DMP & Mutual Support Thread - Part 10

Kate_fixing_it

Like Bertman I was allowed to keep one given the circumstances. DH had just started his new job and although based locally the practical side of his work is in London. Before the DMP started I cleared the card, ordered one for DH and handed over the management of the account to him. I do not have access to use the account. His expenses pay it in full each month. He was about to complete an IVA at the time so couldn't access credit for 6 years (hence why all debt is mine ).

We simply weren't working together and I made mistakes. We aren't financially linked (a decision we made before we got married - even our tenancy agreement is only in one name) and as he's an additional card holder it's still not a financial link. But before you all yell at me for being naive I do check the account online and I wouldn't hesitate to cancel his card if I was concerned (made that mistake before ).

SC take each situation and look at it individually. As this card is used for work expenses we have receipts for every item on there and if questioned I'd have no issue providing this evidence of use.

I'm really getting the hang of budgeting now but I know I'm not ready for credit yet. I'm happy as we are, knowing to the penny what cash is available in my bank account is all I have and that my debts are reducing.

Kate x

ldhme

Morning all.
Really weird week, Not a peep out of the phone and zero mail. Can't be too bad I guess. Although my original due dates for HSBC are upon me so it'll effectively be the first time I miss a payment, same for Barclaycard too.
Annoyed I've heard nothing off them to be honest, sure I will soon.

On a positive note, interview for management placement on Tuesday!
This year could end well for me after all.

Growurown

Helen2122 wrote: »

Can anyone tell me how likely vanquis, capital one and natwest (overdraft) are to freeze my interest and charges on a dmp?

Can't help with Vanquis but Capital One and Nat West stopped interest and charges.

Little_Miss_Broke wrote: »

Hello

I just wondered how you guys felt about a self managed DMP? I'm wondering if you have more flexibility? I spoke to Step Change and they said you can't show any creditors favouritism.. but there are lots of challenges on her like 1 debt vs 100 days that would be good motivation wise - could you over pay one and then transfer the usual payment to be split between the remaining? or is that a massive no no? whats everyones experience?

I am going to go self managed for the last year of my DMP because I think it does give you more flexibility but you have to be a bit canny and maybe tell a few little white lies;)

kb_soma wrote: »

Hi everyone, Can I join the thread? Feeling slightly overwhelmed again... I'm a few years into my DMP and have just checked my balances. I'm just over halfway through clearing my debts and I'm down a creditor now.

Every time I do a tally of where I am, I need to take a deep breath. It's been a hard journey, but well, well worth it. To those guys that are just starting off a DMP, be patient, once the dust settles you will feel so much better.

My story is here: https://forums.moneysavingexpert.com/discussion/4787573

:hello: Hi kb welcome to the thread.

kb_soma

Hi Growurown, thanks for the welcome.

jessbaird

So after breaking down to my mum over my increase debt (& decrease in what money I have left in my wage after)& after reading this forum & monkey balls story at 3am this morning, I rang national debt helpline back this morning & processed my DMP application

BIGGEST sigh of relief ever finished the phone with them rang wonga & sunny & they immediately froze my accounts pending contact with the debt company

I just wanted to say thank you to you all for the support in this forum & the support I know you will kindly give me on the way.

kb_soma

jessbaird, I'm so pleased for you. I'm 3 years down the line and I'm so glad I did something about my debt. Otherwise, goodness knows how much it would be now.

Best of luck to you!

autumnsong

Hi everyone,


I've just caught up on the last week or so and want to thank you for the comfort that coming here provides. I spend very little time online, and can't quite believe I am part of this.
Love to all, and extra to those dealing with very difficult and sad times.


I posted my letters to creditors a week ago today and heard nothing so decided to call them. This is a huge step for me. I don't know who I was expecting on the end of the phone but 4 out of 5 were lovely and it's really made me wonder about self managing. I have not yet sent the forms back to SC but know I need to get a move on.


I have one v large debt that I want to zap as quick as I can but feel that SC might be too rigid in the fair play rules. I know it will be fabulous to see the total amount going down, but it will be extra fab to get this one down.


There is a long way to go I know, but I feel somewhat empowered now, rather than scared and confused.


I do have one card that I closed before a rate hike. I am still paying this off monthly but wonder if this should be treated any differently?


Thanks x

Kate_fixing_it

Glad you feel like "one of us" Autumnsong...because you are!

I've been reading up on bank charge reclaiming today and it would seem that the s*d off generic response is standard and designed to put people off. Posted off my letter to the CEO of HSBC first class so we'll see what comes of it. Thought I'd sent it yesterday with a pile of letters but must have missed it!

Had a really productive day. Drove a MANUAL car too! Been a very long time and only stalled once :rotfl: as I pulled away and remembered to use the clutch and gears I also now have a huge pile of outgrown children's clothes ready to sell. Going to put them on Facebook tomorrow. I've been meaning to sort out the kids clothes for weeks but finally got around to it today

Figures still add up to clearing those two non-DMP debts on 22nd (yes I added it all up again...Several times ) And my only spends were a pair of cheap sunglasses for DS2 as a treat and replacement for his and the postage for an eBay sale I just don't feel the need to spend! Never thought I'd say that!

Done quite a bit of money-thinking today and made some plans. Once the non-DMP debts are gone I can potentially pay my car insurance (around £300) annually when it's due in January. I can then keep the £26 a month in my account and I won't be paying them any interest so double saving. I have a few more ideas in the pipeline but I'm taking one challenge at a time for now. Trying to run before I could walk is how I've tripped myself up in the past.

Kate x

Time_to_face_the_music

Just popping in to say hi to all our DMPers - new and old :hello:

Newbies - Can see you are all getting great advice already so mine is read back on this thread and at least one more if you can, make some notes and then ask anything you need to know. Someone here will always try and help you and the support is second to none.

Having a tough month here due to chiropractor fees for my daughter who has a severe back problem, so need to pull the belt in really tight for the last 2 weeks. Am a bit down too because I am due to go in hospital for more surgery soon ... looking on the bright side, I won't be going out of the house for a while so won't spend any money :rotfl:

Target for the end of the month is below £14,000 debt. Watch this space ......

TTFTM x

cmcavon

Just checking in.

Hubby's had first chase letter for an HSBC loan that should have been paid on the 1st. It's very friendly actually. I guess the scarier ones will come. They aren't being told about the DMP until next week. Letter filed in the bin!

Seriously considering my future with my job. Once baby's born i may just stay home as we will actually be better off with tax credits etc. controversial I know but we have to do what's best for our family. Hubby works full time. I couldn't stay home forever so would get a part time job when this one starts school.

Still sticking to a weekly budget which is actually going well.