DMP Mutual Support Thread - Part 7

TimTheBear

Hi guys

Going to go ahead with the info pack with CCCS tonight.. frightened about the future, creditors being awkward, slapping on more late charges, selling debts on to DCA's etc am I looking too deep in the subject? I spoke to CCCS numerous times and the soothing and reassuring voice always makes me smile and believe theres hope. Are banks that awkward to deal with these days?!

the_tooth_fairy

TimTheBear wrote: »

Hi guys

Going to go ahead with the info pack with CCCS tonight.. frightened about the future, creditors being awkward, slapping on more late charges, selling debts on to DCA's etc am I looking too deep in the subject? I spoke to CCCS numerous times and the soothing and reassuring voice always makes me smile and believe theres hope. Are banks that awkward to deal with these days?!

Hi Tim, well, nothing could be worse than where you are right now?

It IS hard for the first few weeks, there's no point in denying that. However, just set yourself the goal of 'one week at a time' and even after the first couple, things will settle down, the phone calls become less and less frequent. I agree with Ian that it's better to face the calls (thats if you don't have company in the house or someone who doesn't know the situation) because often the call centres will stop calls while everything is being sorted out. 28 days was common for us.

Once you have a 'member' number from CCCS (we are with Payplan) ask for a phone number to give to creditors, so at least you are armed with something when they call. We have found, of our 10 creditors, RBS have been the worst, adding on 'reduced' interest (yeah, right) when all the rest have stopped interest altogether.

Hope this has helped, you are totally doing the right thing now. Deal with it before it eats you up any more. Most people on here, including me, had the best nights sleep once it's all sorted and you can move on with a realistic (at times!) budget.

All the best,:T

ttf

the_tooth_fairy

shell37 wrote: »

Hi Everyone - not been on the forum for ages although I do receive the email every week and read it thoroughly!

My Debt position is gradually improving, currently paying a DMP with CCCs. I'm fortunate as compared to others I only have 3 creditors but the debt is still approx £4000 which I am not proud of (paying a total of £134 per month towards it). It's taken a couple of months to get payments set up but fingers crossed it's ok so far although I'm still scared to answer any 0845 or similar numbers.

I'm now able to make the payments but I started a new job 3 months ago (but although I work for a company I'm classed as self-employed or freelance) so was just wondering if anyone had some advice or tips to get me back on track budget-wise? I make sure I always pay my rent, CCCs, phone, etc but not sure how to stretch the money I have left as I get paid usually once a month? I mean things like what is a reasonable weekly food budget for 2 adults & 2 teenage kids, putting money aside for car repairs/birthdays etc?

I appreciate any advice at all, I find it extremely reassuring that I am not the only one in this position.

x

If it helps, I made a list of all our 'fixed' costs, mortgage, electric, etc.
Then have a good think about all the extra bills that come in, car tax, repairs (if you can estimate that!) birthdays,etc, over the year and add 20%.
Divide that by 12 and add to your monthly fixed costs. Any money I have left I divide by 4 and I don't take any more out than that once a week. I'm still trying to avoid the 'millionaires weekend' at the start of every month but still get caught out towards the end especially as we got paid before the May Bank Hol!

As I said, it's a work in progress!! Can't think of any other tips when you have ravenous teenagers, but God Bless Asda! Good Luck!

ttf

ianmak

"Millionaires weekend" Classic, that's exactly how it is!

ljm21

I have got myself into a mess with debt including pay day loans and it looks like a debt management plan is my best option.

Following the good advice on the forum I have only looked at CCCS and payplan. Whilst I realise that things will be tight and I will need to stick to a budget I am worried that I will have no funds available for socialising. what are other peoples experiences?

also has anyone managed to remortage their property whilst on a debt management plan?

and what are my chances of getting credit when this nightmare is over?

thanks for the help

lisa

fermi

LauraLou1985 wrote: »

My question is about my home. I currently rent off a family member and I was wondering if my bad credit will affect theirs as my home is owned by them?

No, it won't effect them because of that.

