DMP & Mutual Support Thread - Part 9

schmalf

Hi all - sent all my token payments for this month now to creditors and letters explaining I am seeking help. So now just to sign up for the dmp. But now having a glitch, previously when I used the debt remedy tool on stepchange it said DMP - now it keeps saying IVA even though I am putting in exactly the same info???? Anyone else had this? So it's confused me a bit. Assume I can just ignore this and send off for the dmp pack anyway? There's no way I want to go on an iva and anyway, I don't really understand why its recommending this as I don't have much equity in my house. Why is it doing this?? Thanks, a confused Schmalf. x

massivedebts

Hiya! Just carry on as you were with the dmp. I was recommended bankruptcy and an IVA - that's all it is a 'recommendation' .
Best of luck on your DMP journey
MD ;-) xx

schmalf

Thanks MD - glad to hear you had a similar experience - thought it was just me getting confusing info!! Will press on with the dmp, onwards and upwards hopefully!!!!

debt3by30

thanks everyone.
i sent the step change letter to all creditors (about 8 in total) with a £1 token payment. all cashed the payment.
barclaycard who the majority of debt is with on 2 cards wrote back and said they would freeze interest until they recieve the repayment proposal and they also agreed to only contact in writing so long as i keep in touch with them.
creation (loan and cc) came back with the same.
pounds to pocket sent a yuky letter saying they would sell the debt to a company who use door stop collections. nice. they then suggested a payment plan of 270 a month!!! they are more likely to be getting a tenner a month to be honest. i am going to keep writing to them as the original debt has nearly doubled in recent months due to default fees and interest etc.
very keep ringing 100 times a day. will have to muster up the courage to answer tomorrow.
i am looking forward to actually having money for things like car repairs and tax (sounds stupid) as under step change they allow you small allowences for things like that where previously i would have to rob peter to pay Paul to sort things like that out.
i am worried about the effect on my job but i am close to going on mat leave so hoping i will fall of the radar for a while and during mat leave things will settle down.....

debt3by30

i also just wanted to ask re budgets with step change and dmp.... using the suggested amounts they recommend it will leave me with a surplus each month in reality.
whilst i get the idea of starting to build some foundations etc so i don't rely on credit i think i will be in surplus of about 100 per month in reality. i have never had this type of surplus cash in a long time. i just feel guilty that maybe i should be paying more to creditors and not having a surplus?

massivedebts

Don't feel guilty!! Don't forget you are giving up all means of credit! All you will have is the money allowed for in your budget. If I could give one piece of advice to anyone starting out it would be do not set your budget too tight! You can always increase it a few months down the line if needs be and your creditors won't bat an eyelid, but if you try reducing your payments it could jeopardise any 'freezing of interest' and arrangements you have. On paper the budget at the at the start always looks appealing, but remember this is it for a very long time, so please please please don't feel guilty, one day you may need that surplus
Mad xx

massivedebts

If needs be, when setting your budget, get yourself a pet, start wearing contact lenses, get your kids to have school dinners and get yourself a regular prescription xx

Puzzcat

Hello fellow dmp'ers...

I feel a little guilt today... 3 night's running I've had a call from helifax and I have been shall we say short with them... well tonight the lady actually got to speak... she told me they had received a letter from SC informing them they would receive payment on the 25th October and hadn't received said payment only a £1... oops SC were suppose to say November..... Will have to call SC in the morning to get it sorted....:)

Puzzcat

massivedebts wrote: »

If needs be, when setting your budget, get yourself a pet, start wearing contact lenses, get your kids to have school dinners and get yourself a regular prescription xx

And start smoking....:D

massivedebts

Lol puzzcat! Don't forget that huge chunk of money you give to charity too and the 10 magazine subscriptions !
Xx