DMP & Mutual Support Thread - Part 9

Hopelessly_Hopeful

Find_The_Real wrote: »

I know a lot of people think that by cutting the budget to the bare minimum is the thing to do but you need to have a budget that you can live on and most creditors are accepting of this. Unfortunately things do seem a little rocky at first but it does generally tend to settle down and payments are accepted.

Just another note though that even though you are in a DMP it is informal and gives you the opportunity to take your time to look at other options with either an IVA or bankruptcy if you find the level of debt is not sustainable or circumstances change in the future.

Good luck and don't worry I think we all have wobbles in the beginning but soon find we have a sense of relief and wonder why we didn't sort out our debt problems sooner.

Good points FTR. How are you doing? IVA sorted?

HHx

Hopelessly_Hopeful

And a wee update from Hopelessly Hopeful's DMP house. Payday, always love getting up early to make the payments and update the spreadsheet.

42 months in, 3.5 years. Reached 85.70% of DMP gone today.

Started with £59214. Have paid in £56552. Have £8473 left to pay. Paying interest at 6% APR on £1752 of that so £8.76 a month (at this time last year had risen to £180 so things do and can change!). Current total interest paid £5811.

Unsure of the end date as work in the house needs sorting and my roof leaking again! Defo in the last year though and looking forward to my last Christmas on the DMP :0)))

Have a good day all

HHx

Puzzcat

Well done HH, very inspiring as always and a huge thank you for all your help and assistance, you are a star. Xxx :T

Sazzie23

Hopelessly_Hopeful wrote: »

Hi

The DMP providers don't view instalments as credit, so utilities such as , electric, gas, phones, council tax, insurance etc are ok by instalments even if interest added like insurance things. You can even get approval for new car loans etc. For utilities and insurance credit checks are fine, never heard anyone fail them as afterall if you don't pay next months they cut you off, seemples, more like pay as you go! Essentially principles of DMP are that you should be able to live and eat to be healthy and the spare 'disposable' cash goes towards DMP rather than holidays or treats.

Hope that helps.

HHx

Thanks HH :Avery useful information, and very well done at your progress, another inspirational report of a DMP end in sight, :T:T

jubilee14

Hopelessly_Hopeful wrote: »

And a wee update from Hopelessly Hopeful's DMP house. Payday, always love getting up early to make the payments and update the spreadsheet.

42 months in, 3.5 years. Reached 85.70% of DMP gone today.

Started with £59214. Have paid in £56552. Have £8473 left to pay. Paying interest at 6% APR on £1752 of that so £8.76 a month (at this time last year had risen to £180 so things do and can change!). Current total interest paid £5811.

Unsure of the end date as work in the house needs sorting and my roof leaking again! Defo in the last year though and looking forward to my last Christmas on the DMP :0)))

Have a good day all

HHx

welldone HH its great to see your progress and give us all some hope. Such a motivation to be able to say last xmas on the DMP.

Ellieseleven

Hopelessly_Hopeful wrote: »

And a wee update from Hopelessly Hopeful's DMP house. Payday, always love getting up early to make the payments and update the spreadsheet.

42 months in, 3.5 years. Reached 85.70% of DMP gone today.

Started with £59214. Have paid in £56552. Have £8473 left to pay. Paying interest at 6% APR on £1752 of that so £8.76 a month (at this time last year had risen to £180 so things do and can change!). Current total interest paid £5811.

Unsure of the end date as work in the house needs sorting and my roof leaking again! Defo in the last year though and looking forward to my last Christmas on the DMP :0)))

Have a good day all

HHx

Fantastic news HH, you're nearly there:jIt won't be long now until you are debt free, I'm so pleased for you. You are an inspiration to us all and you keep us all going with your wise words, sharing your experiences and your sense of humour:T

Ellie xx

Find_The_Real

Fantastic news HH with such a large amount of debt paid in a short amount of time. Certainly an inspiration that it can be done!

bertman

Just trying out my new signature....

Now below £60k..... Whoop Whoop!!

bertman

Hopelessly_Hopeful wrote: »

And a wee update from Hopelessly Hopeful's DMP house. Payday, always love getting up early to make the payments and update the spreadsheet.

42 months in, 3.5 years. Reached 85.70% of DMP gone today.

Started with £59214. Have paid in £56552. Have £8473 left to pay. Paying interest at 6% APR on £1752 of that so £8.76 a month (at this time last year had risen to £180 so things do and can change!). Current total interest paid £5811.

Unsure of the end date as work in the house needs sorting and my roof leaking again! Defo in the last year though and looking forward to my last Christmas on the DMP :0)))

Have a good day all

HHx

HH - well done!! I really like hearing updates like these, they make me feel like we will get there in the end!!

Growurown

Sazzie23 wrote: »

......, and apologies to anyone offended by this remark,

I wasn't offended so no apologies needed here. I have stayed with the same car insurance company simply because I thought I wouldn't get credit for monthly instalments and I can't afford a one off lump sum.

It is good to know though that others have changed insurers successfully.

I know the mantra is no more credit when on a DMP and I wouldn't dream of getting another loan or CC but I have made use of a £500 overdraft facility made available by my bank. This was for emergencies, mostly car repair bills. So a bit naughty but not very;)