DMP & Mutual Support Thread - Part 10

Sazzie23

igaveupnowimback wrote: »

SC rec'd all a/c no's etc and emailed agreement for me to sign and return.Thought I'd 'made THE decision', now it looks scary again.

Also, re TSB overdraft, there is a charge plus interest each month. Do I pay into that every month to cover this or just let it build up and try to get it frozen etc as with other debts? Seems silly question, but am confused about contacting creditors already.

Phone calls to landline and mobile have started, am ignoring but want to start dealing with it. Was going to send £1 token payments but can't even manage that till next week. Thanks

Great advice for TTfTm as always, but just wanted to emphasis about getting your safe bank account ready before you do anything. I'm assuming the creditors are contacting you because the direct debits have bounced already, if you can face up to answering one of the calls, I'd do so, it would probably give you confidence.

CC are generally the most reasonable to speak too, & I found calling them back in my own time the way to go. If you can't fund token payments this month, I would say you need to go a couple of months of token payments to get yourself in a position that's doable. Don't rush into the DMP, but remember it's part of a plan to get you back on your financial feet, and that needs to be sustainable.

sunnyskies2

igaveupnowimback wrote: »

SC rec'd all a/c no's etc and emailed agreement for me to sign and return.Thought I'd 'made THE decision', now it looks scary again.

Also, re TSB overdraft, there is a charge plus interest each month. Do I pay into that every month to cover this or just let it build up and try to get it frozen etc as with other debts? Seems silly question, but am confused about contacting creditors already.

Phone calls to landline and mobile have started, am ignoring but want to start dealing with it. Was going to send £1 token payments but can't even manage that till next week. Thanks

Hi, igunib, just to add my experience. I banked with Lloyds pre DMP.

After I had set up my new Nationwide account (early June) I treated them exactly the same as my other creditors, I handed in letter explaining my situation, enclosed £1 token payment (which I am continuing to make until Sept) and asked them to stop fees/interest and reduce to basic account (as advised by TTFTM and Sazzie). 2 weeks later I received a standard reply which accepted my proposed plan, and confirmed no interest/usage fees and I received the same letter again another 2 weeks later! It looks like they have stopped most charges but I need another month to really see whether all charges have been stopped. I havn't received any calls from them actually only calls from 2 out of 8 creditors and they were all absolutely fine and some were particularly understanding and kind:)

It is all very scary I know but soon becomes liberating and exhilarating with that great weight lifted - knowing that you will very soon feel and be in control

cmcavon

Hi,

After a difficult week of being pushed towards an IVA by payplan, we are now looking at setting up a DMP with stepchange.

I'm feeling sick with worry about it all but hope we've found our way forward now!

Karen777

fingers crossed for you cmcavon!

Sazzie23

cmcavon wrote: »

Hi,

After a difficult week of being pushed towards an IVA by payplan, we are now looking at setting up a DMP with stepchange.

I'm feeling sick with worry about it all but hope we've found our way forward now!

Hi CMC, sounds like it's get tough decision making for you at the movement. The great thing about a DMP is that if you decide later an IVA was the way to go, you can still change to an IVA. As far as I know though once you have an IVA you are stuck with it until the 4/5 or is it 6 years are through.

Hope it's working out and that DFD can shine a light at the end of the tunnel

cmcavon

Thank you.

I'm actually looking forward to getting into it now I've felt so poorly from the stress with pay plan pushing the IVA but stepchange made much more sense.

It's going to be 14 years if we don't increase payments but after baby's born even if I take 12 months off I will still be better off than I am now so we will up payments and pay extra where we can.

Hopelessly_Hopeful

cmcavon wrote: »

Thank you.

I'm actually looking forward to getting into it now I've felt so poorly from the stress with pay plan pushing the IVA but stepchange made much more sense.

It's going to be 14 years if we don't increase payments but after baby's born even if I take 12 months off I will still be better off than I am now so we will up payments and pay extra where we can.

Good that you have made a decision. Pros and cons for both courses of action. You just have to do whats right for you and gives rise to least stress. Either way things will got a lot better

HHx

Time_to_face_the_music

cmcavon wrote: »

Thank you.

I'm actually looking forward to getting into it now I've felt so poorly from the stress with pay plan pushing the IVA but stepchange made much more sense.

It's going to be 14 years if we don't increase payments but after baby's born even if I take 12 months off I will still be better off than I am now so we will up payments and pay extra where we can.

Are the two debts in your signature your only debt? Have you thought about self managing your DMP so you can control extra payments?

Am really glad some of the stress is off you now, you really don't need that especially with a baby on the way.

TTFTM x

cmcavon

No there are other debts in my husbands name, total is just over £20,000.

I think i would be happier having a go between so stepchange have assured me extra payments are not an issue.

Hopelessly_Hopeful

Ooooh la la Ms TTFTM just noticed your MF badge and debt under 17k. very well done


That should keep you out of trouble - at least for a short while!

HHx