DMP review - don't want to tell them about pay rise!

Time_to_face_the_music

RAS wrote: »

People have suggested that Payplan is less generous in its plans that Step-change?

Payplan and StepChange are both considerably less generous than going it alone and using NED CAB DMP plan

http://mymoney.nedcab.org.uk/moneyadvice/dmp.asp

I really can't recommend it highly enough and we had no issues moving from managed to self managed. I can see why it's won so many awards and just wish more people knew about the option. If only we had known this when we started off but isn't a little hindsight a wonderful thing

Loo44 wrote: »

Thanks guys. DMP is with Payplan. Think I'm just in a deep funk at the moment. Nowt to look forward to as end of DMP is so far away. Keep trying to win a little weekend break on competitions, but no luck yet lol. Still grieving for my beloved mum,who died last year, dad found new lady and is keeping me away and then hubby decides to play away from home with work colleague! Someone send me the lucky fairy xx

You sound like you have gone through a really bad time and deserve some good luck. Hope things turn out better soon.

If you do decide to go self managed and need any advice, just give me a shout.

TTFTM x

Upsidedown_Bear

Loo44 wrote: »

Thanks guys. DMP is with Payplan. Think I'm just in a deep funk at the moment. Nowt to look forward to as end of DMP is so far away. Keep trying to win a little weekend break on competitions, but no luck yet lol. Still grieving for my beloved mum,who died last year, dad found new lady and is keeping me away and then hubby decides to play away from home with work colleague! Someone send me the lucky fairy xx

Will she do?

Learning2Budget

I totally understand where you are coming from. I just got a payrise but it may not be permanent. So my plan is to put some of it into an emergency fundbut also buy the kids a few new bits cos they are growing at a rate of knotts and perhaps buy myself something new cos Im shrinking at a rate of knotts too! I know Im in debt but i am clearing it but everyonce in a while its nice to upgrade! L2B.x

Loo44

Upsidedown_Bear wrote: »

Will she do?

That is adorable. Thank you sooooooo much xx

Standingtall

Hi there . Unless your pay rise is huge then I very much doubt it would outweigh the cost of living rises in any case. You could admit to the rise (or part of it) and then increase your costs. I would allow your DMP payment to go up by just a small amount that way your creditors at least see it moving in the right direction.

This works for me as all parties then see a win:T

Juan-two-three

I wouldn't bother telling them myself Loo44..

The way I see it, if I told them every time sth changed on my plan, I'd be having a review every couple of months!

I seem to spend 1/2 of the year just making do, because some costs in the plan have gone up and the other 1/2 either on track or with maybe a little left over. Overall though, the plan is working and the debts are being paid off.

I see sooo many posts were people feel low, bad or guilty and this is when they're dealing with their debts. I think it's high time we patted ourselves on the back and said...."you know what? I'm doing alright here.....I might just be getting by and not be able to afford luxuries, but I'm working positively to pay-off the debt and not just walking away from them, or trying to avoid them."

So, to everyone who's on a DMP........from (humble, nobody)me.............well done and keep up the good work :T

And maybe, just maybe, this is true......."it's all good in the end. If it's not good; it's not the end"



John on a DMP with 3 years still to go

andy1886

Sympathise with you . I have been on a dmp for 3 years now and havenot reached halfway in my payback amount . During this time I have increased my payments when a loan expired and my mortgage dropped , but when I finished part of my mortgage I increased the expenditure on my plan to hide the figures and opened a savings account to save for emergencies and also to try full and final settlements if enough gets saved . The creditors who are fair with me will get every penny owed but some if my payments to them increase will raise the interest I pay them so it is to protect myself from them I have chosen to do this , morally wrong but fed up being shafted by these companies . They are encouraging you to do this by not helping out . We have had 1 night out in 3 years , no holidays days out or any treats cut back to the bare essentials and feel we need this to fall back on if any emergencies crop up . Good luck but for me don't tell them about it just increase your outgoings .

xgingerx

I wouldn't bother, just extra in a savings account fund towards a full and final settlement. I'm with stepchange and its rubbish about having to live on the breadline, they are generous with your allowances and I've been with them 6 years and yes I still have a life and go on a cheap holiday once a year, do not let the dmp rule your life it's too short and remember its only an informal agreement and as long as the debt is coming down that's all creditors want

Miss_Poohs

For what it's worth I'd say nothing and/or ask them to review. It's all very well people saying just knuckle down and get on with it, but when you're looking at a long term DMP it's no joke, specially when you've had such a rotten time.
I think you're doing really well - don't feel bad about treating yourself to something new.

DS4215

How much is your pay risen by? - If it is a small amount (<£100pcm) then you could probably hide it among the increased bills (gas/electric/petrol/insurance/food, etc at £1-20pcm each). If it is a larger amount then you will probably need to increase your payments by some amount.