Started my DMP with Stepchange tonight.....

gemma2014

I have completed my Debt Remedy and I'm just waiting for the email with the DMP information. I've cut up all of my credit cards, set up my new bank account and moved all of my essential Direct Debits.


I can't believe my light bulb moment has taken so long to 'arrive', I've been basically living off credit for years and I just wish I could have done something before it got as bad as it is now 😡

moohound

Try not to dwell on the past, just look forward to your debt free day, the very best of wishes on your journey

eyeopener2

Good luck, will be a strange and Rocky world at first but you soon realise it's the best thing you've ever done.

Stewart_78

Good luck. My one piece of advice would be not to pay too much early on. Your credit file is going to be trashed anyway so what you want is all your debt accounts to be properly defaulted as soon as possible. If you give them too much money they may start putting AR or AP markers on your file and you will then have a battle.

If I was doing it again I would tell them I was stony broke and make only £1 token payments for the first year in order to force a default and hopefully sale of the debt on to a DCA. You can always save the rest if you have spare.

gemma2014

Thank you :-)


Tonight I've filled in my DMP agreement and DD mandate and written letters to all of my creditors with token payments. Going to get them sent by recorded delivery tomorrow.


I'm a bit scared about when will happen when my creditors start contacting me about non-payment...

$"£!$&^*"$!&*(

Hi Gemma

Did StepChange advise you to contact them directly?

I'm thinking of taking out a DMP with them and have the paperwork but don't know what to do with regards to making next months payments.

subboy2

gemma2014 wrote: »

I have completed my Debt Remedy and I'm just waiting for the email with the DMP information. I've cut up all of my credit cards, set up my new bank account and moved all of my essential Direct Debits.


I can't believe my light bulb moment has taken so long to 'arrive', I've been basically living off credit for years and I just wish I could have done something before it got as bad as it is now 😡

You've already taken the hardest step by contacting step change and going through all your debts to set up your plan.

Good luck to you!

Growurown

gemma2014 wrote: »

I can't believe my light bulb moment has taken so long to 'arrive', I've been basically living off credit for years and I just wish I could have done something before it got as bad as it is now 😡

Funny that, most of us on a DMP have also expressed the wish that we should have started much earlier! Scary at the beginning but it will soon settle down. I have been on my DMP for three years now and looking to be debt free at the end of next year. There's lots of support on the DMP Mutual Support thread. Any worries or queries they are the guys to ask. Good luck Gemma.

gemma2014

nathanp wrote: »

Hi Gemma

Did StepChange advise you to contact them directly?

I'm thinking of taking out a DMP with them and have the paperwork but don't know what to do with regards to making next months payments.

I want my Stepchange DD to come out on the 1st of the month so it's too late to get it set up for this month, Stepchange suggested that I could offer my creditors each £1 this month or I could just wait for them to start contacting me and then explain that I'm starting a DMP and give them my Stepchange reference.

TimeToDoIt

How did you get your new bank account set up and all your dds moved so quickly? It's taken me three weeks so far (and counting )

gemma2014

TimeToDoIt wrote: »

How did you get your new bank account set up and all your dds moved so quickly? It's taken me three weeks so far (and counting )

I set up my new account about 6 weeks ago but had to wait a few weeks to make sure that my wages were being paid into my new account. All of the DDs that I had to change (they are all utility bills and insurances) could be changed online.


I have a credit card with the bank that my previous account was held with which is included in my DMP, so I've paid the minimum payment on just that card this month and kept just enough money in my old bank account to cover the DDs in case they aren't changed by the next payment date (Stepchange said that this was OK).


I decided to change the DDs myself rather than relying on the new account provider to switch them which I think made things a bit quicker TBH :-)