DMP & Mutual Support Thread - Part 9

Time_to_face_the_music

SparkleShark wrote: »

Hi,

I'm setting up my DMP with Step Change, and I'm about to call my creditors to inform them and pay a small amount (just until DMP is set up).
My question is: should I pay by giving my card details, or would this mean that they could take ad hoc payments by keeping my info?
Eeek!
Thanks SS

poppet1711 wrote: »

Hello

Well I finally had a lightbulb moment and contacted Stepchange to arrange a DMP. We are paying £513 a month, which seems a lot, however I'm hoping I was generous enough in the budget planner they gave me.

I'm at the very beginning of my journey. We have £23000 of unsecured debt. We were doing ok, however my husband lost his job when I was on Statutory Maternity Pay and it all spiralled out of control. Looks like I've got a lot of reading to do, but fingers crossed, 4 years from now we should be in a much happier place!

Hi and welcome to SparkleShark and poppet :hello:

SS - it really depends on your creditors. If they are standard banks, I wouldn't worry too much but would rather do it by online banking payment instead of giving out your card number. If there are any payday loans or similar, please don't risk it at all, it's much safer to send a cheque or a postal order as a token payment.

Poppet - StepChange are used to people making slight miscalculations in their budget and having to adjust it slightly. Recheck it and you can always call them back and make a change now. When your DMP officially starts, try and make sure you have got it right so you don't have to keep making changes, as creditors are much more likely to accept a stable payment plan.

To both of you, it's great to have you onboard. Try and get a chance to read back through this thread/earlier versions and then ask any questions you need to. We are all in or have been in the same position and there is a wealth of help, advice, experience and support here for you. I found it a real lifeline and hope you do too.

TTFTM x

Hopelessly_Hopeful

Time_to_face_the_music wrote: »

Good morning fellow DMP'ers

Quick update from me as we have a milestone target celebration in the TTFTM household today

18 months since we started our DMP, we have gone from the £80,000s, down through the £70,000s, £60,000s and £50,000s and today I am delighted to announce we are now officially in the £40,000s :j

Sounds mad to say I am happy we owe approximately £49,700 but I am delighted :T

TTFTM x

Fan dabby dozy twin, that's some progress. Well done. Where's the party?

HHx

amber03

TTFTM well done on paying sooo much off your debt and gaztop , take a bow enjoy being debtfree.xx

Hopelessly_Hopeful

gaztop26 wrote: »

Today is the day! I have just paid my last installment to Stepchange and my DMP is OVER!

I am now properly debt free for the first time in 20 years.
No overdrafts
No credit cards
No loans
No borrowing off family
No cashing cheques

Thanks to all the early DMP support thread members, not many of them on here now. Your advice and information helped when i really needed it.
To anyone who is thinking about starting a DMP to unburden yourself from debt, JUST DO IT. Some of the debt free dates seem like an eternity away but when you reach it your outlook on life changes unbelievably.
Best of luck everyone.

Congratulations, it must feel great. How did you get on with the F&Fs?

HHx

Time_to_face_the_music

Hopelessly_Hopeful wrote: »

Fan dabby dozy twin, that's some progress. Well done. Where's the party?

HHx

The party is in the Pool of Life and if you hurry, you could be the guest of honour! :j

A bottle of Aldi wine and a glass of Lidl Greek brandy, what more could a MSE girl want?

Hic :beer:

gaztop26

Thank you for all the lovely messages everyone, debt free roll of honour here I come!!

Hopelessly_Hopeful wrote: »

Congratulations, it must feel great. How did you get on with the F&Fs?

HHx

Stepchange did it all for me, they were brilliant. I spoke to their dedicated settlement team and got my dedicated advisor. We settled 7 of 8 creditors ranging from 40% to 60% of debts.

dmb_2

Congratulations on becoming debt-free. Thrilled for you (if a tiny bit envious - I've still got a long way to go!). Success stories like yours make me realise there is a light at the end of a long, long tunnel. Just out of interest did you come to the natural end of your DMP or did you have some money to make F and F offers? Anyway enjoy your debt free future:)

Alice_in_Welfareland

I am happy to see all of the positivity in the news here and the support all persons are offering and this warms my heart. Julie67 since we lost our home in a Wonderland to Welfareland move we have rented to live and this has not been a problem using the private landlord. I have showed the bank statements and paid the deposit and once the three months of the rent in advance. I had belief that I regretted the action as the cost was higher in place of the city council and the housing association landlord when the waiting was over long but now it appears to be a good action as I am not inhibited by the number of bed rooms in our now home.
Alice

gaztop26

dmb wrote: »

Congratulations on becoming debt-free. Thrilled for you (if a tiny bit envious - I've still got a long way to go!). Success stories like yours make me realise there is a light at the end of a long, long tunnel. Just out of interest did you come to the natural end of your DMP or did you have some money to make F and F offers? Anyway enjoy your debt free future:)

Thank you. It is impossible to convey how it good it feels to be out of debt, especially when I look back to how we used to live. With regard to your question; We began our DMP in June 2009, our situation changed over the years, as it does, my wife got a low paid job, i got a promotion with an increase in salary, the kids required different things, the boiler broke, we couldn't afford a holiday, we did loads of car boot sales and selling on ebay etc, the debt reduced to a point where a very small inheritence meant we could make F&F offers. Stepchange looked after the negotiating and we paid the remaining £8000 off for about £4300. The only creditor who wouldn't accept an offer was paid off on Monday.

Now we are going to put any extra money into our house and paying off the mortgage.

The disturbing fact is that the week we paid off the majority of our creditors we both started receiving junk mail advertising pre-approved loans and credit cards. The banks, credit cards and loan companies are scum.

redscorpion1

Just about to start on the Journey with a 6 year DMP from Payplan. Me and my wife currently own around £25000. Reading everybody's posts on here makes me feel a whole lot more positive about it. Its going to be a long journey but looking forward to taking control of my finances again and stopping the spiraling debt.