DMP & Mutual Support Thread - Part 9

Find_The_Real

Hello and welcome to all the newbies. Well done on taking those first steps and may I wish you good luck. Most of us on here have probably been through the same things as you so you are not alone and there is usually someone around to offer advice if needed so don't be afraid to ask.

As everyone else has already offered their wise advice, all I can really say is make sure you have a reasonable budget to live on, I know it can be hard not to want to throw everything at the debt but this could be for a bit of a haul, so make sure there is scope for the odd treat and that the budget is liveable.

Do not worry about the phone calls, although some may try it on remember you can always demand that they contact you in writing only and unless you are like me who has made it my own personal crusade to contact them more than they contact me as I get lonely sometimes, just be firm and ask them to write to you instead on ringing.

I am sure you have already been told but make sure you have a different basic bank account away from any creditors as they don't do loyalty and try not to feel guilty about seeking help with your debts, I doubt a lack of payment will put a dent in the bonuses of those fat cat bankers.

Find_The_Real

Well done Bertman to yet another success and looking forward to the countdown of days Antronic when you are finally debt free. The holiday sounds great as it is always something I have wanted to do.

A little update for me as the house has finally been sold after 16 months since it all started, so I am now officially just a tenant. NRAM sent me a letter looking for me and to contact them although I can understand why as they have only had my current address for 18 months and I think they were rather surprised that I did just that! Balance has gone up which is not surprising but only another 5K.

Obviously I now want to get going towards stage II of F&F IVA offer (if the lovely parents don't have a heart attack when I tell them the exact figures) so my big dilemma at the moment is do I now write to the delightful First Plus and give them the good news they can't also now repossess me, as they have gone rather quiet of late since I moaned about the PPI and my ex yet again in my last letter to them or leave NRAM in the DMP until they decide to contact me. Opinions much appreciated!

Keeping_positive_2

I have just had the 'lightbulb' moment and realised I cannot manage the debt I have built up, and if I don't do something I will have it till I am dead.

I feel ashamed and guilty that my recklessness and selfishness has resulted in this.

I have contacted Stepchange and feel positive I am doing the right thing, especially after reading the posts. I am encouraged by reading that some of the creditors on my list have stopped the interest for others - especially MBNA which is my biggest debt and headache! I am just worried about entering the unknown. Although I struggled, I knew I was paying the min. amount off on time.

I am in the process of getting some of my worries / questions answered by Stepchange but just wondered if any of your could just put my mind at rest for tonight?

Can the budget amount set out can change i.e can creditors negotiate a better deal with Stepchange?
Do you notify creditors (via the tempate letter Stepchange provide) as soon as you send your infor back to SC?
One of the creditors on my list (Natwest), we also have a joint account with, (which is not on the list. Is it likely that this would be affected or closed as a result?

I have a little issue at the moment that my husband does not know. I will tell him but I want a solution in place before I do. It doesn't help that he bailed me out 10 years ago and I have done it again. All I can say is this time I have learnt my lesson - especially now I have had a child. I know exactly what my priorities and it is not clothes and shoes!! It has come 20 years too late though!

Just want a bit of reassurance from those that understand, thanks x

Ellieseleven

eyeopener2 wrote: »

Anatonic is quite right and worrying about what ifs doesn't do you any good.

I've been paddling the dmp river for three years and apart from the usual threat o gram nonsense I've not had a whiff of court action, or anything really.

For the record i also have a lot of equity in my home.

Good luck all newbies, you will be fine.

I've also been on a DMP for three years and have a lot of equity in my home but haven't been threatened with any court action (touch wood)

Ellieseleven

antonic wrote: »

Took my first step towards enjoying my DF future today.

I paid the deposit for my D-Day Battlefield tour in Normandy next year with my Dad

Now only 5 days to my final payment.

Well done! I'm so pleased and excited for you!

savvykaz

Thanks HH, I think I'll write to Nationwide this weekend and like you say, explain everything to them. They have stopped interest from the outset so I will express my gratitude for that ; unfortunately, recently we've had to lower our DMP payment as my DH's income dropped slightly and I think this is why a couple of them are being a bit twitchy, but like everyone says
THEY CAN'T HAVE WHAT WE HAVEN'T GOT!!

antonic

Actually I am planing to celebrate in July because that will be first month being DF.

Growurown wrote: »

I bet you can't wait to be debt free antonic. Are you going to celebrate on your first debt free day? Bet it felt good to book your long awaited tour. Congratulations:T

Time_to_face_the_music

Keeping_positive wrote: »

I have just had the 'lightbulb' moment and realised I cannot manage the debt I have built up, and if I don't do something I will have it till I am dead.

I feel ashamed and guilty that my recklessness and selfishness has resulted in this.

I have contacted Stepchange and feel positive I am doing the right thing, especially after reading the posts. I am encouraged by reading that some of the creditors on my list have stopped the interest for others - especially MBNA which is my biggest debt and headache! I am just worried about entering the unknown. Although I struggled, I knew I was paying the min. amount off on time.

I am in the process of getting some of my worries / questions answered by Stepchange but just wondered if any of your could just put my mind at rest for tonight?

Can the budget amount set out can change i.e can creditors negotiate a better deal with Stepchange?
Do you notify creditors (via the tempate letter Stepchange provide) as soon as you send your infor back to SC?
One of the creditors on my list (Natwest), we also have a joint account with, (which is not on the list. Is it likely that this would be affected or closed as a result?

I have a little issue at the moment that my husband does not know. I will tell him but I want a solution in place before I do. It doesn't help that he bailed me out 10 years ago and I have done it again. All I can say is this time I have learnt my lesson - especially now I have had a child. I know exactly what my priorities and it is not clothes and shoes!! It has come 20 years too late though!

Just want a bit of reassurance from those that understand, thanks x

Hi and welcome Keeping_positive :hello:

Will try and answer your questions in order:

Your budget with StepChange is worked on what you can afford to pay, so while creditors can ask for more, StepChange will tell them that is all that is available. Occasionally creditors say they are not accepting the DMP but StepChange keep on paying them and it does generally seem to settle down.

It depends on when your first payment to StepChange and hence to creditors is due. If you are starting immediately, send off the template letters to your creditors. If are not starting for a month or more, send off your letters and a token payment of £1 to each creditor. Make sure you make a payment every 28 days, this shows you are willing to keep up payments while the DMP is being set up.

I don't understand the question about NatWest, are they on your creditor list? Is this an overdraft debt on your current account? If so, StepChange usually wait until you have set up a new bank account and told them your money has been safely transferred into it, before contacting your current account bank. This is to ensure they don't offset any money you have in the account against your debt to them.

Is your husband in any debt? If not, you may want to try and remove the financial link of the joint account before the DMP is set up. This will stop the damage to your credit record also affecting his.

Please stick around for help, advice and support. We are all in/have been in the same situation as you and that experience is invaluable.

Time_to_face_the_music

Just finished payments and spreadsheets for the end of May and am having a mini celebration as we have now paid off over £30,000 :j

Next milestone is reaching the £40Ks and then having 4th unsecured debt paid off, which should both be in the next few months :dance:

Back to the spreadsheets to set some more targets, they definitely inspire me and keep us going

Find_The_Real

Well done TTFTM for such a fantastic amount paid off in such a short amount of time, you certainly should celebrate for doing it. It is certainly an inspiration to everyone on here that it can be done, no matter how much debt you have.

Good luck on reaching the next milestone.