DMP & Mutual Support Thread - Part 10

Brogden

Puzzcat wrote: »

Morning..


Lots of f & f chat on here over the last 24 hours.. Personally for me my dmp is about getting my debts paid off with the least amount of interest and in the quickest time that I can manage. For me nearly a year in, the emergency fund has been battered by vet bills, broken washing machine, broken freezer and car problems..


I agree with MB that SC and probably PP want us to treat creditors all the same, although I have to say they don't treat us all the same so not sure that's completely fair..!!


Maybe if f & f's are the way you want to go from the start of your plan then you should just be self managed like Brogden who is captain of his own ship. For the rest of us motley crew who are lucky if we get to touch the oars, I for one will keep my life jacket on, keep building that emergency fund and try to stop my pets, car and white goods from making me spend it.. If I do at some point have enough money to be in the position to start doing f & f's then if i'm not happy about how SC deal with them I will jump ship and sail alone...


After the best part of 30 year in debt, this time on my dmp is retraining my 'money' brain, teaching me the art of budgeting and really making me concentrate on where I want any spare money I have to go. For me, the dmp is all about living again not just surviving, so if it takes 8 year so what.. I love my dmp...


Its all individual choice, just make the right one for you.
Puzz. x

Absolutely awesome post Puzz

I understand and relate to every word. We're just the same though really.....if we can do better for ourselves by ourselves we will. After the initial few months of hell when I couldn't be with Step Change (not without lying about important things which I wouldn't) so it seemed pointless to then later join them. Like you, I do enjoy some mental peace now.

I may have drummed up some of the talk on F&F's - its just because I am so blo*dy excited about what I MIGHT be able to achieve in the new year!

Onward and upwards

Brogden.

Time_to_face_the_music

Puzzcat wrote: »

I agree with MB that SC and probably PP want us to treat creditors all the same, although I have to say they don't treat us all the same so not sure that's completely fair..!!

This was always my issue with creditors, why should I treat the ones fairly who penalised us. Moving to self managed allowed me the freedom to pay a similar game and it worked for us.

We all have different ideas and I have never been interested in F&Fs, it may be daft but I just want to pay it all back, every penny .... though interest is a completely different matter

On the subject of an emergency fund, we used the money we were saving for our endowment shortfall. We even had to buy a car from it this time last year but once this was paid off, it left us without much of a buffer. So now I use our DMP payment as a sort of emergency fund. I pay off the minimum payments when we get paid, save the rest until just before pay day, then all being ok, pay off the remainder as soon as we get paid again. I know it may not work for everyone but it does for us.

As Puzz says, it's all about individual choice so make the right one for you. Very wise words indeed.

Hit a new milestone today with 85% paid off so doing a bit of a happy dance :j

TTFTM x

Puzzcat

Time_to_face_the_music wrote: »

This was always my issue with creditors, why should I treat the ones fairly who penalised us. Moving to self managed allowed me the freedom to pay a similar game and it worked for us.

We all have different ideas and I have never been interested in F&Fs, it may be daft but I just want to pay it all back, every penny .... though interest is a completely different matter

On the subject of an emergency fund, we used the money we were saving for our endowment shortfall. We even had to buy a car from it this time last year but once this was paid off, it left us without much of a buffer. So now I use our DMP payment as a sort of emergency fund. I pay off the minimum payments when we get paid, save the rest until just before pay day, then all being ok, pay off the remainder as soon as we get paid again. I know it may not work for everyone but it does for us.

As Puzz says, it's all about individual choice so make the right one for you. Very wise words indeed.

Hit a new milestone today with 85% paid off so doing a bit of a happy dance :j
TTFTM x

85% deserves a few more than one...:j:j:j:j:j your so close now, you can touch the finishing line. Xx

Time_to_face_the_music

Puzzcat wrote: »

85% deserves a few more than one...:j:j:j:j:j your so close now, you can touch the finishing line. Xx

Only trouble is that our starting debt was so big that the remaining 15% is more than lots of people start with! :rotfl:

Puzzcat

Time_to_face_the_music wrote: »

Only trouble is that our starting debt was so big that the remaining 15% is more than lots of people start with! :rotfl:

Well we can swap if you like...Mine is currently. 54k.....:D

Brogden

Time_to_face_the_music wrote: »

We all have different ideas and I have never been interested in F&Fs, it may be daft but I just want to pay it all back, every penny .... though interest is a completely different matter

TTFTM x

I confess that I have inwardly struggled with the idea of F&F's and some of the 'trolls' have attacked members of the forums about the 'cheek' of wanting debt wiped out after irresponsibly running it up in the first place. We all know the story.....:(

I have read many of your posts TTFTM, have admired them and I am in awe of the progress you have made but if I could just chuck in my rationale on F&F's? As I see it, the receiving of a benefit of an F&F is no different than receiving a benefit in the form of a freezing of interest. They are both contrary and at odds with the agreement which we signed and are a concession being given to us by the bank. As I see it and technically we are equally 'guilty' and 'cheeky' whether we seek a discount on settlement or removal of interest (or preferably both )

We know how the 'economy' or 'system' work. Money is loaned and interest is paid and unfortunately we turned out to be bad business for the bank. A huge proportion of my accumulated debt is interest which has been applied and become 'capitalised.' If I am granted the opportunity to settle with a discounted figure then that discount represents a rebate of the interest which has been charged and added to my debt. For this reason I cannot in my own mind distinguish between freezing of interest and discounted F&F's and say one is OK and one is not.

