it all bottled up as it can become a little consuming. Small baby steps and you will get there.
stay well

Hopelessly_Hopeful

bella1010 wrote: »

Hi,
Hope you don't mind me joining.

I have just at the beginning of a DMP.
Tomorrow i am going to open a new bank accout but in the mean time i am going to have my wages put in to my partners account.

I have cancelled all my direct debits and standing orders and will pay my essential bills from my other halfs bank over the phone.
I have to send letters to all my crediters along with a little payment - is this correct? - i am not sure how to do this as i cannot send a cheque as i cannot use my origianl accout as its 125 over my arranged overdraft?

Then what happens please?

I am very nervous and having thearpy atm for stress and this is making me worse.
Anybody got any advice - will things settle down.

Thanks for reading cannot really talk to anyone about this as i only get lectured:(

Welcome Bella

If you have the stamina start at the beginning of the thread and read through. It can be really encouraging to know you are not alone and most of us have gone through the mill but are surviving. Knowledge is power! The support and morale boost can be tremendous.

Token payments of £1 to each creditor can be made using postal orders which you can get from...... the post office!

Yes things will settle down but they will feel they will get worse before they get better. Facing it head on is a positive way forward. Welcome to the new chapter of your life . We're a friendly helpful bunch so post away.

Let us know how you get on and what tips you pick up along the way. These things only work if a significant number of people contribute.

Good luck

HHx

Hopelessly_Hopeful

Here is the link for SOA

http://makesenseofcards.com/soacalc.html

HHx

bella1010

Thank you for your quick reply's

I havr recieved a pack form cccs and they want £168 per month and they have given me a template letter to send each of my crediters.

I am currenty on page 16 of the thread, may take a dancing on ice break and carry on after lol

Big thanks

tlc123_2

suze72 wrote: »

Don't worry you will be able to keep your mortgage, however you may have to put up with being on your mortgage lenders SVR for a while.
If you are thinking of borrowing extra on your mortgage to mend your roof, you definitely need to do it before entering a DMP as your credit rating is likely to be poor for a good 6 years depending on if/when you receive any defaults. Also your creditors would frown upon you getting more credit whilst on a DMP.

Good luck
Suze

Thanks for the advice - I think the likelihood is we will go for a DMP but will carry on as we care til the new year - at which -point we can renew our fixed term, sort the roof out and go from there

T

Twit_Head

bella1010 wrote: »

Hi,
Hope you don't mind me joining.

Thanks for reading cannot really talk to anyone about this as i only get lectured:(

Hi Bella and welcome!
I know others have answered your questions up to this point. (A DMP is a steep learning curve, so no doubt you will have more.)
Just wanted to say you can talk to US about it
Here is a safe place to let off steam, have a rant or whatever - and no-one out there in the 'real' world will know!

'Twitty'

Twit_Head

ianmak wrote: »

I'm going to have a go at this when I'm out of food. Should save a bit of money!
http://www.cheap-family-recipes.org.uk/

Many, many years ago when I was at school we did something called 'domestic science.' This involved cooking useful (?) things like rock buns and fairy cakes.
I could write books now about '101 Useful Ways With Mince' or 'The Best Time To Visit Supermarkets For Reduced Prices'
If only there had been serious financial advice thrown in with realistic recipes - it would have been a blueprint for the real world. (As per :money:campaign for today's youth to have lessons in money management.)
Thanks for this link - and ooh a man who can cook :A

'Twitty'

Twit_Head

the_tooth_fairy wrote: »

Amen to that!
May I say (and I'm not being boastful or C&%P like that, but hoping to encourage the Newbies amongst us!) but we are now 17 months in and lo and behold,we have gone from the Total Horror of £69k+ to the newly improved total of £51,940. It probably doesn't sound great,but in April we will be into the Fab Forties! That's all the extra charges, too.
Can you imagine how long it would have taken, paying minimum amounts with all the interest. Grim.
It really is worth it all, when you see an end to it, and can you credit it (sic) Sainsburys Bank Visa have finally reduced my interest to 0% two months in a row! OH is still in a running battle with his BOS card, they have plainly put him back into collections, letters, phone calls, but he spoke to them yesterday evening, and they have refunded his interest, albeit reduced, so we move on.

Keep going everyone, and we will all move forward, even if it's slowly!

ttf

Hiya TF!
Well, I think that's the Gold Star of the week to you then!
Just goes to show that even with the added charges and the head-banging in frustration you can still be working towards the debt paid off. Know at times it's been a rough ride for you, but just watch that counter drop now gal!
And why is when I was adding to the C/C bill it just seemed a nothing; all a bit unreal? But you're so right - when paying it back every £ knocked off that total now is a triumph.

'Twitty'

antk4

CCCS have just written to say that letters have been sent out to our creditors with their offer of payment. How long will it take for them to get back and say whether they've accepted or declined these offers. Thanks.