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Thats it! DMP final payment made today.
sam89
Posts: 267 Forumite
As the title said we made our final payment to Payplan today and I have cancelled the standing order and removed the payment from my monthly budget spreadsheet 
. It's been 6 years and 3 months of tight budgeting, small panics when things broke down, and lots of little achievements.
Our debt was huge (£104,000 :eek:) and mostly interest due to us burying our heads in the sand and using credit to pay credit. If this is how you're living just now please stop and get help, that magic wand never waves, the lottery win doesn't happen. Only you can stop the cycle and take control of your money. We only stopped using credit when it ran out and not seeking advice earlier was a huge and costly mistake
.
For those who are starting out on the DMP path or thinking about it don't hesitate. Contacting Payplan was the best thing I ever did and we would not be debt free now if it wasn't for their help and advice.
One other piece of advice which worked for me but goes against most advisors on DFW is to talk to your creditors. The majority are so understanding when they see you are trying to do something positive to clear your debts and it's empowering to feel you are in control of the debt not the debt controlling you. The only exception to this was Lloyds who were complete sh**s until I wrote to their chief executive and complained :rotfl:. They were only allowed to contact me in writing!
The other thing I did was keep a spreadsheet of the actual balances of the debts which I updated from monthly statements. Payplan work from the starting balance so any interest and charges isn't shown by them until towards the end of your plan. It was very motivating to see the total debt reduce each month :j.
So, thank you DFW and particularly the lovely folk on the DMP support thread. It's been great knowing I'm not alone and the advice on here has been invaluable.
I'd like to tell you it feels wonderful to have finished the DMP and it does but it's also a little bit scary to be able to make choices with our money instead of just covering the essentials. I see more spreadsheets being created
. I'm off now to have a look at ISAs and get going with saving :beer:.
Good luck to all of you, you'll get here too,
Sam, xxx.
. It's been 6 years and 3 months of tight budgeting, small panics when things broke down, and lots of little achievements.Our debt was huge (£104,000 :eek:) and mostly interest due to us burying our heads in the sand and using credit to pay credit. If this is how you're living just now please stop and get help, that magic wand never waves, the lottery win doesn't happen. Only you can stop the cycle and take control of your money. We only stopped using credit when it ran out and not seeking advice earlier was a huge and costly mistake
.For those who are starting out on the DMP path or thinking about it don't hesitate. Contacting Payplan was the best thing I ever did and we would not be debt free now if it wasn't for their help and advice.
One other piece of advice which worked for me but goes against most advisors on DFW is to talk to your creditors. The majority are so understanding when they see you are trying to do something positive to clear your debts and it's empowering to feel you are in control of the debt not the debt controlling you. The only exception to this was Lloyds who were complete sh**s until I wrote to their chief executive and complained :rotfl:. They were only allowed to contact me in writing!
The other thing I did was keep a spreadsheet of the actual balances of the debts which I updated from monthly statements. Payplan work from the starting balance so any interest and charges isn't shown by them until towards the end of your plan. It was very motivating to see the total debt reduce each month :j.
So, thank you DFW and particularly the lovely folk on the DMP support thread. It's been great knowing I'm not alone and the advice on here has been invaluable.
I'd like to tell you it feels wonderful to have finished the DMP and it does but it's also a little bit scary to be able to make choices with our money instead of just covering the essentials. I see more spreadsheets being created
. I'm off now to have a look at ISAs and get going with saving :beer:.Good luck to all of you, you'll get here too,
Sam, xxx.
DMP Mutual Support Member 138
Proud to have dealt with my debts
:beer:DMP completed 1/11/13:beer:
0
Comments
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Congratulations Sam:j
Don't forget to add your name to the debt free roll of honour A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
so very pleased for you, congratulations
LIVE SIMPLY * GIVE MORE * EXPECT LESS * BE THANKFUL0 -
Well done hun, thanks for motivating me!Back in the red :mad::mad:
CC: £1829
Overdraft: £2000
Catalogues: £350
Grocery Challenge: February 2016 £51/£300
Earn £2016 in 2016: £0/£20160 -
Very well done.
A lot of hard work, and a big achievement.I am one of the Dogs of the Index.0 -
Fantastic!I'm Debt Free :j 2/09/2013
Debt at LBM 30/04/2010 £24,109.38,0 -
Well done Sam.Debt 30k in 2008.:eek::o Cleared all my debt in 2013 and loving being debt free
Mortgage free since 20140 -
Oh well done that's awesome news!!!Debts Jan 2014 £20,108.34 :eek:
EF #70 £0/£1000
SW 1st 4lbs0 -
Well done Sam, that's a fantastic achievement! I'm so pleased for you and stories like yours spurs me on and keeps me motivated and on track.
Take care and enjoy your debt free future
Ellie xxDebt Free 1st March 2017
0 -
Wow! Very well done Sam, that's no easy task but congrats on your debt-freedom :T
LMD xLife gets in the way...PADding is addictive...Saving's better than spending...My savings diary - Now for a healthier, wealthier me2026 1p challenge #7 | Cash envelope challenge #01 | SPC #017EF £1000/£1000 | Sabbatical £4685/£60000 -
:j Wow - congratulations! :j
Wishing you a happy debt-free life for ever more!0
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