Stop being a Wimp!... DMP Journey

Ellieseleven

I think my total debt figure (£45,972) is going to tip over the 46k mark soon now that BC is adding interest:eek: Fingers crossed that they acknowledge my letter complaining and stop soon:o


Payday today and next payment to SC tomorrow;)


Ellie x

Eager_Elephant

Grrr to BC!!!!


Alice in Poorland has had similar problems, she has complained loads and finally she has been told it is a change in policy and there is nothing they can do.


She is thinking about going self-managed and to reduce payment to BC so they stop the interest.

MitziB

Ellieseleven wrote: »

I think my total debt figure (£45,972) is going to tip over the 46k mark soon now that BC is adding interest:eek: Fingers crossed that they acknowledge my letter complaining and stop soon:o


Payday today and next payment to SC tomorrow;)


Ellie x

Sorry, have I missed something?:o. I thought your debt will be paid off this year, just a few thousands left. Where did the £46k come from?

Eager_Elephant

I think the £45,972 was her starting figure - Ellie has paid off loads and only has £7k to go.


BC adding interest will mean she will have paid back over £46k

Ellieseleven

MitziB wrote: »

Sorry, have I missed something?:o. I thought your debt will be paid off this year, just a few thousands left. Where did the £46k come from?

That's the total amount I started with MitziB, I've paid back almost 40k now;)

Ellie x

Ellieseleven

Eager_Elephant wrote: »

Grrr to BC!!!!


Alice in Poorland has had similar problems, she has complained loads and finally she has been told it is a change in policy and there is nothing they can do.


She is thinking about going self-managed and to reduce payment to BC so they stop the interest.

They really are a law unto themselves, they don't appear to have any set standards. I have been expecting the interest to kick back in for ages now as some people thought it started re-applying at 1% of balance but we have been paying back at around 4 or 5%? We are probably way over any minimum payment as well. I notice that Noddle is now showing DMP since the interest has gone back on whereas it has always shown AP.

I am torn with self-managed as I don't have long left and all my other debts are starting to finish now.

I will wait and see what they say but I don't hold out much hope:(

Ellie x

Ellieseleven

Another new month and my balance diminishes a little more;)


I'm now under 7k owing and approx. 10 months left to go - my OD is all but done so I will have 9 debts left after my next payment;)


OH has some work so things will be better in April which makes a huge difference and gives me some breathing space. My budget has been so tight these last few months I did wonder if we would make it through but here we are:o Even though I earn a very good salary, I am paying the equivalent of two mortgages each month on one wage:eek:


My clothes budget for the year is still at £60/£250 so keeping on track with that.


My Christmas fund is heading towards £250 and I am very disciplined with this so will have a good amount saved at the end of the year. I am never tempted to break into this regardless of how little money I have.


My emergency fund has been more or less wiped out recently so I'm hoping to resurrect that and put a little away again. I have been on pins hoping that we didn't have anything major to pay for.


I have found YNAB a great tool for keeping me within my budget over the last few months. It has really helped me to see where I could keep costs down (mainly on our grocery bill).



I'm spurred on by my new total so we keep going towards the finishing post:D


Take care
Ellie xx

Ellieseleven

Complaint to BC fell on deaf ears:( This will put me back a couple of months regarding my debt-free day so I am going to try and put some money aside to cover the amount of interest between now and the end of the year and just pay it off at the end...Grrrr to BC:mad:

I love the Spring and sunny days and feel so much better plus OH has some work which takes the pressure off:o

Not much to report this month so far, just work, work, work to get me to that debt-free date:p

Take care all
Ellie xx

[Deleted User]

Sorry to hear about your DFD setback, Ellie, but,knowing you, you'll do all in your power to get there sooner:A. Even if you don't manage to, after such a long haul what's an extra couple of months? Disappointing for you I know but nothing your indomitable spirit can't cope with:beer:

I've had a setback in my DFD too:(. I've had a lot of problems lately and was feeling quite down and panicky about money (or lack of) and did what I'd been trying so hard not to do, ask SC to make reduced payments to my creditors for a couple of months.

Instead of the total £732 that I've been paying each month I've just paid £5 to each creditor, £40 a month in total, for March and April. Just the knowledge of having a cushion of actual money has made a world of difference to me. I've had to spend most of it on essential replacements/repairs (such as my dead washing machine, car repairs etc) but that awful panicky feeling has gone.

When I phoned SC last week to say things were now back on an even keel and I could start paying my regular amount from May 1st instead of the £40 of the last couple of months the advisor said why don't I take another month on reduced payments to build up a little extra emergency pot. After all, my DFD won't be that much further away and it's best to get all the requested reduced payment months out of the way in one go instead of resuming normal service and then asking for a further batch of reductions further down the line which they don't like.

I would never have dreamed of asking for the extra month's grace but snatched her hand off when it was offered. Like you, I'm very disappointed that my much awaited and planned for DFD(although still a long way further away for me than you)will be delayed. But all in all, things could be a whole lot worse. We've just got to stay strong:T. I intend to make my budget a bit more kinder to myself when I redo it next month. I've a small increase in income due from the start of this month but want to see how it beds down in a full month before I change anything.

I haven't updated my signature yet so DFD/balances paid and owed are a bit out of date.

Wishing you all the best for sailing through the last months of your DMP with your usual optimism and style:beer:

Ellieseleven

Hello CBC! I have been wondering where you had gone?


You are correct...what is a couple of months in the grand scheme of things. I would like to clear everything by the end of the year but if it runs on, so be it.


I'm so glad you have managed to sort yourself out, you must feel as though a weight has been lifted;) You sound much more positive than you did a couple of months ago;)


That chunk of money for May will give you a bit of a cushion in the event of an emergency and it helps to release the pressure. I try continually to have £1000 emergency fund but so far it has eluded me:( I get to about £800 and then have to use it but I suppose that's what it's there for and if I didn't have anything I really would panic. At the moment there is nothing much going into my emergency fund so I am a bit panicky in case something goes wrong:o


I always leave a bit of wiggle room in my budget, I decided that I would rather have some sort of a life than try to clear my debt in record time and make myself miserable into the process. I do have the odd treat to keep myself sane and the time has passed quickly so I'm glad I didn't tighten my belt any more than I have done.


You never know what is around the corner CBC to bring that elusive DFD closer:)


We will get there eventually:cool:


Take care
Ellie xx