DMP & Mutual Support Thread - Part 8

ben80

Time_to_face_the_music wrote: »

I agree with your calculations, CCCS seem to have got it wrong.

I think I'll give CCCS a call, my DFD must be worked out automatically by computer and maybe it's missed something... or, more likely, I have!

klfairy

At the risk of asking a stupid question, what's it like to live with a DMP? What consequences does it have on normal life? It's something I'm considering at the moment. Are you glad you did it? What is more difficult now?

ben80

klfairy wrote: »

At the risk of asking a stupid question, what's it like to live with a DMP? What consequences does it have on normal life? It's something I'm considering at the moment. Are you glad you did it? What is more difficult now?

Pros
- You pay the money off that you, without making it too much worse - CCJ's, bankruptcy etc. When you pay it off, you have a significant amount of money more each month than you used to. You're completely out of debt.
- You have support, a buffer, between you and creditors as some can be !!!!!! and it's nice to get someone on the phone going "Oh they're trying that are they, don;t worry, they're like spoiled children stamping their feet"

Cons:
-(as with any other way of sorting debt) - Credit rating shot, takes a lot of time to rebuild. Chatting on another thread, seems it's shot until all bad tings are gone (6 years).
- I also find I have lost close touch to all but a few friends as I just can't afford to drive 100miles for the weekend, spend a weekend away, even go to the pub for a few drinks. This is something I fully intend to rectify as soon as I'm debt free.
- Stress... I'm 31 and v thin on top now, most hair gone now. Put a lot of weight on due to lack of motivation etc. (Starting to feel a bit 'up' now though as I'm nearly done) - In hindsight, I would advise to get in a routine of exercise/diet to keep motivated and relatively happy.

I know some people on a DMP 'massage' the figures to give them a few hundred ££ extra a month for nice stuff... for me that would have added 2 years onto the DMP so wasn't acceptable to me.

klfairy

So it's still kind of with you for a further six years once you've paid it all off? That's potentially a very long time...

Can you still get car insurance that you pay monthly?

Time_to_face_the_music

klfairy wrote: »

At the risk of asking a stupid question, what's it like to live with a DMP? What consequences does it have on normal life? It's something I'm considering at the moment. Are you glad you did it? What is more difficult now?

Hi klfairy :hello:

No such thing as a stupid question here and if there was, I would have asked them all

For me, living with a DMP means:

Being able to sleep again.
Being able to laugh and have fun with my family, it's cheap fun but it felt like I had forgotten how to laugh or smile before we started this.
Learning so much from this forum and particularly this thread.
Having a budget and knowing how to stick to it.
Rejoicing when we see only black figures on the bank statement.
Celebrating each month as we see the debt going down.
Learning to sell on ebay and Amazon and using the extra money to pay a bit more off interest charging debts.
Doing surveys and earning vouchers to save up for Christmas.
Seeing the light at the end of the tunnel, instead of worrying that we will still be in debt when we retire and having no hope of ever paying it off.
Wishing we had started this 18 months before we did and then that light would be even brighter now.

Am I glad we did it? OH YEAH!

What's more difficult now? Nothing. Life is a joy compared to 6 months ago :j

Good luck and please let us know what you decide to do. People will be here to support you and share their experiences and to offer you a shoulder to cry on or an ear to bend when you need it

Time_to_face_the_music

klfairy wrote: »

So it's still kind of with you for a further six years once you've paid it all off? That's potentially a very long time...

Can you still get car insurance that you pay monthly?

No, 6 years from a default, not until it is paid off.

We just got a renewal for both house and car insurance and they are paid monthly, so yes

sickasachip13

klfairy wrote: »

So it's still kind of with you for a further six years once you've paid it all off? That's potentially a very long time...

Can you still get car insurance that you pay monthly?

Hi there

Six months from default - so the earlier the creditors default you the better. I've changed car and house insurance since we started 20 months ago, alos mobile phone contracts, broadband etc. We started with 19 creditors.....:eek:

For us it has meant getting used to living without credit - which does takes cojones of steel at times - but we can sleep at night, the terror and unknown is over. I did a blog at the request of CCCS about my experiences, it can be found be googling the info in my signature.

There's no stupid questions around here, if you don't know just come and ask, one of us might. Knowledge is power and we can support one another.

Please ensure you go to CCCS or Payplan, not a fee-charging company.

Best of luck and <possibly> welcome aboard!

SAAC

ben80

Time_to_face_the_music wrote: »

No, 6 years from a default, not until it is paid off.

Really, excellent! I thought ti was 6 years from the closure of account. Good news, most of my defaults are nearing 4yrs old. Yay.

Also, your Pros of a DMP are far more thought out than mine and I can definitely relate to them!!

sickasachip13

BTW, whoop whoop for the SAAC famille. Our debt now begins with a 2 instead of a 3! I'll change my sig when I remember how :-)

Keep plodding on folks. We've also lost another creditor, which is fabulous. From 19 to 16!

SAAC

sickasachip13

ben80 wrote: »

Really, excellent! I thought ti was 6 years from the closure of account. Good news, most of my defaults are nearing 4yrs old. Yay.
!

Absolutely sure. I double checked this recently. I was excited because it means that the six years has been ticking away for over 18 months already :j