DMP & Mutual Support Thread - Part 10

Sazzie23

Growurown wrote: »

Yes a real pain considering that OH's overtime isn't coming through either. We have agreed with all the relatives of a maximum spend of £10 a present, we don't have many to buy for so that makes things a bit easier, and I have a bit of leeway now we are self managed on our DMP. Plus I have managed to put a bit extra by in the emergency fund, so things should be manageable I think.

In the meantime I have invested in some of this:D

Lol and so appropriately named, I hope you don't need one anytime soon!

My Christmas money is dependant on the car insurance and mot costs leaving something over for gifts so that was a good incentive for me in comparing the insurance etc...although it's really tedious and now I've got to tell my original company I'm leaving them...but it's just business I guess so (wo)man up Sazzie !

Lightthelamp,

If you are getting calls, make life easier for yourself by either answering them or calling them back and saying 'I am returning your call about the outstanding payment. I am in financial difficulty and have contacted Stepchange, my reference number is. Xxxx' and then hang up. You'll have to do the security checks too but don't feel obliged to say anything else.

Most creditors will give you 30 days, if there is longer than that between your last payment and the payment SC will make on 25th
(For any payments already collected this month) then it's adviseable to make a token repayment of £1 per account per month.

SC will contact creditors but it's done through a portal and they don't always get the message to the right places straight away so you'll often get contact at the start. The vast majority on here will tell you it's less scary to talk to creditors than to worry about them ringing. (Except Very and some other catalogues who don't play nice on the phone).

Hope this helps, good luck, keep coming back here, we can talk you through most things.

Sazzie23

zenshi wrote: »

Bit of help guys please

December will be my last payment for my mortgage arrears :T:T therefore I will have £50 extra to chuck at debts. I believe the best way is for it to be allocated pro rata but need help figuring that out

Good news Zenshi

First - do you have an emergency fund (for naughty car engines/boilers or other mini disasters?)

Second - are you self managed or with SC/payplan or ?

Third - any of your debts still accruing interest at all?

I think the answers to these will affect the responses, but it's great that the mortgage is up to date, very re-assuring

spot3

Doesn't 25th of the month take ages to come around when you're near the end of a SC DMP? I never thought I'd look forward to payments being made!

zenshi

Sazzie23 wrote: »

Good news Zenshi

First - do you have an emergency fund (for naughty car engines/boilers or other mini disasters?)

Second - are you self managed or with SC/payplan or ?

Third - any of your debts still accruing interest at all?

I think the answers to these will affect the responses, but it's great that the mortgage is up to date, very re-assuring

I'm quite excited that I'm finishing my first official debt!!!

To answer your questions....
No I don't have emergency fund
I'm on self managed DMP
All debts have frozen interest

I'm self employed with no guaranteed income but usually enough to get by now. Have taken second job to boost money but want to allocate this purely to debts and emergency fund.

Puzzcat

zenshi wrote: »

I'm quite excited that I'm finishing my first official debt!!!

To answer your questions....
No I don't have emergency fund
I'm on self managed DMP
All debts have frozen interest

I'm self employed with no guaranteed income but usually enough to get by now. Have taken second job to boost money but want to allocate this purely to debts and emergency fund.

Maybe split the £50 so half for debts and half for emergency fund? Since starting my dmp a year ago I have had vets bills, broken freezer and over £600 car repairs...

Time_to_face_the_music

Hi to all DMPers old and new :hello:

Life's been getting in the way a bit recently so haven't done much posting but still have a catch up read whenever I can.

Anyway just wanted to share a milestone which I am very excited about, our debt went under £11,000 today :j

Can't wait to get it into 4 figures which is my aim by the end of the year but job situation is very messy at the moment so no promises but we will do our best.

TTFTM x

zenshi

Puzzcat wrote: »

Maybe split the £50 so half for debts and half for emergency fund? Since starting my dmp a year ago I have had vets bills, broken freezer and over £600 car repairs...

I have managed the £50 out of my self employed wages for two years. I had thought using my entire second jobs wages for emergency fund, then debts....

Puzzcat

Time_to_face_the_music wrote: »

Hi to all DMPers old and new :hello:

Life's been getting in the way a bit recently so haven't done much posting but still have a catch up read whenever I can.

Anyway just wanted to share a milestone which I am very excited about, our debt went under £11,000 today :j

Can't wait to get it into 4 figures which is my aim by the end of the year but job situation is very messy at the moment so no promises but we will do our best.

TTFTM x

:T:T:T Well done TTFTM:T:T:T

Sazzie23

Time_to_face_the_music wrote: »

Hi to all DMPers old and new :hello:

Life's been getting in the way a bit recently so haven't done much posting but still have a catch up read whenever I can.

Anyway just wanted to share a milestone which I am very excited about, our debt went under £11,000 today :j

Can't wait to get it into 4 figures which is my aim by the end of the year but job situation is very messy at the moment so no promises but we will do our best.

TTFTM x

Yeah TTfTm :j:j 4 figures in sight...how brill

zenshi wrote: »

I have managed the £50 out of my self employed wages for two years. I had thought using my entire second jobs wages for emergency fund, then debts....

Ok so IMO would be save the second job and the £50 until you get to about £250 saved, then use the £50 to hit the smallest debts or save it up until you can offer an F&f on the smallest debts. Keep saving the second job pay until you get to about £500 emergency fund and then decide how to use that.

If you are with SC etc they like you to split equally between creditors but self managed I think you can get away with splitting as you see fit. If offering F&f to DCA try starting at 20%. Original creditors usually expect nearer 75% and the closer you are to paying off the less likely they are to accept so target carefully.

spot3 wrote: »

Doesn't 25th of the month take ages to come around when you're near the end of a SC DMP? I never thought I'd look forward to payments being made!

Oh now I'm just jealous ....what's your DFD ? Any tips for those still in the long haul ......

spot3

My DFD should be March 2015 Sazzie (my February wages), the payments make such a difference to the balance when the outstanding debt is smaller.

No tips, I'm really bad at this but do what I didn't do! Be realistic with your budget (I wasn't and as a consequence the past 2 years have been pretty miserable as I haven't really allowed myself enough).

Its almost done now. I'm looking forward to being able to try internet dating, I'm a bit sick of being single but don't have enough money to go out on a date at the moment!