DMP & Mutual Support Thread - Part 8

secretshopper75

BlushingRose wrote: »

yeah that day didn't go well, as had some while we were out without thinking. Nine today though. However, I have baked some cupcakes...

cup

I've baked cupcakes too lol....

mon1o

well a mixed day for me, found out my dmp officially starts 1st april which is good to know (bee waiting for confirmation of balances/sort codes etc which caused a few weeks delay!) also found out i owe around £1000 more than i thought which has put a bit of a downer on it - have updated my signature, im not shying away from it but it has made me feel a bit

really getting into the budgeting side of things though, my paper envelopes have now been upgrded to plastic wallets (80p for 5 at wilkos) so i have 1 for shopping, 1 for spending, 1 for petrol - all with labels on stating how much to put in each at the beginning of each month. then i have 1 for savings and 1 for "transfer to bank account" so any surplus gets split between the 2 and put in the relevant account. im in the grocery challenge for march and have joined virtual sealed pot and £2 savers club also. Im getting there. all these positive steps are making me feel PROUD and happy that finally im getting life sorted and will no longer fail my husband and kids with my poor management of money (although circumstances didnt leave me much choice at the time).

So like i say, a mixed day (well a mixed few weeks really!) for me but theres more good stuff happening than bad stuff. which is the way it should be i think!

secretshopper75

Well done on getting organised Mon10

dmb_2

Hi everyone and welcome to new peeps. Haven't been on fo a while as DMP going along fine. One question though. I know that CCCS/Payplan don't like you to offer f/f settlements to some creditors while on DMP but what happens if you decide to do this anyway against their advice. Can other creditors find out?
Have a good evening:beer:

BlushingRose

Anyone in here doing a self managed DMP, I can't remember...

anyway, if so, this person needs some advice? https://forums.moneysavingexpert.com/discussion/3823435

Finshopefulmum

Hi everyone

I think I must be on a rollercoaster at the moment, as my emotions range from being ultra positive to being really really scared! This morning I felt great, I've started sending the letters and token payments, CCCS confirmed I can start my DMP from 1 May which allows me to build up an emergency fund. I've been marveling at the fact I'm actually going to have money in the bank to pay for things other than credit card bills, which I then take back up to the limit each month. But then....

I notice that my first token payment has been cashed (incidentally, I posted it on Monday, Tesco would have received Tuesday, money out of bank today, but if banked a cheque on Tuesday it wouldn't clear until next Monday???)

I have also had an email from a catalogue confirming receipt of my token payment.

The good thing is I haven't had any calls at work, but I'm expecting them when I get home. I've sent about 6 letters so far, I'm sending them as the payments become due, still have another 7 to go.

Now I'm not really sure how I'm feeling!! Thinking maybe I should start a diary to write all this down as don't want to take up too much space on this thread.

Finshopefulmum

Oh and just wanted to add that finally starting to take some control of our financial situation (sort of, with the help of DMP/CCCS), it's had a stange knock on effect on other areas of my life. Over the weekend I emptied out a cupboard and got rid of several years worth of old statements, car insurance policies etc. I've just gone through my inbox and unsubscribed from all of the junk emails I receive every day, I've started writing down what I eat so I can join the weight loss challenge, I've set up a new filing system for the post I'm about the receive, I just feel the need to clean, tidy and organise!!!! Bizarre.

Time_to_face_the_music

Hello everyone

Month 2 of DMP starts today with our 2nd payment going out to CCCS. It feels good but scary when I look at the bank balance after all direct debits etc have gone and see how little is left to last a 5 week month. I don't care and I love beans on toast anyway

Phone calls and letters have been surprisingly quiet but am very confused by 2 letters from M&S, who we had 2 cards with. The letters both state that they are accepting the DMP but they will not remove/reduce the interest, then go on to give a start date of February 2012 and a finish date of February 2013 for the payments.

If they don't reduce the interest, surely this means with the reduced payment, we will end up owing them more? And does anyone have any idea what does the one year start and finish date mean?

Twit_Head

Time_to_face_the_music wrote: »

Hello everyone

Month 2 of DMP starts today with our 2nd payment going out to CCCS. It feels good but scary when I look at the bank balance after all direct debits etc have gone and see how little is left to last a 5 week month. I don't care and I love beans on toast anyway

Phone calls and letters have been surprisingly quiet but am very confused by 2 letters from M&S, who we had 2 cards with. The letters both state that they are accepting the DMP but they will not remove/reduce the interest, then go on to give a start date of February 2012 and a finish date of February 2013 for the payments.

If they don't reduce the interest, surely this means with the reduced payment, we will end up owing them more? And does anyone have any idea what does the one year start and finish date mean?

Hi
When you look at the balance of 'scary' v 'good', just consider how the scales would have tipped towards ' wet your pants scary' if you hadn't taken action and started your DMP! It might not seem like such a blessing, but you have a structured budget now mapping out your money. You can rest easy knowing all the essentials are being paid for and you've taken a responsible stand on repaying your debts. You'll soon learn lots of crafty ways to make the remaining dosh go round (and round again in the form of rehashed leftovers!!!)
As to the 'reduced interest' (or not ) many creditors will add on extra charges at the start of a DMP. Late or under payment fees/ failure to maintain contractual obligations etc. They might also show a reluctance to reduce interest. A DMP is a 'gentlemans agreement' so there are no set rules as such. You will find your debt might rise intially but do not be too alarmed at this. The creditors are testing to make sure you are serious about repaying your debts. Grit your teeth, take it day by day and give it a few months. If your creditors are still charging interest, then get writing! Set out your case, the fact you are on a DMP and that you are acting in a responsible manner to honour your debts. Many will reduce or do away with interest. You can always write to the Financial Ombudsman further down the line, if charges are still untenable.
Would ignore the dates stated for now. This sounds like M & S have set their own review date, for your current arrangement. Don't worry about it - they are not going to turn round and say they won't be taking your money any more!
I always found when on my DMP being open with creditors useful. Whether by phone or letter, a quick update and a willingness to engage helped.
Give yourself a pat on the back - you're on the way to a debt free future (and that is wonderful )

'Twitty'

scared-sick

Well things seem to be going good today.

Mortgage and other stuff came out of new bank account so another stress I no longer need to worry about.

Got a text from cccs saying dmp is all going through and they are now going to start contacting creditors.

Phone has not rang once since the santander incident and had no horrible letters yet either

I am using this month to try out the budget and make sure I can stick to it.

Fingers crossed it continues to run this smoothly.