DMP & Mutual Support Thread - Part 8

savvykaz

Hi all,
Can I join this thread please? It's taken my husband and I 22 years to acknowledge that we have been spending way beyond our means and it all came to a head when he lost his job in January! He has since found work but for 3 months he wasn't bringing in any money and I've had to cash in 2 sharesave schemes I had through work. About a month ago my husband said he thought we ought to sell our house and rent to get out of debt but I felt physically sick at the thought and I contacted CCCS; the advice was that we took on a DMP which will take us 6 years to clear:eek:.I know it's going to be very hard with a restricted budget but I honestly think it's the kick up the bum we've needed. I've been a member on Martin's site for a few years now and I know how valuable the support given on here can be, co please, can I join you all?

louised78

Hey guys I have been reading some of the threads and feel that since our LBM in 2009 we certainly have come a long way. We initially were 35k in debt with an additional 3k in secured debt on an extended loan on the house. We initally were paying over £600 per month in bank charges. I was referred to the CCCS by my sister who had previously used them. I had not wanted to use other methods and possibly lose our home having little or no equity selling was not an option.

We started our DMP and like a lot of people we had a shaky start don't underestimate your budget as you will find this very tight to live with. I pay £400 per month to CCCS and ensure that I have enough for food and petrol, then any additional cash I save and treat us to a night up the pub when we reach another milestone.. Small pleasures.

Our DMP is now £15800k half of what is was and I am starting to feel real progress in our situation and by the end of this year will be around £13k ... another treat due at £15k.

I feel that a the end of this year we may finally be able to start a family... Our mortgage drops next year, what I do not pay in petrol to get to work will pay for my reduced wages and I should be able to lower my DMP payments also ... So for all you new people out there there is a light at the end of the tunnel I managed to keep my home, spoke to CCCS when the car broke and they gave us a month off and now I am over half way and though am still obsessional about my spreadsheets also, do not worry at night or dread the phone ringing. As a departing piece of advice if anyone is harrassed by their lenders asking for money 8 calls per day by HSBC quote 'The Administration of Justice Act 1970 at them and they should cease.

trainergirl

savvykaz wrote: »

Hi all,
Can I join this thread please? It's taken my husband and I 22 years to acknowledge that we have been spending way beyond our means and it all came to a head when he lost his job in January! He has since found work but for 3 months he wasn't bringing in any money and I've had to cash in 2 sharesave schemes I had through work. About a month ago my husband said he thought we ought to sell our house and rent to get out of debt but I felt physically sick at the thought and I contacted CCCS; the advice was that we took on a DMP which will take us 6 years to clear:eek:.I know it's going to be very hard with a restricted budget but I honestly think it's the kick up the bum we've needed. I've been a member on Martin's site for a few years now and I know how valuable the support given on here can be, co please, can I join you all?

Welcome and of course you can join! Glad you've taken your first steps - I'm doing the same thing at the minute, just been in touch with CCCS and am waiting for everything to be sorted. It's scary but I know it'll be worth it. If you've got any questions this is the best place to ask. The support I've found on here has got me through the last couple of weeks.

Good luck!

Growurown

Earthmother wrote: »

Lloyds have chosen to ignore the fact that CCCS told them payments will be made on the the 25th of the month and have said we have broken our agreement. Phoned them up and told them, the guy didn't have a clue and kept insisting as we hadn't paid on the 4th the agreement was broken.

We have had this problem too with a couple of our creditors. We spoke to them and eventually they agreed to change the payment date to the 25th. This puzzles me though because they must know the date CCCS pay on. For crying out loud there's enough of us :mad:

Earthmother wrote: »

Today a default letter plopped on the mat. Does that mean anything has changed? I am just going to keep paying CCCS and let it sort itself out, as I have read on here that letters come randomly when DMP's are first starting

I just file those letters. They don't change your situation.

Earthmother wrote: »

Another question though, I sent LLoyds a postal order by recorded delivery at the beginning of March as a token payment, yet two statements on it is not showing up. I sent a letter asking them to acknowledge they had received it, but as yet nothing. Has this happened to anybody else? It was for £30 and I can't afford for it to vanish into thin air.

Not sure about this one, but I agree £30 is a lot to write off and it should have showed up on the statements by now. I'd give them a call.

Time_to_face_the_music

savvykaz wrote: »

Hi all,
Can I join this thread please? It's taken my husband and I 22 years to acknowledge that we have been spending way beyond our means and it all came to a head when he lost his job in January! He has since found work but for 3 months he wasn't bringing in any money and I've had to cash in 2 sharesave schemes I had through work. About a month ago my husband said he thought we ought to sell our house and rent to get out of debt but I felt physically sick at the thought and I contacted CCCS; the advice was that we took on a DMP which will take us 6 years to clear:eek:.I know it's going to be very hard with a restricted budget but I honestly think it's the kick up the bum we've needed. I've been a member on Martin's site for a few years now and I know how valuable the support given on here can be, co please, can I join you all?

Hi savvykaz and welcome

If you want support while you are on your DMP, this is the place to be. Well done on taking your first steps to being debt free. :T

Time_to_face_the_music

Louised78 wrote: »

Hey guys I have been reading some of the threads and feel that since our LBM in 2009 we certainly have come a long way. We initially were 35k in debt with an additional 3k in secured debt on an extended loan on the house. We initally were paying over £600 per month in bank charges. I was referred to the CCCS by my sister who had previously used them. I had not wanted to use other methods and possibly lose our home having little or no equity selling was not an option.

