My dmp startout journey

Rochdale_Guy

The DMP is fine, only seems to be Barclaycard who won't play ball and won't accept the CCCS monthly payment to them, but CCCS keep paying it on my behalf anyway!

Wanna read from my post No. #73 onwards..... ? Thanks.

https://forums.moneysavingexpert.com/discussion/comment/54097099#Comment_54097099

Rochdale_Guy

Oh, and cleokat, one bit of advice that will probably be frowned upon by most people on here, but buy anything you need NOW on your credit cards before you start any DMP. I desparately needed new things like a vacuum cleaner, a new bed and other stuff, but ignored that as I was scared by what I already owed. So now, have no money left to buy a new bed (badly needed) and can't afford a vac

I'm not condoning a big shopping spree, but if you buy WHAT YOU NEED now, then don't use the credit card ever again, the card company will see you haven't used it and touch wood, be more sympathetic and accept your payment offer from the DMP company. (I use CCCS).

Good luck.

Rochdale_Guy ..... prepares himself for a full on assault, gulp

cleokat

Lol great... Barclaycard are my biggest creditor! Typical :-(

Read your other thread. Really sorry to hear of your situation. Hope you find something else quickly.

scared-sick

Hey everyone!!

Gosh has it been 6 months already.

Well just to report I am still here and doing fine! My dmp is ticking along nicely. I have been defaulted by 5 out of 9 creditors and I think to date about 5 out of the 9 have stopped interest too. Amazingly one of my biggest creditors Halifax, which I have read can be a nightmare, stopped interest last month and I didnt hassle them one bit!

I would love to say that is the end of the update however, I have been very worried for the past month. My tax credits are going down and I am waiting to hear by how much but basically I think it is going to mean I need to HALVE my dmp payment!!

I am so worried because like I have said, it has all been going so well. Better than I could ever have hoped actually. And now I am about to throw a spanner in the works. I am worried that the ones who have accepted the dmp and have frozen interest will be unaccepting of the new payments (whatever they may be) and start hounding me and charging interest again.

I am also worried that if I halve the payments, that will DOUBLE my dfd. It is currently 8 years so this would then make it 16 years!!! OMG!!

So like I said, waiting to hear how much I am going to lose, then I will need to give cccs the good news and then wait for the fallout!!

Apart from that everything is great!! haha

Rochdale guy, I am trying to find your latest thread to see what has been happening in your life. I see from your signature in another post that you are being made redundant, how are you copeing?

Rochdale_Guy

scared-sick wrote: »

Rochdale guy, I am trying to find your latest thread to see what has been happening in your life. I see from your signature in another post that you are being made redundant, how are you copeing?

Simple truth is, I'm NOT

Rochdale_Guy

scared-sick wrote: »

Hey everyone!!

Gosh has it been 6 months already.

Well just to report I am still here and doing fine! My dmp is ticking along nicely. I have been defaulted by 5 out of 9 creditors and I think to date about 5 out of the 9 have stopped interest too. Amazingly one of my biggest creditors Halifax, which I have read can be a nightmare, stopped interest last month and I didnt hassle them one bit!

I would love to say that is the end of the update however, I have been very worried for the past month. My tax credits are going down and I am waiting to hear by how much but basically I think it is going to mean I need to HALVE my dmp payment!!

I am so worried because like I have said, it has all been going so well. Better than I could ever have hoped actually. And now I am about to throw a spanner in the works. I am worried that the ones who have accepted the dmp and have frozen interest will be unaccepting of the new payments (whatever they may be) and start hounding me and charging interest again.

I am also worried that if I halve the payments, that will DOUBLE my dfd. It is currently 8 years so this would then make it 16 years!!! OMG!!

So like I said, waiting to hear how much I am going to lose, then I will need to give cccs the good news and then wait for the fallout!!

Apart from that everything is great!! haha

I understand your fear of the creditors reactions, but they should still be grateful to get some money off you each month (even 50% of before) than get nothing at all, as in my upcoming situation.

Don't worry about your debt free date, things often change, and touch wood, not like they have for me. Good luck to you.

scared-sick

Quick update!

Well I found out about my tax credits today and they have gone down by a shocking amount!

The upshot of this is that I am having to tighten my belt even further in order to now pay half of my original dmp payment. I didnt want to be paying less than half as I dont think with the amount I owe I would ever be able to pay it off!

