DMP & Mutual Support Thread - Part 9

Ellieseleven

Glad to hear your news on the job front TTFTM - you never know what is around the corner! I've been made redundant twice whilst I've been on my DMP and both times I was sick with worry that I wouldn't get another job, too old etc. but both times I've managed to get jobs with increased salary. I bet that's a great relief to you, I'm so pleased:)

Freyawillow - just wanted to say Hi and welcome. The beginning of this journey is always stressful and a fear of the unknown makes us worry all the more but stay strong and it will settle down:o At the start of our DMP I was in a very dark place and didn't know what to do for the best, I had never missed a payment to any of my creditors (I didn't have any life either!), I felt guilty, dis-loyal and a total failure but now three years on I have a new lease of life and I'm looking forward to becoming debt free. I have a way to go yet but the relief I feel after years of worry is enormous, you just have to ride the storm at the beginning;) BTW no one knows that I'm on a DMP either!

Take care
Ellie xx

Ellieseleven

HH, could I pick your brains please?

Did I read on one of these threads that you are able to port your mortgage to another property whilst on a DMP? We are thinking of downsizing and know that we won't be able to get another mortgage whilst on the DMP but I thought that I had read that you had confirmed with your mortgage provider that you could move the existing mortgage to another property or am I dreaming?

Thanks
Ellie xx

Hopelessly_Hopeful

Ellieseleven wrote: »

HH, could I pick your brains please?

Did I read on one of these threads that you are able to port your mortgage to another property whilst on a DMP? We are thinking of downsizing and know that we won't be able to get another mortgage whilst on the DMP but I thought that I had read that you had confirmed with your mortgage provider that you could move the existing mortgage to another property or am I dreaming?

Thanks
Ellie xx

That's correct Ellie. It depends on your mortgage provider. I am with NRAM, they no longer have a licence so cant borrow any more than I have outstanding but they agreed to move/port the mortgage to another property of the same value or less. You would of course need to find the cost of moving, estate agent, solicitor, stamp duty etc. Some companies will allow you to keep some of the fund to do this. In the case of NRAM, subject to status let you borrow the same % as the existing property. So if property now worth 200k and you owe 160k that's 80% (40k equity). If you went for new property at 170k they would loan you 80% max (dependant on that first illustration %ltv) of that so £136 (dep cost exc moving costs £34k) so you would have 6k towards your costs. Does that make sense? Other lenders may be different, worth a call to ask what the options are, nothing to loose.


Hope that helps

HHx

Ellieseleven

That helps alot HH, much appreciated

Ellie xx

FreyaWillow

Thank you so much for the support everyone. I really appreciate it so much I am so glad I found this forum. I am in quite a dark place at the moment but I am taking it one day at a time and the wonderful support and encouragement on here is helping. Thanks for sharing your experiences it helps so much to see that others have felt the same and come out the other side. Thanks again xx

Scouter

I should be in bed by now, but here I am getting more inspiration!

I had a panic the other day when I went through all our DDs with a fine tooth comb and totted up what we pay each month. Somehow, despite inputting the various payments into the SC form with the bank statements in front of me, I found that somehow we actually pay out almost £100 per month more than I had allowed for on the DMP form.:eek:

But on a positive note, I started looking at our DDs closely, and realised that almost £60 per month is spent on Life Assurance and similar policies which were set up years ago and never reassessed, despite taking out new policies when we last remortgaged. The daftest of them all is a mortgage payment protection policy which covers myself only for about one fifth of our present monthly payment!

Obviously, I need to make sure we're adequately covered before cancelling these (to be honest apart from mortgage protection we are otherwise adequately covered), but it's a step in the right direction. But it's amazing how you can pay out for things for a number of years without really knowing what they are. I felt a bit daft ringing companies and saying "I pay you £xx per month. Can you tell me what for please?" They all assured me it's a far from unusual request!

I still need to work out where the discrepancies between my two sets of figures lie, but at least now we're only around £40 a month down, we're in the right ball park. With careful budgeting, plus a little overtime each month it shouldn't be a problem. But at one point I was thinking I might have to start afresh with a new DMP figures. Phew!

It's amazing (but not surprising) how many of us keep our situation secret. We've not told (and don't intend to tell) anyone. My parents know things are 'a bit tight', but that's about it. They have no idea of the extent, and I'd be so ashamed and embarrassed to admit it.

Ah well. Onwards and upwards!

:cool2:

Hopelessly_Hopeful

Scouter wrote: »

I should be in bed by now, but here I am getting more inspiration!

I had a panic the other day when I went through all our DDs with a fine tooth comb and totted up what we pay each month. Somehow, despite inputting the various payments into the SC form with the bank statements in front of me, I found that somehow we actually pay out almost £100 per month more than I had allowed for on the DMP form.:eek:

But on a positive note, I started looking at our DDs closely, and realised that almost £60 per month is spent on Life Assurance and similar policies which were set up years ago and never reassessed, despite taking out new policies when we last remortgaged. The daftest of them all is a mortgage payment protection policy which covers myself only for about one fifth of our present monthly payment!

Obviously, I need to make sure we're adequately covered before cancelling these (to be honest apart from mortgage protection we are otherwise adequately covered), but it's a step in the right direction. But it's amazing how you can pay out for things for a number of years without really knowing what they are. I felt a bit daft ringing companies and saying "I pay you £xx per month. Can you tell me what for please?" They all assured me it's a far from unusual request!

I still need to work out where the discrepancies between my two sets of figures lie, but at least now we're only around £40 a month down, we're in the right ball park. With careful budgeting, plus a little overtime each month it shouldn't be a problem. But at one point I was thinking I might have to start afresh with a new DMP figures. Phew!

It's amazing (but not surprising) how many of us keep our situation secret. We've not told (and don't intend to tell) anyone. My parents know things are 'a bit tight', but that's about it. They have no idea of the extent, and I'd be so ashamed and embarrassed to admit it.

Ah well. Onwards and upwards!

:cool2:

Hi

I was the same, cancelled all sorts at the start that offered me no real benefit.

I'm 3.5 years in and haven't told anyone in the real world about my DMP. The recession has helped as lots of people are struggling and looking to the future. Not that we should ever be worried about keeping up with the Jones family - just saying it helps not to feel so isolated!

I agree I gets lots of inspiration from the thread, it was my lifeline especially in the first year.

Make sure your budget is realistic as it needs to be sustainable. You can change it at any time but less changes you make the better as it can kick of all manner of automated madness. There's a tendency to make the budget too tight at the start as it is such a relief to be finding a solution but the key is to find a comfortable level. Mine was way too tight as I didn't think I had a choice. Thank fully sharing information here gave the information and confidence to rechallenge this with SC and life got much more bearable.

Good luck

HHx

Time_to_face_the_music

Apart from my daughter and one close friend, we haven't told anyone about our DMP either but we do tell people that we decided to cut up all of our credit cards and pay off all of our debt.

Well it's the truth, isn't it .........

Ellieseleven

Time_to_face_the_music wrote: »

Apart from my daughter and one close friend, we haven't told anyone about our DMP either but we do tell people that we decided to cut up all of our credit cards and pay off all of our debt.

Well it's the truth, isn't it .........

That's our line too:D I rack up a lot of expenses in my job and I used to put everything on a CC then claim it back. These days I have a float for my expenses and tell work that we have gotten rid of our CC's in favour of cash:o

Find_The_Real

I'm just shameless, everyone knows about my financial woes but I did have a small issue of a house problem which is kind of hard to keep quiet about.