DMP & Mutual Support Thread - Part 10

Puzzcat

badgers1975 wrote: »

Evening everyone,

I've kind of sculked around MSE for a few years but having a read through this thread I feel though I really ought to be a little more active around here.

The last couple of days have been a bit of an epiphany for me really. I've been on a DMP for the last few years after getting myself and ultimately my family in a mess with credit cards.

Last December my company got in a life coaching company to run a course on money mastery and debt busting, which due to my work load and meetings I could not attend. Fortunately Mrs badgers decided to attend their goal setting seminar (I should point out that these were free as part of their values is they should give something back to the community) and found out that they were running it in London. We decided it would be good if we both go. As well as running money mastery in the morning, the afternoon offered coaching money mastery more in depth and using it to help others in a similar position. As much as we had to talk/argue about it when it all came to a head when I had to set the DMP up, this was the first time that we had actually done something together about it.

Their approach to debt busting is quite a simple strategy really, but more that was the amount of time spent on getting us to question how we interact with money. I won't go in depth as I've probably rambled enough already. In as much as we both came away with a different understanding of how we look at the money we have, there was more than that. From talking to others in the same position, I appreciate more how she felt and she understands more how it feels from my position having got there.

Every month I've just watched the money leave my account to stepchange as not really thought much more about it other than one day it will stop. Tonight I logged on and actually looked at what I owe. Two and a half years ago I had £23k in credit cards and overdraft. it's now £14.4K and it will be clear in December 2018. I couldn't actually believe how much I've cleared.

Even a month ago I could not have been able to post anything as open as this. But now my head is well and truly out of the sand and more than that I'm going to use what I've learnt and my experience to help others do the same.

So hello I'm badgers pleased to meet you all

Hi Badger, Very pleased to meet you.


And well done on your fantastic debt busting.. Just a quick thought highlighted in your post above.. You have been checking your statements from creditors to ensure interest has been frozen? Stepchange assume all interest frozen and so the sc totals are based on that. You don't want any nasty surprises further down the line..!


Puzz. x

blisteringblue

Well did my online annual review with SC, is that really a year already

A few tweaks here and there and will be paying an extra £20 to the DMP from March. Can cope with that. Was half expecting to not be able to balance enough and was all prepared to go it alone, but looks like its SC for another year then.

Knocked a month off the end too I think, but still expecting a lot more than this in the final couple of years.

Aloofdragon

Morning all, I have done search after search and still come up blank and none the wiser, I am working my way through S/M DMP I have cleared 1 credit card and on the verge of clearing the second one plus too smaller debts so far. I have a BAHCLEES loan of £5800, an overdraft of £800ish and a Argws card of £1100 and a catalogue debt of a £1000 with a DCA, I have set up a standing order for the overdraft, and waiting to hear regarding acceptance for underpayment for the loan, My main question really is has anyone had personal experience regarding Barclees and Argws with similar amounts going to DCA and defaulting times. Argws in particular are slamming on charges monthly interest and non payment despite offering and paying smaller payments to them from S/C for first teo months and asking for an interest break they haven't stopped with extra charges even whilst S/C was paying them. If I knew it would be rougly two or three months more then default I would leave just that happen but if it could take another six months it could be worth struggling to clear it asap. Any advice would be fab x

badgers1975

Thanks Puzz,

I'm in the fortunate position that they all agreed to freeze interest at the outset. I did glance at the annual statements I get sent and it is.

The cynical might look at this and ask how one day can make such a difference but it's just little shifts in perception that make the change happen. Now all over it...like a rash.

I took the coaching course too, as I know colleagues who are struggling as well. After 5 minutes in the office I had my first quiet request for help.

It's a free course called money mastery run by a company called whatever life throws. Run by amazing people who have been in the same position. If you get the chance it is highly recommended.

What you get for free you should share, especially knowledge.

That said I should get on, as all thing aside Mrs B will still fillet me if I haven't had a tidy up and sorted the washing out as it's my day off.

Sazzie23

Aloofdragon wrote: »

Morning all, I have done search after search and still come up blank and none the wiser, I am working my way through S/M DMP I have cleared 1 credit card and on the verge of clearing the second one plus too smaller debts so far. I have a BAHCLEES loan of £5800, an overdraft of £800ish and a Argws card of £1100 and a catalogue debt of a £1000 with a DCA, I have set up a standing order for the overdraft, and waiting to hear regarding acceptance for underpayment for the loan, My main question really is has anyone had personal experience regarding Barclees and Argws with similar amounts going to DCA and defaulting times. Argws in particular are slamming on charges monthly interest and non payment despite offering and paying smaller payments to them from S/C for first teo months and asking for an interest break they haven't stopped with extra charges even whilst S/C was paying them. If I knew it would be rougly two or three months more then default I would leave just that happen but if it could take another six months it could be worth struggling to clear it asap. Any advice would be fab x

Hi Aloof ,

Barclays do tend to charge some interest, although seems some manage to get it cut completely :j. Regards Argos - have you made this a formal complaint to them and threatened FoS ?

Couple of pages back TTfTm posted some template letters for this sort of thing. Time wise with Barclays I've been with them 2 years and still not got shipped to a DcA. Argos can't help you with, who is their parent bank?

Sazzie23

As we have a lot of newbies around at the moment, I just wanted to mention spreadsheets for tracking debts and finding milestones for motivation.

Defo worth setting up something if you can, I think there are some redone ones available. When I'm really wobbly, I go back and check my spreadsheets and see just how far I've come, and it does help.

Aloofdragon

Thanks Sazzie seems Barclees are here for the longhaul too then I will def resend the templates now I am self managing too.
I'l see what we can put together to catch up with minimum payments with Argws before payment date and just pay it off I think.

Time_to_face_the_music

Aloofdragon wrote: »

Thanks Sazzie seems Barclees are here for the longhaul too then I will def resend the templates now I am self managing too.
I'l see what we can put together to catch up with minimum payments with Argws before payment date and just pay it off I think.

I know it's not the done thing and it's not fair practice etc but if you have tried everything with a creditor and still not managed to get them to stop interest, I would advise throwing everything you can at that debt and getting it out of the way.

Hi and welcome to our new DMPers :hello:

It's great to have you onboard and please stick around for any help, advice or support that you need. No question is too silly .... and even if it were, I will have asked it already

TTFTM x

badgers1975

One thing worth remembering about FoS is that it costs any financial institution £500+ to simply answer a case irrespective of whether they win or lose. A lot of companies will look at this, especially if their position is in any way questionable and try to resolved before it gets there as it's just going to cost them, even if they win.

If the amount is small they can win and still come out with a net loss.

This is based on the fact that financial institutions understand the concept of net loss, over the last few years this could be called into question:)

Time_to_face_the_music

badgers1975 wrote: »

One thing worth remembering about FoS is that it costs any financial institution £500+ to simply answer a case irrespective of whether they win or lose. A lot of companies will look at this, especially if their position is in any way questionable and try to resolved before it gets there as it's just going to cost them, even if they win.

If the amount is small they can win and still come out with a net loss.

This is based on the fact that financial institutions understand the concept of net loss, over the last few years this could be called into question:)

Sometimes quite a lot more

http://www.financial-ombudsman.org.uk/publications/technical_notes/QG1.pdf

TTFTM x