Paid off £10.000 since start of dmp but feeling low

dazla

hi

I've been on a dmp since june last year and have paid off £10.000. I have another £25.000 to go which should take approx another 3 yrs. I just feel a bit down in the dumps right now though. Another 3 years seems a long long time and right now I am wondering would it make life easier if I came off the dmp and just tried to make the best of it. It may take longer to pay everything back but i maky have more money in my pocket, i am currently paying back £650 a month. To make it worse my friends are all out partying tonight and i am staying in cos i can;t afford to join em.

Has anyone else quit their dmp and found life easier?

daz

Toomuchdebt

You're doing so well..just think how great you'll feel at the end of it all. I don't think coming off the dmp will help as I bet all the interest rates that have been frozen will shoot up again.You are with a free company aren't you?

blueandrew19

Hello

You are doing so well to have paid off so much already, please do stick with the DMP. It will be so worth it in the long term. I have had some very low days in the past when it feels like you are the only one having to do this. I promise it does get better.

How about a litle treat, a small bottle of wine or some special choccy?:)

HappyMJ

You do deserve a small treat every now and again so don't worry about it too much. If £650 a month leaves you with no treat money then renegotiate the amount of the payment. Yes it extends the term but not by much.

dreamdreamer

Everybody gets these ebbs and flows with their willpower when paying off debt. Like others have said, give yourself a little treat, and think about:

a) How awful you felt when your debts were at their worst. Quitting your DMP would put you right back there with creditors ringing, baliffs knocking etc.
b) How you want to spend that £650 a month in a few years, the holidays you'll take etc.

3 years of your life is nothing to improve your quality of life forever. Stick with it!!

artyfartyem

Hi dazla,

I am in a similar situation to you, and the majority of the time I feel pretty crappy about it. But, my concern would be that if I came off my DMP I would start to be charged interest again and it would take me longer to clear the outstanding balance, and I would be back to square one.

Try and keep going, yeah other people might be going out and having 'stuff' all the time, but at least when you've done your DMP you, unlike many others, will not owe anyone anything and every single penny of that £650 is yours!

em x

dazla

thanks everyone for your replies, i went out for walk in the countryside earlier to clear my head and think things over...i will stick with the dmp.

david01010

Hello Dazla.

Newbie to the site, but not to debt. I saw your post and see that you are in the same situation as me. Same amount of debt ( ish ). And I'am considering taking out a DMP because I just can't live like I am anymore.

Can you tell me if the interest on all your debts was removed??? So are you just paying the outstanding amounts? Who did you set up the DMP with. Were they any good? 650 pounds seems a lot to me. 650 x 48 = 31000 ish! Did you offer to pay that or is that what was asked??

I don't know how any of this debt repayment stuff works. Was gonna start a new thread but didn't want to get told that the information is here if you only looked!

Also can you remember what it was like when you were making the repayments and getting no where with the debt?? Cause that is pretty much where I am!! So it sounds like a struggle but at least you have a light at the end of the tunnel.

:T

david01010

Also I saw the post by em. Waht does LBM mean?

david01010

Omg! I am rubbish at this! Triple post. Read a few of your posts and see that you started with a lot more debt. Thought you started at 25,000! That explains that then. : )

PhGage

david01010 wrote: »

Waht does LBM mean?

Light bulb moment.