DMP & Mutual Support Thread - Part 10

Kate_fixing_it

Morning all How are you doing?

Nothing to report here, just wanted to say hello and remind us all that we're all one day closer to debt freedom than we were yesterday

Kate x

TimeToDoIt

Hi Kate
I'm good thanks. Off work so trying to earn a few pounds online
Every little helps!!

FuzzyDF

Good Morning,

Still feeling apprehensive but I can see a tiny light at the end of a five year tunnel.

The sun's out and I've got a day off. Can't complain.

sunnyskies2

Hi all - hope all is going good

Just caught up on posts - Kate I know what you mean about feeling grown up, I just told my lovely dad about our DMP (not about the £38,755 though:eek:) think it would be too much for him. Although in my late 40s he was (as ever) supportive and happy that I (we) are sorting ourselves out - and I too feel all grown up and lucky

DMP now set up - to start Sept. A couple of questions if anyone could help please: when I get the SC online account does it show me my DFD date? Also I asked at SC if I get some money can I sort out my own F&F settlements - they said no I have to give the money to them to divi out fairly - does that mean I would have to go it alone at a future date if I wanted/had the opportunity to do this?

Thanks

Sarah

Monkeyballs

Hi Sunny,

Dad doesn't need to know

sunnyskies2 wrote: »

DMP now set up - to start Sept. A couple of questions if anyone could help please: when I get the SC online account does it show me my DFD date? Also I asked at SC if I get some money can I sort out my own F&F settlements - they said no I have to give the money to them to divi out fairly - does that mean I would have to go it alone at a future date if I wanted/had the opportunity to do this?

So...

Yup, it will give a predicted DFD and it changes as you keep the balances updated too

SC have to give a diplomatic answer, and although the diplomatic answer is actually the correct and proper way to manage your DMP you can do one of the following;

1. Make small over payments to specific creditors - I do this with Barclaycard as they are still charging interest so this offsets that.

2. If a relative offers to pay a debt for you then can use this money to make an F&F.

Remember, the DMP is an informal agreement and creditors can drop out of it if they feel they are not being treated fairly so you do need to be careful...

That said, if you repay a creditor then you must keep your debts updated on your plan and keep SC informed as to who and how.

MB of G x

sunnyskies2

Thanks MB of G that's really helpful.

It has occurred to me whether creditors can look at credit files without our request for 'something' if you get what I mean - i.e. They can't see our whole picture, only via SC. Not that I have any intentions to mislead anyway - just wondering on what basis they make decisions - about if they feel that they are being treated unfairly.

Have SC made any comments to you about your additional/ F&F payments ?

Thanks again

Sarah

Monkeyballs

To be honest, at some stage when I'm in a stronger position financially I plan on going self managed for the extra flexibility it offers...

I have in the past managed to settle a couple of accounts early but it was money offered from relatives.

Early days you really need to play ball, realistically you shouldn't have any free cash (excluding an emergency fund and a little extra on top of your budget) to be able offer F&F's anyway.

As for how creditors would know? They get a new I&E form whenever payments go up or down so if you pay a grand off which means that the payments to other creditors go up and one of the old ones is missing...

I'm totally guessing but it's the one thing that springs to mind.

As for overpayments, they're normally just a fiver here and there so it's not a huge issue and you can update balances online for yourself.

MB

Ellieseleven

Just catching up with this thread and can't believe that it's already a year since Antonic became debt free

TimeToDoIt

Morning all!!

Kate_fixing_it

sunnyskies2 wrote: »

Hi all - hope all is going good

Just caught up on posts - Kate I know what you mean about feeling grown up, I just told my lovely dad about our DMP (not about the £38,755 though:eek:) think it would be too much for him. Although in my late 40s he was (as ever) supportive and happy that I (we) are sorting ourselves out - and I too feel all grown up and lucky

DMP now set up - to start Sept. A couple of questions if anyone could help please: when I get the SC online account does it show me my DFD date? Also I asked at SC if I get some money can I sort out my own F&F settlements - they said no I have to give the money to them to divi out fairly - does that mean I would have to go it alone at a future date if I wanted/had the opportunity to do this?

Thanks

Sarah

So glad your Dad is being supportive but I understand why you didn't give him the figures. I don't have a lot of family support (one person who I thought would support me seems to think it's a competition - my £12k was dismissed as "nothing compared to mine") but I do have very dear friends that have been and are being fantastic. I have the upmost respect for those who don't have people to help IRL but get there anyway.

and as a previous poster said Dad doesn't need to know specific figures

Once you can log in SC will show your DFD and they have a handy slider to show how much faster it'll be paid off if payments are increased. I found it really motivating to see how much quicker my DFD will come around when I can plough childcare payments into my DMP when it's no longer required...only thing is I'll be nearly completed by the time I don't need any childcare. That said I can treble my SC payment once childcare is finished with. I don't want to wish away their childhoods counting down to when that happens but it's a nice comfort.

Try to enjoy the moment, it's all very new and exciting for me too and I'm still very motivated (my plan is to get the debt cleared before I turn 40 - 2 years faster) but don't forget the present. You still need to live. I see a lot of similarities between dieting and debt clearing. There's a lot of positives to saying when I'm debt free/thin I'll feel xyz but the reality is that we all need to make permanent changes for debt freedom/thinness to be a permanent state. The beauty of a DMP is that we can learn these habits over time so they become our nature.

We're here posting on this thread because we're committed to a lifestyle change and I firmly believe that we deserve applause for that whether we're just starting out or if we've been here for a while. And as long as I'm allowed access to this forum I will repeat that.

Kate x