DMP & Mutual Support Thread - Part 9

Find_The_Real

Hello to the newbies and good luck on your DMP journey. I am sure many of us will tell you the first stages of sorting out the DMP are pretty stressful but a couple of months in when things have mostly settled down, there is a sense of relief and also that moment when for what may be the first time in ages, there is a small amount of money at the end of the month. A rare moment for many of us!

Many of us have been through it and generally there is always someone on here to offer advice, support and to sympathise with the odd rant as well.

Make sure the budget is something you can live on as I know there is the temptation to throw everything at the debt but it should be about paying the essential bills first, only then should the surplus amount go to the creditors.

Growurown

danidav88 wrote: »

Hi everyone,

Myself and my partner are starting a dmp and trying to get our first payment sorted for this Friday. Please tell me it gets better???

Both feeling really stressed and panicking.

Have applied for a coop account and just waiting to hear back. Any words of wisdom greatly appreciated

Danielle

Hi Danielle, yes it will get better. We have all experienced that horrible stressful time at the outset of a DMP, but things will improve and more importantly you will have control of your money, you will be able so sleep at night, and you should have a realistic budget to live on. There will be things you have to sort out as you go along but there is always lots of help and advice here to set your mind at rest. Good luck with getting it all sorted.

Growurown

dad2one wrote: »

A question to anyone: My plan started in March. In April I had a new tax code that left my monthly income up slightly by about £20. Is it worth notifying anyone about this, or shall I just wait till the annual review? I'm thinking the latter really. That said, I'm still considering looking at my SOA figures again anyway, as I'm still feeling things a little tight.

I would wait until your review. It's not a lot of money, and unless they ask you to submit all your wage slips for the last year how are they going to know? Changes to the tax code in April saw me better off but OH was worse off so overall we lost out:(

jubilee14

dad2one wrote: »

A question to anyone: My plan started in March. In April I had a new tax code that left my monthly income up slightly by about £20. Is it worth notifying anyone about this, or shall I just wait till the annual review? I'm thinking the latter really. That said, I'm still considering looking at my SOA figures again anyway, as I'm still feeling things a little tight.

Hi Dad2one i have the opposite situation that they have informed me they will take off an extra £10 just a few days after my annual review but have decided will just have to work within the budget than reducing my payments. So i would say its swings and roundabouts these little increases/decreases wouldnt make much if any reduction/extension to the payment terms so probably not worth both your/SC and creditors bother.

Glad your getting so much frozen oh how i wish Hfx would be so accomodating :rotfl:

Find_The_Real

Ok shameless post in the DMP thread but as everyone has been so supportive on here, I just wanted to share my good news that my F&F IVA has been accepted today, which is a huge relief!

Not debt free by a long shot but as my creditors are now the bank of M&D under much more favourable terms and at a much reduced amount from the £61K the debts and house repossession finally came in at, finally after 19 months of dealing with it all I can move on.

I just wanted to thank everyone for their support and encouragement on this board, and I hope to continue to offer advice on DMP's, repo's and IVA's which are now my specialist subjects.

You know what I may even miss those DCA's!

mikee31

When starting a DMP (which I am about to do), is it essential to change the bank your existing account is with? Could you not ask yor exist bank to open a new account with them?

Sorry if this is a silly question. Would appreciate a response.

*Foolish*

mikee31 wrote: »

When starting a DMP (which I am about to do), is it essential to change the bank your existing account is with? Could you not ask yor exist bank to open a new account with them?

Sorry if this is a silly question. Would appreciate a response.

Do you have any debts with bank who you hold your current account with? Do you have an overdraft with them? If so, its advisable to change to a different, unconnected bank so that they cannot use your funds to go towards your debt.
Who do you bank with? StepChange have an arrangement with Barlcays so you don't have to leave them, they put you on a basic account and agree not to touch your funds.
Hope this helps.

jubilee14

Find_The_Real wrote: »

Ok shameless post in the DMP thread but as everyone has been so supportive on here, I just wanted to share my good news that my F&F IVA has been accepted today, which is a huge relief!

Not debt free by a long shot but as my creditors are now the bank of M&D under much more favourable terms and at a much reduced amount from the £61K the debts and house repossession finally came in at, finally after 19 months of dealing with it all I can move on.

I just wanted to thank everyone for their support and encouragement on this board, and I hope to continue to offer advice on DMP's, repo's and IVA's which are now my specialist subjects.

You know what I may even miss those DCA's!

well done find the real you have been a great supporter of all newbies and older posters alike its great to get some good news. :beer:

Growurown

Find_The_Real wrote: »

Ok shameless post in the DMP thread but as everyone has been so supportive on here, I just wanted to share my good news that my F&F IVA has been accepted today, which is a huge relief!

You know what I may even miss those DCA's!

Well done FTR. :j Missing DCA's?:eek::eek::eek:

Find_The_Real

They felt like friends almost the amount of times they contacted me over the last 19 months, we were on first name terms

Ok so I'm not going to miss them that much :rotfl: