Newbie and terrified

Nikki4

Hi All, I'm just on the verge of agreeing to a DMP and I'm quite frankly petrified. My husband lost his job last year and like many we have been robbing Peter to pay Paul in the hope that it would get better. He is now working part time but earning a fraction of what he used to. We are not behind on any payments yet but if we continue like this it's imminent. I've always had good credit and I have a good job so I just feel mortified and frantic at the thought that I'm in so much trouble. I know that a DMP is the sensible solution, but why is it I'm having trouble accepting this in my head. Any advice from those a little further down the road would be appreciated - I'm still panicking in case I'm making the wrong decision. :(:(

Butti

Hi Nikki,

....and breathe. Don't panic.

I'm not on a DMP but I 'm sure someone will be along who is.

Have you done a budget and taken advice from the CCCS, CAB or one of the other free debt agencies? If you have and they agree with you then get that load lifted off your shoulders.

It feels like its a terrible step and then there's the shame of having got into debt, but hey you're in good company, the UK, the USA, Sweden, Portugal, Spain, Italy, Greece, all these places are spending more than they are bringing in. Make sure you've checked with reputable people that you are doing the right thing and then do it.

B

jules1973

You're in the best place.:beer:

I'm pretty new to all this DMP stuff and it is great to come and post on here if you have any worries or questions. Someone is always there to offer advice and we have all been in same boat so can speak from experience.:)

MRS_A_3

I was panicky just before I went into my DMP, but since then it isn't something which bothers me too much any more. I pay what I can afford which is taken from my account as one payment each month so I don't have to think about who do I have to pay and when?

The biggest part is coming to terms with not having access to any credit, once you realise the benefits of saving for what you want credit doesn't matter.

Good luck and there is a DMP support thread on here if you feel like joining. My DFD is September 2018!

tealady

Hi and welcome
I have never been on a DMP but there are loads of people on these forums who have so just dip in and start reading
HOWEVER one word of advice - please ensure that whoever is managing your DMP is FREE (see the stickys at the top).
Good luck, hold your head up high , after all its only money and they can't have what you haven't got.

chancer63

Hi and welcome :j

You do get used to it and it can be quite liberating not using credit.
The problem is in our nation is that we have become defined by our credit worthiness :mad:

If you have never used credit you have no value - so like my kids when they want a loan for say a car, can't get it cos they have "no credit history".
Then again, back in the day you just had to save for a car or whatever but we have become used to materialism on demand!

The only reason I am at all upset that my credit rating is trashed is from the perspective of getting another mortgage - meaning we could only move to rented.
2 years into my DMP and after a while you think well it's only money and life has so much more to offer than material wealth.

Consumerism is without doubt the new religion in my opinion

Let us save for what we need and spend only what we have

RAS

Nikki

Who would the DMP provider be?

And can you do an SOA, so we can see the scale of the problems?

Nikki4

Hi - thanks all. The DMP is with the CCCS who recommended it when I did my SOA. It feels like a massive step but from reading the DMP thread and others on here I'm obviously not alone. I'm sure the next couple of months will be difficult but hopefully it'll be a weight lifted eventually. Thanks again for all your kind support - it's gratefully received x

AlyBaly

Welcome Nikki4,

I dont have experience of DMP but hubby in a TD so understand the scary situation, all I can say is it will all work out fine now that you have taken the 1st step.

I agree with MrsA the scary part is coming to terms with the fact that you have to live without credit and it has been hard for us the last 3 years but you know what we are better people because of it and we will never take credit again.

Please keep posting and enjoy the monthly challenges, I am finding these really helpful.