Middle Aged DFW, DMP Journey

Julie67 · 7 February 2013 at 12:34PM

Good Morning All,

I've decided to start a brand new shiny diary. I am a long time member on here and a regular poster on the Old Style Boards. So I've been playing at it for a long time. But things finally came to a head in January and have got DH on board as well. He is even better than me at burying his head in the sand. Can't believe at the grand old ages of me 45, him 51 we have finally decided that we hate living in debt. The stress is horrendous. I've started a diary before under a different name, but have decided that although I am ashamed of the position we are in, I'm proud to say we are doing something about it.
So after doing the debt remedy on Step Change we have decided to tackle things once and for all. Our Debt Management Plan starts at the beginning of March scary but strangely exciting too. I finally feel we are beginning on our debt free journey.
So a little about our family. We have been very happily married for almost 30 yrs and have four kids. 26, 25, 23 and 16. Our eldest daughter and son are independent ( both excellent with money by the way) our 23 yr old lives at home technically but spends the majority of his time with his gf and I can see him moving out soon.
So that just leaves me and dh and our 16 yr old who is currently in his first year of A levels.
Dh works for himself and I'm not working at the moment. Hopefully this will change in the next couple of weeks, just waiting for my crb to come through and I have some teaching work lined up with an agency.
DMP wise we are right at the beginning. I have sent all the paperwork off along with letters and token payments to our creditors and we are just waiting for SC to set everything up.
The budget is very tight at the moment with not very much to throw at the debt. But this should improve over the next couple of weeks once I start earning.
I thought this diary might help any one starting out on the long road of DMP. I also post on the DMP supporters thread and the people there are wonderful, and have happily answered my many questions.
I am planning to post most days so I can share my experiences with you. Hopefully this may help anyone in a similar position. Thanks for reading this long first post, hopefully they will be much shorter in the future:D

Julie67 · 7 February 2013 at 12:42PM

Just thought I would list what I've done so far

Reduced sky down to basic package
Sent all the paperwork off to SC awaiting start of the DMP
In the process of selling anything that's not nailed down on eBay
In the process of sorting my massive clothes and shoe collection and selling stuff on eBay.
Written to a personal creditor and explained the situation fully and our intentions to pay her back. This was very hard but had to be done:o
We have turned our small room into an office. Organised all the paperwork so we know exactly what we owe to who including all interest rates. Hopefully these will be frozen on the DMP but we shall see.
Begun meal planning. We are trying not to throw any food away and use up any leftovers the following day.
Swapped to shopping at Ald!
Cut down the fortune I was spending on the lottery to just £2.00 per week.
Will post more things as I think of them.

One positive piece of news is a tax refund for dh of £1300.:j Half will go on paying the mortgage arrears which will mean there is an extra £100 in the budget to pay the debts. The other half will go towards saving for a tiny car to get me to work and back.

Julie67 · 7 February 2013 at 5:07PM

I think I'm going to open a cash minder account with the coop. I think it will be easier to budget. That way my wages, once I start working can go in there and I can monitor how much to move across to the direct debit account.
Have just rung them and you can't do it over the phone so they are posting me a form to fill in.
I'm sure my credit rating is poor but the guy I spoke to assured me I could open this basic account, so hopefully it won't be a problem.
I'm finding this diary very useful. By writing down my intentions things seem to get done.
Very cathartic:D

never_too_old · 8 February 2013 at 7:48AM

good luck,im going to follow you and offer as much support as i can:)

Julie67 · 8 February 2013 at 9:05AM

Morning all,

Thank you never too old. We received our tax refund this morning. Which means the mortgage arrears can be settled and we have a good start on an emergency savings fund which we have never ever had before.
I am waiting anxiously for the post every day. I think today I may hear from SC, hope so because the waiting is worse. Also not had any letters or phone calls from creditors yet but I'm sure they will begin.
The cheque for the crb came out of my account yesterday so fingers crossed it comes through the post soon.
The agency have a long term SENCO post for me which is working with college students with special needs and coordinating the provision.
Need to start searching for a little car. It needs to be cheap to run and tax and insure, don't really mind what it is as long as its reliable.
Anyway onwards and upwards J x

never_too_old · 8 February 2013 at 11:13AM

I am looking forward to the day when im not frightened of the phone ringing or the post or worse still the knock at the door.
Peace of mind:)

Julie67 · 9 February 2013 at 11:11AM

Good morning,

I know exactly what you mean NTO.

So still not heard from SC but noticed that the first of my token payments have been cashed, tesco CC so hopefully this means they are going to be easy to deal with. I'm waiting for the post with baited breath every day.
Off out car searching this afternoon along with a visit to an elderly aunt it's going to be a busy day.
I shall report back in once the post has arrived J x

Julie67 · 11 February 2013 at 10:41AM

Morning all,

Just thought I would pop in and update my diary even though very little has happened yet. I'm hoping to get something in the post today stating an actual start date for our DMP.
We managed to stick to the budget as planned last week so it can be done, although it was tight. But I suppose we need to get used to this.
I have seen a little car for sale not too far away so if dh is home early enough we will go and have a test drive.
No phone calls from any creditors as yet but would expect something in the post today as they should have all received our token payments by now.
I'm almost waiting for them to get in touch so that I can get on and deal with it. I've had enough of trying to hide. This is our position and this I what we can afford. They can't have what we haven't got.
The good news my middle boy has got a job so he will be able to start contributing. It won't be much but every little helps.
Have a good day all J x

dogcat_2 · 11 February 2013 at 10:50AM

Good luck with your diary....I am with you, and subscribing.:D

Julie67 · 12 February 2013 at 10:11AM

Morning,

So things have moved along a touch. SC got in touch yesterday just to check a few details and the DMP will start on 1st March. They have contacted all our creditors and made offers of payment. Also they emailed me to confirm this. They follow this up in writing with a pack.
Today I plan to work on a spreadsheet recording all our debts including interest rates and actual amounts.
Although SC ask creditors to freeze interest this is not always the case and so I want to keep track of the actual amounts myself. I am going to do my best to argue for a freeze in interest so that we can off the debts ASAP.
Money wise we are being so careful. I managed to sell some eBay bits as dh desperately needed new work clothes, so have managed to buy these out of eBay sales.
This has been a real transition time for me. I initially gave up teaching due to illness brought on by the stress of my role ( I was a senior manager in education) I was hoping to go back to teaching but I'm finding my stress levels rising as this possibility comes nearer and many of the symptoms have returned.
The more I think about it and after a long discussion with dh we have decided that although the income would make a massive difference it's not worth making myself ill and ruining family life. After all the whole point of going through this process is to make life better for our family.
That's not to say I don't want to work I really do, but I think something home based would be much better. So I've started thinking of some ideas and some things I can hopefully put into practice more or less straight away. We've put the second car on hold until its really needed. Phew this diary feels like a confessional sometimes.
Thanks for your support Dogcat its much appreciated.
Bye for now J x