DMP & Mutual Support Thread - Part 10

Lighthelamp

Squirrelnuts & Kalcide I am in same boat as both of you my SC DMP starts December 1st so we are all in this together!! Well done to you both for making a start, I like to think we have hit the bottom & the only way is up now. :T

SquirrelNuts

Time_to_face_the_music wrote: »

Hi and welcome SquirrelNuts :hello:

Have you changed your bank account to a new safe account and did you also cancel the CPAs with your old bank? Just want to make sure you have covered everything.

TTFTM x

Hi TTFTM,

Thank you for the welcome :T

Ah yes - forgot to mention the bank account!

Bank account was duly changed a few weeks ago - firstly to stop the PayDay drain and secondly because I have a loan, cc and overdraft with my old bank!

cheers,

SquirrelNuts

SquirrelNuts

Lighthelamp wrote: »

Squirrelnuts & Kalcide I am in same boat as both of you my SC DMP starts December 1st so we are all in this together!! Well done to you both for making a start, I like to think we have hit the bottom & the only way is up now. :T

Welcome Lightthelamp! :T

I see it more as hitting the top - the top of how much money is owed!

Now I am aiming to get to the bottom!... LOL :rotfl:

cheers,

SquirrelNuts

dazla

Lighthelamp wrote: »

Dazla thats a fab achievement my own debt is around 30k mark so some day i'll get there. Out of interest did you get many offers for reduced f&f payments?

Karen I dont know about boilers but I have kept up a car warranty payment as I simply couldnt pay any repair costs & car is ancient. Its £30 a month which is a lot but it had to go into garage twice last month & cost came to almost £900, if it hadnt been for the warranty paying it I would now be carless! So I have decided to try to keep it on if I can.

Hi..no offers at all for F & Finals. To be honest I think future creditors would look more favourably on you if you repay all the debt

kalcide

Time_to_face_the_music wrote: »

Hi and welcome kalcide :hello:

Have you got any debts with your current bank account, e.g. overdraft or credit card? If so, you should be setting up a new basic bank account with a bank that is totally unconnected with any debts.

TTFTM x

Hi yes! I opened a new account and savings account.

My plan is to transfer any unspent from my new budget and swoop each month then start from zero again. Anyone do this?

I just really want to feel in control again. I feel like I've let my family down .

spiffyiffy

Lighthelamp wrote: »

Squirrelnuts & Kalcide I am in same boat as both of you my SC DMP starts December 1st so we are all in this together!! Well done to you both for making a start, I like to think we have hit the bottom & the only way is up now. :T

Hey all three,


I too am in the same boat as my DMP starts on 1st Dec too.


Thanks

kalcide

Evening All,


so I have just applied for my Stepchange pack to do a dmp but its come back saying the recommend a IVA.


my understanding is that the IVA is set at 5 years. My dmp will take just over 8 years. I know its flexible that I can add more or less to the dmp and I cant with the IVA.


with the iva my name will go on the insolvency record. does anyone know how long for?


Also my problem is that I work for a chartered accountants! ironically..... anyway I am a Accounting Technican MAAT. my boss activally reads the local papers, and im sure would be upset to see my name in the paper. Also I am worried that any clients that I work on my recognise my name in the paper.


so as I type this im thinking its probably best to go the dmp route. even if it takes me another 3 years to complete?


guess im just looking for advice really ?

SquirrelNuts

kalcide wrote: »

Evening All,


so I have just applied for my Stepchange pack to do a dmp but its come back saying the recommend a IVA.


my understanding is that the IVA is set at 5 years. My dmp will take just over 8 years. I know its flexible that I can add more or less to the dmp and I cant with the IVA.


with the iva my name will go on the insolvency record. does anyone know how long for?


Also my problem is that I work for a chartered accountants! ironically..... anyway I am a Accounting Technican MAAT. my boss activally reads the local papers, and im sure would be upset to see my name in the paper. Also I am worried that any clients that I work on my recognise my name in the paper.


so as I type this im thinking its probably best to go the dmp route. even if it takes me another 3 years to complete?


guess im just looking for advice really ?

I had the same response from StepChange when I keyed in my situation - i.e. recommending an IVA over DMP.

I personally chose to go for the DMP because it is more informal, and whilst my estimated DFD is 8 years and 10 months, I am sure that I will plough through it quicker than this, especially if I can get into a position to make Full & Final offers in the future...

antonic

I completed a 90 month DMP in June 2013 with Payplan.

Payplan tried to sell me an IVA - I refused.

Tell SC your not interested.

BeingDebtFreeStartsHere

Hello!!!!!

Firstly - well done to all those making fab progress with their DMPs. Can't wait to be further down the line with ours although 2 months in and feeling much better about things

Went Christmas shopping yesterday with actual cash!!! Don't know whether it was the standard of toys this year or just because I am now so much more in control of budgeting and saving money but I came away only spending about a quarter of what we've saved for Christmas!!! Not wasting money on rubbish toys this year whereas the last goodness knows how many years I have bought things 'because I can' on credit cards and overdrafts. This year not having that ability has made me be really picky about what I buy - and that can only be a good thing

Currently browsing through Amazon's Black Friday deals for a bargain or two!!

Hope everyone is doing ok

BDFSH x