DMP & Mutual Support Thread - Part 10

Monkeyballs

Hi TJ,

Welcome to the thread

So with nippers and planned changes you're able to afford £630 pcm on your DMP? Be a little wary that budgeting for what might be and trying to keep the timescales as short as possible could bite you in the bum! And it won't be Luis Suarez doing the biting

Give yourself a little leeway with your budget (a bit of creative budgeting comes in handy here) to make sure you're not going to struggle at any stage along the way and if you've anything left at the end of the month you can either A) save it for F&F's at a later date to quicken your DFD make over payments if you happen to have a creditor unwilling to freeze interest entirely *cough*Barclaycard*cough* and C) give yourself an occasional treat

Do you have an emergency fund in place?

MB of G x

sunnyskies2

Hi all and welcome cloudstrife and tayajade as said before there is no judgement here, just lots of friendly and knowledgable advice and a bit of banter too (thank you mb) - all making this journey so much easier and actually (dare I say it) a pleasure !!

CS - I have 3 loans, a cc and £2,500 o/d with Lloyds. SC have written to them and offered £27.50 pm for the o/d. Although my payments don't start until September, the cc and o/d departments have accepted my payment proposal. Regarding the o/d - they have stopped fees and interest, a default will be issued and the debt will be passed to recoveries team. I have a Gold Account and assume that all 'benefits' are now null and void too. All good stuff

I hope this helps:)

Sarah

CloudStrife

Thank you all for your kind words and positivity. After reading this thread for a while I knew that the advice given would be very benefitical to getting myself advice of this mess. Hopefully with my experiences with the creditors will be helpful to others in the future

Kate: You are right about me still being relatively young when the defaults dropped off my credit report, and hopefully at that time I should have a nice deposit for a house. I do believe that this experience will make me more wiser then people my age about finances, even if I would have learnt the hard way.

MB: I understand your concern at how much I am going to be giving to SC, but I am on pretty decent money (embarrassing how I could possibly get in the mess really) and I lied slightly on the debt remedy to ensure I won't be struggling too much. I just won't be doing anything too majorly exciting until the DMP is complete.

Sarah: Thank you for discussing your experiences with Lloyds, they are my main concern as PDLs seem to be pretty cooperative, some have even said they have accepted SCs offer already. I am waiting til after payday to contact them about my desire at entering a DMP even though SC should have already spoke to them, and hopefully they are okay with me. I have a premier account with them, and I don't want to be continuing paying the £25 a month account fee. SC have told me they will be getting £205 a month, which should hopefully be substantial enough for them to accept it with no issues.

Cheers everyone

Puzzcat

A little wave to the newbies....

Just wanted to report..Ok shout...that I have now paid off just short of 5k since November on my dmp and if I include my family loan £6600..... wow....my debt has gone up or been stagnant for years.... I love my dmp...

Best thing I ever did financially speaking...

sunnyskies2

Well done Puzz and keep shouting...I'm looking forward to the day I can start seeing mine go down - but like you - from the rooftops 'I :heartsmil my DMP' too

Monkeyballs

Puzzcat wrote: »

A little wave to the newbies....

Just wanted to report..Ok shout...that I have now paid off just short of 5k since November on my dmp and if I include my family loan £6600..... wow....my debt has gone up or been stagnant for years.... I love my dmp...

Best thing I ever did financially speaking...

Bow chikka wow wow!!! That's awesome Puzz go the kitty!!!! LOL

MB of G xxx

FuzzyDF

sunnyskies2 wrote: »

Well done Puzz and keep shouting...I'm looking forward to the day I can start seeing mine go down - but like you - from the rooftops 'I :heartsmil my DMP' too

This is the first month in over 10+ years where I haven't been an emotional wreck trying to figure out how to take out some cash from Peter to pay Paul (so that I didn't get a default). I've got 5 of them now.

Early days but it is the best thing I did. I feel liberated!!!

Should be paid off in 5 years fingers crossed.

Sazzie23

FuzzyDF wrote: »

This is the first month in over 10+ years where I haven't been an emotional wreck trying to figure out how to take out some cash from Peter to pay Paul (so that I didn't get a default). I've got 5 of them now.

Early days but it is the best thing I did. I feel liberated!!!

Should be paid off in 5 years fingers crossed.

It's a good feeling Fuzzy and well done Puzz your DFDs will be here before you know it.

Welcome to newbies :hello:

Just wanted to say how much I admire those people who sorted their DMP before they couldn't pay, unlike moi who didn't even look into it until Peter had no money left to pay Paul. :eek:

A note for Cloudstrife, as MB :j alluded to, if you are paying high repayments you may find that some of the creditors keep adding interest (possibly at reduced rates) which will lengthen your DFD. Keep an eye on your balances and complain early on if this happens.

Kate, great news about the pills, :T
Did anyone on here get a Wonga we did it to you letter?

Have a good day everyone

TimeToDoIt

Hi all

Loving the positivity running through this thread!

I got a nasty letter from natwest last night which has had me worrying - "pay your £3000 overdraft within 28 days or we will be taking further action. This is a formal demand"

I'll call them at lunch time

Karen777

welcome and just agree with the others that a dmp is a good thing - best decision I have made in recent years and is such a weight off my mind. I have found this forum very helpful too so stick around