DMP & Mutual Support Thread - Part 9

Time_to_face_the_music

Hopelessly_Hopeful wrote: »

Im afraid I am a tad obsessed have spreadsheets for everything and when I buy or use things like bin bags, kitchen rolls, hoover bags - I think by the time this is done I will have paid this off to x level and will be down to y % of my DMP etc!

Bet I've still got more Andrex than you but they don't feature on any of my many spreadsheets

Hopelessly_Hopeful wrote: »

Congratulations Twinny :T

HHx

I just wanted to be even more like you :rotfl:

Time_to_face_the_music

Ox1987 wrote: »

When can a the F&F settlement be used... I have a possibilty (remote) that I could raise anywhere between 10k and 25k which on a debt of 37k would represent a fair chunk. would i throw it at the debt now and reduce DFD or can a negoiate a F&F later. I say its a remote chance defo can get 10k need to release further funds from a old business for more.

Hi Ox :hello:

I think F&Fs tend to be further down the line when debts have defaulted and particularly been sold on. If this is incorrect, am sure someone will be along with better information soon.

How soon can you get hold of the money?

As I recall you have catalogue and particularly BNPL debts, is that correct? You may find a battle on your hand getting the interest frozen on these and they tend to have very high interest rates. Any you could pay off before your DMP starts would be a big bonus.

We started off with £1038 undeclared BNPL debt when we commenced our DMP, and did not include it because I was convinced we could pay it off within the interest free time limit. We made enough money on my overtime, OH's exam marking and selling on ebay and Amazon to easily do this. You will be consistently told that you need to include every debt in a DMP but will find not everyone does.

Time_to_face_the_music

LocalAngel wrote: »

Hello,

I'm just wondering if anyone has any experience of dealing with Nationwide. I'm in the process of setting up a DMP. I have a current account, an overdraft of about £1600 and a personal loan which is in arrears, all with Nationwide. They have stopped some payments including my mortgage and this term's tuition fees. I haven't told them about the DMP yet although I did tell them I am talking to Step Change. A week or so ago I paid in an extra £1000 to my current account which a friend lent me and I was hoping that would at least get my tuition fees paid because if I don't pay by the 12th I will have to pay £150 extra before they will reinstate me as a student. I'm really worried that I'm going to massively add to my debts this month if Nationwide won't make any payments at all. If I tell them about the DMP and they know they'll get their money eventually, will it make the situation better or worse? I've applied for a new account with the Coop which will hopefully be ready for my salary at the end of this month. Then my mortgage, bills and payments towards my debts will be covered as well as future tuition fees but there won't be any money for this term's fees.

Hi LocalAngel and welcome :hello:

I'm definitely in agreement with gizmo on this one, I would get that £1000, and anything else you can withdraw, out of there as fast as I can and pay your tuition fees with it.

I know there are probably exceptions but I had no loyalty or help from a bank I had been with for 25 years and neither did OH with his. I would leave all communication with Nationwide to StepChange.

Good luck and please stick around and join us for all the help, advice and support you may need

Time_to_face_the_music

Suseka wrote: »

Thanks HH. Got my paperwork today and there are a few errors that will need sorting. My OH overestimated his income, he is about to lose more of his allowances than he expected and we'll be a further £200 worse off than we said. Also, his petrol costs have been missed off and a few other (albeit minor) expenses. So on a £79k debt (thought it was £72k - eek, though that's bad enough) we were set to pay £1759 - with the adjustments will probably only be able to pay £1352. In which case it'll be just shy of 5 years (and that's only if the creditors freeze interest).

Been trying to get hold of SC all day and just can't get through, so not going to be able to move this on again for a few days... which doesn't help my mood.

I think I'm going to take your advice and 'invest' my stress in some spring cleaning tomorrow (my last days leave).

I must also look at setting up some spreadsheets now I have all the figures to hand. I am a bit of an excel geek as well

On the positive side - I'm quite good with crafts, particularly jewellery making, so looks like that's what I'll be giving to my femaie relations as gifts from now on - the fellas will have to settle for my good wishes

Suseka, your debt is very similar to our starting debt. We started off at £81,306 - which makes me wince just thinking about it

Our projected DFD was 4 years but we are managing to reduce it all the time by paying off extra bits and pieces by selling our clutter on ebay and Amazon. OH has been lucky enough to some exam marking and I have been working some overtime. It all helps to reducing your time on the DMP.

Maybe we will see some of your jewellery for sale too?

Hopelessly_Hopeful

Time_to_face_the_music wrote: »

Bet I've still got more Andrex than you but they don't feature on any of my many spreadsheets



I just wanted to be even more like you :rotfl:

Surely you haven't got the loo roll stash still?!:rotfl:

HHx

LocalAngel

Thank you Gizmo and Time to face the Music for your advice. I will try to talk Nationwide into letting me have some cash from my current account without mentioning the DMP. They may not let me have any though - they have blocked my debit card and access to online banking so I have to ask them for permission to get cash from a branch. I should have taken more last week when I had the chance :-(

Mossop01

Hi all, hoping ur all having a better week than me, overspent at the weekend and to top it all off i got a parking ticket today! Ever the feeling u shouldnt have got out of bed?! Oh well readjusting the spreadsheet again tonight!!! Least food and petrol are still budgetted for will start emergency fund again next month!!! There seems such alot of month left in my wages still!!!
Good luck to those starting out, forgive me my whinging, im so glad i started dmp we couldnt have carried on as we were but it does take a bit of getting used to having no credit to fall back on! This is why emergency funds are vital!

supersavershal

Im now on month 2 of my DMP. The phone calls have dried up.
Sainsburys were hounding us a bit and we were ignoring them, we finaly answered last week on the house phone, they asked us to confirm our contact numbers I gave them a totally made up one for the house phone and they accepted it even though I was talking to them on the correct number at the time???
I then told them I no longer had the mobiles they were ringing me 8 times a day on, they said "oh so can you pay us the extra you had in your budget for mobiles?" I had to laugh and said "no I still have a mobile just not the one youv been ringing me on (therefore informing them I did still have that mobile).
It turned into one of the funniest calls Ive had in a while and to think I was dreading answering it. It ended with them agreeing to stop all interest and charges and only contacting me by letter.

supersavershal

I still cannot bring myself to put my debt amount on my signature, I cannot say it out loud. When DH and I discuss it I can only say how much we pay monthly and how long it will take to pay. Im slowly coming to terms with it but its a big figure to accept.

Growurown

supersavershal wrote: »

I still cannot bring myself to put my debt amount on my signature, I cannot say it out loud. When DH and I discuss it I can only say how much we pay monthly and how long it will take to pay. Im slowly coming to terms with it but its a big figure to accept.

Hey supersavershal - you will in time be able to face up to your total debt I am sure. I think a lot of people don't really know how much debt they are in until the proverbial hits the fan and then it is usually a big shock. Debt creeps up on you and it is only when you get into difficulty that most people actually sit down and add up what they owe. You have done a really courageous thing, you have faced your debt problems and are now dealing with them. Until you are able to put your debt amount in your signature you can at least use the MSE strap line 'proud to be dealing with my debt'.