New Dmp Mutal Support Thread

daysieblue

Ex-Spendaholic wrote: »

Don't ask me why but I made this mad assumption that everyone on this thread is female apart from JoeK. Am I wrong then? :rotfl:

Me too! Don't know why, especially when I'm a bloke!!

(Just kidding, I'm a girlie really!)

Joek_2

If it makes it easier, I'll quite happily put on a frock and pretend!

yellowmonkey

Hi all.

Newbie here. I have been in debt most of my working life and have got to the stage where i am almost 99% sure i am going to take up some sort of DMP. I am £28500 in debt and was wondering if you enter a DMP do you still have a life? Is it a lifetime of no money for the little extras in life or is all of your spare income taken up by paying your debts.
I will keep this short as it is late and i just want to get the ball rolling on this forum as I have thought long and hard about this and I see this as the only road out and having some sort of future for my family. It has taken a lot to admit to my problems but after reading a lot of posts on here it is nice to know I am not alone.

Thanks

njc12

Hi yellow monkey and welcome!!

I think that you need to balance up how much excess cash you have to spend now when you have made your repayments with how your money would work on a dmp. In my case, I had no extra cash despite earning a good salary - what a DMP has given me is at least the knowledge that the crucial things I need to pay for are budgeted for.
I think that it is a hard lesson to learn but I am determined to get my head down and do it and look forward to all the excess cash we'll have in 4/5 years when we are debt free!!!
HTH njc12 x

njc12

Hi all - sorry I've not been around for a while - was away for three days with work!

Anyway, I am enjoying the peace of mind of a DMP but am slightly worried that even though ours starts on 1st April, we have only heard from two creditors (and I have a list of creditors as long as my arm). The rest are acting as though they have not received anything - i even had a call from Tesco personal finance demanding that I pay £17500 immediately over the phone by credit or debit card and if I couldn't afford it did I have family/friends who could!!!!! HELLO!!!!

Anyway I just wondered if other people were finding the same re creditors responding.

njc12 x

4maxine

Yellowmonkey - First, welcome, you have come to the right place. When you enter a DMP you agree on a budget with the company you sign with (Payplan, cccc...). It is rather tight but not impossible to live on. What you have to think about is that your debts are not going to go away by themselves and the faster you pay them off, the sooner you'll have disposable income. A DMP frees you from most of the phone calls and hassle from your creditors and ensures that your debts go down. So it is definitely worth reducing the little niceties for a while. It does not mean you can never treat yourself, it just means you can have a treat once in a while. Yes it is hard and it does require commitment but the people on this board are here to help you when you feel a bit wobbly.

Njc12 - I have had a couple of these calls from Tesco (I get them every 6 months around my review date). I normally laugh and tell them that I just ADORE their sense of humour and that I would ask my friends at Payplan. How @%**ing stupid are they? :rolleyes:

njc12

4maxine wrote: »

How @%**ing stupid are they? :rolleyes:

:rotfl: :rotfl: ha!!! I couldn't agree more!!

amani_2

I have been in touch with CCCs and filled in a incoming and expenditure statment (think thats what its called). I asked them how long it would take to get the paper work through, they said about a week. Its about a week and a half now and still nothing, Im very eager to get it started hope fully 1st April (is this possible?) Cant pay debts this month should i send a token payment, dont know what to do.

Can anyone here tell me anything. i feel very stressed, tired and fed up.

amani_2

forgot to mention CCCs recomended a DMP.

yellowmonkey

Hi.
Thank you so far for replys they have made up my mind DMP it is!
Just to give you a background I have debts at the moment of around £28000. At the moment I am just managing the minimum payments and am not behind on any of my payments. They are 6 creditors in total. I am trying to see what is around the corner before it smacks me in the face. In about 3 months I will have to pay out £70 more a month than I recieve in wages!
I have a couple of questions

1... 3 of my debts are with my bank. Am I best switching bank accounts before I go ahead with the DMP so that my bank does not continue to take minimum payments I cannot afford?

2...How do I work out a realistic budget to include things like christmas,birthdays etc. I have a budget at the moment but I only allow £150 per month for food for a family of 4. If possible a link to a website to guide me through this would be appreciated.

I have today contacted Payplan and will be recieving a call on Monday to assess my situation. Hopefully if you are interested I will keep you all informed and I will be back.

Thanks