DMP & Mutual Support Thread - Part 8

iwantafreshstart

hi TTFTM

thank you for the welcome and i do warn you i can be as daft as a brush too lol

im also a bit of a spreadsheet geek these days too, i dont think i could live without mine now so it looks like im going to fit in quite well here

Jenjen

Hi Everyone.

I've not posted for a while but I do still lurk and I love the motivation I get from this thread. Just thought I'd give a little update.

We are now 9 months into our DMP and I can honestly say it was the best thing we ever did. DH's car broke down last week (alternator) and instead of panicking about how we were going to pay for it we were able to calmly get it repaired and pay for it with money we had put to one side for car repairs and emergencies! That was one of the best feelings in the world because its something that has caused us so much stress in the past. His car does need some other non urgent work doing but we are gradually managing to squirrel away enough money for that too.

We started off in January with a low payment (£147) and a debt free date of July 2028. Yesterday I rang them to review my budget due to a few changes. Mainly my hubby getting a new better paid job, albeit with a much further journey to work, and my youngest starting school (dinner money increase). Anyway, we have been able to increase our debt payment to £183 which knocks 3 whole years off our DFD. We should now be debt free officially in June 2025 but our goal is to do it well before 2020 so this is a huge step in the right direction.

We have a few things in the pipeline in the next few years which will hopefully bring that date even closer. Our mortgage fixed rate ends in January so I'm hopeful of a few spare pounds there and the big one is that hubby should finish paying off his student loan sometime in 2014 which will free up an extra £150 a month.

Off to update my signature now but just thought I'd share incase it helps any of you who are just starting out or considering a DMP.

Hopelessly_Hopeful

Jenjen wrote: »

Hi Everyone.

I've not posted for a while but I do still lurk and I love the motivation I get from this thread. Just thought I'd give a little update.

We are now 9 months into our DMP and I can honestly say it was the best thing we ever did. DH's car broke down last week (alternator) and instead of panicking about how we were going to pay for it we were able to calmly get it repaired and pay for it with money we had put to one side for car repairs and emergencies! That was one of the best feelings in the world because its something that has caused us so much stress in the past. His car does need some other non urgent work doing but we are gradually managing to squirrel away enough money for that too.

We started off in January with a low payment (£147) and a debt free date of July 2028. Yesterday I rang them to review my budget due to a few changes. Mainly my hubby getting a new better paid job, albeit with a much further journey to work, and my youngest starting school (dinner money increase). Anyway, we have been able to increase our debt payment to £183 which knocks 3 whole years off our DFD. We should now be debt free officially in June 2025 but our goal is to do it well before 2020 so this is a huge step in the right direction.

We have a few things in the pipeline in the next few years which will hopefully bring that date even closer. Our mortgage fixed rate ends in January so I'm hopeful of a few spare pounds there and the big one is that hubby should finish paying off his student loan sometime in 2014 which will free up an extra £150 a month.

Off to update my signature now but just thought I'd share incase it helps any of you who are just starting out or considering a DMP.

Well done Jen, a lovely and positively inspiring post

Hi to all the newbies

HHx

Time_to_face_the_music

Jenjen wrote: »

Hi Everyone.

I've not posted for a while but I do still lurk and I love the motivation I get from this thread. Just thought I'd give a little update.

We are now 9 months into our DMP and I can honestly say it was the best thing we ever did. DH's car broke down last week (alternator) and instead of panicking about how we were going to pay for it we were able to calmly get it repaired and pay for it with money we had put to one side for car repairs and emergencies! That was one of the best feelings in the world because its something that has caused us so much stress in the past. His car does need some other non urgent work doing but we are gradually managing to squirrel away enough money for that too.

We started off in January with a low payment (£147) and a debt free date of July 2028. Yesterday I rang them to review my budget due to a few changes. Mainly my hubby getting a new better paid job, albeit with a much further journey to work, and my youngest starting school (dinner money increase). Anyway, we have been able to increase our debt payment to £183 which knocks 3 whole years off our DFD. We should now be debt free officially in June 2025 but our goal is to do it well before 2020 so this is a huge step in the right direction.

