Have I made a mess of it all?

ShinyShoes

was speaking to hubby about the DMP I've suggested and posted on Friday. He said that I should have prioritied the overdraft debt before the credit cards, I've just included them in my liabilities and they've had a weighted share of my spare cash in relation to the debt. Have I f'd up?

Also, this is my first month, I took out the cash for the cash expenses and have found it hard splitting it all up, think it's because it's almost a 5 week month. Hopefully hubby will clear the garage se we can return that to the council and free up £60 per month and that will certainly help things!

Part of me feels like I have regainsed a sense of control over the money (if the DMP is accepted) part of me feels worried that I've bitten off more than I can chew. Time will tell!

beth3735

When i started my DMP I had and overdraft added, credit cards added and a catalogue added.

I have to admit my Lloyds overdraft caused me no end of problems, I was lucky that it was only around £500, but each month i had over £30 worth of charges added even while on the DMP. It was getting stupid, so in the end i had no choice but to find the cash and clear them and close the current account.

I really hope that your overdraft bank accept the DMP, if they do, then you have done the best thing I'm sure there are plenty of people who have had successes with the bank accepting the DMP for the overdraft.

BTW no matter what issues i have come across since starting the DMP, the benefits of the DMP will always outweigh the bad issues. Think that soon enough you should be debt free when the DMP starts

moohound

My Lloyds OD was included as well and they charged me £29 a month and their share was only £14. It was for £1400 and it now about £1550.

I have strong uncomplimentary views about LLoyds which I won't repeat because I don't want kicking off the forum:o

fatbelly

ShinyShoes wrote: »

was speaking to hubby about the DMP I've suggested and posted on Friday. He said that I should have prioritied the overdraft debt before the credit cards, I've just included them in my liabilities and they've had a weighted share of my spare cash in relation to the debt. Have I f'd up?

No, they're both non-priority. Just make sure you're now banking with someone unconnected to your debts. And if either creditor is slow to freeze interest/stop charges, you will need to nag and quote The Lending Code.

whattodo1967

I started my DMP 1 year ago, and had 2 overdrafts with Barclays they accepted DMP and they stopped charges almost immediatly. I personally think you have done the right thing.
Good luck on your journey.