DMP & Mutual Support Thread - Part 10

timetosayenough

Feeling a bit more positive. Had LBM last Thursday, did the Stepchange debt remedy and DMP suggested. So, cancelled a direct debit that was due out of the bank yesterday, written letters to all my creditors saying I was entering a DMP with Stepchange, asking for 30 days grace, used template letter from national debtline. Still waiting for pack from Stepchange, think I will enter DMP 1st September and send token payments for this month and next. Is that the right thing to do? Want to try and built up emergency fund. So, all in all, knot in my stomach isn't so bad and last night had the best nights sleep for ages, even though it was so warm!

Puzzcat

timetosayenough wrote: »

Feeling a bit more positive. Had LBM last Thursday, did the Stepchange debt remedy and DMP suggested. So, cancelled a direct debit that was due out of the bank yesterday, written letters to all my creditors saying I was entering a DMP with Stepchange, asking for 30 days grace, used template letter from national debtline. Still waiting for pack from Stepchange, think I will enter DMP 1st September and send token payments for this month and next. Is that the right thing to do? Want to try and built up emergency fund. So, all in all, knot in my stomach isn't so bad and last night had the best nights sleep for ages, even though it was so warm!

Hi,


And welcome to the dmp mutual thread... Sounds like you are very organised and yes I would definately do a few months token payments first. Don't forget to send a payment each month until the dmp starts, a £1 is enough to each one..!
Good luck !


Puzz,x

kb_soma

timetosayenough wrote: »

Feeling a bit more positive. Had LBM last Thursday, did the Stepchange debt remedy and DMP suggested. So, cancelled a direct debit that was due out of the bank yesterday, written letters to all my creditors saying I was entering a DMP with Stepchange, asking for 30 days grace, used template letter from national debtline. Still waiting for pack from Stepchange, think I will enter DMP 1st September and send token payments for this month and next. Is that the right thing to do? Want to try and built up emergency fund. So, all in all, knot in my stomach isn't so bad and last night had the best nights sleep for ages, even though it was so warm!

Welcome to the thread timetosayenough, nice to see you here!

timetosayenough

Thank you both. I will do that puzz, to be honest I've been a bit of a lurker for the past couple of weeks, and have learnt so much from you all.

KID77

I was like you, read the thread loads before making decision on DMP, it was reading this thread that gave me the courage to do it. My first payment went out today so still feeling quite anxious about it all but better than I did before I made the decision :-)
K
xx

emsiedoodle

Thank you Sazzie, your thoughts are gratefully received. It might be 6 months + before we get the money from parents (helping us with some inheritance they’re due to receive) is it too soon to contact lenders about changing the default date? I think we should get the ball rolling but my husband thinks we should wait until we have money ready to pay people off.

patch22

Hi everyone, my first post but have been reading the last few days and am inspired by you all. Me and my husband are looking to call up Stepchange today to enter into a dmp and I'm absolutely terrified. Have spent the last few days in tears and feel quite hopeless at the moment. Posting early due to yet another sleepless night!

We owe just under £20k between us and it's at the point where it's just not maneagable anymore. My husband works full time though I'm not at the moment due to health and other problems (hoping that will change before the end of the year though, which will definitely help matters) so we won't have too much to offer creditors but also can't carry on struggling to pay the minimum each month and still racking up more debt just to live. We have two Barclays graduate overdrafts at £1500 each, husbands Lloyds card at about £2300, my Lloyds card at £3720, husband's Barclaycard at about £7400 and I have a Sainsburys card at around £2700. Seems mad seeing it written down like that.

Lightbulb moment came the other day when we received a letter from a debt collecting agency saying that my husband's Lloyds credit card had been passed to them. Mine has stayed with Lloyds so far. We entered a payment plan with them about 5 years ago and both accounts defaulted shortly after. Of course, we carried on living day to day on other credit/overdrafts which had been built up when we were students. All other cards are up to date with no missed payments. Reduced payments on our Lloyds cards are also up to date, but the fact it's been passed to a dca has broken me for some reason. We almost entered a dmp when we got into trouble with Lloyds but stupid me said we'd be ok and now here we are 5 years later worse than ever.

I'm rambling now and probably don't make much sense! But we've been feeling pretty alone and was hoping that people here could maybe offer some moral support and advice as I'm petrified!

Thanks so much for reading.

