DMP & Mutual Support Thread - Part 8

mon1o

Julie don't be worried about changing your bank account. I have been with HSBC for around 13 years and I'm in the process of changing to natwest. Although its a bit nervewracking when you "know" your bank and you have to move I do think if I'm sorting out my life (again!) a new bank account is like a clean slate. No charges, no overdraft just money going in and less (hopefully!) going out.

CCCS today said i too would be debt free in around 6 years (was half that but a lot of balances were estimated no I know for certain!) but when I think my eldest daughter is 7 in march and how quick that time has flown it really isn't too long. I don't know maybe I'm just clutching at straws but I'm trying to look at this as positively as possible. All I want is for the phone calls to stop once they stop I'm sure my stress levels will drop by at least half!

Good luck Julie x

rattlerwoo

Hi All we are in our third year of DMP with CCCS and the 1st review had a nominal increase of about £2 and this years review a drop of £80 due to losing tax credits as my income has exceeded the limits due to overtime but that has now dried up, we have one debt repaid in April and 1 in Jul so the other 3 creditors will get an increase so they will be happier in the long run. With the exception of Barclaycard all our creditors eventually froze the interest, excuse the pun but it is in their interest to freeze it as the debt is repaid quicker.

It was a definite weight of the shoulder once we got things rolling with CCCS, and the phone calls stopped. I would advise any body seriously struggling with debt to speak to them as soon as possible.

sickasachip13

debtfreewannabe321 wrote: »

I found you all ! I was wondering why i was getting no notifications, you'd all moved to a new thread

I'm one year into my dmp now and still haven't managed to save up much of an emergency fund. How do all you long-timers do it?! I would have had £200 this month but a tyre was flat & needed replacing. Last month it was something else on the car. Our dishwasher has just broken and DH doesn't think he can fix it....i'm really struggling esp since upping our payments (by £210 a month!) to save anything for emergencies such as these! Am i missing a trick??? I'd rather not lower my payments if i can help it as we'll be debt free much quicker this way and we don't really struggle on anything else other than all the broken things cropping up EVERY month!

DFW

P.s will subscribe so you can't all run away again

Quick hide, DFW321 has found us :rotfl:

I guess the emergency fund is being used for emergencies - it's hard to build up anything like a decent buffer. Every month ours seems to be absorbed as well.

SAAC

scared-sick

I have been reading on here that some companied freeze the interest on accounts. I am a bit worried as I have been thinking that until they do that, and with the reduced dmp payments, wont my debt increase dramatically in a short period of time with that and any missed payment charges/late payment fees etc put on? How does this all work?

grantalien

scared-sick wrote: »

I have been reading on here that some companied freeze the interest on accounts. I am a bit worried as I have been thinking that until they do that, and with the reduced dmp payments, wont my debt increase dramatically in a short period of time with that and any missed payment charges/late payment fees etc put on? How does this all work?

At the beginning of a DMP the debt may indeed increase, especially as interest and charges continue to be added, this is not at all unusual. Personally I think a DMP enables you to "manage" your financial situation, especially at the outset, I would advise against worrying too much about the debt free date (DFD) and totals, this is something that becomes more realistic as the creditor activities stabilise, concentrate on getting used to living on your DMP and dare I say enjoy the freedom it can bring.

*NoMoreCredit*

Hi,

Just wondering if anyone has had any experience of reclaiming bank and credit card charges while on a DMP??

Will our creditors be p!ssed off and opt out of the reduced payments agreed? We are a year into our DMP and don't want to risk anything however are hoping to get some money together to offer some full and finals as every month our debt free date seems to get further away!

Thanks,

NMC

scared-sick

grantalien wrote: »

At the beginning of a DMP the debt may indeed increase, especially as interest and charges continue to be added, this is not at all unusual. Personally I think a DMP enables you to "manage" your financial situation, especially at the outset, I would advise against worrying too much about the debt free date (DFD) and totals, this is something that becomes more realistic as the creditor activities stabilise, concentrate on getting used to living on your DMP and dare I say enjoy the freedom it can bring.

Thank you for this reply.

Yes I agree, it will definitely help me to manage my situation.

I am not really worrying about how long it will take me to pay off, partly because as one of my debts was a HUGE credit card bill....that alone would have taken me a lifetime to pay off so anything less than a lifetime is better for me!! lol

The totals however did concern me a bit as I really would like to see them coming down, not going up!

I am slightly worried about having to live on a dmp, but to be honest I am definitely going to be better off. On this dmp, I actually have a budget for food and petol for work, where as before I didnt!!

Its strange because eventhough I had run out of all credit, it still makes me feel a bit panicky that I can no longer use credit! How stupid is that.

How bad is this though....got my son some new trainers (he is growing at such a rapid rate it is hard to keep up), anyway today a family member said they are nice trainers where did you get them from? Son replied mam got them for me from ebay....I could have died with shame!!! I felt so bad, eventhough they were new and hadnt been worn!! How bad am I!! How much do I need to change!! But I seriously felt embarrassed like I was such a failure. More stupid is I have loads of stuff to sell on ebay (in the process of doing), lots of which is my sons which is brand new as he has grown too quickly himself so I know there is nothing wrong with doing this, it just saves me money!!!

Sorry this has gone on a bit. This is all a big learning curve for me and sometime the little things are the hardest!!

BlushingRose

sickasachip13 wrote: »

Quick hide, DFW321 has found us :rotfl:



SAAC

hehehehe.... :rotfl:

debtfreewannabe321

scared-sick wrote: »

wont my debt increase dramatically in a short period of time with that and any missed payment charges/late payment fees etc put on? How does this all work?

I had hundreds of pounds put on at the beginning of my dmp from charges, interest etc. Some of them took it off when they found i was on a dmp :T others well they just kept charging more (B@rclaycard!!!!!!!!!!!!!!!:mad:) it only increased our payments to a month or so extra overall and is well worth it long term

scared-sick wrote: »

Its strange because eventhough I had run out of all credit, it still makes me feel a bit panicky that I can no longer use credit! How stupid is that.

How bad is this though....got my son some new trainers (he is growing at such a rapid rate it is hard to keep up), anyway today a family member said they are nice trainers where did you get them from? Son replied mam got them for me from ebay....I could have died with shame!!! I felt so bad, eventhough they were new and hadnt been worn!! How bad am I!! How much do I need to change!! But I seriously felt embarrassed like I was such a failure. More stupid is I have loads of stuff to sell on ebay (in the process of doing), lots of which is my sons which is brand new as he has grown too quickly himself so I know there is nothing wrong with doing this, it just saves me money!!!!

My son is 13 and knows if he wants new clothes he will be coming with me to primarni peacocks, te$co or other similar........or if he wants a designer brand it WILL be second hand or in the 90% off sale :rotfl:

BlushingRose wrote: »

hehehehe.... :rotfl:

ahhhhhh you meanies!
:rotfl:

debtfreewannabe321

sickasachip13 wrote: »

Quick hide, DFW321 has found us :rotfl:

I guess the emergency fund is being used for emergencies - it's hard to build up anything like a decent buffer. Every month ours seems to be absorbed as well.

SAAC

ahhhhhhhh don't be mean

It's so depressing. we put £100 into the emergency fund each month so since the start of the dmp that is £1400 and we've nothing in there :eek:

DH gets a payrise soon and i think we are going to be naughty and not tell the CCCS will we get into trouble if they find out? It will be about £150 a month i think after tax .....was hoping to use it for budgets that we are finding a bit tight (car maintenance :mad:) and put extra into emergency funds. But i know we are at our limit for the amount we put in there already :cool: