DMP & Mutual Support Thread - Part 9

Hopelessly_Hopeful

Hunnies wrote: »

Just to give you an update TTFTM and GUO, I've just spoken with my parents following the meeting and the FA has said we definitely can't go bankrupt as it iwll affect my husband's self employed business so they are looking at an IVA. We're seeing my parents tomorrow to get all the information. The FA did say although we weren't clever getting in this situation we actually did a really good job managing the debt and it was a credit to us that we never missed any payments or had arrears on mortgage/council tax etc. I know it doesn't solve anything but it was nice to hear.

Hi Hunnies

Really glad to hear you are getting support and sorted for the future.

I ummed and ahhhhd at whether to post this as wouldn't want to cause offence to anyone and I hope it comes across in the spirit of the intention....... Many of us here had not missed payments and so thought we were managing the debt. The problem is, as Martins MSE spiral shows, this means we are putting off the inevitable and actually getting further into debt. If we had realised earlier we would have had less overall debt at the LBM. The reason I am saying this is for any potential newbies who may be cutting their food and fuel bills to unhealthy and hardship levels thinking it is worth putting their health at risk because they think as we did that they are managing the debt instead of seeking help earlier.

Good luck with the IVA, the future will be brighter, there is always a solution. Looking forward to hearing how you get on.

HHx

keepingcalm

Hopelessly_Hopeful wrote: »

Hi Hunnies

Really glad to hear you are getting support and sorted for the future.

I ummed and ahhhhd at whether to post this as wouldn't want to cause offence to anyone and I hope it comes across in the spirit of the intention....... Many of us here had not missed payments and so thought we were managing the debt. The problem is, as Martins MSE spiral shows, this means we are putting off the inevitable and actually getting further into debt. If we had realised earlier we would have had less overall debt at the LBM. The reason I am saying this is for any potential newbies who may be cutting their food and fuel bills to unhealthy and hardship levels thinking it is worth putting their health at risk because they think as we did that they are managing the debt instead of seeking help earlier.

Good luck with the IVA, the future will be brighter, there is always a solution. Looking forward to hearing how you get on.

HHx

I couldn't agree with you more HH...I wish we had thrown in the towel earlier instead of struggling to make payments.

lizzy23

Hopelessly_Hopeful wrote: »

Hi Hunnies

Really glad to hear you are getting support and sorted for the future.

I ummed and ahhhhd at whether to post this as wouldn't want to cause offence to anyone and I hope it comes across in the spirit of the intention....... Many of us here had not missed payments and so thought we were managing the debt. The problem is, as Martins MSE spiral shows, this means we are putting off the inevitable and actually getting further into debt. If we had realised earlier we would have had less overall debt at the LBM. The reason I am saying this is for any potential newbies who may be cutting their food and fuel bills to unhealthy and hardship levels thinking it is worth putting their health at risk because they think as we did that they are managing the debt instead of seeking help earlier.

Good luck with the IVA, the future will be brighter, there is always a solution. Looking forward to hearing how you get on.

HHx

wish we'd gone for it earlier as well, i look back at a year ago and i really don't know how we were managing to pay everything, we are much happier now with a realistic budget:o

Julie67

Evening all,

Just thought I would pop in and say hello.

Not very much to report really, started our DMP in March and so far so good. Not had any hassle from anyone really and all apart from one creditor have completely frozen interest.
We are only paying small amounts at the moment so our total is very slow to come down however will be able to increase our payments in August by around a £100.
I am currently full on looking for a job now I've had my leg op and am on the mend. I've applied for two which I'm hopeful about and will continue to look this week.
Once I am back in work we should be able to make real inroads and maybe even look at some full and final offers.
Had a set back with the alternator going on the car last week so that cost us £130. There is always something but that's life I suppose.
There were a few of us all started in March, how's everyone else doing?
Have a good evening all

Mossop01

Hi all, have to agree with HH wish we had thrown in the towel earlier and not struggled just to keep creditors happy! We are un such a better place mentally and keeping to our budget, although wish i hadnt been quite so tight when budgetting, sometimes it is very tight! Something im going to change at review time as we are in this for the long haul and life has to be worth living. The dmp us running nicely, all interest frozen for now and no hassle from creditors anymore. So nice to see balances dropping, it really spurs u on! Not much in the emergency fund due to emergencies that have regularly cropped up, just when u think its building up something happens but at least its not going on credit like before!

sharpeyes66

First Payment on DMP left our new bank account on 1st June so just waiting for them to send this out to all our creditors. Its been really unnerving receiving texts and automated calls from various credit card companies about the missed payments and so today I spoke to SC to ask whether I should be doing what they initially told me and ignore them as I felt I needed to let them know that i was taking the situation seriously. So far only MBNA have been in touch to say they have received and accept the offers of payment on both our cards, so I rang Halifax-really offhand and curt saying they haven't received anything and cant accept a payment without an agreement from SC, NatWest CC-who say not to worry as they are in process of accepting the offers, Barclaycard- who say they havent any record of contact from SC but will put account 'on hold' for 30 days to allow SC to get back in touch, and NatWest re current account, which has already been tfd to Collections Dept despite not going over OD limit til this weekend by £40 due to interest. Assume this is because of CC default but now worried that as they haven't has contact from SC they are now charging £6 daily fees.

Hoping that the next 4-6 weeks will settle everything down once all creditirs get their first payment.

lizzy23

just a question for fellow dmp's, how do you manage work expenses? i have to go away with work this week, i have a night in a hotel tomorrow and have had it dropped on me today i have to be in london for 10am on Thursday, this has completely wiped my emergency fund, although i get paid on Thursday so should be able to put some back, but its left me feeling a bit vulnerable and just wondered how others managed these things

lizzy23

told you i was vulnerable, came out of work and the car wouldn't start, bumped it off and now waiting for green flag to see what the damage is but looking like a new starter motor :-(

dad2one

Hopelessly_Hopeful wrote: »

Hi Hunnies

Many of us here had not missed payments and so thought we were managing the debt. The problem is, as Martins MSE spiral shows, this means we are putting off the inevitable and actually getting further into debt. If we had realised earlier we would have had less overall debt at the LBM. The reason I am saying this is for any potential newbies who may be cutting their food and fuel bills to unhealthy and hardship levels thinking it is worth putting their health at risk because they think as we did that they are managing the debt instead of seeking help earlier.


HHx

Absolutely. Quote of the month. The first thing everyone should realise. It would save less worry too to give up debt earlier.

dad2one

sharpeyes66 wrote: »

First Payment on DMP left our new bank account on 1st June so just waiting for them to send this out to all our creditors. Its been really unnerving receiving texts and automated calls from various credit card companies about the missed payments and so today I spoke to SC to ask whether I should be doing what they initially told me and ignore them as I felt I needed to let them know that i was taking the situation seriously. So far only MBNA have been in touch to say they have received and accept the offers of payment on both our cards, so I rang Halifax-really offhand and curt saying they haven't received anything and cant accept a payment without an agreement from SC, NatWest CC-who say not to worry as they are in process of accepting the offers, Barclaycard- who say they havent any record of contact from SC but will put account 'on hold' for 30 days to allow SC to get back in touch, and NatWest re current account, which has already been tfd to Collections Dept despite not going over OD limit til this weekend by £40 due to interest. Assume this is because of CC default but now worried that as they haven't has contact from SC they are now charging £6 daily fees.

Hoping that the next 4-6 weeks will settle everything down once all creditirs get their first payment.

Yes. Don't worry, it will all settle. You could if you like send your own letter stating your DMP is currently being set up (give them your client / plan number), although you've already verbally told them. Use the opportunity then to state that you only want future correspondance in writing. I did that, recieved zero phone calls. If you can still access your creditor accounts online, delete your mobile number from their records.

Re - the fees and interest. Once you know they are recieving the DMP payments, you can start asking them to withdraw any fees and interest added from the owed sums. I waited till I knew they were all on the DMP, I let a couple of payments go in, and then investigated any fees added.

The reason I waited, and some people would rather campaign earlier, was because I wanted to give them time to get their figures / paperwork straight with SC, who I believe do ask them to remove additional fees and interest.