Sazzie23

emsiedoodle wrote: »

Thank you Sazzie, your thoughts are gratefully received. It might be 6 months + before we get the money from parents (helping us with some inheritance they’re due to receive) is it too soon to contact lenders about changing the default date? I think we should get the ball rolling but my husband thinks we should wait until we have money ready to pay people off.

Don't know what the others think but IMO start fight the defaults ASAP. You have no leverage once you've paid them off.

Sourcrates usually has good advice for this sort of thing if he/she is in the form

Sazzie23

timetosayenough wrote: »

Thank you both. I will do that puzz, to be honest I've been a bit of a lurker for the past couple of weeks, and have learnt so much from you all.

We all learn from each other, whether a it's how to deal with defaul letters or how to get your head round it all, everyone has something positive to give. Never be afraid to ask a question, probably someone else reading will have thought it but didn't like to ask. All lurkers welcome.:T

patch22 wrote: »

Hi everyone, my first post but have been reading the last few days and am inspired by you all. Me and my husband are looking to call up Stepchange today to enter into a dmp and I'm absolutely terrified. Have spent the last few days in tears and feel quite hopeless at the moment. Posting early due to yet another sleepless night!

We owe just under £20k between us and it's at the point where it's just not maneagable anymore. My husband works full time though I'm not at the moment due to health and other problems (hoping that will change before the end of the year though, which will definitely help matters) so we won't have too much to offer creditors but also can't carry on struggling to pay the minimum each month and still racking up more debt just to live. We have two Barclays graduate overdrafts at £1500 each, husbands Lloyds card at about £2300, my Lloyds card at £3720, husband's Barclaycard at about £7400 and I have a Sainsburys card at around £2700. Seems mad seeing it written down like that.

Lightbulb moment came the other day when we received a letter from a debt collecting agency saying that my husband's Lloyds credit card had been passed to them. Mine has stayed with Lloyds so far. We entered a payment plan with them about 5 years ago and both accounts defaulted shortly after. Of course, we carried on living day to day on other credit/overdrafts which had been built up when we were students. All other cards are up to date with no missed payments. Reduced payments on our Lloyds cards are also up to date, but the fact it's been passed to a dca has broken me for some reason. We almost entered a dmp when we got into trouble with Lloyds but stupid me said we'd be ok and now here we are 5 years later worse than ever.

I'm rambling now and probably don't make much sense! But we've been feeling pretty alone and was hoping that people here could maybe offer some moral support and advice as I'm petrified!

Thanks so much for reading.

Hi Patch and welcome, hopefully this is the start of better sleep for you. Many will recognise the hit crisis but carry on stage, and most would say they wish they'd started the DMP sooner.

You can't carry on living on credit, at some point it all falls down, as you've discovered. Make sure the creditors know it's ill health keeping your income down, but I wouldn't be too quick to tell them you'll be earning again soon, they might be less likely to reduces or cut the interest. If it works out, great, if not and for some reason you're still unable to work then you didn't lose anything.

Have a good read through the thread especially about emergency funds and token payments and stuff. Try not to panic, no one is about to knock on your door and take the TV away (smiles -that was my worry when I couldn't pay:o).

Decide on your what to tell people (friends, family and colleagues) strategy, some folk on here tell no one, some share it with selected friends, most people who've shared it with colleagues have found other people are in similar strife, so we are not alone, we are the good guys, finding a way to sort it out, never forget that.

Come back soon.

timetosayenough

Hey Patch, I'm new to DMP as well. Had LBM last week, did the Stepchange debt remedy online, which recommended DMP. Just waiting for personal information pack from them now. People on this forum helped me earlier in the week because I was dithering about cancelling a direct debit to one of my creditors and I'd decided I'd pay it, but with the advice and support on here I cancelled it. It was scary but probably the right thing to do. I've sent letters off to my creditors advising them that I am taking advice from Stepchange and asking for 30 days grace. There is a template letter on national debtline website. (thanks national debtline) I've also opened a basic account, just a debit card nothing else and I received both card and pin no yesterday so now I can start taking money out of my current account and putting in new account.


I'm thinking of starting DMP 1st September and in the meantime will pay token payments to creditors.


I'm on my own, a carer for 93 yr old Father, so life is tough at mo. But once I get sorted with my debts I know life will be so much better.


Post back and let us know how you get on. Take care.