DMP & Mutual Support Thread - Part 8

Hopelessly_Hopeful

RonniesMummy wrote: »

Morning all,
I am trying to spend only £15 this week, hopefully I will be able to stick to this, as I haven't really got any other money!
Am waiting on getting our bond back from our old place hopefully before the end of the month so thats £600. Would you pay off your debts with this or keep it as an emergency fund ? (currently have nothing put by for an emergency!)
x

Good luck stretching the £15. It's amazing how far it can go. Menu planning and emergency milk, bread, beans, pulses and potatoes are the key for getting through the first few months whilst you are learning to budget. If you have a freezer I'd highly recommend getting some meals prepped and in there so you dont get caught short as you are learning to budget more effectively. As GUO and Ellie have said most people are amazed what is in the cupboards so get clearing.

I'd advise keeping the bond as an emergency fund. If things come up you can always reduce the DMP but they work better if they are stable so less chance of kicking off computer madness etc

HHx

RonniesMummy

Brilliant, thanks.
I need to pay some household bills but anything left will go in the emergency fund, never know when anything may crop up!
I am hoping work will have some overtime coming up now and will do as much of that as possible to get some extra money, I feel really positive now that I will get debt free!

Hopelessly_Hopeful

RonniesMummy wrote: »

Brilliant, thanks.
I need to pay some household bills but anything left will go in the emergency fund, never know when anything may crop up!
I am hoping work will have some overtime coming up now and will do as much of that as possible to get some extra money, I feel really positive now that I will get debt free!

That's the spirit. Log and measure everything to make sure you are in charge, you will reap the benefits

HHx

Time_to_face_the_music

It's good to see this thread so active, I think it must be the New Year effect.

One piece of advice I read here a while ago has always served us well. Budget every month like it's a 5 week month, when it isn't, put away the difference in your emergency fund or stock up your cupboard/fridge/freezer stores for months when finances are particularly tight.

The other thing we do is stock up on non-perishables when they are on special offers. The cupboard under the stairs is full of laundry stuff and the back bedroom is overflowing with loo rolls.

Marbles never caused us any issues, I don't think we ever had a letter accepting the DMP but they stopped interest in the first few weeks and all we ever get is the normal monthly statement.

Now if I could only say the same for M&S, NatWest, Lloyds TSB, MBNA and Opus :mad:

Ellieseleven

Growurown wrote: »

Evening all, just wanted to say hi to all the newbies coming on board:wave:

Spoken to SC regarding our review which they asked us to do as our car loan has come to an end. They have agreed that we can start increasing our payments at the start of March which will give us some time to a) recover from Christmas and b) pay for three new tyres and c) put some cash into the emergency fund. If all goes to plan we should be debt free in two and a half years. However there is a very big possible spanner in the works, which is that my job is looking very dodgy. I should find out one way or another in the next couple of months.

The HP on our car finished last Feb and adding that payment to our DMP knocked 4 years off the date! It hasn't made much of a difference to us as we were already paying the car loan and the DMP but it reduced our DFD which is great. One thing that I have found now though is that my car is requiring lots of work (it's now 6 years old) so that emergency fund is a must. I've recently had to spend around £1000 but I had the majority put away so was able to pay for the work (my car is a necessity for work) - our emergency fund is now down to coppers but the car just passed the MOT;)

Ellieseleven

Time_to_face_the_music wrote: »

It's good to see this thread so active, I think it must be the New Year effect.

One piece of advice I read here a while ago has always served us well. Budget every month like it's a 5 week month, when it isn't, put away the difference in your emergency fund or stock up your cupboard/fridge/freezer stores for months when finances are particularly tight.

Fab idea TTFTM - I will put that into effect straightaway, Thank you:T

fifitrixiejane

Hi all.

I filled all my paperwork last week and sent it back to StepChange to set up my DMP. I finally decided that i had to do something about my debts as i was seriously struggling so i am waiting now to see what happens next. I've followed the instructions by Stepchange, felt quite good to delete all my direct debits strangely while i'm waiting.
So far it feels like a huge weight has been lifted and the process seems so to be unnervingly easy, surely the !!!!!! will hit the fan soon as things don't get paid this month?!

Anyway, according to SC, its going to take an estimated 5 years to pay my debts off roughly, but at least i've started the journey. I feel like as we have budgeted for so long that it will be business as usual but with the security that at least the bills are being paid!

I'm obviously not the only new starter, maybe other 'lurkers' can could out of the shadows and reveal yourselves?
I find it a relief knowing that i'm not the only one here!

jubilee14

fifitrixiejane wrote: »

Hi all.

I filled all my paperwork last week and sent it back to StepChange to set up my DMP. I finally decided that i had to do something about my debts as i was seriously struggling so i am waiting now to see what happens next. I've followed the instructions by Stepchange, felt quite good to delete all my direct debits strangely while i'm waiting.
So far it feels like a huge weight has been lifted and the process seems so to be unnervingly easy, surely the !!!!!! will hit the fan soon as things don't get paid this month?!

Anyway, according to SC, its going to take an estimated 5 years to pay my debts off roughly, but at least i've started the journey. I feel like as we have budgeted for so long that it will be business as usual but with the security that at least the bills are being paid!

I'm obviously not the only new starter, maybe other 'lurkers' can could out of the shadows and reveal yourselves?
I find it a relief knowing that i'm not the only one here!

welcome fiftrixiejane i only joined about three months ago but its a real life line there is real experience and advice on here and get lots of reassurance where folks are in the same position. am a bit addicted to this site at the moment. your right its good to pop in and say hi to keep this thread going as its really worth it. here's looking to a positive 2013 :beer:

eyeopener2

It's not that bad when you stop paying. You get, or I did, inundated with letters and some phone calls but they stop after a bit.

If you get any calls just say Step Change and your reference and that is generally the end of the conversation. Don't get into any protracted conversations, there isn't much more you can add.

CommitedToChange

Afternoon all

Some great advice from people - thanks :T

I haven't received any statements at all in the past year for any of my debts - what is the best was to get an up to date statement? would you recommend writing to them, or just being brave an calling them.

I'm happy to leave them alone - but don't know if they have kept their promises to freeze the interest so would like to know where I stand.

I'm having a fun day money wise - spent £100 today :eek: but as it was my yearly fees for the allotment and money to put on the electric meter I can't feel too bad.

I've also go a store cupboard full of tins - which I pick up when on offer, and have just used several to go in a butternut squash chilli. perfect on this chilli evening. That trick of budgeting for a 5 week month and stocking up is a great idea - thanks. :beer: