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DMP & Mutual Support Thread - Part 9

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  • Knew there was a reason for posting on here!

    Finally I got a strange letter from Lloyds. They are very kindly as a concession to me only going to charge me 0.2688% interest for the next year. WOW thanks for that as seeing the money-grabbing, blood-sucking vultures are claiming the biggest slice of the pot for almost half the amount owed compared to the others.

    I know I should be really grateful that they have at least come up with a really low percentage by pressing a number of buttons on the calculator in a random way, but would it really have made too much of a difference just to charge me 0%.

    I also notice that they electronically sign their letters, mine just had a squiggle and the word manager. Actually I may copy it next time I need to sign something. ;)

    Wisdom comes from experience. Experience is often a result of lack of wisdom.
  • Ox1987
    Ox1987 Posts: 333 Forumite
    edited 26 March 2013 at 9:11PM
    As stated my concern is similar to yours as you have probably read on my other threads I too think that a bankruptcy would lead to my losing my house and with 3 kids that concerned me and as well as i dont fancy a life on benefits as its is not guaranteed i will get a job in my field again
    The other issue is that the work i have at the moment is only a 12 month contract and that has been the problem I have not had full time work since 2010 when I was made redundant I would go bankrupt if I knew my family would be ok I have the fees ready if necessary. Also the only asset I worry about is my wifes wedding and engagement ring they are sentimental but they may take them (Though I saw Shane Filan from Westlife kept his 38k on)
    All i want is the kids to be fed have a roof, be clothed and be happy I will work for that doing what ever, material things are less important now I just want to be happy again which I feel i never will be
  • Mossop01
    Mossop01 Posts: 203 Forumite
    Hi ox, everything has been said already, it does seem like a long time to be on a dmp but dome people do have them for that length of time, mine is currently at +7 yrs, but once on it and budgetting it might be easier to plan and when times get better increase the dmp. BR wasnt an option for us as we have equity in our house and 2 young children to think about, but i knew we couldnt carry on as we were. Its really about weighing up pros and cons and making informed decisions which can be tough to do when ur in a fog of debt, one of the best things about the dmp for us is the budget, with everything worked out we can live within our means. £200 a month is a good stary on a dmp and regular reviews mean this can be adjusted up or down if needed (hopefully up).
    Do your research with a clear head and come to the best decision for your family, everyones circumstances are different, lots of luck with your journey though x
    LBM Dec 2012 total debt 33,889 :eek:dmp started March 2013 DFD Dec 2024
    Nov 2015 balance £22,679 going in the right direction!!
    Onwards n upwards!:T
  • Mossop01
    Mossop01 Posts: 203 Forumite
    Knew there was a reason for posting on here!

    Finally I got a strange letter from Lloyds. They are very kindly as a concession to me only going to charge me 0.2688% interest for the next year. WOW thanks for that as seeing the money-grabbing, blood-sucking vultures are claiming the biggest slice of the pot for almost half the amount owed compared to the others.

    I know I should be really grateful that they have at least come up with a really low percentage by pressing a number of buttons on the calculator in a random way, but would it really have made too much of a difference just to charge me 0%.

    I also notice that they electronically sign their letters, mine just had a squiggle and the word manager. Actually I may copy it next time I need to sign something. ;)

    Well done on ur breakthrough, it does make u wonder if some jumped up pen pusher (or mouse clicker) just picks a figure out of thin air to be awkward! Nevertheless good result! X
    LBM Dec 2012 total debt 33,889 :eek:dmp started March 2013 DFD Dec 2024
    Nov 2015 balance £22,679 going in the right direction!!
    Onwards n upwards!:T
  • Ox1987
    Ox1987 Posts: 333 Forumite
    We hope to find savings and OH would like to work so would increase the debt payment
    We have no equity in the house but as you worry about the kids and my career but other than that we would declare BR i think though some people have stated that I am talking to premature about BR and should give it a go
  • I am in a DMP, a mum of 3. My boyfriend and I would like to live together, but we're worried that his salary will be taken into account if we do. Does anyone know if this is the case, or do they remain my debts, to be paid out of my income?

    Many thanks!
  • Julie67
    Julie67 Posts: 2,362 Forumite
    1,000 Posts Combo Breaker
    one of the best things about the dmp for us is the budget, with everything worked out we can live within our means. £200 a month is a good stary on a dmp and regular reviews mean this can be adjusted up or down if needed (hopefully up).
    Do your research with a clear head and come to the best decision for your family, everyones circumstances are different, lots of luck with your journey though x


    I agree with Mossop. We've started on a small amount to the dmp, not quite £200 but this will go up by £100 in the summer and hopefully up again as our situation improves. I'm not even going to tell you how long it would take us to pay back all our debt based on what we pay at the moment but we would both be long dead and gone:rotfl:as Mossop said thats just the beginning, honestly you become so much better at managing your money and being creative with what you have and what you really really need and not just want when you dont have a credit card to fall back on. for us it was the best solution. What have you got to lose giving it a try, you could always go the BR route if at a later date you have no other option, but of course the final decision is yours, good luck.
    Nessinoo I am by no means an expert but when we took out our dmp and we are married i was asked if I wanted to do a joint one or on my own, as we both have debts we went the joint route but I am pretty sure your debts are your own. I think if you want to up your payments you can if you have more money coming in, ie he is contributing to the household but you may be better saving and working towards full and final offers. HH and TTFTM usually answer this type of question but i think this is the case.
    Just finished updating my spreadsheet on my old laptop cos i cant find a free one on my Ipad, lets hope it doesnt die:cool:
    Started Self Managed DMP 10th May 2017.
    Working hard to get rid of our debt.
  • gizmo111
    gizmo111 Posts: 2,663 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    nessinoo wrote: »
    I am in a DMP, a mum of 3. My boyfriend and I would like to live together, but we're worried that his salary will be taken into account if we do. Does anyone know if this is the case, or do they remain my debts, to be paid out of my income?

    Many thanks!

    His salalry is his business - your debts are yours and he can never be held responsible for paying them, not even if he wins the lottery or you get married.
    Mama read so much about the dangers of drinking alcohol and eating chocolate that she immediately gave up reading.
  • Ox1987
    Ox1987 Posts: 333 Forumite
    edited 27 March 2013 at 12:45AM
    A quick question I have the two boys Child Trust Funds with the bank that I will leave as I will owe money to. These are proper trust funds opened up with the vouchers when they were given and also my mum has put some money in the eldest when my gran died
    Is this money safe both in the case of a DMP and also in the case of a bankruptcy
    please dont tell me they will lose their money not sure i could live with myself if that happens

    the whole dmp thing is really scaring me if im honest if it has a chance to work for me i am happy but it is scaring the hell out of me to get it set up
  • antonic
    antonic Posts: 1,978 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Morning Ox,

    As some one who is nearing the end of the DMP (sse sig for details), I will repeat what the others have said, it is a long term thing (7yrs + for me) BUT once you realise

    1) Your in control
    2) Your creditors can make life difficult for you if they want BUT in the end they realise its better to get something from you rather than nothing if you go bankrupt
    3) Go with a free DMP provider (StepChange/Payplan/Christians Against Poverty) and keep to your payments OR let them know if you hit a problem and then you get left alone.
    (Personally I went with Payplan and have never had a problem), also I only had 4 creditors, and in the 87 months my DMP has been running I have never had a problem with Payplan or my creditors).

    As for your question about Child Trust Funds, they belong to your kids , they are NOT an asset of yours.

    Good luck on the DF journey and well done on realising that you need to sort this out !.
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