Advice and Guidance

wannabedebtfree2016

fatbelly wrote: »

Classically, a debt management plan pays off creditors proportionally. So if you had debts of £100, £200 and £300, and £60 per month available then the creditors would get £10, £20 and £30 respectively so everything clears at the same time in 10 months time.

Now, having said that, Stepchange are a bit different as they look at the contractual payment. But anyway, I think you're right that you should choose a strategy and stick with it while it's working.

Yes, I think that changing course of action half way through will probably just complicate matters. Plus the amount of creditors I have (13), would mean one big headache to self manage. Still, it's good to know how DMP's work. The way I read into what SC told me is that if I pay 300 p/m to 13 creditors then each creditor will get 1/13 of my £300 payment. I will double check this just for peace of mind.

SOMam

wannabedebtfree2016 wrote: »

Thanks Mam!

Yes, it's just all these horrible feelings, hopefully it will all quieten down soon once everything is in place and payments commence.

The other day I was at work, looked at my phone and there was 22 missed calls, 5 voicemail, 10 email and around a dozen text messages (some of which were spam) and I just thought how the hell did I get to this. I work in a bank and tell people on a daily basis what PDL can do to their finances and have helped lots of people over the years become debt free yet I still can't take my own advice.

all of this stemmed from one lie to my partner and family to cover up gambling and because of that lie and the inability to afford things for our new home I got a PDL. We all know how it goes, you pay it back with interest, you then can't afford things next month so you get another one at higher value, and so on. To top things off overtime stopped in the meantime so I lost £500 p/m which after a year you start to get used to (again, another silly attitude)

..."oh what a tangled web we weave...."

On the plus side, the MSE forums and you lot have definitely managed to save what remained of my sanity. Sometimes just someone to listen to you rant rant without judging is enough to get you through :)

Thanks

Wannabe x

The calls, email, text - will stop once the DCA's finally get it into their heads that they should be contacting SC. Just let SC know about the calls/texts (companies can be identified by the contact number they used if they didn't leave their name) and forward on emails and letters you receive and after a couple of months the silence from them will deafen you

I personally have never had a PDL but I know many people who have and seeing the spiral they are stuck in is stressful enough to see (although I have been in the position where I had to rob Peter to pay Paul - and that was horrible enough)

Lying and gambling unfortunately goes hand in hand but as you have already started to take control of your gambling the lying will stop too. To come clean about lies already told is a choice entirely up to you.

As for the "silly attitude"... I saw it more of a form of Stockholm Syndrome. Your gambling and the debts created by your habit held you hostage so it became a natural thing for you to look at PDL (and further debt) as a friend. It is hard to fight something that feels like "the norm".

You should be extremely proud that you have taken the steps you already have and I am sure you have many more positive steps left in you

Mam x

wannabedebtfree2016

SOMam wrote: »

The calls, email, text - will stop once the DCA's finally get it into their heads that they should be contacting SC. Just let SC know about the calls/texts (companies can be identified by the contact number they used if they didn't leave their name) and forward on emails and letters you receive and after a couple of months the silence from them will deafen you

I personally have never had a PDL but I know many people who have and seeing the spiral they are stuck in is stressful enough to see (although I have been in the position where I had to rob Peter to pay Paul - and that was horrible enough)

Lying and gambling unfortunately goes hand in hand but as you have already started to take control of your gambling the lying will stop too. To come clean about lies already told is a choice entirely up to you.

As for the "silly attitude"... I saw it more of a form of Stockholm Syndrome. Your gambling and the debts created by your habit held you hostage so it became a natural thing for you to look at PDL (and further debt) as a friend. It is hard to fight something that feels like "the norm".

You should be extremely proud that you have taken the steps you already have and I am sure you have many more positive steps left in you

Mam x

Thanks, and a further update..... I sent a universal email to all of my creditors barring Capital One and Vanquis (as they only let you send secure messages through their site and since I am overdue and over limit on both they have restricted account access so I will phone them Tuesday) .... anyways.... all but two of them have gotten back to me via email already saying the following:

1) Thanks for letting us know
2) SC have already been in contact and they will be accepting offer of payment and freezing interest and charges
3)They are going to contact me only using the methods that I have requested (email and mobile) so that will hopefully prevent calls to my family and work numbers.

This in itself is such a huuuuuugeeeee relief :)

SOMam

wannabedebtfree2016 wrote: »

Thanks, and a further update..... I sent a universal email to all of my creditors barring Capital One and Vanquis (as they only let you send secure messages through their site and since I am overdue and over limit on both they have restricted account access so I will phone them Tuesday) .... anyways.... all but two of them have gotten back to me via email already saying the following:

1) Thanks for letting us know
2) SC have already been in contact and they will be accepting offer of payment and freezing interest and charges
3)They are going to contact me only using the methods that I have requested (email and mobile) so that will hopefully prevent calls to my family and work numbers.

This in itself is such a huuuuuugeeeee relief :)

Fantastic :T Can you feel the difference already?

fatbelly

wannabedebtfree2016 wrote: »

Yes, I think that changing course of action half way through will probably just complicate matters. Plus the amount of creditors I have (13), would mean one big headache to self manage. Still, it's good to know how DMP's work. The way I read into what SC told me is that if I pay 300 p/m to 13 creditors then each creditor will get 1/13 of my £300 payment. I will double check this just for peace of mind.

Stepchange are certainly cagey about how they divide your money, so if you can find out and post it here, I would appreciate it.

Payplan are up front about their pro-rata distribution:

https://www.payplan.com/debt-solutions/debt-management-plans/questions/

wannabedebtfree2016

fatbelly wrote: »

Stepchange are certainly cagey about how they divide your money, so if you can find out and post it here, I would appreciate it.

Payplan are up front about their pro-rata distribution:

https://www.payplan.com/debt-solutions/debt-management-plans/questions/

I'm ringing them first thing Tuesday. I am assuming they will be closed with it been bank holiday Monday. I'll post the info I get