DMP & Mutual Support Thread - Part 9

vix1977

sunnyskies2 wrote: »

Vix, i would imagine SC all ok with your plan - best to check with them - I'm exactly where you are - sending last of letters off, clearing out from creditor bank and sending SC agreement back tomorrow - very excited:) - if of interest I've started to write a basic diary - as there doesn't seem to be much about being s/e on the threads
Sarah

Hi Sarah
thanks, I have subscribed to your diary. I do think it is a little bit harder with OH being s/e. never know what is coming in which is why I want to put off SC until August so we can have some money behind us! My new bank account completed today and my old account have already added on about £70 worth of interest! :eek: Definitely over my overdraft limit now! oh well!! they can't have what I haven't got!!!


Vix

Julie67

Thanks for the replies guys, especially HH.
I think we are going to go Self managed. Dh is not sure but then as he says it's me that does all the organising, planning letter writing and dealing so he's happy to go this route if I am.
I think my first job on Monday will be to phone tax credit and child benefit so I know exactly where I am up to, then fill in the NEDCAB budget and take it from there.
I think I will feel better being in control and I want to get in the state of mind were we target one specific debt, get it paid off and then another, obviously whilst paying the others monthly, sorry I'm rambling
Have a good day all x

City1

Hi Ash73,
You are not alone, we have done the same thing as yourself. Except we are 25k in worse position than you. We are with SC, fingers crossed with a lot of hard work and help (SC) and hopefully this forum. We can make a positive out of a negative.
Going to be a long road...

Time_to_face_the_music

Julie67 wrote: »

Hi all,

I posted a lot here when setting up my DMP with SC. Well we are year in and a few thousand has been paid off which is wonderful. But our situation is about to change and I'm considering self managing our DMP. Our youngest son will be 18 in June so I'm guessing our child benefit will stop and also child tax credits I'm sure will be vastly reduced or gone. But I've just been awarded a benefit due to my health. So quite a change, can anyone answer the following questions.

Did you have any trouble managing yourself and the attitude of companies towards you? Is there a messy changeover?

Do you find you take more ownership? By that I mean I've almost forgot about our DMP because someone else has been managing it for us. I'm wondering if it will help me to try and tackle the smaller debts and really focus every penny on getting rid of it.

Or did you fall back into the trap of not making the payments when things were tight and getting back into a mess.

Would you say it was more stressful ?

Thanks for any replies.

Hi Julie :hello:

No problems for me with the changeover and now it should be easier as CAB online DMP provide all the changeover information/template letters etc.

https://nedcab.cabmoney.org.uk/dmp.asp

Definitely less stressful because I could control things myself instead of arguing with Stepchange who insisted on going against FOS advice. That one still pees me off :mad:

I loved taking more ownership and holding the reins when creditors would not play nicely. I took great pleasure in paying Lloyds TSB £1 per month, until they decided to play ball and be nice.

If you feel like you have almost forgetten about your DMP, now is the time to go self managed and get back that control. Check all your balances are accurate, ensure all interest/other charges have been stopped, ask for refunds of anything charged since the start of your DMP, check if you have any PPI to reclaim etc. Set yourself up a spreadsheet and record all your payments each month, it's really motivating to see the balances going down and know it's all down to you.

The other one big advantage I loved is that it immediately took one month off our DFD as there was no-one holding on to our payment for 25 days before paying it to the creditors, so they actually got 2 payments in one month which was great seeing the big drop in the balance.

You can do this and we will be more than happy to help, so go for it!

TTFTM x

Time_to_face_the_music

Ash73 wrote: »

I have £54,000 of debts that I can't afford due to stupidly bad budgeting and a house renovation going wrong. I feel stupid. Today I have phoned a debt counsellor and think a DPM may offer a solution. Just a few questions that I'm worried about:

Do all creditors accept plans - I have debts with barclaycard, tesco finance, Halifax, mbna.

I have a car on a balloon payment scheme that runs out Aug 2015. Is there any chance of getting finance to pay the balloon payment or start a new lease agreement?

Will taking up the plan affect my husbands credit rating? We have a joint mortgage and a joint account for household bills.

I'm really scared about not having the cc security blanket but know I need to do something.

Thanks in advance for any advice.:(

Hi and welcome Ash :hello:

Have you spoken to Stepchange about the car balloon payment? They may allow you to put some money aside to save for this as part of your income and expenditure.

If you have a joint mortgage with your husband, you are already financially linked so it's not worth trying to separate the household bills account but you need to ensure this account is not linked to any of your creditors or they could offset money from it.

The start up of a DMP is scary and the first few weeks can be a bit of an emotional rollercoaster. People commonly see their debt rise by a small amount at first which can be upsetting but it does settle down and by month 2, it's generally going in the right direction.

From your list of creditors, I only have experience with MBNA and they were great right from the start, freezing interest and charges and being generally nice and helpful. Have never managed to get them to default me but that's another story and a battle for another day!

Anything you need to know, please ask, someone here will always try and help you, and the support is second to none.

TTFTM x

Puzzcat

Hello oldies.. and welcome to the newbies....


A quick update from me, not really dmp related but..


My little 12 year old car went in for its MOT today, first since starting on the dmp and no cc to use... and it failed... but... only £148.. which I have in my car fund...

Ellieseleven

Good for you Puzzcat!

Growurown

Puzzcat wrote: »

Hello oldies.. and welcome to the newbies....


A quick update from me, not really dmp related but..


My little 12 year old car went in for its MOT today, first since starting on the dmp and no cc to use... and it failed... but... only £148.. which I have in my car fund...

I'll be over the moon if my car gets through the MOT for that amount!

Puzzcat

Growurown wrote: »

I'll be over the moon if my car gets through the MOT for that amount!

I am smiling like the Cheshire cat tonight! Fingers crossed for you. Xxx

Ash73

Thanks. Sc won't let me save to pay off the car - it would be too much. I am thinking about swapping it on a new 4 year PCP with payments staying the same just so ive got a car for the next 4 years. It's with fiat and I'm worried my credit score will be too low - don't suppose anyone knows what checks/ threshold fiat have? Id just feel better than as I really need my car for work.

Great advice on the bank account - I'm checking tonight that all payments come out of my account and not the joint one.

I think this is the right step - I just need to get all my stuff together and go for it. It's amazing seeing how brilliantly everyone else has done - I can't imagine debts going down rather than up!

Thanks again - any more tips gratefully received.