DMP & Mutual Support Thread - Part 8

Julie67

Good morning all,

Hope you don't mind me joining you. Finally plucked up the courage to phone SC yesterday and we are starting our DMP from March.
Today I'm going to begin gathering all the paperwork they have requested, but I just have a few questions if anyone can help

My dh is Self Employed and they have asked for proof of income. We don't have a separate business account he just pays what he earns into our joint account, quite often cash, do I just send our bank statements? ( this is a new account not linked to any debts)

I forgot one unsecured debt yesterday do I just ring and add it on?

It took quite a while to persuade my other half that this was the way forward. He is ashamed at the mess we are in, but I've managed to persuade him that the only way to begin moving forward is to admit that we can't cope any longer and begin managing on a budget, instead of paying the first thing that comes along, robbing Peter to pay Paul and ending up having to use more credit just to survive.
Sorry I digress, his main concern is that the debt is going to go up because we are not paying the minimum payment, have you found this to be the case?
We have tried a self managed DMP but didn't follow it through and ended up back in the debt trap, but I know this is different. I feel like we are at rock bottom and the only way is up.


One final question, some of the credit cards were taken out in the last 6 months, I know how stupid but just us trying to survive and thinking we would manage somehow:o I did ask the SC advisor and she said it didn't matter, I'm just worried they won't accept the reduced payments as they are quite recent debts.

Sorry for all the questions, I will probably have more every day. This thread has been a lifeline to be honest. I don't think I would have had the courage to go ahead with this without the support on here. So a big thank you.
It's strange today but for the first time in a long time I feel a sense of getting things sorted, even though it will be a long haul. I will update my signature with an exact amount once I have it.

Thanks again J

bertman

Julie67 wrote: »

Good morning all,

Hope you don't mind me joining you. Finally plucked up the courage to phone SC yesterday and we are starting our DMP from March.
Today I'm going to begin gathering all the paperwork they have requested, but I just have a few questions if anyone can help

My dh is Self Employed and they have asked for proof of income. We don't have a separate business account he just pays what he earns into our joint account, quite often cash, do I just send our bank statements? ( this is a new account not linked to any debts)

I forgot one unsecured debt yesterday do I just ring and add it on?

It took quite a while to persuade my other half that this was the way forward. He is ashamed at the mess we are in, but I've managed to persuade him that the only way to begin moving forward is to admit that we can't cope any longer and begin managing on a budget, instead of paying the first thing that comes along, robbing Peter to pay Paul and ending up having to use more credit just to survive.
Sorry I digress, his main concern is that the debt is going to go up because we are not paying the minimum payment, have you found this to be the case?
We have tried a self managed DMP but didn't follow it through and ended up back in the debt trap, but I know this is different. I feel like we are at rock bottom and the only way is up.


One final question, some of the credit cards were taken out in the last 6 months, I know how stupid but just us trying to survive and thinking we would manage somehow:o I did ask the SC advisor and she said it didn't matter, I'm just worried they won't accept the reduced payments as they are quite recent debts.

Sorry for all the questions, I will probably have more every day. This thread has been a lifeline to be honest. I don't think I would have had the courage to go ahead with this without the support on here. So a big thank you.
It's strange today but for the first time in a long time I feel a sense of getting things sorted, even though it will be a long haul. I will update my signature with an exact amount once I have it.

Thanks again J

Hi J,

I wouldn't worry about any issues with CC's you have just taken out in the last few months. You are taking steps now to sort out your life, you will find you sleep more easy from now on - believe me..
Your debts may go up in the first couple of months while things settle down, but most creditors do freeze interest so your payments after this will go to the debt not the interest. You will then see quite a reduction once this happens. SC have been a real life saver to us, if you are nervous of anything just give them a call. They really put things into perspective.

Good luck!!

Julie67

So added my total debt in my signature. Feel sick writing it down but it can only get better:eek:

Julie67

Thanks Bertman, just going to give them a call now:)

Time_to_face_the_music

Julie67 wrote: »

Good morning all,

Hope you don't mind me joining you. Finally plucked up the courage to phone SC yesterday and we are starting our DMP from March.
Today I'm going to begin gathering all the paperwork they have requested, but I just have a few questions if anyone can help

My dh is Self Employed and they have asked for proof of income. We don't have a separate business account he just pays what he earns into our joint account, quite often cash, do I just send our bank statements? ( this is a new account not linked to any debts)

I forgot one unsecured debt yesterday do I just ring and add it on?

It took quite a while to persuade my other half that this was the way forward. He is ashamed at the mess we are in, but I've managed to persuade him that the only way to begin moving forward is to admit that we can't cope any longer and begin managing on a budget, instead of paying the first thing that comes along, robbing Peter to pay Paul and ending up having to use more credit just to survive.
Sorry I digress, his main concern is that the debt is going to go up because we are not paying the minimum payment, have you found this to be the case?
We have tried a self managed DMP but didn't follow it through and ended up back in the debt trap, but I know this is different. I feel like we are at rock bottom and the only way is up.


