Stop being a Wimp!... DMP Journey

Puzzcat

Hi Ellie,
I presume it's something to do with amount of outstanding debt/% and being fair to all creditors? As you only have less than a year left self managed sounds the way to go! Thank you for highlighting this, I still have a long way to go but will consider self managing when the end is in sight for me!
Take care
Puzz.x

Ellieseleven

I think it is exactly that Puzz but it is so frustrating. The debt is almost paid off, this is where self managing comes into it's own I think. My next debt is also into the last few hundreds (but with a small amount of interest being applied), it would be nice to clear two debts before the end of the year but if the payments keep reducing then it just prolongs things.

However, I do still think that SC do a fantastic job and I wouldn't be where I am today without them:o

Ellie xx

Golightly72

That's really annoying Ellie, but you have done so fantastically well, well done!

Can you ring the loan company directly and pay the last £20, and then just ask Stepchange to remove it from their list? I don't know if it works that way, but it would be such a boost to see it gone.

Cheering you on for this last year!

Ellieseleven

Those were my thoughts too Golightly, dragging the loan out just seems silly. The next debt to be paid is my OD and if they do the same with this one it will take ages to clear as interest is still being applied:(

Ellie xx

Ellieseleven

So another month and October sees us move to the last 10k of debt (10,702 to be precise).

I'm now on an on call rota at work which is bumping up my salary so I'm hoping the Winter will be a little kinder to us:o

After Stepchange have reduced the payment to my smallest debt, dragging it out longer than it needs to be, I have decided to have a look at going self managed:eek: I have been looking at the NEDCAB site and everything seems very straightforward so for me I think this is now the way to go. I just need a few spare hours to write my letters to each creditor.

I have a spreadsheet that I use and I could now clear some of the smaller debts within a few months rather than prolonging them by keep reducing the payments. I have made payments to each creditor at the same level for over 5 years so I don't see why I should reduce the amounts for the smaller ones just because they are coming to a close. Anyway, self-managed seems to be the way forward for me now, I am grateful to SC for all their support and I couldn't have done this without them but now I am feeling frustrated as I want the debt gone!

My savings pot is over £600 now and it won't be long before I'm taking out my tin opener and counting all those £ coins...can't wait!

Still on track with my clothes challenge and still under £200 by £16 but may need new shoes for work soon so may go over a little.

The money from doing surveys is now in my account and I have started again so a fair way to go before the next payout.

YNAB is keeping me on track with my spending and I am managing to keep within budget for my categories...just! It has been a great help to see where all my money is going;)

Take care
Ellie xx

[Deleted User]

Ellieseleven wrote: »

Those were my thoughts too Golightly, dragging the loan out just seems silly. The next debt to be paid is my OD and if they do the same with this one it will take ages to clear as interest is still being applied:(

Ellie xx

I really feel your annoyance and frustration, Ellie, over the situation with the lower payments dragging things out. I'm a fair old way from that stage yet, sadly, but it's certainly something I'll be wary of when the time comes.

I'm very interested in what happens with your OD payment now as I'm in a similar situation. My OD with Lloyds is my smallest debt. It started at £300 and I'm paying around £6.50 a month via Stepchange. Lloyds are the only creditor to be still charging interest so the debt will never be paid at this rate, it's barely decreased since I started my DMP. When I spoke to someone at SC when I was doing my annual review I mentioned that I could try to scrape together some money from selling things (currently my Emergency Fund and boy have I needed that during the past year with so many car troubles:eek:)and pay the LLoyds one off. She thought it was a good idea and just told me to let them know when I'd done so and remove the creditor from my monthly payment list. I have already paid £100 off it last month and hope to whack another £100 at it at the end of October and the final £90 by the end of the year. That will only free up £6.50 spare money to distribute amongst the bigger creditors and I'll let SC sort that one out;).

Please let us know what happens to you if/when you pay your OD off as it will influence what I do next:).

Self-management sounds exciting but scary at the same time. Like you, I'm so grateful to SC for everything they've done for me so far and obviously I'm quite a way off feeling I want to change the status quo just yet. Your experiences will probably influence my future decisions though as you are the shining example that I'm trying to emulate:beer:

Don't let these current hiccups get you down. You are in such a great place work and money-wise at the moment all through your own hard work and determination. We DMPers couldn't have a better role-model:A

Brogden

carbootcrazy wrote: »

I really feel your annoyance and frustration, Ellie, over the situation with the lower payments dragging things out. I'm a fair old way from that stage yet, sadly, but it's certainly something I'll be wary of when the time comes.

