DMP & Mutual Support Thread - Part 10

silentkiller

Puzzcat wrote: »

Hi Silentkiller..hope your not...! and well done on entering the land of dmp....


I'm not sure from your post whether you have just set your dmp up or have been in one for a while? If it has only recently been set up then you will find that charges and interest is likely to have been at the beginning but usually this settles down in the first few months. You can check whether interest is still being charged as you go along through your statements or by phoning and asking! If you do find that some creditors are still charging interest TTFTM has posted recently a lovely template letter you can send to your creditor.


At the end of the day we are responsible for our own debts and for keeping the balances updated on our SC online account.


Do have a read back of this thread and the previous one for lots of information and pop back with questions and updates..


Puzz, x

Sorry Puzz,

Just saw this after I saw TTFM's post.

Thank you for the advice and I will keep a tight eye on things in the next few months

silentkiller

Time_to_face_the_music wrote: »

You definitely won't ever get ridiculed here because we are all in the same boat, or have been in the past.

This thread is all about sharing experience, help, advice and support so please stick around

Glad to find some people who "get it". All I get from my family are friends are 'well we told you so' or 'how could you let it go this far?'..

I find it tough to explain that I really do have issues with spending and shopping. I suffer from BPD so I get really down alot and angry and to alleviate that - I shop. It's not an excuse and of course I want to pay back everything I owe, but the last 4 years I've had no quality of life and I can barely afford to do anything even once and I had thought I shouldn't go into DMP as I was able to pay monthly payments (and sometimes more) but this was just me masking over the cracks and eventually I decided this was NOT managing my finances. So I figured best to cut all off and pay what I can afford comfortably.

GrinC

I'm a newbie here. Just spoke to payplan and i am determined to get this sorted. Any advice, tips or words of wisdom?

Please be gentle - i've never been so emotionally fragile in my entire life. It doesnt help that i am doing this alone. I literally cannot speak to another soul about it.

blisteringblue

Hello All, been busy as normal so not posted in a while.

interesting letter from MBNA which I don't know what to make of. They have been brilliant and were the first to freeze interest even though they have 30% of our overall debt, and have pretty much said stick to the payment plan and your account will remain frozen as it is under 5 years.

Anyway the letter says, thanks for keeping to your payment plan, even though you are not making the contract payment and you still owe the money we are going to mark your account as up to date with the credit agencies. They say this is a one time goodwill gesture as long as we keep up the current payment plan.

Not that I am at all bothered about my credit file but I can't work out if this is just a dangling carrot to make us keep up our monthy payments at the current level, or they are gearing up to slap on some interest soon because we've managed our plan so well?

I guess only time will tell

Time_to_face_the_music

blisteringblue wrote: »

Hello All, been busy as normal so not posted in a while.

interesting letter from MBNA which I don't know what to make of. They have been brilliant and were the first to freeze interest even though they have 30% of our overall debt, and have pretty much said stick to the payment plan and your account will remain frozen as it is under 5 years.

Anyway the letter says, thanks for keeping to your payment plan, even though you are not making the contract payment and you still owe the money we are going to mark your account as up to date with the credit agencies. They say this is a one time goodwill gesture as long as we keep up the current payment plan.

Not that I am at all bothered about my credit file but I can't work out if this is just a dangling carrot to make us keep up our monthy payments at the current level, or they are gearing up to slap on some interest soon because we've managed our plan so well?

I guess only time will tell

From my experience, this is MBNA's way of telling you that they won't default you. I am still fighting them on this as I have 29 AP markers on my account with them and would much rather have had the default 2 years ago.

Time_to_face_the_music

GrinC wrote: »

I'm a newbie here. Just spoke to payplan and i am determined to get this sorted. Any advice, tips or words of wisdom?

Please be gentle - i've never been so emotionally fragile in my entire life. It doesnt help that i am doing this alone. I literally cannot speak to another soul about it.

Hi GrinC and welcome :hello:

The start of a DMP is an emotional rollercoaster, I think we all start off in your state and gradually recover as things start to improve.

Have a read through this thread and the previous one(s) then ask anything you need help with and someone here will always try to assist you.

Most important thing is to remember you are not alone, we are all in the same boat, or have been in the past. You are starting to change your life today.

TTFTM x

Puzzcat

GrinC wrote: »

I'm a newbie here. Just spoke to payplan and i am determined to get this sorted. Any advice, tips or words of wisdom?

Please be gentle - i've never been so emotionally fragile in my entire life. It doesnt help that i am doing this alone. I literally cannot speak to another soul about it.

Welcome GrinC, I do not have anyone in the real world who knows either...just all the fab people on here...Welcome to the best thread on the forum.
Puzz.x

monkey1000

Hi Guys, just wanted a bit of advice as I'm pretty worried. Have sent off my DMP pack today to step change - opened new bank a/c etc. We owe £86K, and will hopefully be paying it back over next 4.5 years at £1516 a month. My question is, what if none of the creditors agree to freeze the interest and keep accumulating it? Will we end up owing 100's of thousands when the DMP finishes? I dont really understand and am now pretty scared:(

Growurown

Hi Monkey1000. All my creditors apart from the Halifax stopped interest. The Halifax have reduced interest so I am clearing the debt albeit slower than the others. There are things you can do, like complaining that might help get the interest stopped. I am due to finish a big debt with Nat West in the next month so all that money will go towards the other debts. I think that you have got to the point where there aren't many options and a DMP is the way forward. Go for it and see what happens and then take it from there. It won't be nearly as bad as you think it is going to be, promise:D

monkey1000

Thanks growurown. Its just a big jump into the unknown - will keep you posted xx