New DMP starter

talisker781

Having a bit of a 'feeling sorry for myself' day. I've lurked for a while on this forum and have finally had cause to post something!

I have recently had to take a £9,000 pay cut. With two young children, this has been too much for my delicately balanced finances and I have finally bitten the bullet and taken out a DMP with Payplan. Very nice people, very helpful. I have around £37,000 of unsecured debt over 5 lenders. Will take around 11 years to apy it all off, hopefully.

I'm not sure how to feel to be honest. I've had no calls AT ALL from any of my creditors regarding my inability to pay and movement onto DMP. Is this normal?! I would have thought at least one of them would have phoned to have a go at me and attempt to extract more money. I think it is this 'fear of the unknown' that is making me feel anxious.

I guess I'm on the road to recovery now and it will take a very long time to pay off all this debt. Sorry, not sure what the point of this post was, just needed to get it out of me!

Hello to everyone out there

matty2712

talisker781 wrote: »

Having a bit of a 'feeling sorry for myself' day. I've lurked for a while on this forum and have finally had cause to post something!

I have recently had to take a £9,000 pay cut. With two young children, this has been too much for my delicately balanced finances and I have finally bitten the bullet and taken out a DMP with Payplan. Very nice people, very helpful. I have around £37,000 of unsecured debt over 5 lenders. Will take around 11 years to apy it all off, hopefully.

I'm not sure how to feel to be honest. I've had no calls AT ALL from any of my creditors regarding my inability to pay and movement onto DMP. Is this normal?! I would have thought at least one of them would have phoned to have a go at me and attempt to extract more money. I think it is this 'fear of the unknown' that is making me feel anxious.

I guess I'm on the road to recovery now and it will take a very long time to pay off all this debt. Sorry, not sure what the point of this post was, just needed to get it out of me!

Hello to everyone out there

Hello and welcome to the board,

You are in safe hands here, I had my LBM just last week and have had so uch help from the people off this board they are absolutely fabalous.

I am now in the process of getting a new bank account, co-op cashminder, should be set up sometime this week.

I will be doing my DMP with CCCS, in the 1st week I think they are sick of hearing from me, No not at all they are all great people who have the knowledge.

All my letters are printed and nearly ready to send off with a token payment to them just awaiting some details but nearly there.

The same with cccs, just a few more account numbers then all my paperwork to them can be sent off, I a going to defer the pan for 2 months so i can get some money for an emergency fund, also to pay off some of my secured debt. Then on Oct 1st my 1st payment will be going to cccs, August will be a token payment too.

I have been warned however it gets a little worse before it gets better, I have bought a folder with many compartments and each compartment there will be a slot for my creditor, and all the correspondence with that creditor will be filed, photocopied and sent to cccs.

I wish you luck, and remember your not in this alone we are in it with you

Matty2712

BlushingRose

We started our DMP in Jan this year and have had NO CALLS AT ALL from creditors.
We've had some letters, but even then they've essentially been - we accept your new situation ones.
Perhaps we've got lucky, I don't know, but keep your chin up!

ineedcash

Hi

I have just started my DMP with CCCS. I had the phone ringing 4 or 5 times a day but just ignored it, then one day I got the nerve to answer and they were fine about my situation. I asked them to only contact me via the post and they agreed, no more calls since.
Good luck with your DMP it scares the life out of me but I now know I am getting back on track and the day will come when I owe nothing

matty2712

ineedcash wrote: »

Hi

I have just started my DMP with CCCS. I had the phone ringing 4 or 5 times a day but just ignored it, then one day I got the nerve to answer and they were fine about my situation. I asked them to only contact me via the post and they agreed, no more calls since.
Good luck with your DMP it scares the life out of me but I now know I am getting back on track and the day will come when I owe nothing

How long has it been running, and how do you find it did you defer for any amount of time?/?

ineedcash

matty2712 wrote: »

How long has it been running, and how do you find it did you defer for any amount of time?/?

Hi
I have only just made my first payment. 2 creditors have wrote to me stopping all charges and interest, ( barclays and mbna ) 1 creditor refuses to stop charges and interest ( creation finance ) hoping they may change their mind when CCCs have offered them a payment. Feels much better now I am doing something about my debts

Time_to_face_the_music

talisker781 wrote: »

Having a bit of a 'feeling sorry for myself' day. I've lurked for a while on this forum and have finally had cause to post something!

I have recently had to take a £9,000 pay cut. With two young children, this has been too much for my delicately balanced finances and I have finally bitten the bullet and taken out a DMP with Payplan. Very nice people, very helpful. I have around £37,000 of unsecured debt over 5 lenders. Will take around 11 years to apy it all off, hopefully.

I'm not sure how to feel to be honest. I've had no calls AT ALL from any of my creditors regarding my inability to pay and movement onto DMP. Is this normal?! I would have thought at least one of them would have phoned to have a go at me and attempt to extract more money. I think it is this 'fear of the unknown' that is making me feel anxious.

I guess I'm on the road to recovery now and it will take a very long time to pay off all this debt. Sorry, not sure what the point of this post was, just needed to get it out of me!

Hello to everyone out there

Hi talisker781 :hello:

Welcome and well done on taking the first, and most difficult step, to becoming debt free :T

We had a few phonecalls and letters in the first few weeks of our DMP but nothing that made us panic. After that, they all received their payments and it's settled down nicely, all we get now are the usual monthly statements.

If you feel like a bit of support, please come and join us on the DMP & Mutual Support Thread

https://forums.moneysavingexpert.com/discussion/3723081

With a combination of experience, wisdom, support, advice and somewhere to have a rant or a whinge on a bad day, I have found it to be a real life saver :A

Mort

talisker781 wrote: »

I'm not sure how to feel to be honest. I've had no calls AT ALL from any of my creditors regarding my inability to pay and movement onto DMP. Is this normal?! I would have thought at least one of them would have phoned to have a go at me and attempt to extract more money. I think it is this 'fear of the unknown' that is making me feel anxious.

It wasn't normal for me but I hope it will be for you. Should you get any calls for higher payments just tell them you are in a DMP with Payplan and that you can't afford any more,