DMP & Mutual Support Thread - Part 10

Puzzcat

lewpylew wrote: »

I think I am going to start a DMP with Stepchange shortly(don't have any other options) but so so worried. I've got a Barclaycard payment due next week for £198 which I can afford at a push - Stepchange told me to cancel it, but I feel like I should let it go before they are notified....

Any advice much appreciated? Also, should I be contacting my creditors before this plan starts or do SC do this for me? thanks a very scared Lewpylew x

First Letter I sent to all..


Your address



Account details


Date


Dear Sir/Madam


I am writing to inform you that I am currently seeking advice and assistance regarding my current financial difficulties.

I am working with StepChange to set up a Debt Management Plan (DMP) – my reference number is *******. They will send you an offer of payment along with a copy of my budget and list of creditors.


I am unable to meet my normal monthly payments, would you please accept a token payment of £1 per month until StepChange contact you with my DMP details. I would appreciate if you could hold any action on the above account until this time.


I would ask that you please consider stopping or reducing interest and any other charges on my account to help me during my financial difficulties and to avoid increasing my debts any further.



I would please note all future communication should be in writing only.


I thank you in anticipation of your assistance and co-operation whilst I am going through this difficult time, and assure you thatI am doing everything I can to resolve my current financial situation in a responsible and sustainable manner.

Yours faithfully


Hope this helps..
Puzz.

lewpster

Thank you

Kate_fixing_it

Hi all!

I echo the "token payment for Barclaycard". I learned the hard way, I paid that one last payment before the DMP and lo and behold my car fell apart two weeks later then a tax credits error was discovered and the house made of straw all fell down had I saved the BC payment I'd have had the car back on the road (it ended up taking 5 weeks) and BC were no nicer because they'd had that one extra payment.

Well, things are coasting along here. Still no further in getting the PPI money but I'm feeling philosophical, perhaps there's a reason and life has thrown a spanner in the works to slow me down a bit.

I didn't get the job and whilst I'm a bit disappointed I'm no worse off - I've lost nothing. Interview feedback was good so I have things to build on and a renewed sense of determination. This time last year a molehill would have derailed me let alone a potential mountain like this, now that I live in DMP land this is a minor hiccup and has been shrugged off. Yes, I had plans for what happened if I got it (another year off the DMP ) but life tends to give us what we need rather than what we think we want

Onwards and upwards!

Kate x

catandy

hiya


need some input/ advice/ opinions please


Im on a self managed DMP and am concentrating on paying off priority debts which are all but clear - hurrah! time to move onto debt busting properly and to coincide with this my commission at work has finally kicked into a regular amount per month with some bumper months thrown in every quarter or so.


basically with the priority bills falling off, me having my car taken off the road (silver lining?) and commission ive got around 300pm extra to play with.


part of me wants to throw it all at the balances and start to see them taking a nose-dive downwards but im also mindful that me and my kids have lived a non life now for almost 5 years - no holidays, little in the way of presents and everything kept till its falling to bits.


how much of it would you allocate to paying off - or would you build a slush fund to offer some settlement figures? i veer between wanting to 'do the right thing' and needing to loosen the reigns a bit and needing for my family to live a little more comfortably.

Monkeyballs

Hi Kate,

Sorry to hear about the job but you're right, nothing ventured nothing gained and it's nice to hear good things and feedback to improve yourself All will come good in the end, I have faith!

Catandy,

You need an emergency fund and you need a little treat... If it was me, I'd save that £300 for 6 months but use a couple of hundred of it as a treat fund. Then, I'd start £250 a month for F&F's and give yourself a £50 a month budget boost

MB of G x

scared1

I am 5 plus years into my debt plan. Have been reading through the threads tonight as it gets me down sometimes.

I have had to make reduced payments over the years and its been ok. At first I would get a call to ask and I would just say that next month things will return to normal but the car broke down (usually the issue) and no car no work.

I wish I had built up an emergency fund before and wiped a couple of the little debts. That is good advice that people have given out. I only missed one round of payments and could have missed a few I now realise.

There are lots of things you can do to give yourself a bit more more. Using the things like quidco cashback when changing suppliers etc. I have had over £700 in the 5 years so worth a go.

I am exhausted but have done pretty well. I have £23,000 left to pay and have paid £32,000. In that time I have managed to keep my house and even get married.

It's hard when people seem much better off around you but in April 2017 I will be 781 pounds a month better off. Can't wait. Life will be much easier again!

I am so glad I made that difficult move and didn't bury my head in the sand any longer.

Monkeyballs

Hi S1,

All I can do is applaud you, £32k in 5 years is immense! You should be really proud of yourself for all the hard work and effort that you have put in so far!

Why not drop by to get and offer support to everyone else in the same boat? I can't imagine going through all this by myself and get much enjoyment out of helping others and just having a general banter

MB of G x

Sazzie23

Monkeyballs wrote: »

Hi S1,

All I can do is applaud you, £32k in 5 years is immense! You should be really proud of yourself for all the hard work and effort that you have put in so far!

Why not drop by to get and offer support to everyone else in the same boat? I can't imagine going through all this by myself and get much enjoyment out of helping others and just having a general banter

MB of G x

Well said MB fabbie advice as ever too

LewpeyLou, I'm with the others, cancel the Barclaycard DD, send them a token payment and a letter saying you are going into DMP with SC, as Kate says, you will miss the money more than they will. Save it and one day you will be glad you did.
Oh and it's natural to be worried, but actually, it's probably not going to half as bad as you expect. Welcome to the DMP gang.

Sazzie23

so_very_confused wrote: »

Hi Moi
You moved me to post. I have just got off the phone to SC forewarning them of me doing token payments in the near future if not immediately,because as MB so rightly points out the sx!t can and has hit the fan. Like you I have been paying regularly with the occasional blip for unforeseen emergencys. Don't feel bad you are doing the best you can and that is enough.

Hi SVC, hope your doodoo is manageable, well done for being upfront with SC. Doing the best we can in tough times, good enough for the politicians, good enough for me.

so_very_confused

Sazzie23 wrote: »

Hi SVC, hope your doodoo is manageable, well done for being upfront with SC. Doing the best we can in tough times, good enough for the politicians, good enough for me.

Ready with large shovel, protective clothing and the ability to embrace the ridiculous. Might be enough!