DMP & Mutual Support Thread - Part 10

Lighthelamp

Time_to_face_the_music wrote: »

Will this be token payments or a full DMP? I agree with other comments so far and would recommend seeking some other advice before signing anything. I'm not saying a DMP isn't the correct choice but Stepchange do sometimes push this as a solution when something else could be better.

TTFTM x

I have seriously thought about an IVA, in fact have an appointment made to see about going ahead with one, also have the paperwork ready to go back for DMP, so which to go for? I would prefer in every way an IVA but my income is not likely to be stable for the next 6 months, then hopefully once sorted I will receive a mini windfall payment from an ill health pension. Im thinking an IVA would swallow this up whereas a DMP creditor might take it as a settlement, so difficulty in deciding right now. By next month my sick pay will stop & I will be on benefits until my ill health pension is sorted. I have approx. £800 monthly payments going out in loans/CC's so obviously wont be able to make the payments after this month.

Sazzie23

Lighthelamp wrote: »

I have seriously thought about an IVA, in fact have an appointment made to see about going ahead with one, also have the paperwork ready to go back for DMP, so which to go for? I would prefer in every way an IVA but my income is not likely to be stable for the next 6 months, then hopefully once sorted I will receive a mini windfall payment from an ill health pension. Im thinking an IVA would swallow this up whereas a DMP creditor might take it as a settlement, so difficulty in deciding right now. By next month my sick pay will stop & I will be on benefits until my ill health pension is sorted. I have approx. £800 monthly payments going out in loans/CC's so obviously wont be able to make the payments after this month.

Dunno much about IVA's but they are damn difficult to get out of once you start so you need to be sure. I would start NOW with token payments, as your income is already coming down. That should give you a small backup fund for emergencies and might change how you feel. That gives you time to decide to perhaps going DMP for a while and maybe considering IVA further down the line if things can't be sorted. A DMP can be cancelled at anytime to either return to standard payments or IVA if needs be. I feel you are in an emotionally vulnerable position at present so please don't be pushed either way until you are ready, IMO token payments will cover you for a few months while you decide what to do.

Sazzie23

lewpster wrote: »

Hi Everyone Hope you are well?

I've come home to 3 letters today eek. 2 from Tesco - one saying I need to pay £20.00 in 28 days or my account will default, one issuing a default notice and a statement from Barclaycard.

Albeit a default is not great, this is what I want isn't it as 1st DMP payment only went out today?

Thanks x

Chang of mindset, defaults are a good thing, especially this early on as they will count for 6 years from now, so sooner started rather than later.:eek:

Kate_fixing_it

Hi all, hope you're all okay.

High fives to those celebrating and lots of love and hugs to those who are need them.

No news on job yet - hoping it's because they want to give me a massive pay rise and need it authorised by the powers that be (a girl can dream :rotfl: more likely to be because everyone is really busy as we're about to report Oct closing figures).

6 DMP payments done now and I'm feeling good. It's fantastic to have the time and energy to worry about "normal" things - exams, children, DH getting through central London today, shifting half a pound for "fat club" by Thursday, when will it snow etc I even managed to concentrate enough after a full day of work/physio/mum-duties to do a few hours of studying last night AND I think I've finally mastered that pesky "easy" topic that I dropped marks on (I can do the hard stuff!)

Keep plodding everyone, we're all getting there.

Kate x

Kate_fixing_it

Oh and is it terrible that nobody at home knows I have Friday off work? Genuinely keep forgetting to mention it - with four kids starting to get excited about Christmas, 4 lots of homework, DH having work pressure (not really stress because he loves his job), exam prep, job news anticipation and day to day life there's always a distraction.

I'm not about to go on a spending bender or have a full day in the pub, just a day off the merry-go-round for last minute revision, a bit of a chill out and some peace.

Just waved DH off again and meant to tell him but it popped into my head that he'll be trying to get from Euston to Canary Wharf and may need to avoid Tower Bridge area and it fell out of my head...again!

Kate x

ldhme

Been about 2 months since checking in here.
My DMP is rolling along nicely, no phonecalls since calling everyone 2 months ago, few letters which they are required to send but nothing intimidating. Barclaycard have decided to charge 3% APR, but I can live with that for now. I have lost my site key for HSBC so been unable to keep an eye on them but 2/3 accounts were frozen before I lost it, just need it to check on the other one.

Got some great news the other day though, finally managed to land a management placement at work, I start in 2 weeks or so. With a lot of hard work and a bit of luck I'll secure my promotion in about 4 months . When I do I'll be able to halve my DMP length, and if the missus gets some part time work that shes applying for, then I'll be looking at even less. But that's all speculation for now.

Anyway enough about me lol, How is the run up to xmas treating people? I'm realising for the first time how expensive it is without credit to fall back on.

so_very_confused

Lighthelamp wrote: »

OK I have contacted StepChange & got back the documents, just need someone to tell me I'm doing the right thing before I sign them & post them back? The way I see it I don't have a choice. In the process of losing my job through ill health & debts to Barclaycard, Creation, Nationwide, Santander & Tesco totally £30k. I'm very worried about things like being threatened with CCJ's etc, how likely is this if I enter the DMP? Until now I have pretty much kept on top of all payments.

Hi Lightthelamp
Just a thought if you do decide to go down the DMP route don't forget to factor into your budget any additional costs incurred by your ill health. I was in a similar position to yourself and did not allow for this. A few months in this became obvious and I went back and negotiated higher food allowance and added categories ie someone to cut my grass and additional travel costs for hospitals/gps. I am with SC and they were brilliant, very understanding. I am back at work now ( not in my original profession) but still require these add ons in order for me to continue to work.
Whatever you decide, good luck.

Puzzcat

ldhme wrote: »

Been about 2 months since checking in here.
My DMP is rolling along nicely, no phonecalls since calling everyone 2 months ago, few letters which they are required to send but nothing intimidating. Barclaycard have decided to charge 3% APR, but I can live with that for now. I have lost my site key for HSBC so been unable to keep an eye on them but 2/3 accounts were frozen before I lost it, just need it to check on the other one.

Got some great news the other day though, finally managed to land a management placement at work, I start in 2 weeks or so. With a lot of hard work and a bit of luck I'll secure my promotion in about 4 months . When I do I'll be able to halve my DMP length, and if the missus gets some part time work that shes applying for, then I'll be looking at even less. But that's all speculation for now.

Anyway enough about me lol, How is the run up to xmas treating people? I'm realising for the first time how expensive it is without credit to fall back on.

Hi, well done on the promotion, hope it all goes well. With regards to checking balances have you signed up to noddle, it's free and although usually a little behind should show your balances, useful for those pesky debts that you don't get statements for.
Puzz.x

Kate_fixing_it

Fantastic news Idheme :j so pleased for you.

I'm still waiting (no so) patiently. Got a feeling it won't be today either

Kate x

Mooglet71

Hi
Still hanging in there. My DMP is three years old this month. I can't believe it. I've just worked out that I have paid just over £19k of my debt off. I'm so proud of that, but there is still a way to go (I need to add it all up).

I am just waiting to hear when I can leave my job (taking voluntary redundancy as can't afford childcare and work, plus work want rid of me).

I've been back on the forums a lot more now and have picked up so much. I will be the thriftiest CEO of my household