Feel so low

Coinmachine

This is so hard and I am only 2 months in to my DMP I feel I have not been realistic enough with my budget. I am paying over £600 a month to give me a DFD of 7 years and its just really hard going already, I barely have enough left to cover bills but I am too scared to rock the boat at this stage with my creditors, I wish I had been more realistic and given myself a bit more space. I dont know what to do now? I feel so stressed out....

catandy

you need to make it liveable and certainly manageable enough that you have enough to cover all living costs including bills. I think most people when they start out on the DMP route make their budgets as frugal as possible then realise that they have set their budgets at unrealistic levels (I know I certainly did).


I reset my budget after 3 months and had no problems doing it - claim up to the allowances that are made and it gives you a little bit of 'wriggle room' for months when unexpected costs occur. I'm not suggesting you add costs so you live like a king just make it so you can actually afford to live - you're in this for the long haul if you're doing a DMP so it has to be 'doable'.


good luck with it all - it does get easier.

rugbychick81

Hey
Sorry to hear you are having a rough time. Maybe ask the charity what they would advise? They must have dealt with this before. I was just wondering if you could sell a few things to tide you over for a month or two?
RC

Coinmachine

Thanks both, I do do ebay and surveys etc but I think ive just been too stringent. I really dont live like a king at all no Sky etc I barely go out I have made excuses for two nights out next week as I have no money to cover them, I dont mind doing that I barely drink as it is I just feel I have no breathing space at all at the moment and big car service bill coming in Sept, my wife needs the car, I hardly ever drive to save fuel. Its encouraging to know I could reset the budget £100 would make all the difference, I will look into it just scared as to what creditors may do. Feel sick.

Puzzcat

Hi coinmachine, sorry your feeling low. Why not give stepchange a ring (assuming that is who you with), get your budget reset to make life a bit easier. My dmp is over just short of ten years, which I hope to decrease as I finish paying other things aka family loan, little pay rises etc. I would rather pay slower and live a little better, give them a ring today.
Love Puzz.x

Coinmachine

Thank you Puzz I knew youd be good for the advice! I will look at my budget again and see what I can do.

Coinmachine

catandy wrote: »

you need to make it liveable and certainly manageable enough that you have enough to cover all living costs including bills. I think most people when they start out on the DMP route make their budgets as frugal as possible then realise that they have set their budgets at unrealistic levels (I know I certainly did).


I reset my budget after 3 months and had no problems doing it - claim up to the allowances that are made and it gives you a little bit of 'wriggle room' for months when unexpected costs occur. I'm not suggesting you add costs so you live like a king just make it so you can actually afford to live - you're in this for the long haul if you're doing a DMP so it has to be 'doable'.


good luck with it all - it does get easier.

Can I just ask did you write to your creditors as well at the time you reset your budget? I just thought if I did so and explained I have made things too tight but that I am still determined to pay them all back.

sourcrates

Hi,
You need to re-think your entire DMP in my opinion, you should budget enough for your essential outgoings, plus an emergency fund, and don't forget the odd treat from time to time, this is entirely in your hands, a DMP is non regulated, you are free to pay whatever you want to it, its entirely your choice, don't leave yourself skint as this defeats the object of the exercise, if you are struggling, don't waste time messing about umming and arring, tell your provider you cant pay what was agreed and you are re-thinking your options, then STOP PAYING and regroup your finances so you are not short of money, then think it through again, and pay ONLY WHAT YOU CAN AFFORD, you will not go to jail for this, do it, and do it now.

blisteringblue

Fully agree with sourcrates on this, it's not a crime to be in debt and you are addressing this with the DMP. Please don't make yourself ill over it.

Get on the phone to Stepchange (or whoever) and tell them the budget is wrong, 3 months in and you cannot survive on the budget they have left. If they are not happy with this look at a self managed DMP if you feel brave.

https://nedcab.cabmoney.org.uk/dmp.asp

They have all the letters and templates to tell your creditors you are going self managed.

Firewalker

Coinmachine, it is a bit frightening but please try to relax. I know that usually people will tell you that it is easier to cut expenses than making money but this is true up to a point.

It seems to me that the time has come for you to think of ways to increase your income. I recently published about fifteen ways to fill your fridge for a month: it is not as hard as it seems.

Firewalker

National_Debtline

Hello there,

You are absolutely right to rethink and regroup. There is little point to any repayment arrangement unless it is going to be sustainable in the long term. A DMP can be a very effective way of dealing with debts but what is more important is that you have sufficient money to meet your important outgoings so that you don't start slipping under again.

You make a useful point, we often see members here on MSE make helpful suggestions to those who post up their statement of accounts. Invariably many suggestions involve stripping the budget down to the absolutely minimum. In reality it can very difficult to live on these minimums as people often have unexpected bills to pay or their expenditure on items such as food, petrol or fuel bills have been underestimated.

Why not post your SOA on here, maybe we can give you a few pointers. Alternatively you can take a look at our brand new personal budget sheet on our website.

A DMP is flexible. You will be able to amend the payments to your creditors easily.

Very best wishes,

David @natdebtline