DMP & Mutual Support Thread - Part 10

phoenixx

Deleted_User wrote: »

Hi,

We are just finishing of the process of starting a DMP for our 17k of debt. Im excited for the future but also really nervous for the upcoming barrage of calls / letters.

We have two young girls and came to the realisation that we are simply existing, we have no money for days out or holidays, all birthdays / xmas is done on credit. I did the step change budget and we have around £50 left to feed 4 after we pay our bills so its time for a change.

I feel guilty for borrowing money and now not paying it back at the correct rate but id hate to think of my kids suffering.

Im certain its the right thing, just not 100% yet!

Hi Deleted_User

It's a scary step going into a DMP but if you think about it, the alternative is scarier. We had many misgivings before taking the DMP step but I honestly believe that if we hadn't we'd have lost our house. It is not easy but it gives you back some control and there is light at the end of the tunnel...As you point out, your current situation of simply existing is not working for you. There are so many inspirational and knowledgeable people on here who have been exactly where you are now and come out the other side. We don't use credit now and are half way through a pretty hefty DMP but I'd much rather be here than still robbing Peter to pay Paul and piling the misery of interest and late payment fees on us all. We work hard and everything is accounted for in the budget but we don't make it so right that it is unmanageable.
If you do take the step, and from what you write I think you are ready, don't make your budget too tight and try to build up an emergency fund for those unexpected expenses by making token payments for a couple of months before getting started properly with your full DMP repayment.

Good luck

phoenixx

Deleted_User wrote: »

Hi,

We are just finishing of the process of starting a DMP for our 17k of debt. Im excited for the future but also really nervous for the upcoming barrage of calls and letters

Once you have taken the plunge and written to the creditors to set up the DMP, they are usually quite helpful and the calls tend to stop. They are a lot better now with people in difficulty than they used to be. As soon as they realise you know your rights they usually back down.

[Deleted User]

Thanks for the reply, once its all setteled down im sure ill feel alot better, looking forward to seeing how other peoples DMPs are getting on.

Stepchange recommend £55 a month to start with while we pay back £500 ctax arrears so should have enough to start a little emergency fund. MoT due next month !

Karen777

welcome! sounds like you have a good plan - it settles down quite quickly and you will be glad you did this.

phoenixx

Sazzie23 wrote: »

As some of you may know, I have had to reduce my SC DMP payments significantly due to personal circumstance.

The good news here - if anyone else has to do this - is most of the creditors haven't really batted an eyelid, although BoS seem to think they can hassle me a bit, I did call them, found them unhelpful as ---- and so now I'm ignoring them for a bit.

Other good news, (apart from TTFTM's which is just brill) is that i've realised i'm over spending on the food budget regularly so I thought I should take a good look at it. I've discovered that basically I'm always going to be right on the edge with it...the late OH used to help me a bit with food and I hadn't appreciated how much of a difference it made. I'm not going to bust the review again as its likely things will change a bit in a month or 2 if i can get back on the out of hours rota, but when I do it again, i'm going to increase the grocery allowance a bit to give me that wiggle room again (i'm miserable if I can't afford chocolate).

It also means I can be more aware of how much I'm spending at each meal, which gives me a reason to hopefully eat a bit less !

Have a great weekend everyone

Hi sazzie23

Know exactly what you mean about the groceries. We are at the wire with this month's allowance as DD2 is constantly hungry and we have got through more of everything than usual. In Sainsbury today I was wandering round whispering to myself, totting up the spend to keep under budget. A man was staring at me and the laughing - I felt a bit self conscious at first but then thought what does it matter? I am doing what I can - maybe he is in the same position so I smiled at him. He went red and hurried away...oh well. On the chocolate front, I have some Guylian in the house brought round by a friend in return for a favour. Delicious but am on a diet so am rationing them out! Hope your weekend was a good one. X

Sazzie23

phoenixx wrote: »

Hi sazzie23

Know exactly what you mean about the groceries. We are at the wire with this month's allowance as DD2 is constantly hungry and we have got through more of everything than usual. In Sainsbury today I was wandering round whispering to myself, totting up the spend to keep under budget. A man was staring at me and the laughing - I felt a bit self conscious at first but then thought what does it matter? I am doing what I can - maybe he is in the same position so I smiled at him. He went red and hurried away...oh well. On the chocolate front, I have some Guylian in the house brought round by a friend in return for a favour. Delicious but am on a diet so am rationing them out! Hope your weekend was a good one. X

I should be on a diet, my weight rocketed over the last couple of years, however I found a couple of left over Mars bars in the fridge, so devoured one today, not really my thing, but I recall they taste better sliced out of the fridge so I tried that and iti was ok.

It's good to concentrate on your budget when shopping, although that's not my favorite thing, but I do enjoy finding a bargain in the reduced salad etc. It's so easy to get carried away, and there is only me to feed, respect to those that do it for a family. :T

A relaxing weekend for me, caught up on a few jobs, spent nothing, so it's pretty good.

Preparing for a good week, hopefully for everyone.

Sazzie23

Deleted_User wrote: »

Thanks for the reply, once its all setteled down im sure ill feel alot better, looking forward to seeing how other peoples DMPs are getting on.

Stepchange recommend £55 a month to start with while we pay back £500 ctax arrears so should have enough to start a little emergency fund. MoT due next month !

Hi Cream and welcome.

Well done for facing up to your debt issues and getting a plan. Lots of people are out there still struggling, you are taking action to fix it.

Hopefully you've had time to read through the thread a bit to look out for pitfalls and get tips, but ask any questions, no matter how small, if it's worrying you, ask.

Look forward to making your first debt repayment, no matter how low, it's moving you towards a debt free date DFD, which is what we are all aiming for.

January2015

Quick update - still no updates on some of my accounts for the SC payment that was supposed to be made within five working days of the date they collected by DD (which was 1st April)......I half wondered if it was an April Fools joke by SC

Will check again when I get home form work. Have a wonderful sunny, debt busting Monday everyone

Growurown

Deleted_User wrote: »

I feel guilty for borrowing money and now not paying it back at the correct rate but id hate to think of my kids suffering.

Im certain its the right thing, just not 100% yet!

Hi Cream, don't feel guilty about not paying back interest and charges! I'm sure your creditors have made lots out of you already and just remember all those scams like PPI and countless other illegal activities like the libor fixing scandal designed to take more money out of our pockets and make them richer.

You are doing the right thing, our DMP was a life saver and I hope to be debt free by the end of this year. The feeling of being back in control of the situation is brilliant and the relief immense after all the stress of trying to manage a budget that was frankly impossible.

fermi

January2015 wrote: »

Quick update - still no updates on some of my accounts for the SC payment that was supposed to be made within five working days of the date they collected by DD (which was 1st April)......I half wondered if it was an April Fools joke by SC

Will check again when I get home form work. Have a wonderful sunny, debt busting Monday everyone

http://moneyaware.co.uk/2012/02/8-questions-every-dmp-client-asks/

Now Changed.