Being captain of a ship which is currently sailing through difficult waters I have a responsibility given our circumstances to find within the law and what I deem to be reasonable the best outcome for us all.

I'm sure you and many others will understand. Looking at your signature I do have to say TTFTM that you are something of a walking miracle even if our approaches differ - if only I had a result like that :T

Brogden

Time_to_face_the_music

Brogden wrote: »

I confess that I have inwardly struggled with the idea of F&F's and some of the 'trolls' have attacked members of the forums about the 'cheek' of wanting debt wiped out after irresponsibly running it up in the first place. We all know the story.....:(

I have read many of your posts TTFTM, have admired them and I am in awe of the progress you have made but if I could just chuck in my rationale on F&F's? As I see it, the receiving of a benefit of an F&F is no different than receiving a benefit in the form of a freezing of interest. They are both contrary and at odds with the agreement which we signed and are a concession being given to us by the bank. As I see it and technically we are equally 'guilty' and 'cheeky' whether we seek a discount on settlement or removal of interest (or preferably both )

We know how the 'economy' or 'system' work. Money is loaned and interest is paid and unfortunately we turned out to be bad business for the bank. A huge proportion of my accumulated debt is interest which has been applied and become 'capitalised.' If I am granted the opportunity to settle with a discounted figure then that discount represents a rebate of the interest which has been charged and added to my debt. For this reason I cannot in my own mind distinguish between freezing of interest and discounted F&F's and say one is OK and one is not.

Being captain of a ship which is currently sailing through difficult waters I have a responsibility given our circumstances to find within the law and what I deem to be reasonable the best outcome for us all.

I'm sure you and many others will understand. Looking at your signature I do have to say TTFTM that you are something of a walking miracle even if our approaches differ - if only I had a result like that :T

Brogden

I totally agree with you Brogden which is why I say I may be considered daft for doing it!

I think part of the issue is that very few of our debts were ever defaulted and only one was passed to a DCA. The DCA offered us a non-negotiable 5% discount and I told them to stuff it, I'd rather pay the lot back and have the account marked as settled. I actually discussed the F&F issue with someone at MBNA recently and they said with the amount we were paying, we were unlikely to be offered discounts as creditors could see that their money would be fully recovered in the relatively short term.

There seems to be so many ways of penalising us and wanting to pay back debt quickly can actually be a bad thing :mad:

TTFTM x

Brogden

Time_to_face_the_music wrote: »

I totally agree with you Brogden which is why I say I may be considered daft for doing it!

I think part of the issue is that very few of our debts were ever defaulted and only one was passed to a DCA. The DCA offered us a non-negotiable 5% discount and I told them to stuff it, I'd rather pay the lot back and have the account marked as settled. I actually discussed the F&F issue with someone at MBNA recently and they said with the amount we were paying, we were unlikely to be offered discounts as creditors could see that their money would be fully recovered in the relatively short term.

There seems to be so many ways of penalising us and wanting to pay back debt quickly can actually be a bad thing :mad:

TTFTM x

If you're out of this before me then everything you are doing is right, right, right !!!

Funny you mention DCA's - I was thinking about them as I went to the shops for some dishwasher tablets just then......they undermine further the 'puritan ethics' of DMP's and debt repayment!

Let us consider the hard pressed guy or gal who realising their mistake pledges and vows to repay everything they have borrowed in the interests of honour and decency. Just as they start the bank to which they were so loyal, without a word turns its back on them and sells the debt to a DCA - how rude can some people be? It was a highly respectable bank too which we thought was beyond reproach

I wholly embrace all you say TTFTM and the way it works for you. Sadly, however the way the system and the highly respectable banks work voids all loyalty and decency. We must also remember that DCA's are speculators and chancers - that is their business. I have had many pleasant conversations with them and contrary to most people would say they act mostly very professionally but like any tradesmen they buy low and sell high and in the free market haggling is expected

Have a great day all!!!! Better do some work or I'll never reduce Brogden's National Debt

Brogden.

spiffyiffy

Hi all,


Crazy last 8 days!


Have today just rang step change to kick start this DMP but have been told to expect a call in the next couple of days.


In the mean time I will get my proof of wages together will all my account numbers and how much debt I have altogether for them.


I was also thinking about now to write to all of the creditors giving them the token £1.00 payments. Is this a good idea? and if so I was told this a while a go to do it via postal orders, is this also a good idea?


Now for the craziness of the 8 days, last Wednesday my wife had a baby boy! Going t be a crazy time but will enjoy it all the way through! I'll have to add that in the new DMP as well soon!


Thanks

Puzzcat

spiffyiffy wrote: »

Hi all,


Crazy last 8 days!


Have today just rang step change to kick start this DMP but have been told to expect a call in the next couple of days.


In the mean time I will get my proof of wages together will all my account numbers and how much debt I have altogether for them.


I was also thinking about now to write to all of the creditors giving them the token £1.00 payments. Is this a good idea? and if so I was told this a while a go to do it via postal orders, is this also a good idea?


Now for the craziness of the 8 days, last Wednesday my wife had a baby boy! Going t be a crazy time but will enjoy it all the way through! I'll have to add that in the new DMP as well soon!


Thanks

Congratulations on your new arrival. And yes in answer to your letters and token payments either by cheque or postal order..Do you have a reference number from sc you can include as well.