Brogden's Debt Disaster & Self Managed DMP!

Brogden

Skinnylatte wrote: »

Still here, cheering from the side lines and catching up with your diary x

Oh Skinny - I missed your post I am sorry

I have just been catching up on your diary too !!

Great to have you along still - don't leave me !!

Broggers x

Brogden

themidasman wrote: »

Hi Brogan, just spent sunday morning reading your diary!!.
Great work and very interesting. Need bit of help please. I have been on dmp for 6 months all going ok defaults on all but 2 debts. I have got slight pay rise and can afford a to pay bit more and am thinking of going self managed so I can pay my smaller debts off faster. I owe about 25000 but all interest stopped. Do you think it will be long before my debts are sold on? and how long before i can make P&F offers not that I have any money to pay yet!! I dont want to start paying more if this will slow that down. Hope that makes sense!

Sorry to be so late responding Midasman and I am so sorry for spoiling your Sunday morning with my diary .

All lenders are different. Some will sell the debts shortly after default and some do not sell the debts at all providing the payment plan is being adhered to (The Gnats / Sparks & Mencer being two.) The lenders are also subject to vicious u-turns and wild mood swings and what they say isn’t true and what they don’t say could be right………if you know what I mean :rotfl:!!

The more you are paying the longer it may take for the debt to be passed on. The better you behave, the longer it may take (don’t take any chances with this though)……best behaviour at all times .

On the P&F front……….I thought the less I pay the better the chance of a good discount as they may think I am a hopeless case. I don’t know if this has worked or not to be honest but it has certainly not worked as well as I hoped it would. I have said this before and you must check your own ‘moral compass’ but this statement is very, very true…………… a lump sum offer can secure a generous P&F.

OK……so you don’t have a lump sum but you could ‘grow’ one. You could reduce your payments to all creditors and put the money you save aside. In a very short time you could have a lump sum that will be attractive to one of the predators as a P&F……that’s one down…….etc. Note…….the account must have officially defaulted, not just a notice issued, it must be terminated otherwise save your time :cool:.

All of the reduced payment offers must be accepted by the predators and you will need to back up the reduced offer with good I&E’s. There are a huge number of things you can put into the I&E – I have used mortgage overpayments and why shouldn’t I when you are allowed to put in the cost of cigarettes and the upkeep of your family of 500 dogs and cats? Remember it’s a ‘tick box exercise’ if the predator has an I&E that is ‘job done’ for them .

You can have much more control in getting out of debt over a period than you may realise .

All the best with it.

Brogden

Historybuff

Your percentage settled is halfway there, Brogden. You are doing great. I hope I can get rid of a couple of my predators in the next six months if I can save up enough. Currently down to £50 due to payroll issues! But going to crack on with building it back up.
Have a good Bank Holiday!

Brogden

Oh dear me…….I haven’t posted on this diary for a long time . Please excuse me whilst I put down the reasons in writing as I am at home today and I really need to start an informal ‘rebasing exercise!’ Please don’t yawn…….it’s for me and I am only being boring for myself but I am happy if anybody wants to come and spend some time being bored with me………….:)

- The weather has been carp.....a feeling of impending doom .
- I have had a virus issue on the PC and using it was like pulling teeth. I am embarrassed about the emotional malaise which this has caused. It is a first world problem which I don’t really need as after all….I could be planting potatoes….if the rain would stop..............
- The symphony of domestic disharmony has ebbed and flowed. The weather is in part to blame for this and the fairer sex are even more sensitive to it.
- Two weeks ago redundancy became a possibility and something which is now affecting all other activities and thoughts………..

I have let some things slip…….I need to organise the Council Tax (I have tried and tried but I just don’t enjoy paying it – there must be something wrong with me .) I have also messed Carboot around on my ‘P&F Instalment Program’ and must ring them today. I must do some more work on my pension planning and I must make a plan for this year to see off a few small tatty debts which I ignored in my purge earlier this year but………………

…………………..I may be advised I am redundant shortly

....…or……
....................................…I may not.

This whole scenario is absolute carp for self-managed debt busting and big financial plans. Its like I don’t know at the moment what is worth getting stuck into and what’s not. Is it worth buying a burger when you’re being marched to the gallows? In the circumstances should one add on fries and mozzarella dippers? Will one be around long enough for a chocolate muffin?

Thanks to anybody who made it through that. I am the toughest person in the world and no combination of bad things ever does anything more to me than make me feel a bit p*ssed off………so I am at least grateful for that and will continue to work out the best MSE/debt busting activities to occupy my mind at the current time

Have a great day everybody :):D!!!

Broggers

Debsnewbudget

You will get through this, but in the meantime I am sending you a virtual hug x

Brogden

Debsnewbudget wrote: »

You will get through this, but in the meantime I am sending you a virtual hug x

Thanks Debs........I'll have a real one too if you're passing !!

Broggers x

Ali-OK

I'll send you a home made triple choc chunk muffin, save your pennies on that one

What a bummer being in limbo with work, as everything else follows suit too

Do you have a definite date when you'll know?

The weather is cheering up here and long may it last (though thunderstorms due Friday suggest not :mad:).

Hang on in there, answers will come and all will be well

Verbatim

Weather here in London brilliant today and I hope it is with you too Broggers! It certainly helps to lift the spirits.
I'm sorry to hear you may be facing redundancy. But you're right, you're a tough cookie and I bet you're lining up the possibilities for future better roles if "the worst" happens.
I for one am very glad to see you back. I've missed your posts.
Vx

Brogden

Thanks Debs & Ali & Verb

Hugs, choc-chip muffins, sunny weather, two pc's going at the speed of light...........gawd........life is good :beer: !!!!

I will know about the r++++++++y position within the next fortnight.

I am going out on my business travels now and today's song is from the Rolling Stones...........

'This could be the last time,
This could be the last time,
Maybe the last time, I don't know.......'

Broggers x

Skinnylatte

Hi Broggers, just wondering how your travels went and if you've heard anything yet? Hugs x:)