DMP & Mutual Support Thread - Part 8

D3P0

Just something from reading various posts on here which I think you'd all agree with. You simply have to face up to facts. The debts are there and they need dealing with. No point ignoring them. The debtors will listen to what you have to say. As many have said on here they are quite receptive as you are seen to be doing something about them... which is good!

Don't shy away. Be brave. Get that calculator out. Make those calls. Write those letters. Take pride in the fact you are doing something about it. No matter how dark or down you feel. You ARE doing something positive.

Here endeth the rant.

D3P0

Cheers TTFM. I've had a real blessing this month too as I seem to have had a tax rebate of some variety which will do for essentials. Mrs D3p0's car needs a tyre or two, need to buy heating oil for the winter etc. I've also managed to pay decent token amounts before the DMP kicks in and NEXT had me in arrears pre the DMP so I've cleared that.

So true though, getting to payday in the black... I can't remember the last time that was the case

Thanks - as always for the support

grant1wish

All,

I asked this earlier and just weanted to gauge your thoughts on it.

My main points of worry at the minute are the potential of my bank to carry out off setting when I get paid tomorrow ( I dont think they will but I am paranoid) and also that my overdraft is in joint names. Everything else is in my sole name apart from our current account. CCCS have said this will be OK to still be a single application but I am worried that they might try and enforce my wife to contribute from her wage that is currently kept completely seperate with a different bank? What do you guys think?

Is it worth changing the account to a single account in just my name or is it too late for this/not worth it?

Also, if they do not accept the DMP and keep adding interest/charges how will I ever get to the end of the DMP because the balances are surely just going to stay the same. Perhaps I am being stupid here!

jubilee14

HI All

New on here but it has prompted me to deal with the stree and anxiety i have been pushing around for many years.

Basically came to a head when i had used up all my husband savings which he puts aside for when he doesnt work to cover our obligations and not having done anything or spent much still only had about £20 by mid month to feed family of 5.

i have now set up new bank account compelted my CCCS application pack which is going in post today and sent token payments for my debts. ( which after posting CCCS told me shouldnt have done as theyre linked to my existing account while we transfer over DD's for everything. Feel ashamed to have got to this stage but know that most of the debt was paying for expenses for work and then not paying off immediately but it was when the interest rates escalated that i was only covering the minimum payments and knew i would never be debt free and since i couldnt get a reduced credit anywhere else was probably best time to deal with things and at least have some money to feed and clothe the kids.

wanted to say a big thank you for all your posts realising many other people are in the same boat and dont feel as if it is shirking responsibility . Looking at a few bumpy rides along the way i guess but the sleepless nights from worrying how to deal with i hope will return xx

Allypops

Jubilee

Hello and welcome! Well done for facing up to your debts and doing something about it. You are definitely not alone - as you have seen, there are a lot of us in the same boat.

D3P0

Jubille - best of luck on your adventure. I hope it all works out well for you and your family

Grant1wish - best thing to do would be to make an urgent appointment with the bank, to speak them through your plans. Despite what you might think they should give you a bit of breathing space. Don't let it fester... front it face on.

The CCCS may / will probably tell you to sort out a different account in time but for the moment speak to them and try to face it up.

Let us know how you get on, but do make the call. If you don't get the answer you want over the phone then go in there and demand to see someone.

grant1wish

D3P0,

Do you mean speak to the bank about changing to a single account, or speak to the bank about off setting?

G1W

Time_to_face_the_music

grant1wish wrote: »

All,

I asked this earlier and just weanted to gauge your thoughts on it.

My main points of worry at the minute are the potential of my bank to carry out off setting when I get paid tomorrow ( I dont think they will but I am paranoid) and also that my overdraft is in joint names. Everything else is in my sole name apart from our current account. CCCS have said this will be OK to still be a single application but I am worried that they might try and enforce my wife to contribute from her wage that is currently kept completely seperate with a different bank? What do you guys think?

Is it worth changing the account to a single account in just my name or is it too late for this/not worth it?

Also, if they do not accept the DMP and keep adding interest/charges how will I ever get to the end of the DMP because the balances are surely just going to stay the same. Perhaps I am being stupid here!

The bank can't access your wife's wage in another bank so I wouldn't worry about that but if your overdraft is becoming part of your DMP, it will affect your wife's credit rating as a joint account financially links you. If you can change it to a single name account, this could be better for you.

Most creditors do accept DMPs but there are no guarantees on interest being stopped and you may often see me, my twin sister HH and others bitterly complaining about this. On our current DMP payment of around £1780, we still pay approximately £230 interest per month. Yes we hate this but it still means we are paying £1550 off our debt each month and we can see massive changes after just 8 months.

You are not being stupid, you are new to this and we are here to support you. You should have seen the stupid questions I asked here a few months ago

Time_to_face_the_music

jubilee14 wrote: »

HI All

New on here but it has prompted me to deal with the stree and anxiety i have been pushing around for many years.

Basically came to a head when i had used up all my husband savings which he puts aside for when he doesnt work to cover our obligations and not having done anything or spent much still only had about £20 by mid month to feed family of 5.

i have now set up new bank account compelted my CCCS application pack which is going in post today and sent token payments for my debts. ( which after posting CCCS told me shouldnt have done as theyre linked to my existing account while we transfer over DD's for everything. Feel ashamed to have got to this stage but know that most of the debt was paying for expenses for work and then not paying off immediately but it was when the interest rates escalated that i was only covering the minimum payments and knew i would never be debt free and since i couldnt get a reduced credit anywhere else was probably best time to deal with things and at least have some money to feed and clothe the kids.

wanted to say a big thank you for all your posts realising many other people are in the same boat and dont feel as if it is shirking responsibility . Looking at a few bumpy rides along the way i guess but the sleepless nights from worrying how to deal with i hope will return xx

Hi Jubilee and welcome :hello:

Well done on taking the first, and most difficult steps, in your debt free journey. You sound like you have had a true lightbulb moment (LBM), it's a horrible shock to the system but it does work at getting you into action, I remember that feeling well :T

We are all in the same boat here, we know how you feel and will support you. We will celebrate your triumphs, help you deal with difficult creditors and provide an ear to bend or a shoulder to cry on during the bad days we all have sometimes

jubilee14

Thanks all for the welcome you all seem to have gained a whole lot of expeirence so will be very glad of the support