DMP & Mutual Support Thread - Part 10

kb_soma

Oh no, just wrote a post for it to disappear!

A cheque should be fine. I think I did mine with postal orders, but this works out a little more expensive as you have to pay for them.

I set my plan up in 2011,so a while ago. Transfer any cash from your old account and cancel any direct debit, but I'm sure sc will have gone through all this.

If you are in need of template letters, you will find these on the national debt line website.

Huge congratulations on getting the dmp set up, you'll feel so much better very soon.

If you have any worries at all, do give sc a call. I think I was on the phone to them all the time for the first few months.

Most of all, keep going. You can do it!

Sazzie23

You lot are really amazing, massive pat on the back everyone, if I wasn't already on a DMP, I'd probably start one.

Sazzie23

DanielleNic87 wrote: »

It's strange because they said we would be limited to what we could be offered. They could only offer 4.29% however when hubby asked what they could offer if I had ok credit they replied with 2.5%.

I was in the sticky situation of having spent my endowment money (to repay credit ) and therefore needed to remortgage to pay off the outstanding amount. No other lender would even consider me with a DMP but when I finally confessed to my existing lender I got a better rate (fixed) than I'd been on previously. I don't think it's an amazingly great deal, but I was just grateful they didn't boot me out. I don't suppose that helps you at all but it's another perspective :eek:

patch22

kb_soma wrote: »

Oh no, just wrote a post for it to disappear!

A cheque should be fine. I think I did mine with postal orders, but this works out a little more expensive as you have to pay for them.

I set my plan up in 2011,so a while ago. Transfer any cash from your old account and cancel any direct debit, but I'm sure sc will have gone through all this.

If you are in need of template letters, you will find these on the national debt line website.

Huge congratulations on getting the dmp set up, you'll feel so much better very soon.

If you have any worries at all, do give sc a call. I think I was on the phone to them all the time for the first few months.

Most of all, keep going. You can do it!

Thank you again. I agree with Sazzie, you're all amazing! Slept a bit better last night so feeling a bit fresher this morning. We'll be transferring the spare cash from our accounts today and I need to go into the bank to change the address on the account as it's still registered to my mum's address (should have done it years ago!). Going to take things one day at a time and try to not worry too much. I lost my lovely dad a few years ago and he'd be the one I'd turn to for advice. Think the reality of our situation has brought out some locked up grief, hence the extreme emotional wobbliness! Once I've sorted my health issues out then I can start looking for work again and really get back on track.

Thank you all again.

KID77

Welcome Patch22, good luck on your dmp journey xx

Zack_Smith

Thanks a lot. Lovely thread.

timetosayenough

Patch, glad you're feeling better about things. I think the hardest bit is admitting that we do have problems. I kept burying my head in the sand thinking I can manage when in reality I really couldn't. Yes we can support each other on our journey. Like you my lovely mum passed away almost 3 years ago and she was definitely the one I could have spoken to. Dad, at 93, just would not understand at all, never been in debt.


I've now cancelled all direct debits out of current account and transferred them to new account. There's one I can't do apparently until 1st August. Everyone else I could do over the phone but this one I have to do online and not until 1st August which is when payment is due out but been told it won't be a problem. Hm will wait and see. Managed to get name of guy I spoke to so will use that if things go pear shaped.


Ah thanks Sazzie, it's great knowing that I can come here and get things off my chest.

citycentremj

Hi all,

I'm just embarking on a DMP through StepChange after accumulating around £30k in unsecured debts over the past few years (loans and credit cards).

Went through the budget planner etc and thankfully as I earn a decent wage (which makes my position all the more irresponsible on my part) and all the accounts are up-to-date they are confident it should be accepted and in 2 years and 8 months it should be all sorted out.

One thing that has worried me a little having read through the thread is that the time-period seems short compared to some other and although I was thorough in the budget planning I'm worried I'm going to end up leaving myself short for the essentials.

So I was wondering if anyone else had experienced this length of DMP etc and how it all worked out?

Thanks for listening and best of luck everyone!

DanielleNic87

Sazzie23 wrote: »

I was in the sticky situation of having spent my endowment money (to repay credit ) and therefore needed to remortgage to pay off the outstanding amount. No other lender would even consider me with a DMP but when I finally confessed to my existing lender I got a better rate (fixed) than I'd been on previously. I don't think it's an amazingly great deal, but I was just grateful they didn't boot me out. I don't suppose that helps you at all but it's another perspective :eek:

Thanks. I currently have a fixed rate... This will be worse than what I am currently on, resulting in £40 a month more.

kb_soma

citycentremj wrote: »

Hi all,

I'm just embarking on a DMP through StepChange after accumulating around £30k in unsecured debts over the past few years (loans and credit cards).

Went through the budget planner etc and thankfully as I earn a decent wage (which makes my position all the more irresponsible on my part) and all the accounts are up-to-date they are confident it should be accepted and in 2 years and 8 months it should be all sorted out.

One thing that has worried me a little having read through the thread is that the time-period seems short compared to some other and although I was thorough in the budget planning I'm worried I'm going to end up leaving myself short for the essentials.

So I was wondering if anyone else had experienced this length of DMP etc and how it all worked out?

Thanks for listening and best of luck everyone!

Hi, and welcome to the thread. My DMP was originally supposed to be cleared in 3 years (estimated Debt Free date was 2014), this is calculated with the assumption that creditors freeze interest.

At some point when I redid my budget it changed to 2016, but by paying extra off my DMP my actual debt free date was June 2015.

I think in order to do the best that you can to reach your DFD is ask your creditors to freeze interest.

It is doable, but everybody is different, as you say you are on a good wage, which means that you can pay more than maybe others, or others may have higher debt.

Good luck on your journey.