DMP & Mutual Support Thread - Part 10

Sickofthisdebt

wannabedebtfree2016 wrote: »

Hey sick. How do you find keeping it from people? Does it get easier ? I really just wanna get it all underway so I can have a day off thinking about it all ha

To be honest it's not something I would recommend. It's quite stressful keeping it from everyone and going through the process on your own. I am itching to talk to someone about it. I am at the start of the process so in a couple of months it will probably be easier. My family would be so shocked and disappointed so I can't bring myself to tell them and my OH would never let me hear the end if it.

Another letter from the catalogue company about my DD today :mad: I am going to email them and explain that the money will be coming from SC

Startingover14

Thanks all - Stepchange told me not to use the switching service as it has been known for them to transfer the overdraft debt as well so I'm going to do by myself. bit time consuming but is worth it.

Thanks for info on timings from Stepchange I just need to get my things together

igaveupnowimback

Feeling bit apprehensive, few letters in from creditors, mixed responses, but now bank with biggest debt (CC and overdraft - amost 6k combined) have emailed asking me to phone them immediately. Have not sent letters or token payments yet, first payment to go to SC 1st Sept. Fearful of contacting anyone by phone.

dad2one

Hey guys, how are we all getting on?
I haven't been on since January, so nice to see some more peeps getting their worries into perspective and their life back in a direction....
There's a plan for everything, and nothing is insurmountable. This place is the best the for good support and friendly advice.

With regards to keeping a debt issue quiet: I can see absolutely no need to. Such feeling of 'shame' is misplaced. We all get run up debts, some manage better than others. Going onto a 'special plan' as I have always described it to others, is a good thing, and for me anyway something to be proud of. It means my debts won't be added to, they will be paid off, and I get to do it at a reasonable rate that doesn't cripple me. I go as far as recommending such ideas to anyone who has debts, whether they're manageable or not. That said, personal circumstances are very different and I appreciate that. Letting a particular person or persons in on ones' business may be undesirable for whatever set of reasons.
Just, don't let being on a plan, or having to get help with debt, feel like a bad thing because it is not. It should relieve stress, not add to it.

So....

It's been approximately 17 months now since my DMP started. All is going mostly well. 2 of my debts have been moved over to a collection agency, an in house one of HSBC, with my repayment still in place.

I have / had an overdraft with HSBC which is still being held and not closed for a collection agency. Indeed it is my only debt that has not had any arrears or default notices. After over a year of no charges and accepting the DMP payments, they have decided now to add an interest charge to the account. So, I'm going to write to them about that.
I shall re-explain that the overdraft is a debt that I have put on a managed repayment plan and that in the interest of making myself debt free I would like them to refrain from adding to the debt with charges.
See how that goes...

Ok, that's it for now.

Onwards on Upwards !

dad2one

igaveupnowimback wrote: »

Feeling bit apprehensive, few letters in from creditors, mixed responses, but now bank with biggest debt (CC and overdraft - amost 6k combined) have emailed asking me to phone them immediately. Have not sent letters or token payments yet, first payment to go to SC 1st Sept. Fearful of contacting anyone by phone.

Try not to worry. They want their money, and as long as it is your intention to repay them they will settle. Get your letters and token payments off ASAP to assure them. The bank may have heard from SC but will be keen to hear it from you. HSBC just wanted to hear my voice confirming the situation. Your bank will most likely be familiar with SC and will know how it all goes. I suggest you ring them, say you've had problems and that now you want to repay what you owe with a manageable plan, which SC are organising. I'm sure the teleperson on the other end will just take the details and say ok, we'll wait to see a plan and some money. The men and women can be quite nice about things really. It's not personal to them, and they appreciate it is to you.

jessbaird

Received my call from Payplan (finally) provide interest is frozen I could be looking at being debt free in 18months!!! Amazing luckily that's when my car fianance is up so I should have more money to put towards a new car can't wait to get started now

Sazzie23

Hi I came across this post on another thread and thought maybe it might be useful to post here

JAY_R wrote: »

Reading these posts has been extremely helpful though I am sorry to hear of the anguish that so many have been/are going through.
I took the bold step of telling my close friend about the financial worries I have and just having another person listen (and not judge) helped me enormously. I was too embarrassed to talk about my situation with family and friends - it felt shameful. But as they say...little steps. Plus, her guidance and this site has helped me get my head out of the quick sand and start facing things.
So, thank you, guys on here, for posting with sincerity and making others realise they are not the only ones.

& no wonder I have tiredness issues, another night I can't sleep, still at least MSE passes the time

joee

Hello Sazzie,


I am a bit of a lurker here but I wanted to say thank you for starting the in debt and sui thread. I am going to work up the courage to post there but it has truly warmed my heart.


I do hope that you will be able to get some sleep, I understand the hell that can be insomnia.


Lucy x

joee

jessbaird wrote: »

Received my call from Payplan (finally) provide interest is frozen I could be looking at being debt free in 18months!!! Amazing luckily that's when my car fianance is up so I should have more money to put towards a new car can't wait to get started now

That's great jessbaird!

I am a bit of shy so I am a bit of a lurker but I wanted to add my congratulations to everyone who has posted, it has been wonderful to see people who have gone or are considering going self managed - an amazing step!

I suppose I should give an update about my own circumstances as I last posted on the 29th April here (http://forums.moneysavingexpert.com/showpost.php?p=65383365&postcount=4827)

Long time lurker here,

I am feeling really frightened at the moment, I have had to reduce my DMP payment by £100 to £251 because I have (hopefully) temporarily reduced my hours due mental health issues caused by mostly past issues and partly because of the stress being in debt.

I have been on a DMP for a couple of years, I haven't missed a payment and have paid more than half. I am frightened about what my creditors will say

I ended up writing to my creditors informing them of my change of circumstances and my mental health conditions. I heard from one out of five creditors but they have all accepted the new payments and have had no negative repurcussions *touch wood*!

If things continue going this way I should be DF by July 2015 :money:

Sending good thoughts to all who accepts

Lucy x

Karen777

Good thoughts always welcome and well done for the progress you are making joee...

And dad2one and jessbaird - good going! we are all getting there...