DMP & Mutual Support Thread - Part 9

Ellieseleven

Just dropping by to say... we have made the half way point:j
It's taken us 3 years and 9 months so far and we have another 3 to go (but hope to reduce this!) Our original debt-free date was 2021 so keep with it and take heart if you are just starting out that you can do this;)

Take care
Ellie xx

jubilee14

Ellieseleven wrote: »

Just dropping by to say... we have made the half way point:j
It's taken us 3 years and 9 months so far and we have another 3 to go (but hope to reduce this!) Our original debt-free date was 2021 so keep with it and take heart if you are just starting out that you can do this;)

Take care
Ellie xx

wow well done EE that is great progress and what a difference to cut 4 years off your DFD. :T

Hopelessly_Hopeful

Ellieseleven wrote: »

Just dropping by to say... we have made the half way point:j
It's taken us 3 years and 9 months so far and we have another 3 to go (but hope to reduce this!) Our original debt-free date was 2021 so keep with it and take heart if you are just starting out that you can do this;)

Take care
Ellie xx

Wehey


Am now singing we're half way there!


Very pleased for you


HHx

Time_to_face_the_music

Ellieseleven wrote: »

Just dropping by to say... we have made the half way point:j
It's taken us 3 years and 9 months so far and we have another 3 to go (but hope to reduce this!) Our original debt-free date was 2021 so keep with it and take heart if you are just starting out that you can do this;)

Take care
Ellie xx

Great news Ellie, am so pleased for you! :j

TTFTM x

sickasachip13

Time_to_face_the_music wrote: »

Hi SAAC, long time no see :hello:

I think we all have these fed up times and I start obsessing over my spreadsheet and doing what if scenarios. Am currently looking at holidays, thinking where will we go when we are debt free .....

The thing that really keeps me going is recording and celebrating milestones, getting into next thousand or even better ten thousand mark; reaching next 5 or 10% paid off; seeing the end of a complete debt etc.

Get on to claiming back the PPI, it will reduce your DFD and hopefully motivate you.

TTFTM x

Hi TTFTM (and GrowUrOwn and Larac)

Yes, it does become a bit of a grind at times doesn't it. But then, goodness only know what sorry state we'd be in if we hadn't started the DMP!

TTFTM, I need to reinvigorate my spreadsheets, I have been neglecting them! Like you say, the milestones make a difference - dropping from the debt begining with a 4, to a 3, to a 2 and, shortly, a 1 :-) That's good stuff.

I do spend time looking at my Stepchange statements as I love it when one the debts drops into a different bracket. After I last posted I actually got all my statements out, from the start of the DMP and spread them across the floor and just reminded myself of the epic journey we've been on so far.

Glad it's going well for you folks and TTFTM, holidays are a great incentive :T

SAAC x

ETA: I also just looked back at the piece I did for Stepchange an age ago, and that cheered me up too! http://moneyaware.co.uk/2011/09/my-debt-hell/

Standingtall

Hi All

I know people starting out on DMPs often have questions regarding the freezing of interest and charges so I thought it might be useful to provide a snapshot of my situation.

I am now halfway through Year 3 and my DMP was expected to last anywhere between 15 and 20 years Anyway, I have managed to increase the payment at each review and gradually the date is reducing. An IVA became an option recently but I declined as my circumstances have now improved and I would prefer my credit file not to have an IVA showing due to working in finance.

As many of you may have noticed, some of the statements you receive from creditors are completely nonsensical and do not make things easy. So, today, I finally plucked up the courage to look at my credit report and then to compare the figures with those Payplan hold and on those debts listed (Equifax) the total difference is circa £1,000 (my original debt was £17,000).

To summarise, therefore, the initial interest and charges until everything settled was around £1,000 which I am pleasantly surprised about - imagine that figure had I not gone into a DMP:mad:

I did have to chase the creditors myself at the start of the plan and then again during it once or twice but generally they have played ball. I have three defaults all in early 2012 and most show 'AP' (arrangement to pay). Interestingly since i have now moved home and remarried (name change), whilst Equifax have linked to my previous name, Experien have not - so we shall see what happens. Either way, things are looking good for 2018 when I shall finally be able to go on the new mortgage my husband has had to secure and also we will have a joint bank account - whoop:T

I hope this is useful for people who have questions relating to this issue - and good luck everyone :money:

summer33

Hi All

I am new to this discussion. I have been on the DFW board, and started my own diary.

I have been reading this thread and am intrigued and find myself thinking about going on a DMP.

I am posting as I really dont know what to do for the best

I have started making reductions in our outgoings as and where I can.

What has made me start to consider a DMP is the changes I am going to have with my barclays current account. They are changing the way they charge for overdrafts, and there is no way in the world I will be able to find £1200 between now and June

It is just another problem I have now to face, just as I thought I was getting somewhere.

I have in the past contacted all my creditors, and made arrangments with them...but I recently have not kept to these payments. Plus the payments I am making are going to take years for me to clear the debts.

I just dont know what to do for the best???

Any help would be appreciated.

Puzzcat

Hi Summer and welcome,


Some of the things to consider with a dmp is


A trashed credit record.. so if you alread have one then a dmp is possibly a good idea..


Also you do need to include all debts so if you hold joint accounts with your partner/husband they would need to be included or transferred to sole accounts..


You would also need to open a basic bank account away from any creditor you currently have debts with.


Although many creditors do freeze interest, they don't have to and it is down to you to push for this and keep a close eye on your statements and to update your dmp online (well for stepchange anyway..)


Maybe go onto the stepchange website and have a play with there debt remedy tool and see where it leads you?


I'm now in my sixth month of my dmp and I love it, just wish I had known about them before all that consolidating I did...


Try and read back over this thread if you do decide to go ahead as it has loads of information on it and feel free to ask as many questions as you like..


Good Luck.
Puzz.

Pickle29

Hi SickAsachip and standing tall

Just wanted to say how inspiring your recent posts were and the links to your previous article ( which I can't copy! Oops!!)

It shows that there are many of us in the same boat, going through the same issues and there is a way forward. I could really relate to a lot of what you were both saying as if it was me!

I think this forum is a great support and thanks for updating us with your stories ( I might write mine one day, but I still feel that I'm still learning/feeling my way through!)
Thanks again x :j

77blondie

In process of setting up a dmp. First call done with Payplan then heard nothing and have contacted some creditors directly and have got agreements from 4 out of 6 of them. Question is do I go ahead and let Payplan take over finalising arrangements or do I continue myself?

Have £20k plus £70k negative equity on a house that's been voluntarily surrendered to bank