We have a few things in the pipeline in the next few years which will hopefully bring that date even closer. Our mortgage fixed rate ends in January so I'm hopeful of a few spare pounds there and the big one is that hubby should finish paying off his student loan sometime in 2014 which will free up an extra £150 a month.

Off to update my signature now but just thought I'd share incase it helps any of you who are just starting out or considering a DMP.

Hi Jenjen :hello:

Am really glad that things are going well. Isn't it just the best feeling in the world when you have planned and actually have the money there to pay instead of that blind panic that used to be there when an unexpected bill came in :T

princess18

hello, i was just wondering if anyone can give me some advice,
i'm starting on a self-managed DMP, and so far its been going well. however, i've had trouble getting payday express to agree to a repayment plan of any kind. i have however recieved an email from them this morning saying i have 14 days to get my debt management company to contact them with a letter of authority. obviously being self managed i dont have a debt management company, nor do i know what a letter of authority is. i fear that as im self managed they will not take me seriously or accept any offer i make other than in full- which is certainly not possible now that i have commited to repayment plans to other creditors. what can i do? i certainly cant set up a dmp through a company in 14 days, but i was doing really well on my own until now. what can i do??

D3P0

Princess,

Ring them, tell them that you don't have a debt management company and you are doing it yourself. I have a template here that CCCS use for me to give them authority to my debtors on my behalf but I don't think that's a lot of good to you?

I'm not 100% sure why they are asking you for the letter if no - one else is involved?

chunkybutcheeky

Hi, I'm just getting together all the paperwork for CCCS after finally realising that we couldnt carry on living like we were, going without food so we could pay a minimum payment on numerous credit cards and hardly touching the balance. Anyhow, CCCS are setting up a DMP and I have now changed bank account and redirected direct debits, and salary.

I have now missed a months payments and starting to get calls etc which terrifies me. I am just not answering them. I have also asked CCCS if we can start the DMP in November, as next month we need the money to get the MOT, car tax, and to pay an emergency vets bill, dentist bill and boiler repair/service, as we know once we are on this budget, its still tight and we need a few months to save some for emergencies.

This will in effect mean I have missed 2 payments before we start paying the creditors. I'm just so stressed because nothing ever seems to go right and I'm worried that we will do this, then start getting court letters etc. I've always paid, so this month when I cancelled all the payments, and actually had some money to do a proper food shop, it felt like a huge weight had been lifted.

We are determined to sort ourselves out and have started a budget for the next 6 months in advance so we dont get caught out with any bills again.

I feel awful, but then at the same time I know we are doing the right thing.

I think I just need a bit of reassurance.... I'm really panicking today.

D3P0

CBC,

I think as long as you keep your debters informed and tell them that though you have defaulted it's all in the hands of the CCCS they should grant you some grace. As long as you've kept everything up to date they should know your words are genuine and you're not detfaulting all over the place.

I found all mine were spot on with exception to the bank (ironically). It's a positive from their side to know they are getting something back and you are not going to just fob them off and never pay them?

Ring them up. If they don't like the truth what more can you do?

Hopelessly_Hopeful

princess18 wrote: »

hello, i was just wondering if anyone can give me some advice,
i'm starting on a self-managed DMP, and so far its been going well. however, i've had trouble getting payday express to agree to a repayment plan of any kind. i have however recieved an email from them this morning saying i have 14 days to get my debt management company to contact them with a letter of authority. obviously being self managed i dont have a debt management company, nor do i know what a letter of authority is. i fear that as im self managed they will not take me seriously or accept any offer i make other than in full- which is certainly not possible now that i have commited to repayment plans to other creditors. what can i do? i certainly cant set up a dmp through a company in 14 days, but i was doing really well on my own until now. what can i do??

Hi

They are trying to give you the run around arent they. They are simply trying it on. With these type of people I would discourage phone calls as you have no record. Write to them restate the history eg ona self managed dmp here is my payment. Ask them to tell you simply and in writting what the letter of authority is they want!

Seemples

HHx

chunkybutcheeky

DP30, thanks, I am just sending my letters to creditors and have also rang two of them (hard to do while at work). I'm not very good on the phone and tend to give in very easily without explaining myself very well...something I need to work on!