Started my DMP with Stepchange tonight.....

TimeToDoIt

Ah I see, you sound much better organised than me

gemma2014

TimeToDoIt wrote: »

Ah I see, you sound much better organised than me

It might seem that way, but I knew about 4/5 months ago that I had no choice but to set up a DMP and I've been dragging my feet a bit, until one day I just knew I had to get it sorted. Once I took that first step I started to feel more positive but I'm still nervous about what the next few months will bring...


Good luck on your debt-free journey :-)

sourcrates

gemma2014 wrote: »

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,


I can tell you exactly what will happen.
You will first be contacted by customer services/collections, to see why you haven't paid, you may also receive a few letters in the post, mostly computer generated, they send these at regular intervals when your in arrears.
It should eventually filter down the fact that your entering a DMP, and your creditors may or may not agree to what you've offered them, in the end they will accept, but the computer generated letters and calls will continue, just ignore these, and file them in the recycle bin !!


Once you have written to them explaining what's going on, you don't need to complicate matters by answering there calls or collection letters, you may find one or more creditors will sell on a debt whilst your in your DMP, this just means you will need to negotiate with the new DCA.
Good luck with it all.

[Deleted User]

gemma2014 wrote: »

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

Welcome to the club.

For decades, I met each situation (Road Tax, Insurance, MOT, tyres, you name it) by taking out a loan.

I was running my life on borrowed money, in that as soon as I paid off a loan for say Road Tax, I'd re-borrow for the next Tax Disc.

Finally, after a long hard 5 years of paying down my debts, I'm paying for things with my own money, instead of someone else's, and it feels great to do it. :j

Just stick with it, and you will get there.

[Deleted User]

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 )

You could move the DDs in days (sometimes hours), if you do it manually, using DD mandate forms.

That's what I do, when I move my account to a new bank.

Monkeyballs

Hi Gem,

Around 10 years ago I went through bankruptcy and I still managed to rack up debts as I'd not learned my lesson and had a bit of a rum do with gambling too

You're doing the right thing in looking to face up to your debts and after a couple of months (if not a lot sooner) everything will be in place and running smoothly

Personally, I never made any payments the first month and just let them know I was entering into a DMP with SC and they all agreed to hold on for 30 days while they were contacted use the month of no payments to build an emergency fund (if you've not got one then might be worth considering a couple of months at just token payments, speak to SC about this) because you don't want to get stuck later down the line

Good for you, and don't forget to check out the DMP Mutual Support thread

Cya!

MB of G x

Killick

Hi Gemma,


Good luck with the DMP. I have one with Stepchange and they are always there to advise you if needed.
I had a few calls during the first month of the plan but they stopped after that. If your creditors do contact you, you only need to tell them you are dealing with it through Stepchange and give them the reference that Stepchange give you. You don't really have to discuss anything else with creditors over the phone.
Monkeyballs is right about trying to build an emergency fund as somewhere down the line you will need it (breakdowns, maintenance..etc).
Well done on taking this step, you have plenty of support on here.
Best wishes Gemma.

edwardo27

If you don't mind me asking Gem, how much debt are you in?


I am in around £4.5K, which doesn't sound a lot, so I am not sure if a DMP is worth it for me? I know my credit rating is crap and I can only afford to pay the interest each month, so it's going no where. If anything "else" pops up, like car issues or birthdays I am screwed... What do you guys think?

moohound

edwardo27 wrote: »

I am in around £4.5K, which doesn't sound a lot, so I am not sure if a DMP is worth it for me? I know my credit rating is crap and I can only afford to pay the interest each month, so it's going no where. If anything "else" pops up, like car issues or birthdays I am screwed... What do you guys think?

Start a thread by posting a SOA and you will get a clearer picture of your position and it will be easier for the smart people here to help you decide the best way forward, DMP, snowballing etc.

gemma2014

edwardo27 wrote: »

If you don't mind me asking Gem, how much debt are you in?


I am in around £4.5K, which doesn't sound a lot, so I am not sure if a DMP is worth it for me? I know my credit rating is crap and I can only afford to pay the interest each month, so it's going no where. If anything "else" pops up, like car issues or birthdays I am screwed... What do you guys think?

My debt is just over £14500 :-( Stepchange are great and totally non-judgemental so it might be worth giving them a call to get some guidance. Moohound is right, post your SOA and the wonderful people here will be able to help!

Thank you everyone for your kind and supportive words :-)