DMP & Mutual Support Thread - Part 8

Hopelessly_Hopeful

Morning DaMPers

I agree wholeheartedly with the sentiments of TTFTM and Bertman.

I think most of us would willingly put our hands up and say that even despite the downturn in events in our lives we could have spent less in some areas but that spirralling interest rates are a significant cause of why we ended up here.

One of the plus sides of being on a DMP for me is that it's been good to be here and the DMP acting as a leveller. As it has been alluded to it doesn't matter if large salary or not it's more about not being able to afford the basics needed to live and be reasonably healthy.
I would rather have a longer DMP and have been afforded more flexibility in my budget, as you know we get no choice in these things so get the same allowances for things like entertainment and clothes etc whether you earn 10k or 70k. So shorter duration enforced but at least I will have more disposable income post DMP and hopefully I will have learnt not to bury my head in the sand if my world starts to cave in again. It's made me peroprly start to address priorities and plan for my future which includes plans for if I loose my job and when retirement comes along.

One constant over the past three years has been a daily log on to MSE, keeps me on track, sometimes for advice and learning, sometimes to offer practical or emotional support to others. I am richers in oh so many ways.

Bertman I really hope you will be able to start enjoying opening your post from here on.

Happy weekend all

HHx

Time_to_face_the_music

Hopelessly_Hopeful wrote: »

Morning DaMPers

I agree wholeheartedly with the sentiments of TTFTM and Bertman.

I think most of us would willingly put our hands up and say that even despite the downturn in events in our lives we could have spent less in some areas but that spirralling interest rates are a significant cause of why we ended up here.

One of the plus sides of being on a DMP for me is that it's been good to be here and the DMP acting as a leveller. As it has been alluded to it doesn't matter if large salary or not it's more about not being able to afford the basics needed to live and be reasonably healthy.
I would rather have a longer DMP and have been afforded more flexibility in my budget, as you know we get no choice in these things so get the same allowances for things like entertainment and clothes etc whether you earn 10k or 70k. So shorter duration enforced but at least I will have more disposable income post DMP and hopefully I will have learnt not to bury my head in the sand if my world starts to cave in again. It's made me peroprly start to address priorities and plan for my future which includes plans for if I loose my job and when retirement comes along.

One constant over the past three years has been a daily log on to MSE, keeps me on track, sometimes for advice and learning, sometimes to offer practical or emotional support to others. I am richers in oh so many ways.

Bertman I really hope you will be able to start enjoying opening your post from here on.

Happy weekend all

HHx

If I sang from a hymn book HH, it would definitely be the same one as you!

Mine and Mr TTFM's favourite game at the moment is "When we have finished this DMP, what are we going to do with the £1780 a month we will then have?"

Current list:

1) Buy a new to us car to replace old faithful. Fingers and everything else crossed that current lasts the next 3 and a bit years.
2) Go to France, drive from Paris to Carcasonne.
3) Go for a meal to our favourite Southern Indian restaurant, this will probably be number 1 on DF day but these are the order they came out.

We haven't got any further yet but all of it will involve spending our money with no credit ever again.

And they lived happily ever after and the evil banks never hurt them again.

The end.

antonic

Well another thing I have added to my bucket list, is to got to Colgone (by rail) to celebrate my birthday in October.

And to be able to pay my way as well, without relying on him !.

houseiseverything

Hello. my partner is starting a DMP with Payplan- it was delayed because we were waiting for the bank to come back about the overdraft. Anyway, they have come back now and are refusing to be part of the DMP unless we allow them to put a charging order on the house- even then they will still charge 3% interest. I haven't heard anyone mention this before on the forum! Has this happened to anyone else? I know they could take us to court to get a charging order anyway, so I am thinking should we just let them do it? When my partner agreed to guarentee the overdraft (for his limited company which has now gone into liquidation) the bank assured him that the guarentee would not have an impact on the house. He didn't get that in writing though... I feel the bank lied to him but as it was not put in writing there is not a lot we can do!
Any help would be appreciated.

