DMP & Mutual Support Thread - Part 10

Monkeyballs

tayajade wrote: »

Thanks monkeyballs, I haven't been naughty honestly, I just wanted a bit more of an emergency fund

Ahhh, I was only joshing I blew all mine on Haribo, acupuncture and massages

Hey Puzz, good on you for paying for the car in cash it's a great feeling to pay for things out of your hard earned money but more painful than using credit (pre LBM obviously) isn't it? Still, I guess you appreciate it soooo much more

Ciao!

MB of G xxx

Time_to_face_the_music

cmcavon wrote: »

Nervously saying hi.

I'm sat here in tears after completing the stepchange debt remedy online. It's recommended either selling assets or going onto a dmp. For a number of reasons I think the dmp is the best option.

I'm self-employed and 5 weeks pregnant and worried about the future so please be kind.

I've filled in the form and requested the application pack. It said I'll have an email within 24 hours. I don't know if this will contain suggested figures or what?

I'm so scared at the minute, I can't stop worrying and bursting into tears. I've never missed payments before and I'm terrified of anyone banging on the door or constant calls and letters. I don't know if I can handle it all.

Hi and welcome cmcavon :hello:

I can see you have already had lots of excellent advice so just wanted to say hello and please stick around and ask anything you need. The support here is second to none.

TTFTM x

Time_to_face_the_music

tayajade wrote: »

Evening all,

I am really starting to wish that I hadn't rushed into setting up the first DMP payment so fast, first one due to go out in august I have made just one month of token payments, is it too late for me to delay for another month? What reason would I give to payplan?
Thanks in advance!

Puzzcat wrote: »

Hi, These are your debts and your dmp, just tell them you need to delay the start up until September as you need an emergency fund, or car repair or whatever, but don't forget to do token payments in the meantime.
Puzz.x

Totally agree with Puzz on this, you just tell them you need a delay. It's often a good idea to do this anyway to 1) Collect an emergency fund 2) Practice your budget 3) Encourage early defaults

TTFTM x

PS: Well done on the car Puzz :T

Karen777

It didn't occur to me to delay starting my dmp - I had no emergency fund whatsoever. Or defaults (I have now ...) - wish I'd thought to do this! ooh the sweet smell of hindsight....

Kate_fixing_it

I have debt news...For the first time in ages

I have today received a very snotty letter from HSBC regarding my current account and overdraft. Obviously automated and two whole pages of "threats". They might remove my overdraft, seek legal action, close the account, issue a default to my credit file etc etc etc. I have (allegedly) not made a repayment plan or attempted to contact them blah blah blah - well, you can bet your backside if that was really true I'd be facing more than this!

Quite laughable really. That account has been sitting at minus £2000 for YEARS and now it's actually reducing each month they're sending the boys round!

On a more serious note, especially for those starting out, I've been expecting this and in all honesty I think they've been a bit slow to react. The simple fact is that they're getting all I can afford so there's nothing they can do to me. I switched to a basic account nearly 4 months ago and other than accessing the app to check balances the account is dormant.

I have opened the letter, had a careful read through and filed it. Job done. I'll patiently await my default and reassignment to a DCA and look forward to being rid of them

So not really debt news at all but maybe a little reassurance for the new DMPers that this is as bad as it gets of you are DMPing before any missed/late/reduced payments occur and I actually giggled a little after reading at the irony - as I spiralled deeper and deeper into the hole they didn't want to know but now I'm working on it they're getting stroppy but I feel in control and I'm not going to lose any sleep over this. And really it's a tad silly to be sending threats over a £2k overdraft that's reducing when I have two other products with them that are close to the same balance each!

Hope this gives someone a bit of relief if their situation is similar.

Kate x

Kate_fixing_it

Karen777 wrote: »

It didn't occur to me to delay starting my dmp - I had no emergency fund whatsoever. Or defaults (I have now ...) - wish I'd thought to do this! ooh the sweet smell of hindsight....

Me too I was just too eager to get going! Still, we're on the right path now and might be able to offer advice to others and save them the same panic. In fact I wish I'd pulled my head out of my backside years ago but it's done now, we can only work towards the future - which is going to be financially golden!

Kate x

Karen777

Kate_fixing_it wrote: »

Me too I was just too eager to get going! Still, we're on the right path now and might be able to offer advice to others and save them the same panic. In fact I wish I'd pulled my head out of my backside years ago but it's done now, we can only work towards the future - which is going to be financially golden!

Kate x

too true, too true.

Thanks for sharing your letter experience - I had a similar thing - my account credit was increased year on year despite me only ever paying minimum and getting more and more into debt (and keeping their interest going!) - now we are reducing debts we are no longer good customers I suppose so they have no need to be nice to us!!

Monkeyballs

Karen and Kate,

Not strictly speaking what you're meant to do but at any time you can contact SC to reduce payments to your DMP...

I'm not suggesting you call them tomorrow morning LOL but things crop up all the time and if you're only able to make a small payment one month (or two) then keeping them informed is all you need to do and they'll do the rest (they may suggest contacting your creditors but it's optional).

Making a reduced payment for a couple of months so you have a small fund to fall back on isn't a bad thing -just don't take the mick

MB of G x

Kate_fixing_it

Monkeyballs wrote: »

Karen and Kate,

Not strictly speaking what you're meant to do but at any time you can contact SC to reduce payments to your DMP...

I'm not suggesting you call them tomorrow morning LOL but things crop up all the time and if you're only able to make a small payment one month (or two) then keeping them informed is all you need to do and they'll do the rest (they may suggest contacting your creditors but it's optional).

Making a reduced payment for a couple of months so you have a small fund to fall back on isn't a bad thing -just don't take the mick

MB of G x

I had to last month and hated it! Determined to scrape through this month...17 days to payday! I'm also scrabbling together to repay a friend £50 a month and DH's college course which I initially forgot about. Only 3 more payments on each and I'll have an extra £160 per month - all going to the emergency fund until my annual review!

All my DDs are paid for this month and I still have a little left/due to come in so I'm not too worried. Helps A LOT that I reduced the virgin bill by £30 a month and car insurance dropped when I was forced to switch cars. I also have a bonus coming in August that may just clear both a month early *crosses fingers*

My current situation is tight but nowhere near as bad as pre-LBM and it's taught me how to budget FAST.

On a happier note called my water supplier about an old account with a refund due that I never received (2006!) and it's on it's way not a massive amount but enough to mean DH will get his birthday gift on his birthday and not 3 days later when I get paid

I'm happy to scrape through given the current situation and the fact that it's only 3 more payments but if it was longer I'd definitely switch to token payments for a bit and I'd definitely have gone for it if it had been pushed at the start.

Kate x

Monkeyballs

The beauty of hindsight eh....

One of the things I've realised is that in the past if something cropped up (forgetting the whole gambling thing) then I'd borrow waaay more than I needed as a small amount seemed pointless.

Now, I either accept that the small thing is going to have to wait or something crops up! I'm not trying to advocate being reckless here LOL but for example;

I recently forgot a friends birthday (and it was her 30th, so a big deal) and had no spare cash... Fortunately for my back was knackered so going on an expensive night out was not going to happen I got around not having money to buy a present by making a mini collage of pictures of us as kids inside a homemade card she blubbed like the big sissy she is LOL

In the past I'd have borrowed £100 to buy something flash, gambled £50, bought some random rubbish for £30 and gone home early with a stomach ache (or similar excuse) when the remaining £20 ran out...

Everything seems to be in perspective now and I'm much happier for it

MB of G x