We started our DMP and like a lot of people we had a shaky start don't underestimate your budget as you will find this very tight to live with. I pay £400 per month to CCCS and ensure that I have enough for food and petrol, then any additional cash I save and treat us to a night up the pub when we reach another milestone.. Small pleasures.

Our DMP is now £15800k half of what is was and I am starting to feel real progress in our situation and by the end of this year will be around £13k ... another treat due at £15k.

I feel that a the end of this year we may finally be able to start a family... Our mortgage drops next year, what I do not pay in petrol to get to work will pay for my reduced wages and I should be able to lower my DMP payments also ... So for all you new people out there there is a light at the end of the tunnel I managed to keep my home, spoke to CCCS when the car broke and they gave us a month off and now I am over half way and though am still obsessional about my spreadsheets also, do not worry at night or dread the phone ringing. As a departing piece of advice if anyone is harrassed by their lenders asking for money 8 calls per day by HSBC quote 'The Administration of Justice Act 1970 at them and they should cease.

Hello Louised78

We are having one of those shaky start days today as have just received our CCCS statement and are despairing at the impact the continuing interest charges are having on our payments

Tomorrow will be another day and we will make ourselves feel better by writing some begging letters to the banks and then swearing at them when they ignore us :rotfl:

Am really glad things are going well for you. Well done on where you are up to and good luck for the plans :T

pmhtuk

redfalcon wrote: »

Hello everyone!

Been reading through all the advice on this thread and it has finally encouraged me to face my debt and apply for a DMP through CCCS.

In the process of sending letters to my creditors and all the documents back off to CCCS.

Had to sign up for this forum so i'm not alone on this journey

Me too - really good thread, CCCS are just processing my details and letters on the way.
P.

Mrs_Trouble

I can only agree with what others have said about the DMP. I actually forget that I am on one at times and it feels like a loan payment. I think it has taken me a year for our finances to start stabilising with the DMP but I feel very much in control of the situation.

The only company who charges interest is Barclaycard but is it something tiny so I am not arguing with them over it. Initially Mint and Tesco (RBS cards) continued to charge interest for about 5 months but once the DMP for formally agreed they have not charged a penny more. I am now for the first time in about 10 years under £50k in debt :j

We made a conscious effort to put the DMP into my name as only one of the cards was in my husband's name and I was worried about the restricted budget, therefore the DMP is worked out on my finances. We have overpaid my OH's credit card every month and it should be gone by the end of the year. We are also soon to move on to a much lower interest rate for our mortgage (2.5% from 6.9%)

I actually feel that we can make a plan. The surplus from my husband's income once we have paid off his CC will be used to overpay the mortgage for 6 months (as we have little equity) and we will then split the payment between mortgage overpayment and saving up towards a F&F for my DMP sometime in the future.

I spent so long worrying about going on a DMP and having no access to credit when it was in reality a lifesaver and taking away credit from me has only enriched my life in how I appreciate things.

Hopelessly_Hopeful

Louised78 wrote: »

Hey guys I have been reading some of the threads and feel that since our LBM in 2009 we certainly have come a long way. We initially were 35k in debt with an additional 3k in secured debt on an extended loan on the house. We initally were paying over £600 per month in bank charges. I was referred to the CCCS by my sister who had previously used them. I had not wanted to use other methods and possibly lose our home having little or no equity selling was not an option.

We started our DMP and like a lot of people we had a shaky start don't underestimate your budget as you will find this very tight to live with. I pay £400 per month to CCCS and ensure that I have enough for food and petrol, then any additional cash I save and treat us to a night up the pub when we reach another milestone.. Small pleasures.

Our DMP is now £15800k half of what is was and I am starting to feel real progress in our situation and by the end of this year will be around £13k ... another treat due at £15k.

I feel that a the end of this year we may finally be able to start a family... Our mortgage drops next year, what I do not pay in petrol to get to work will pay for my reduced wages and I should be able to lower my DMP payments also ... So for all you new people out there there is a light at the end of the tunnel I managed to keep my home, spoke to CCCS when the car broke and they gave us a month off and now I am over half way and though am still obsessional about my spreadsheets also, do not worry at night or dread the phone ringing. As a departing piece of advice if anyone is harrassed by their lenders asking for money 8 calls per day by HSBC quote 'The Administration of Justice Act 1970 at them and they should cease.

Welcome and well done

HHx

Hopelessly_Hopeful

Mrs_Trouble wrote: »

I can only agree with what others have said about the DMP. I actually forget that I am on one at times and it feels like a loan payment. I think it has taken me a year for our finances to start stabilising with the DMP but I feel very much in control of the situation.

The only company who charges interest is Barclaycard but is it something tiny so I am not arguing with them over it. Initially Mint and Tesco (RBS cards) continued to charge interest for about 5 months but once the DMP for formally agreed they have not charged a penny more. I am now for the first time in about 10 years under £50k in debt :j

We made a conscious effort to put the DMP into my name as only one of the cards was in my husband's name and I was worried about the restricted budget, therefore the DMP is worked out on my finances. We have overpaid my OH's credit card every month and it should be gone by the end of the year. We are also soon to move on to a much lower interest rate for our mortgage (2.5% from 6.9%)

I actually feel that we can make a plan. The surplus from my husband's income once we have paid off his CC will be used to overpay the mortgage for 6 months (as we have little equity) and we will then split the payment between mortgage overpayment and saving up towards a F&F for my DMP sometime in the future.

I spent so long worrying about going on a DMP and having no access to credit when it was in reality a lifesaver and taking away credit from me has only enriched my life in how I appreciate things.

Well done for getting ontop of it

Very interested to hear about your mortgage. I assumed there were no deals to be had when there was a DMP. did oyu come across any issues with this?

HHx