DMP Mutual Support Thread - Part 7

goingforward_3

Ellieseleven wrote: »

Thanks all for helping me put things into perspective, I just need that bit of re-assurance at the moment:T

I know that we are doing the right thing and we too should have done this 12 months ago but we carried on robbing Peter to pay Paul hoping that things would get better but in actual fact they have got steadly worse. In 5 months we have paid 6k to credit cards but only 1800 came off the total amount owing:eek: We have scrimped to keep on paying but the creditors obviously realised we were struggling and just put the apr up and up until we have had to give in.

I'm glad that we are doing this but I'm still coming to terms with the impact that it will have on our lives. We don't want more credit so that's not a problem. Having a realistic budget means that we will have more money than we have had for a long time and that is the thing that I find difficult and I keep thinking that it can't be right. When I've looked through the budget I can see that it is taking things into consideration that we worried about paying for previously e.g. repairs and servicing on the car, a proper food budget etc. and these were the things that we would use the CC for.

I'm sure that we will adapt once these first few weeks are over and everything settles down

Once again thank you for all your replies, you really are making a difference and helping me through this!!

Ellie like you i find it strange we will actually have money each month for MOT'S , repairs etc etc... previously stuff has gone on the cards etc or worse been left and left. Most months we have scrimped on food or paid £200 off the credit card and then spent it straight away again on shopping.

I am determind this is going to be the start of good things for us... i shall have a bloody big clear out oct time and ebay stuff and that will inturn pay for Christmas where as before that money went on other stuff.

ianmak

For all those about to start the DMP, and are waiting to make their first payments, please don't panic or lose sleep over it. Just get on with your day to day life. I've found that life's too short to worry about these things, and it's certainly not worth losing MY hard earned sleep over.

From what I remember at the start, I had my appointment, sent token payments (without letters, I never bothered, and wasn't told to do this - I let PayPlan do the informing/negotiating), went to work, came home, waited for the phonecalls, fielded the phonecalls (I got quite good at it!), made the first payment to PayPlan, LOTS more phonecalls, and then everything started to quieten down.

So good luck, chin up, stiff upper lip and all that, and don't let the Man get you down! GRRRR!!!

Night all.

Hopelessly_Hopeful

ianmak wrote: »

For all those about to start the DMP, and are waiting to make their first payments, please don't panic or lose sleep over it. Just get on with your day to day life. I've found that life's too short to worry about these things, and it's certainly not worth losing MY hard earned sleep over.

From what I remember at the start, I had my appointment, sent token payments (without letters, I never bothered, and wasn't told to do this - I let PayPlan do the informing/negotiating), went to work, came home, waited for the phonecalls, fielded the phonecalls (I got quite good at it!), made the first payment to PayPlan, LOTS more phonecalls, and then everything started to quieten down.

So good luck, chin up, stiff upper lip and all that, and don't let the Man get you down! GRRRR!!!

Night all.

Well said Ian. Sweet dreams :A

Mrs_Ryan

Hopelessly_Hopeful wrote: »

Hi - Have you thought about trying to manage your own dmp? There are plenty here that have done and very well. I guess there's nothing to stop you then changing to a fee paying one if you decide you prefer that later? My thoughts are that as you've gathered a record for repaying rather than running off they are likely to accept it. Worth considering? Let us know how you get on.

HHx

Thanks for the suggestion yes, Im afraid Ian is correct, a self administered DMP is out of the question. I work shifts and also care for my OH who has mental health problems. My Dad is also ill at the moment and theres absolutely no way I could cope with trying to administer my own DMP at any point which is one of the reasons someone else has do it for me.
Thnks anyway Mrs_R x

scouselad1974

Hi Guys

I hope you are well today and looking forward to the weekend

One year into my DMP and I have received my first Notice of Assignment, Citi Cards have decided to sell my debt onto Cabot, anyway it all seems above board, they even have my balance correct and interest set to 0%.

Strangely enough Citi Cards had Clarity collecting my repayments on their behalf and Cabot have said that they are happy for this to continue.

The debt is one of my smaller ones at around £400, what price do you think Cabot have purchased this debt for ? just in case any F&F oppotunities arise in the future.

Thanks

MadamMim2013

I am currently feeling really really low, not interested in anything, everyone is getting on my last nerve & I simply want to hibernate for a million years.........
I'm waiting for my barclays bank statement so I can send everything to CCCS, did ask in branch for a months print off but they wanted to charge me!!! :eek:
Seeing as it's due in the post (or was due 2 days ago...:mad:) I thought I'd wait and send everything together??

With token payments, how do I go about it?
Do they need to be made with an accompanying letter or do I pay in directly with cash then inform?

Thanks in advance guys, just wanna sit & howl......

