DMP & Mutual Support Thread - Part 10

Newchapter

Thank you for the kind words and thanks.


I am now going alone, managing my DMP myself. I have sent letters to each of my creditors to explain my situation and asking them to continue the existing payment arrangement.
Fingers crossed they go with it.
Has anyone been asked to disclose their pension fund as assets? I worry a little about that, although the reality is I will probably need to use my lump sum to pay off any outstanding debt when I eventually retire!
Luckily, in some ways, I bought my house in 2007, so its value dropped and is beginning to rise again, but still not worth what I paid for it. Therefore I don't have many assets in my house yet, but has anyone had to agree a charge on their house for their creditors?
thanks

Sazzie23

Monkeyballs wrote: »

Never a truer word spoken...

I went through bankruptcy back in 2004 (ten years ago!!! :eek:) and now I'm in this situation now.

Looking back, at the time it seemed like a good idea but the advice was not exactly impartial (a workmate who had done it and then set about drinking every penny they got) and if I'd done this then I'd be a whole different person by now live and learn eh?

MB of G x

But then we wouldn't have had your great advice and enthusiastic repartee, our gain I think

Hopelessly_Hopeful

blisteringblue wrote: »

SC Payment Day! Looks like they have finally sorted the payment to Sainsbury's Credit Card and have sent 3 months worth at once. Annoyed because it took multiple calls to them to sort, they were adamant they could only pay Sainsbury's to either BOS or Blare Oliver & Scott who were accepting the payment and doing nothing with them.

Sainsbury's were great to deal with though and they kept freezing the account after the 30 days hold ran out. But it took me to quote the account number and sort code Sainsbury's wanted to StepChange before they would alter it. I asked them to search for that account on their system. Their response, "Oh you are correct, that comes back as Bank of Scotland - Sainsbury's Credit Card" That will be the right one then. :mad:

Anyway all sorted and won't get my monthly request to ring Sainsbury's Urgently.

Sig updated, fast approaching 10% Paid :T

Last day before 2 weeks holiday though. Quite an :money: break though, day trips to theme parks on the Tesco Vouchers and a trip to Scotland staying at relatives and a couple of travel lodges we booked many moons ago at super saver rates. Loch Ness and Highland me up baby :beer:

Holiday sounds great


HHx

Hopelessly_Hopeful

FuzzyDF wrote: »

First SC payment went out today, my totals have dropped down ever so slightly but I'm feeling ecstatic

Another milestone! Many many more to follow. Am big on celebrating these things.


Great news it went down. Most people's go up the first month. Mine did by 2.5%. May I just check you are doing this from your own statements and not relying on the projected ones from SC as these are not an accurate reflection?


HHx

Hopelessly_Hopeful

cmcavon wrote: »

Having a down day today. I keep getting an overwhelming feeling of panic about our finances. We are sending off the paperwork to stepchange on Monday so not even started yet.

August is the first month ever we will miss our payments. I'm ok about that as I knew it was coming.

For some reason though I'm constantly adding up the pence in my head today for the month. I'm taking a drop in income this month which is why we're going down this route.

I keep holding back the tears feel so anxious. I'm 8 weeks pregnant so I know my hormones are all over the place.

I just needed to share with people who might understand.

Sorry you are having a bad day and hope you feel brighter soon.


Write stuff down, that helps. I personally think I have to think about money everyday to keep it all on track. Everything is updated on a file, planned and actual spend. I find it quite empowering.


Lots of people break things into small chunks to make it more bearable. If I have a period of fretting I find it helpful to challenge the energy into sorting cupboard and cleaning.


Hope that helps.


HHx

Hopelessly_Hopeful

Puzzcat wrote: »

Kate, I also would be tempted to call them... but you know the rules.. everything in writing.... as your say you could call and then ask for it to be put in writing.... decisions, decisions...




HH you are so close now I'm so jealous... please make sure you stay with us once you get out of the tunnel....:)


My news for today... 9th SC payment gone to creditors and now in the 55k's...:j bye bye debt I don't love you anymore....


Hope everyone has a lovely weekend..


Love Puzz. x

Thanks Puzz


Good news, and you will be at 10% before you know it.


HHx

Hopelessly_Hopeful

Growurown wrote: »

Brilliant! What are you going to be spending all that spare cash on HH?


.

New kitchen


HHx

Hopelessly_Hopeful

Newchapter wrote: »

Thank you for the kind words and thanks.


I am now going alone, managing my DMP myself. I have sent letters to each of my creditors to explain my situation and asking them to continue the existing payment arrangement.
Fingers crossed they go with it.
Has anyone been asked to disclose their pension fund as assets? I worry a little about that, although the reality is I will probably need to use my lump sum to pay off any outstanding debt when I eventually retire!
Luckily, in some ways, I bought my house in 2007, so its value dropped and is beginning to rise again, but still not worth what I paid for it. Therefore I don't have many assets in my house yet, but has anyone had to agree a charge on their house for their creditors?
thanks

Hi


Defo a new chapter going it alone. Wish Id have had the guts to do it much earlier id have saved a packed in interest. I've never been asked re pension either with sc or since self managed.


HHx

igaveupnowimback

Hi all, I spend ages reading on this forum trying to learn what I can about DMP process, thanks to all posters : )
Sent off SC agreement and mandate, wages into new acc, alternately feel pleased that half of it not going to debts then immediately feel guilty and bit scared to spend any ! Don't know whether to send first token payments now along with cover letters or wait till SC contacts creditors. Pleased I'm doing this and yet pretty fearful of responses and fallout ...

Kate_fixing_it

Happy Saturday all...or as it's become on this thread...default day No sign of postie yet but whatever he brings can wait until Monday, I can't do anything about it until then so if I don't open it I can't stress.

Now back to defaults, I got another one! For your average person not good news but in DMP land great news! Noddle report arrived today and my two smallest debts have issued defaults The HSBC situation is a little clearer too. They've only updated to June on Noddle but there's the customary 1 and 2 markers so I'll expect my red "D" next month on all three. Explains them halting and refunding the interest.

For new people - this is excellent news. Gives me a cut off point. I can now really look forwards. In 6 years these will drop off my file (paid or not) and I can use those 6 years to pay it down and learn to be (financially) a grown up. My DMP is set to run for another 6 years so it'll all come together at once.

I'll only be 42 when this happens. I hope to be debt free sooner but then I can save for whatever I choose to do with myself if I am. Plenty of time to make big decisions about houses, travelling etc. I'm a bit torn between the two - I was 19 when I had my first child so I've not really seen much of the big wide world. In 6 years my children will be 22, 21, 13 and 11. It's rather frightening that I've spent more or less their whole lives in debt of some sort I can only hope my honesty about the situation is something they can learn from.

Now onto much happier things, railcard was purchased yesterday (with an extra 10% off ) and after much searching and quidco the tickets for 2 adults and 2 children went from £432 to £79.70 with cash back to come later Every step of the way I was checking finances so we won't be left short and I'm convinced we won't so 3 weeks and 5 days to dinosaurs!!!

Did find the extra £1 for a double treat at Boots and I had a lovely evening giving myself a manicure (now I'm drug free my nails are growing back) and watching the cycling while getting the trains sorted.

Not sure what adventures today holds but I'm up and running and with a smile on my face ANOTHER day closer to debt freedom

Have a great weekend everyone

Kate x