DMP & Mutual Support Thread - Part 9

Hopelessly_Hopeful

Growurown wrote: »

Fantastic HH. Ten month countdown, the end of the debt tunnel is really coming into view now! Debt free by next summer......oh I wish!

And I hope it wont be long before the rest of you are in that position too. Targets, lots of mini ones and checking in here really helped me and still do.

HHx

Hopelessly_Hopeful

Find_The_Real wrote: »

Hi HH, well realistically it could be 2020 before I am officially debt free, but it is the bank of M&D who are slightly more relaxed about what I now owe.

I am just happy to keep plodding along paying as much as I can each month for however long it takes as I am eternally grateful for the loan of the money. Seeing it was going to be 27 years if I continued with the DMP the next few years should fly by hopefully.

In a way I do feel I have cheated a bit though as everyone on here has been wonderful at dealing with their debts long term, paying off the amount owed, and that most are not fortunate enough to have someone to help them out.

Thanks to everyone for the kind wishes, everyone has been such a great support here.

7 years can be a standard loan term, can you look at it like that? 84 months and counting and a clean credit record when it's over?

Everyone has their own story etc but one common theme is the high interest rates and charges applied that contribute to a significant amount of the debt. Am sure you're no different in that. A pal had a house repossessed and the charges were disgraceful, you expect to loose in those situations but they really g for it so you didn't get off lightly! But yes, your mum and dad sound fab

HHX

EvolutionDFW

Hopelessly_Hopeful wrote: »

Save for emergency fund at this stage is my suggestion. Overpayments especially in early stage risk undermining the DMP.

HHx

Thanks for that. Makes sense too as I'm on a tight budget as it is so making sure I have some cash if an emergency were to arise sounds like good planning. Thanks HH.

Hopelessly_Hopeful

EvolutionDFW wrote: »

Thanks for that. Makes sense too as I'm on a tight budget as it is so making sure I have some cash if an emergency were to arise sounds like good planning. Thanks HH.

Welcome, sorry just deleted that post as realised I answered it yesterday too. Friday fever!

HHx

andrar

Thanks Dad2one and HH - I made them send me an email with what we discussed in, very mse!

I'm on 6.9% int until I change my payments, if I pay more back each month it jumps to 12.9% which is just crazy being that I'm trying to pay off quickly and I get penalised for it?!

Anyway I'm going to wait it out, see what payplan say when I have my review in a few months time. Its all about the long haul as you say!

mikee31

*Foolish* wrote: »

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.

Thanks Foolish.

My account is with Santander. I have a £250 overdraft.

I am about to start a DMP with Stepchange and have debts of a similar amount to yourself. So any advice/moral support you can provide would be much appreciated.

*Foolish*

mikee31 wrote: »

Thanks Foolish.

My account is with Santander. I have a £250 overdraft.

I am about to start a DMP with Stepchange and have debts of a similar amount to yourself. So any advice/moral support you can provide would be much appreciated.

You're welcome. I would say the best thing to do is to get a completely new bank account, it sounds a pain, but really, its not. I went with NatWest, if you have no debts with them or RBS I'd give them ago, you can apply online for their select account (or basic, but there are restrictions on the basic account where you can withdraw cash) and the account can be opened there and then as long as you have a driving licence or passport for ID.
StepChange have been brilliant, I was really anxious and worried at the start, but now I'm just going with the flow and feel much much happier than I did worrying how I was going to pay the bills!
I think, out of 19 creditors :eek: only 2 are still charging interest, and 2 added some whopping interest, then froze it! (Naughty naughty!) So now I'm in the process of sweet talking this guys and if that doesn't work, I'll go to the FOS.
Happy to answer any questions you may have if you want to PM me

Find_The_Real

I also have a NatWest basic account and if you don't owe them money they are pretty good. The ATM restriction can be a pain but as I live near a Tesco and you can use their machines as well, it's not a problem for me. I also opened up an e-saver account online to transfer over my pot of yearly bills and the internet banking is good as well.

I was with the Co-op for a long time (yes I was responsible for the downfall along with Nev's £4.3 million pay-off) and I did find the internet banking with them did not update as quickly as NW do.

Their telephone banking for the Co-op has also IMHO become very complicated since they installed the new systems but then I remember the first days of telephone banking when it was quaintly called Armchair Banking and was only available until 10 pm!

Puzzcat

Hi,

Well I posted off the first 2 letters and token payments on Wednesday so the journey has definately started!

Yesterday I changed my account details so at the end of september for the first time in too many years for me to remember I should have a current account in the black..:D

Have switched all dd's from old account apart from the early one's that I will switch as soon as they are paid. Tomorrow I'm going to cancel the 3 creditors with dd's. The payments are not due until 8/12 and 21st but I'm not taking any chances...! The last creditors will be those associated with my old current account so they will be dealt with near the end of the month and then I can post pack back to SC. Just got to get that joint account closed asap after dd's have left end of next week...

I have to say I am totally consumed by it all, I'm positive it is the right way forward and like so many others wish I'd known about dmp's years ago... oh well onwards and upwards.

I will keep you posted as we progress, hopefully with more positives than negatives...

Thanks to you all, I feel like I may finally get my life back... when I can find it that is....

andrar

Well done Puzzcat, you'll find it becomes an obsession! But I think the mse way of life is a good obsession to have!