DMP & Mutual Support Thread - Part 9

Suseka

This thread moves on so quickly -so hi to all the new DMPers and its been interesting to read the ever helpful responses of the long-haulers.

For those who are having issues with Halifax charging interest - I'll let you know the outcome of the FOS complaint I've lodged against Hfx for that same reason. At the moment I've only 'lost' a couple of hundred against the DMP payment, but I still have just over £6k owing, so want to try and nip this in the bud now if I can.

All other creditors have stopped charging and that definately makes reading the monthly statements less depressing.

OH has just had a small payrise and we are due our annual review shortly. So just a few tweaks here and there and we'll be onto Year 2.

For those using Stepchange - what's the annual review process? Do they call, do I have to call, can it be completed online? Do I have to send in copies of the most recent payslips (thinking of OH's payrise). I will let them know, but wondered if they'll need to see the slips as well. Basically any advice about this stage would be helpful.

Sx

cleomolly

Suseka re Stepchange annual review, I've just done mine and they said it would be available to complete online very soon so not sure whether it is or not yet! They usualy email me when its due and it's simple to complete, takes about 20 minutes. You can print off your current budget online and a blank budget and its worth working it all out before you call them. Copies of payslips aren't needed. Hope this helps x

NewcastlePaul

Chatterbox20 wrote: »

Hi Newcastle Paul, well done with your PPI claims.

Thank you for the reassurance that it gets easier. Quick question, no need to answer if you don't want to, but have your creditors taken further action such as CCJs? I wondered how long you could stay on a DMP before they would take further action if at all.

Chatterbox20

Never had a CCJ.
When i first got in touch with Stepchange (or CCCS as it was back then) it was October 2005. My total debts were just under 109k .

My take home pay was roughly £1100 and I had no assets.
I rent my flat from the council and done the Budget with CCCS that worked out after my living expenses and bills that I could afford to pay £450 a month.

Girl on the phone said it was a reasonable amount and they wouldnt take out a CCJ because court would look at budget and say I was paying maximum I could afford.

Nearly 9 years down and still paying it (Currently £463 - pay sometimes goes up but rent and electricity definately does)
Just going through figures for next 12 months and I think my payment will be increasing so that might make a few months different. Obviously negotiating F&F settlements might reduce it further.

Never tempted to go bankrupt as it was my mistake and I can live (just about) on my DMP. 11 more years being probably reduced to 5 has put a spring in my step.

Debt is the scariest thing in the world at first but if you do your best and are honest you will be surprised how nice most of your creditors are. Got some dodgy collection letters off the likes of LLoyds when I first started but now I get a call or a letter every 6 months or so.

It does get easier. Just glad I made the call

NewcastlePaul

cleomolly wrote: »

Suseka re Stepchange annual review, I've just done mine and they said it would be available to complete online very soon so not sure whether it is or not yet! They usualy email me when its due and it's simple to complete, takes about 20 minutes. You can print off your current budget online and a blank budget and its worth working it all out before you call them. Copies of payslips aren't needed. Hope this helps x

Mine normally takes about 5 mins.
Just go though differences

Normally Pay, Rent, Elec (going up)
Insurance (going down)

Growurown

Suseka wrote: »

For those using Stepchange - what's the annual review process? Do they call, do I have to call, can it be completed online? Do I have to send in copies of the most recent payslips (thinking of OH's payrise). I will let them know, but wondered if they'll need to see the slips as well. Basically any advice about this stage would be helpful.

Sx

I did the first one by telephone, the last one I did it all online. It was easy to do and didn't take very long. I did do a bit of preparation for it though as a few of my outgoings have changed. I have a spreadsheet I use and put all my new figures in that first and then it was just a matter of copying them over.

Puzzcat

Growurown wrote: »

I did the first one by telephone, the last one I did it all online. It was easy to do and didn't take very long. I did do a bit of preparation for it though as a few of my outgoings have changed. I have a spreadsheet I use and put all my new figures in that first and then it was just a matter of copying them over.

My review is a way off.. but I am keeping tabs on what's changing in my budget as I go along.. ie: gas/electric up £2 a month, water up £3 a month, phone up £1 a month.. can you see a picture forming.... then when it comes to review i'm ready...!! The advantage is I'm paying the 'up' prices now so hopefully my huge payrise.....haha will mean I am able to increase my dmp payments rather than it remain static or have to decrease..
I have had a small payrise since starting my dmp and i'm stashing this instead of spending it so again I can hopefully increase the monthly dmp payments..

Suseka

Thanks all for your helpful responses about the annual review. Good to be prepared. I had a quick look on the SC website and it seems it can now be done online. So I'll take your advice and get everything ready beforehand. There's not much to alter other than the expenses NcP mentioned -so it should be painless

Having almost reached that 1 year marker - I would like to say to all those starting out that it might be a bit stressful at the outset and until things settle down, but it was the best thing we did. I was mortified to find out our financial situation was so dire, and truth be told had probably been doing a bit of an ostrich act for some years. But when that LB moment hit and we approached SC everything changed. I no long worry about statements and letters -in fact they've pretty much dropped off to zero. Am quite happy that my Noddle account shows my credit rating is shot, because I never, ever, want to borrow money again.

We still have four and some years to go, so the light at the end of the tunnel is a distance away -but one thing i know for sure is that it's inching ever closer day by day.

Sx

Time_to_face_the_music

markob66 wrote: »

Hi I am after many years of struggling about to embark on the DMP route.Hello to all I have a couple of questions if that is ok.
I work as a nurse and can occasionally get bank work, do I have to declare this or can I siphon it away for emergencies or hopefully build up a sum to pay off some of my debt?Im sure I will have many other questions I have read through this forum topic extensively and it has been incredibly encouraging, Thank you.

Hi and welcome markob66 :hello:

Same advice as Puzz and HH, only include regular pay and keep anything extra as an emergency fund.

There is an amazing amount of help, advice, experience on this thread and our previous ones. Please stick around and ask anything you need, someone here will always try to help.

markob66

Thanks for the replies,I had a long chat with the adviser at SC and he ironed out a lot of my worries, what nice people they seem to be there.My guilt is also less now as he pointed out I am not giving up on my debts just reorganizing them into something more manageable.It is amazing how precarious our lives can be, three months ago I was settled living with my partner, two healthy incomes, debt of course, but we managed,then the next minute she is flying around with a new fella and I'm out the door!It was a massive shock to realise I was so skint, basically my wage was paying off the minimum on my debts, couldn't afford the petrol to do my job! Nightmare.
According to SC I should be debt free in just under five years, two years before I retire, I am so relieved I can now retire debt free it opens up so many more opportunities.I feel so happy now.

Sazzie23

markob66 wrote: »

Thanks for the replies,I had a long chat with the adviser at SC and he ironed out a lot of my worries, what nice people they seem to be there.My guilt is also less now as he pointed out I am not giving up on my debts just reorganizing them into something more manageable.It is amazing how precarious our lives can be, three months ago I was settled living with my partner, two healthy incomes, debt of course, but we managed,then the next minute she is flying around with a new fella and I'm out the door!It was a massive shock to realise I was so skint, basically my wage was paying off the minimum on my debts, couldn't afford the petrol to do my job! Nightmare.
According to SC I should be debt free in just under five years, two years before I retire, I am so relieved I can now retire debt free it opens up so many more opportunities.I feel so happy now.

Lifes intricate twists & turns:eek:, glad you are getting it sorted out, I've learned loads from this thread & MSE in general so that's one of my silver linings, the second one is that I've learnt much more about what I can live without - very valuable lessons for me. Keep tuned to this thread and the 5 years will fly by