grantalien

houseiseverything wrote: »

Hello. my partner is starting a DMP with Payplan- it was delayed because we were waiting for the bank to come back about the overdraft. Anyway, they have come back now and are refusing to be part of the DMP unless we allow them to put a charging order on the house- even then they will still charge 3% interest. I haven't heard anyone mention this before on the forum! Has this happened to anyone else? I know they could take us to court to get a charging order anyway, so I am thinking should we just let them do it? When my partner agreed to guarentee the overdraft (for his limited company which has now gone into liquidation) the bank assured him that the guarentee would not have an impact on the house. He didn't get that in writing though... I feel the bank lied to him but as it was not put in writing there is not a lot we can do!
Any help would be appreciated.

Don't just let them do it! It's nationwide is it? They took me to court and tried on 2 accounts to get a CO - judge refused them on both counts, they got their CCJ but no CO.

I would imagine that any agreement where a CO is concerned would have to be formal, don's sign ANYTHING! A DMP is an informal agreement just keep paying what you have offered they will either accept or take you to court - If you give in they will assume you are an easy target and push you for further increases - search my name and have a look at my previous posts with regard to COs and CCJs...and if applicable Nationwide.

houseiseverything

Thanks for the advice! It's Barclays. I will have a look at you posts.

carlyfluck

hey everyone, just a quick q

im sending a token payment to lloyds for our loan, who do we make cheaque payable too??

Ellieseleven

Totally agree with Bertman, TTFTM and HH - we too had a downturn in my husbands business which caused us to rely on CC's more and more until we finally admitted defeat and went the DMP route.

The DMP for us has been our saviour, now 2+ years in, we are seeing the debt reduce and have been able to knock off several years from our DFD

DaveK1971

Hi all, joined MSE last night and finding it really helpful.

I've not exactly been great with money at any point in my life but my real problems started when I got divorced forteen years or so ago and ended up living off credit for three years to pay a mortgage for my ex and rent for myself. In those days despite earning a pitance getting credit was easy and I just kind of stumbled along worrying about each month at a time until suddenly realising I owed £46k and was struggling!!

Slowly I started to sort things and over the last eight years or so reduced my debt to about £7k but then two years ago I made the biggest mistake of my life and... took out a payday loan. With hindsight I hate myself for this, am embarrased and ashamed that I was stupid enough to go there but at the time we wanted to move house (rental) and the payday loan was to pay the deposit on the new place until I got my deposit back from the previous house which I could use to repay the payday loan. Seemed reasonable but then our old letting agency refused to pay back our deposit (which they hadn't protected in a scheme) and swiftly went into liquidation leaving me in a cycle of taking payday loan to pay off payday loan and adding extra debt when the car needed repairing etc.

The last two years have been hell and every month I have found myself visiting payday websites just after payday each month to try and find a way of covering bills etc. Finally after failing to find a consolidation loan at a non extortionate rate (78% apr over 10 years was the best I could find) I have somehow summoned the strentgh to ask for help and have just entered into a DMP with Stepchange owing about £12k.

I am worried about taking such drastic action and although I'm sleeping a bit better than a few weeks ago I figured speaking to like minded folk on here can only be a good thing. In one way I feel slightly immoral for going down the DMP route as I am the one responsible for my debts and it somehow feels like cheating but then on the other hand most if not all of my creditors have made an absolute fortune from me over the years that I have been paying the minimum and rolling over payday loans etc and I have kept things ticking along for as long as I can but December would have been the tipping point were I would have had no option but to default.

Looking forward to supporting each other through the bad times.

AmyV_2

Time_to_face_the_music wrote: »

Pssst GUO .... Mmmm duck cassoulet sounds mighty fine. Did you get the duck from the pond in your local park? :rotfl:

Haha - there was a pheasant wandering about in my garden the other week .... I was sorely tempted