And my debt free date is now 15 years and 4 months!! :undecided

I have read loads of posts on here about bankruptsy and how if a dmp will take too long to pay off then you should consider it, so I did. However, question.....how the heck could I ever afford to even if I wanted to. £7000??? !!!!!! if I had or could raise that kind of money I wouldnt need to go bankrupt!!

And as for an IVA, you need to have a minimum of £200 to pay towards your debts for the next 5 years. Well I couldnt guarentee that as I have just experienced, things change, sometimes beyond our control, and then what??

Now before I get hammered by people telling me its more complicated than that etc etc, I know this, the point I am trying to make is that sometimes options arent actually options for some people.

So anyway, I am relieved that I know where I am again. I have been in touch with cccs and completed a new budget with them and they will give the creditors the good news next month apparently so I will wait for the phone calls and letters to start again. The good thing now is that after that, everything should settle down and I am not expecting to have much of a change for a while after that. You never can tell though!!

scared-sick

Rochdale_Guy wrote: »

Simple truth is, I'm NOT

Life can be pants sometimes cant it!

Sometimes I think it would be easier to jack it all in and be on benefits.
Get my house paid for, council tax, have lie in's whenever I want, get paid, and be able to spend time with my son, see him off to school, be there when he gets in etc etc.....certainly seems easier than working all hours, paying all sorts of bills etc and then to top it all off one day someone comes along and says actually you might not have a job next week!!
Then we panic about what we will do, how will we cope, who will want us, how will we pay the bills/debts.....why do we bother sometimes....if I was claiming benefits, the government would be trying their best to find me a job....would save me the worry!! haha

I think the threat of redundancy is hanging over lots of people at present due to the current situation and its not nice.


I am sure you are a very resourceful guy and when push comes to shove, you will find a way through this.
Deal with things one day at a time and try to plan as much as you can in advance. Above all, dont worry about the things you cant change.....work on the things you can!!!

Rochdale_Guy

scared-sick wrote: »

Quick update!

Well I found out about my tax credits today and they have gone down by a shocking amount!

The upshot of this is that I am having to tighten my belt even further in order to now pay half of my original dmp payment. I didnt want to be paying less than half as I dont think with the amount I owe I would ever be able to pay it off!

And my debt free date is now 15 years and 4 months!! :undecided

I have read loads of posts on here about bankruptsy and how if a dmp will take too long to pay off then you should consider it, so I did. However, question.....how the heck could I ever afford to even if I wanted to. £7000??? !!!!!! if I had or could raise that kind of money I wouldnt need to go bankrupt!!

And as for an IVA, you need to have a minimum of £200 to pay towards your debts for the next 5 years. Well I couldnt guarentee that as I have just experienced, things change, sometimes beyond our control, and then what??

Now before I get hammered by people telling me its more complicated than that etc etc, I know this, the point I am trying to make is that sometimes options arent actually options for some people.

So anyway, I am relieved that I know where I am again. I have been in touch with cccs and completed a new budget with them and they will give the creditors the good news next month apparently so I will wait for the phone calls and letters to start again. The good thing now is that after that, everything should settle down and I am not expecting to have much of a change for a while after that. You never can tell though!!

I am genuinely sorry you are having set backs too, life is cruel at times isn't it.

I hope you get sorted and settled (again) real soon.

Rochdale_Guy

scared-sick wrote: »

Life can be pants sometimes cant it!

Sometimes I think it would be easier to jack it all in and be on benefits.
Get my house paid for, council tax, have lie in's whenever I want, get paid, and be able to spend time with my son, see him off to school, be there when he gets in etc etc.....certainly seems easier than working all hours, paying all sorts of bills etc and then to top it all off one day someone comes along and says actually you might not have a job next week!!
Then we panic about what we will do, how will we cope, who will want us, how will we pay the bills/debts.....why do we bother sometimes....if I was claiming benefits, the government would be trying their best to find me a job....would save me the worry!! haha

I think the threat of redundancy is hanging over lots of people at present due to the current situation and its not nice.

I am sure you are a very resourceful guy and when push comes to shove, you will find a way through this.
Deal with things one day at a time and try to plan as much as you can in advance. Above all, dont worry about the things you cant change.....work on the things you can!!!

Awww, that was nice of you, cheers.

I fully agree with what you said about jacking it all in though... sigh