Reeling from the Reality Check

in_need_of_direction

I am totally in awe of you people. When in serious debt, I juggled and consolidated, juggled and consolidated and increased my mortgage. I would never have been brave enough to go the dmp route and have to engage with the predators. Suppose that's why I'm now paying it off over my mortgage term.

Historybuff

Thanks, Brogden and eager elephant. I think I was bamboozled a bit on the phone. I'm going to resend the I and e and write as you suggest, eager, that I was misinformed by the person I spoke to and that under the common financial statement household maintenance is allowed, so i would like to reset my payments to the lower amount.
INOD, I spent years doing as you did, paying minimum amounts, consolidating, increasing the mortgage. It was only when I reached breaking point and had literally no money left at all to pay anything, that I realised something definitive would have to be done and I sort of fell into doing my own DMP. I had intended to use stepchange, but when contacting predators to inform them, I found myself sorting out the reduced payment plan by myself. After being on it for ten months and struggling from ten days in, each month, I know the payment amounts need to be reduced for my own sanity. As u say, what can they do. As long as something is being paid each month. This particular loan had all the interest loaded on up front as well, so they are not missing out anyway, whatever amount I pay.
On another note, I have been trying over several months to get my craft room sorted out. Well today it's been done. DD came to help me and we spent the day beavering away, having a good throw out and rearranging everything. She had a motive, though, because she is sharing it with me. It's done, though. Fab.

in_need_of_direction

Will that mean that you'll be making stuff to sell?

Historybuff

Yes, INOD. I've sorted out the eb&y account and paypal and am all ready to go. All the money made from the crafts is being saved up for the emergency fund. I've got loads of materials and projects on the go.

Igamogam

Do you have a business account out on the bay of e??? If not be careful you don't fall foul of the rules and HMRC.

Historybuff

Thanks, Igamogam. I'll bear that in mind. I'm only trying ebay while the weather is bad. Come Easter I'll be out at the carboots again...

Brogden

in_need_of_direction wrote: »

I am totally in awe of you people. When in serious debt, I juggled and consolidated, juggled and consolidated and increased my mortgage. I would never have been brave enough to go the dmp route and have to engage with the predators. Suppose that's why I'm now paying it off over my mortgage term.

Unfortunately INOD, I have been through everything you describe too and just like HB has said of her experiences, I couldn't go on - couldn't afford to go on as there were no available funds (blessing in disguise I find ) I fell into self managing too after an application for a secured consolidation loan fell through (another blessing in disguise:)) I talked to Step Change (then CCCS) for hours but the ball was already rolling with the predators and on I went dealing direct. I don't want to be controversial but that was another blessing in disguise

Brogden x

DawnW

Historybuff wrote: »

Thanks, Brogden and eager elephant. I think I was bamboozled a bit on the phone. I'm going to resend the I and e and write as you suggest, eager, that I was misinformed by the person I spoke to and that under the common financial statement household maintenance is allowed, so i would like to reset my payments to the lower amount.

I would say instead 'I have received independent advice, understand that under the Common Financial Statement, household maintenance is a valid category and therefore INTEND to reset my payments to the lower amount'!

Gives them less opportunity to wriggle out of it!
Good luck xx

Historybuff

Thanks DawnW, I will do that.
Just upgraded my mobile phone contract because the sim only deal I did last Feb is just coming to an end. I just cannot manage with the cheap deal I had...not worth it. So I have slightly upgraded the package which comes with a new phone. Four year old iPhone is on its last legs. I get to the end of the purchase and it congratulates me for choosing the wrong phone! A different one to the one I clicked on! So now it is taking forever to put it right. Nothing is ever simple! I wouldn't mind, but i compromised on the phone in the first place! I'm an iPhone girl through and through, but am having an android because it is half the price!
Plucking up courage to tell employers I want to reduce to four days...

so_very_confused

Hi HB
I have dipped in and out of diaries on this forum but yours had me gripped. I have read it in one sitting! The issues you have been facing are similar for myself. I could kick myself for having to delay my retirement in order to pay debts off but like you want my retirement to be worthwhile. I cannot reduce my hours in present job so i am looking for something better paid that allows job share, applied for post recently missed it by an inch but was told that there would be another post vacant shortly so fingers crossed. What I have learned from my time on DMP approx 20 months is ensuring your budget is manageable and allow some wriggle room. Since adopting this approach life has improved it has not put dfd back significantly and as Brogden points out longer on DMP possibly lower f and fs. I admire you for going self managed I was not in a position to do this initially due to poor health however something to think about if SC stops working for me.
Just wanted to say I think you have made magnificent progress in the short time you have been debt busting and I have found your journey inspirational . Onward and upward and very good luck will subscribe if that's ok?