The only way it can effect a family member (or anyone else for that matter) is if you have joint finances with someone; e.g. a joint loan, account etc....

ianmak

ljm21 wrote: »

I have got myself into a mess with debt including pay day loans and it looks like a debt management plan is my best option.

Following the good advice on the forum I have only looked at CCCS and payplan. Whilst I realise that things will be tight and I will need to stick to a budget I am worried that I will have no funds available for socialising. what are other peoples experiences?

also has anyone managed to remortage their property whilst on a debt management plan?

and what are my chances of getting credit when this nightmare is over?

thanks for the help

lisa

I've remortgaged (well, I've gone onto another Fixed Rate deal) whilst on the DMP, but I've stuck with the same provider. It's easier, they always give me a good deal, and I pay no arrangement fees for doing so.

Regards credit, you will be able to, but I expect some credit rebuilding will be necessary. The question you should be asking is, "Do I want more credit?". I certainly won't. I know there are always emergencies, but I'd like to think that after all this, I'll be able to save up and have a fund for emergencies and holidays...

Twit_Head

ljm21 wrote: »

I have got myself into a mess with debt including pay day loans and it looks like a debt management plan is my best option.

Following the good advice on the forum I have only looked at CCCS and payplan. Whilst I realise that things will be tight and I will need to stick to a budget I am worried that I will have no funds available for socialising. what are other peoples experiences?

also has anyone managed to remortage their property whilst on a debt management plan?

and what are my chances of getting credit when this nightmare is over?

thanks for the help

lisa

I see Ian has answered your question re: mortage.
As to socialising my budget is really tight but I find it can be done if you re-set your sights. Entertaining at home becomes the most feasible option. Have friends round for a meal. Rely on the cheap and cheerful standbys like spag.bol or chilli. Or maybe invite people and arrange for everyone to contribute a different dish/wine etc. Tesco clubcard vouchers are great if you work the deals to get maximum points and then exchange them for restaurant tokens. Try a site like discount vouchers and of course :money:money saver e-mails for special promotions.
I've found the only option when invited out to 'do's' which I know I can't afford is to admit it! :cool: Most people are being careful these days so in these recessionary times it's not that shameful.
As to credit most of us here don't contemplate it when our debts are paid off. You learn to live a 'cash only' lifestyle and don't want to sucked back into the whirlpool of debt ever again. :eek:

You are doing the right things to relieve your 'nightmare.' Tough times but it will come right for you in the end.

'Twitty'

Twit_Head

ianmak wrote: »

"Millionaires weekend" Classic, that's exactly how it is!

'Feast then famine'
Tell it like is TF!

'Twitty'

the_tooth_fairy

Twit_Head wrote: »

I see Ian has answered your question re: mortage.
As to socialising my budget is really tight but I find it can be done if you re-set your sights. Entertaining at home becomes the most feasible option. Have friends round for a meal. Rely on the cheap and cheerful standbys like spag.bol or chilli. Or maybe invite people and arrange for everyone to contribute a different dish/wine etc. Tesco clubcard vouchers are great if you work the deals to get maximum points and then exchange them for restaurant tokens. Try a site like discount vouchers and of course :money:money saver e-mails for special promotions.
I've found the only option when invited out to 'do's' which I know I can't afford is to admit it! :cool: Most people are being careful these days so in these recessionary times it's not that shameful.
As to credit most of us here don't contemplate it when our debts are paid off. You learn to live a 'cash only' lifestyle and don't want to sucked back into the whirlpool of debt ever again. :eek:

You are doing the right things to relieve your 'nightmare.' Tough times but it will come right for you in the end.

'Twitty'

I was just about to say (most) of that, ha ha! We had really good friends around 3 weeks ago. I called the menu 'retro' for a laugh. Coq au vin, lemon meringue pie, all harked back to the 70's but gorgeous when home made.(Even tho' I say so myself!). Isn't it great when you can blame it all on the 'credit crunch'. I work in an environment where people socialise by going out for meals, etc. now I just say,why don't we go to the cinema on half price Tuesdays, just as much craic, half the price. Most people are cool with that because they have already had tea with their families, and just need a bit of an escape.
I think as Twitty says, people are being more careful, so suggesting a cheaper alternative is often, most welcome.