Loubylou2

Hi

We are in the process of setting up our DMP. We were sure we would go with a IVA as were advised that way by independant companies but think this is better now.It has been a terrible time and the pressure is still there ATM. We have moved bank accounts and have made our first payment to Payplan but haven't heard anything back from our creditors yet apart from a couple of reminders for payments. We were told to send our token payments with a brief coverig letter BTW.

Its very very scary but a tiny part of me is feeling relief that we have fially acknowleged the mess we had got ourselves in. Basically we were living to our means (and a bit beyond) not saving and then OH's salary dropped suddenly when he was forced to take a different job in his company to avoid redundancy. In some ways it would have been better to have taken redundancy but we wanted to do the right thing.

I am taking in a bit of ironing on top of my normal job but its not much money wise and I am having to stop myself continually wishing we could turn the clock back.

BUT fingers crossed it will be good to be in control. For too long I have lived with the underlying knowledge that we were spending too much.

One question I have got. My OH might still yet be made redundant. If he does, what percentage would we have to pay off the DMP debts as we also have the mortgage and borrowing secured against the house (with the mortgage co) to consider.
The vast majority of the debt is all in my husbands name apart from the OD which was in joint names.

I just want to move forward now but ATM still feel weighed down with it all. I have yet to read this whole thread but it has helped already knowing there is so much advice and support especially as this is something you can't really discuss with friends and family.

Thanks

the_tooth_fairy

Loubylou2 wrote: »

Hi

We are in the process of setting up our DMP. We were sure we would go with a IVA as were advised that way by independant companies but think this is better now.It has been a terrible time and the pressure is still there ATM. We have moved bank accounts and have made our first payment to Payplan but haven't heard anything back from our creditors yet apart from a couple of reminders for payments. We were told to send our token payments with a brief coverig letter BTW.

Its very very scary but a tiny part of me is feeling relief that we have fially acknowleged the mess we had got ourselves in. Basically we were living to our means (and a bit beyond) not saving and then OH's salary dropped suddenly when he was forced to take a different job in his company to avoid redundancy. In some ways it would have been better to have taken redundancy but we wanted to do the right thing.

I am taking in a bit of ironing on top of my normal job but its not much money wise and I am having to stop myself continually wishing we could turn the clock back.

BUT fingers crossed it will be good to be in control. For too long I have lived with the underlying knowledge that we were spending too much.

One question I have got. My OH might still yet be made redundant. If he does, what percentage would we have to pay off the DMP debts as we also have the mortgage and borrowing secured against the house (with the mortgage co) to consider.
The vast majority of the debt is all in my husbands name apart from the OD which was in joint names.

I just want to move forward now but ATM still feel weighed down with it all. I have yet to read this whole thread but it has helped already knowing there is so much advice and support especially as this is something you can't really discuss with friends and family.

Thanks

Hi Loubylou and welcome. No, there's no point in wishing you could turn the clock back, but I'm glad you are at least feeling relief to get things up and running. Sorry I can't answer your redundancy question, but I'm sure someone will be along shortly who can.
I agree it's not something you can talk about with family (that's what you have all of us for!). Keep moving forward!!:T

ttfx

the_tooth_fairy

Ellieseleven wrote: »

Whilst waiting for my DMP to be set up, I seem to have a daily panic about something or other and today is no exception:eek:

The payment to CCCS is only going to be £326 per month but my contractual payments amount to around £1100 per month - will this be enough for the creditors to start with or is it going to cause me more problems? Any advice or experience gratefully accepted.

You are all my saviours at the moment and help me to calm down when I get myself worked up:o

Thank you
Ellie :T

Hi Ellie, I've been reading your posts this week and am sympathetic to the attacks of the "Horrors" you are having.
It only dawned on me recently that the reason a DMP is so hard is that you pay back the money but you don't borrow it all again ASAP.
That might sound strange, but I can't tell you how often we had a bit of extra cash, paid it off the C/C's then blooming spent it all again!
Just try to remind yourself, (as I do still in the early hours) that this debt will be gone for good and you are no longer treating a broken leg with a sticking plaster!!
All the best,
ttfx

the_tooth_fairy

Mrsgibbs1503 wrote: »

I am currently feeling really really low, not interested in anything, everyone is getting on my last nerve & I simply want to hibernate for a million years.........
I'm waiting for my barclays bank statement so I can send everything to CCCS, did ask in branch for a months print off but they wanted to charge me!!! :eek:
Seeing as it's due in the post (or was due 2 days ago...:mad:) I thought I'd wait and send everything together??

With token payments, how do I go about it?
Do they need to be made with an accompanying letter or do I pay in directly with cash then inform?

Thanks in advance guys, just wanna sit & howl......

Aw, don't worry, there's a lot of waiting at the early stages. As Ian said before there's no need to send a covering letter, I didn't, just wrote my a/c no. on the back of the Postal Order (or cheque, if you're organised).
You've made the decision, move on and don't forget you are going forward. Think of all the interest they won't be charging you soon!

ttfx