One final question, some of the credit cards were taken out in the last 6 months, I know how stupid but just us trying to survive and thinking we would manage somehow:o I did ask the SC advisor and she said it didn't matter, I'm just worried they won't accept the reduced payments as they are quite recent debts.

Sorry for all the questions, I will probably have more every day. This thread has been a lifeline to be honest. I don't think I would have had the courage to go ahead with this without the support on here. So a big thank you.
It's strange today but for the first time in a long time I feel a sense of getting things sorted, even though it will be a long haul. I will update my signature with an exact amount once I have it.

Thanks again J

Hi Julie and welcome :hello:

This thread was my lifeline too, the experience, help, advice and support here is really amazing :T

Ask any questions you need to. There is no such thing as a daft question, and if there was, I would have asked it already

The start up of a DMP can be a bit of an emotional rollercoaster, I was elated one day and in floods of tears the next. As Bertman has already said, the first couple of months can be difficult as sometimes you see your debt going up instead of down. But it all settles down quickly and the first month, you see a decrease in your debt, it is the best feeling on earth. No more borrowing from Peter to pay Paul or transferring money from one account to pay another, it is real money being paid each month and it feels fantastic :j

We will celebrate your triumphs and commiserate with any problems and help and advise you if things don't work out right. So please stick around for any support you need.

TTFTM x

Julie67

Hi Again,

Thankyou TTFTM, it is so great to know others have been through this and I am not on my own.
So this morning I have got together the paperwork requested by SC.

• A list of all unsecured debts including account details, phone numbers and addresses
• DMP Agreement signed
• Direct Debit form Signed
• Bank Statement showing DH's income and any benefit payments
• Receipts from DH's self employment.

I'm hoping this is everything.
I've also cancelled any direct debits, standing orders to these creditors.
Just about to start putting the letters together to inform the creditors I am entering a dmp. Just a quick question. Do you send these along with a token payment and if so is there a template letter I can use. DH thinks it would be easier to make these token payments on line as we sually do but I'm not sure?
I thought it might be useful to list the process I am going through if anyone else is at the same stage.
Will be back later J x

Julie67

Another question, sorry to be a pain. What do you think I need to send to SC as proof of dh,s self employment. He is a sole trader so his wages are paid into our joint account. I have put copies of bank statements highlighting his wages. Also included receipts for advertising and customer invoices. Do you think we need anything else. When I rang they were very casual about what to include. He doesn't have accounts as he has just done 3 line accounts for the last couple of years. Thanks in advance

Time_to_face_the_music

Julie67 wrote: »

Just about to start putting the letters together to inform the creditors I am entering a dmp. Just a quick question. Do you send these along with a token payment and if so is there a template letter I can use. DH thinks it would be easier to make these token payments on line as we sually do but I'm not sure?
I thought it might be useful to list the process I am going through if anyone else is at the same stage.
Will be back later J x

CCCS, as StepChange used to be known, provided us with a template letter to send to our creditors. Does anyone know if they still do this?

We made all token payments online via pay a bill on the Co-Op bank website. Some people prefer to send a postal order or a cheque but I think either way is fine.

Great idea about the ongoing list to help other people just starting out :T

Julie67 wrote: »

Another question, sorry to be a pain. What do you think I need to send to SC as proof of dh,s self employment. He is a sole trader so his wages are paid into our joint account. I have put copies of bank statements highlighting his wages. Also included receipts for advertising and customer invoices. Do you think we need anything else. When I rang they were very casual about what to include. He doesn't have accounts as he has just done 3 line accounts for the last couple of years. Thanks in advance

You are not being a pain! Your questions are much more sensible than mine were

CCCS were fine with bank statements were we didn't have recent bills so am sure it will be fine for pay too.

They are very pro-active and quick at letting you know if they need anything else but what you are sending sounds just fine.

Madgirl

Hi there

I have been lurking for the last couple of weeks.

After following this thread, I decided to bite the bullet and call StepChange last week and have just received my DMP paperwork through which I will complete over the weekend.

I have already sent letters to my creditors so am anxiously waiting to see what happens, and have an appointment with another bank to open a basic bank account tomorrow.

I have to say that, despite being nervous of the awaited reaction from my creditors, I feel like a huge weight has been lifted already. I guess the first step is the hardest eh?

It seems like there is a lot of support and help on this Forum, which I'm sure I'll need as the DMP starts.

Anyway nice to meet you all!

Madgirl x

Julie67

Evening all,

Thanks TTFTM you have been wonderful already.
Madgirl, we are right at the beginning as well. Good luck with everything.
I know what you mean, feel much better myself just from having started the process.
Will be interesting to see what kind of response we get from the creditors:eek: