DMP & Mutual Support Thread - Part 8

NaughtySpot

Hello all fellow DMPers :hello:I have been horribly remiss on this thread I'm afraid! I deleted my subscription by accident and have been too overwhelmed to read all the thread again. Have started again today.

Time_to_face_the_music wrote: »

Since the start up of our DMP, NatWest have refused to stop the interest and fees on our OD and at first, our debt with them was actually increasing each month. We have gone to the FOS over this and unfortunately they have not been able to do anything yet but are still working on the case, though I am not holding my breath or being optimistic.

This is us ATM. I have a small (£350 at start) CC debt and a largish overdraft with Natwest, and they are just piling on the fees for the CC and I assume the same with the overdraft. I really need to find out where I stand and write to them as they are by far our smallest creditor and are the only ones to be complete !!!!!! about it. I can't remember my login details for the OD and don't get paper statements so not sure what to do really (my computer was stolen in May with all the info on it :mad:).

We have been on our DMP 10 months now, and TBH the novelty is wearing off. My DH is feeling deprived as he works long and hard and we never have any money. We are both aware this is our fault and it's what needs to happen, but the winter blues are setting in a bit. I need to do some eBaying to raise a bit of cash for a night out I think!

Hope everyone is plodding along nicely, now I've marked my place I'm going to go back and start reading from page one...

Finshopefulmum

Hi everyone

I've just been reading through all of the posts and have realised I'm guilty of taking it all in and am not terribly good at sharing, so sorry about that!

My DMP started in May, and it really was the best thing that we ever could have done in my situation. I was clinging to my good credit score and the fact I'd never missed a payment like it was something to be proud of, when the reality was we were just about to reach our limits on everything and would be in serious trouble.

I did lots of reading on MSE and decided to go down the CCCS route. The process was relatively painless, we opened our Co-op bank account, cancelled ddms, made token payments for a couple of months to build up a bit of a buffer, received only 2 calls from our 10 :eek: creditors, got lots and lots of letters which didn't scare me because I'd read so much on here and then we were off.......

I'm possibly a little sad that I found living to a budget and trying to save a few pounds here or there on the shopping so we could have a bit extra, and that we were paying for things with actual cash, really really good!!

However, just a mere 3 months later and my husband's work hours were cut and my tax code changed, knocking £450 a month off of our combined income . I emailed CCCS who sent me a new budget planner to complete, I added our new income details and also updated a couple of things I'd forgotten on the original budget (like increased childcare costs during the summer hols). It was accepted within about 3 days, and CCCS wrote to our creditors advising them of our new reduced payments. I expected a lot of fallout over this, but it was amazing! We recieved 2 letters from our creditors accepting the reduced payments, from the other 8, absolutely nothing!!!!! Nothing at all! We've made 3 payments at the reduced rate and it was just accepted by them all.

Sorry this is a bit long winded, I just wanted to let people know that even if your circumstances change, it doesn't have to be a horrible situation. In fact, if we hadn't have been on our DMP our situation would have been so so much worse.

Anyway, enough from me, apologies again for not posting more. I need to get on with some work and look at buying a slow cooker! :rotfl:

xxx

antonic

Finsmum,

It goes to show that if you cooperate with your DMP provider and are honest with them, life is certainly a lot easier.

(I should know as I did the same with Payplan during my DMP, which is to end shortly).

Finshopefulmum

Hi Antonic

You're absolutely right. And what a relief to be able to be honest about your financial situation and to work with someone on how you are going to resolve the problem!

Do you have any top tips you can give? Did you go full term on your DMP or were you able to increase payments and reduce it? I have 8 years to go, and while it seems like a long time, I have to keep reminding myself that had I continued to make minimum payments on my credit cards, it would have been more like 80 years to even make a dent on what I owed them!!!

xx

houseiseverything

I am thinking that payplan is the way to go, even though we have arranged it all already.
a few questions some of you may be able to answer...
Payplan told me that my name will be on the DMP at first, but that when my partner gets a job my name can come off it. The debts are all his, used to finance a now liquidated business, so I am not abdicating responsibility! I am still a bit wary of my name being on it though- in my job I can be credit checked and I have to have a credit card to pay huge (eg hotels and airfares)expenses that I am reimbursed for 6 weeks later. Have any of you taken your names off aDMP and has it worked out?
We have to remortgage in March- we are being put on a stupid rate by Santander, the payment will go up by £150. We can transfer the mortgage to my name only, using just my income. I assume his now terrible credit rating will effect mine, but I understand I can appeal against this to Experian etc. Has anyone ever done this and has it worked ?
I am feeling Ok about things at the moment, but I am self employed so worry about the future. I know I have to take one day at a time, but sometimes I think , 8 years of this? Thanks for reading.

Tigsmom

Growurown wrote: »

Morning all,

Back to slow cookers! Aldi have one on offer from today 6.5 litres for £18.99 Thinking about getting one but am going to check out prices first and have to see if I have any money left to pay for it as we are getting a bit close to pay day now. They are also selling a soup maker for £39.99:eek: but I wouldn't bother with one of those. I'd make the soup in the slow cooker and then just whizz it in the blender.

I bought one over the weekend - £21.99 for 6.5l cookworks from Argos. It cooked our large chicken breast joint (£6 Iceland) perfectly along with a dozen small potatoes. The joint was great value for money, fed 6 of us for lunch, sandwiches for 2 of us yesterday and today and just enough left for DH's sandwich tomorrow. My only gripe is that it's stainless steel and black. It looks great but all of my other appliances are 'value range white'!:rotfl:I'm using the leftover veggies & potatoes in a stew tomorrow The gerbils even got the carrot peelings! :rotfl::rotfl::rotfl:

NaughtySpot

Tigsmom wrote: »

I bought one over the weekend - £21.99 for 6.5l cookworks from Argos. It cooked our large chicken breast joint (£6 Iceland) perfectly along with a dozen small potatoes. The joint was great value for money, fed 6 of us for lunch, sandwiches for 2 of us yesterday and today and just enough left for DH's sandwich tomorrow. My only gripe is that it's stainless steel and black. It looks great but all of my other appliances are 'value range white'!:rotfl:I'm using the leftover veggies & potatoes in a stew tomorrow The gerbils even got the carrot peelings! :rotfl::rotfl::rotfl:

I keep dithering over a slow cooker. They sound a good idea and I love the thought of coming home to tea made, but I am a vegetarian and I wonder if it'll be any good as veg doesn't take as long to cook as meat.

Hopelessly_Hopeful

NaughtySpot wrote: »

Hello all fellow DMPers :hello:I have been horribly remiss on this thread I'm afraid! I deleted my subscription by accident and have been too overwhelmed to read all the thread again. Have started again today.


This is us ATM. I have a small (£350 at start) CC debt and a largish overdraft with Natwest, and they are just piling on the fees for the CC and I assume the same with the overdraft. I really need to find out where I stand and write to them as they are by far our smallest creditor and are the only ones to be complete !!!!!! about it. I can't remember my login details for the OD and don't get paper statements so not sure what to do really (my computer was stolen in May with all the info on it :mad:).

We have been on our DMP 10 months now, and TBH the novelty is wearing off. My DH is feeling deprived as he works long and hard and we never have any money. We are both aware this is our fault and it's what needs to happen, but the winter blues are setting in a bit. I need to do some eBaying to raise a bit of cash for a night out I think!

Hope everyone is plodding along nicely, now I've marked my place I'm going to go back and start reading from page one...

Can appreciate it can be tough. I find DMP live easier in the bad weather as I am happy to snuggle up at home, finances are less for me then!

Hope you manage to identify a treat or two. Keep looking at what you have paid off, hopefully that will help.

HHx

antonic

Hi Finsmum !

To set the background ..

I am 46 male, single and renting a flat.

I am also a Civil Servant (nearly completed 24 years now) and so there was never any likelihood of me losing my job (unless I did something stupid - although I was falsely accused of sexual harrassment, which if found guilty would in all probability led to me being dismissed for Gross Misconduct).

In 2005 I realised that my debt repayments were approx £600/mth and my take home pay was approx £950/mth so I needed to sort the matter out.

I defaulted on my 3 CC`s (Cahoot, CapOne & HBOS and my Abbey o/d) and HBOS put me in contact with Payplan.

I then discussed things with Payplan and we agreed intital reapyments of £236/mth and it was predicted to take 87 months to clear my debt.

Since 2005, nearly every year I have increased my payments and now am paying £275/mth, I have also co-operated fully with Payplan and done annual reviews every year and so the process has been time consuming, but mostly painless.

My father has given me both moral (and financial ) support when I have needed it and is proud of me for dealing with it.

The last yearm having given up alcohol, has helped me both financially and physically and I am now teetotal - my father has also been MORE supportive (if possible !) because I have given up the booze.

You have done the responsible thing and have faced upto your debt and want to deaal with it, dont get me wrong it isnt easy when I was a week away from payday and had about £5 left BUT I have learnt to budget and when I am DF, I will be saving hard so I can get what I want without having to borrow for it.

Good luck ! - you CAN do it because I have !.

Finshopefulmum wrote: »

Hi Antonic

You're absolutely right. And what a relief to be able to be honest about your financial situation and to work with someone on how you are going to resolve the problem!

Do you have any top tips you can give? Did you go full term on your DMP or were you able to increase payments and reduce it? I have 8 years to go, and while it seems like a long time, I have to keep reminding myself that had I continued to make minimum payments on my credit cards, it would have been more like 80 years to even make a dent on what I owed them!!!

xx

Tigsmom

NaughtySpot wrote: »

We have been on our DMP 10 months now, and TBH the novelty is wearing off. My DH is feeling deprived as he works long and hard and we never have any money. We are both aware this is our fault and it's what needs to happen, but the winter blues are setting in a bit. I need to do some eBaying to raise a bit of cash for a night out I think!

Hope everyone is plodding along nicely, now I've marked my place I'm going to go back and start reading from page one...

Hi NaughtySpot :wave:

I know how you feel. We did feel a bit like that at the start but you have to remember that you would be just the same if you had credit because it would inevitably run out so still no money for treats. Being on a DMP means having to be a bit creative at times and thinking outside the box. I would love a night out with DH as I have only had one night out in the past year and that was my (free) works xmas do last year, so no hubby. We don't have the money ourselves as any spare cash has gone on xmas pressies for the kids and materials for them to make xmas pressies for the rest of the family (hence being creative). So when my mum asked what I wanted for xmas I said a cheap meal with DH and a babysitter for the night. I don't need material things - it's buying them that got us in this mess so I would prefer favours for xmas. It's something to consider.