I'm very interested in what happens with your OD payment now as I'm in a similar situation. My OD with Lloyds is my smallest debt. It started at £300 and I'm paying around £6.50 a month via Stepchange. Lloyds are the only creditor to be still charging interest so the debt will never be paid at this rate, it's barely decreased since I started my DMP. When I spoke to someone at SC when I was doing my annual review I mentioned that I could try to scrape together some money from selling things (currently my Emergency Fund and boy have I needed that during the past year with so many car troubles:eek:)and pay the LLoyds one off. She thought it was a good idea and just told me to let them know when I'd done so and remove the creditor from my monthly payment list. I have already paid £100 off it last month and hope to whack another £100 at it at the end of October and the final £90 by the end of the year. That will only free up £6.50 spare money to distribute amongst the bigger creditors and I'll let SC sort that one out;).

Please let us know what happens to you if/when you pay your OD off as it will influence what I do next:).

Self-management sounds exciting but scary at the same time. Like you, I'm so grateful to SC for everything they've done for me so far and obviously I'm quite a way off feeling I want to change the status quo just yet. Your experiences will probably influence my future decisions though as you are the shining example that I'm trying to emulate:beer:

Don't let these current hiccups get you down. You are in such a great place work and money-wise at the moment all through your own hard work and determination. We DMPers couldn't have a better role-model:A

I have to agree completely with everything Carbootcrazy says.....Ellie you are the perfect role model :T !!

You are like me too......we are the horses with the biggest handicaps....we have to do it all by ourselves .

To both of you.......there is absolutely nothing to fear from going self-managed. The big nightmare, which no doubt still lingers with us a little even now was at the start with telephone hassle, multiple letters and fears of escalation and whether there would be any future for us at all :eek: After a year or so on a DMP, the creditors will not give two hoots about anybody going self managed. In all honesty, I don't think they gave two hoots at the start. Making payment plans and keeping to them is all they care about. In conversations one or two predators have said to me I am with Step Change. 'No I'm not' says I. They didn't even know! They certainly don't care !!

Ellie - get those letters out as soon as you can letting them know. The situation you describe here is taking the 'pro-rata' payment method to ludicrous extremes. It's toy town, it really is :rotfl:!!

I am still certain that anybody who takes an interest, keeps on top of things and is maybe a bit bold and a bit cheeky will clear their DMP as a self-manager much more quickly than any Step Change client .

I wish you the very best.

Brogden.

Ellieseleven

Thank you both! I've never been a role model before(blushes:o)

I have been investigating more about going self-managed and admit that I do have a niggle in the back of my mind as to whether all the phone calls will start all over again, so I'm glad for the words of encouragement Brogden. The more I look into self-managing, the more appealing it becomes;)

My OD was 2,200 Carbootcrazy and I am still being charged interest. I pay £50 per month and it's now down to the last £300. I have from time to time paid a little off the balance over and above the SC payment, mainly due to the interest being applied. I will certainly let you know how I get on with paying this off.

Between my bank loan and my OD, once these are paid off, it would free up another £100 per month to be divided amongst the rest of my debts. I would have been quite happy to split this evenly if SC would just let me get rid of the smaller amounts:(

I will keep you up to date with my progress.

Ellie xx

Ellieseleven

Another payment closer to freedom! Just £39 over 10k now and a little over 78% paid back.


Checked Noddle and I have a settled account! My bank loan has finally finished and so I have 10 debts left instead of 11;)


I always quote our total debt (mine and OH) but my personal debt is now just over 5k - I can't remember the last time I owed so little...certainly not in this Century:cool:


I have opened the first of my two tins from the Saving for Christmas challenge and counted £497. All bagged up and ready to take to the bank, this will cover my Christmas presents and at the end of November I will be opening the other tin and hoping for around £300 in that one:)


I've joined another challenge, this time it is to save £1000 emergency fund. I have been trying to do this since I started my DMP but never quite reach £1000, usually I have to raid my savings for something or other (usually my car:(). Anyway, I'm going to have another go.


Still under my £200 budget for clothes and think I will finish the year that way.


I've looked at going self-managed on my DMP and may re-visit this again in the new year but leaving things as they are for now.


Next debt to go will be my overdraft and this will now be sometime in the new year. After that, I have several credit cards which will finish one after another so a quite exciting 2016 to look forward to.


Take care all
Ellie xx

Ellieseleven

Added all my £ coins from tin number 1 to my current account today ready to go Christmas shopping next week...what a fantastic feeling when I deposited it into the bank and what a sense of achievement;)

I have also put £40 into my emergency fund, this was made up of 10p's, 20p's and fifty pence pieces. I have been trying to reach £1000 since I started on my DMP but something always crops up and stops me but so far so good.

Stepchange is also showing zero for my bank loan so finally after 5 years and 4 months I have completed one of my 11 debts...bank overdraft is next;)

Ellie xx