DMP very soon, but now feeling stressed again....Will this feeling ever go away?

Rooster01

Starting DMP end of next month, just in the process of changing bank accounts. After speaking with Stepchange it felt a weight had been lifted of my shoulders but now not so sure, back to sleepless nights and anxiety. This is probably down to me researching on Internet. I had a nightmare last night that my house was on a charging order and creditors refused to except plan.

I want to take full responsibility for my stupidity with all my debts and repay all back and never ever to touch another credit card, loan again...

I currently owe Nationwide £7050, Halifax was £14,800 but have managed to reduce this to £14,500, Aqua £3800, Barclays £1450, Very and Littlewoods £20,00 yes totally insane....They have slapped loads of charges on plus intetest, Wonga £180....be paid of next month, Sunny £900, Quickquid £950, Springcoin £3000 Loan and Argos £2400. Freemans was £1200 but paid that off this week after winnin ppi claim. Sooooo total debt is around £52,000. I currently earn £1736 per month and have spare £870 to divide amongst creditors.

I'm s*****g bricks, feel worthless, ashamed and all kind of things are going through my head.....Charging orders, creditors refusing Stepchange payment plan, CCJ the list is endless.

I also work overtime with at least another £700 per month but Stepchange won't take this into account......

HELP I NEED SOME SLEEP.....

Tixy

Hi

Being in debt does not make you worthless, instead of focusing on how you got here, focus on the fact that you have a plan and are determined to get debt free, that gives you a head start on millions of other people.

It does get better, it really does. I think it is usual to have a wobble but most DMPs run smoothly. If your creditors all freeze interest then you look like you could clear the DMP in 5 years, but hopefully you can build up a pot of money from overtime which will help you offer extra payments, or full & final settlements further down the line.

CCJs are rare when on a DMP, charging orders even less common, so forget about them for now. Think positive thoughts and try to sleep easy!

moohound

The £700 a month from OT will be a real godsend for you, save £1000 as a n emergency fund a soon as you can, then stash the rest to make full and finals, concentrate on the ones still charging interest. If you can keep up the OT you could be debt free in three years. Don't burn yourself out doing too much OT though.

It is hard at first but try not to panic, you owe a lot but you can throw a lot at it per month. I think you will feel better when you start to see it going down.

Do any others have PPI that you could claim for?

whattodo1967

I know it is a very scary process, but once things settle down you will get a sense of relief. I know exactly what you mean I felt exaclty the same as you at the beginning. But now 2.5 years on I can only give them what I can give them, and once you start seeing the debt balance go down you will be able to see light at the end of tunnel, without my DMP I would not of paid of what I have paid of so far. All of my creditors have frozen interest. Nationwide did obtain a charging order but their letter has said it is not their intention to make us sell our house and that we should just continue to pay our DMP. Good luck on your journey, and this site is amazing for tips and help and times your feeling down.

Rooster01

whattodo1967 wrote: »

I know it is a very scary process, but once things settle down you will get a sense of relief. I know exactly what you mean I felt exaclty the same as you at the beginning. But now 2.5 years on I can only give them what I can give them, and once you start seeing the debt balance go down you will be able to see light at the end of tunnel, without my DMP I would not of paid of what I have paid of so far. All of my creditors have frozen interest. Nationwide did obtain a charging order but their letter has said it is not their intention to make us sell our house and that we should just continue to pay our DMP. Good luck on your journey, and this site is amazing for tips and help and times your feeling down.

I'm fragile as it is.....Received letter today from very....You could clearly see Collection Arrears Department on it......felt so humiliated....embarrassed....Postman just looked. Do they deliberately do this to belittle you? That's twice now........

How much did you owe Nationwide? I'm more terrified of Halifax.....Morgage is £28,000 and house worth around £170,000

seanavfc92

Rooster01 wrote: »

Starting DMP end of next month, just in the process of changing bank accounts. After speaking with Stepchange it felt a weight had been lifted of my shoulders but now not so sure, back to sleepless nights and anxiety. This is probably down to me researching on Internet. I had a nightmare last night that my house was on a charging order and creditors refused to except plan.

I want to take full responsibility for my stupidity with all my debts and repay all back and never ever to touch another credit card, loan again...

I currently owe Nationwide £7050, Halifax was £14,800 but have managed to reduce this to £14,500, Aqua £3800, Barclays £1450, Very and Littlewoods £20,00 yes totally insane....They have slapped loads of charges on plus intetest, Wonga £180....be paid of next month, Sunny £900, Quickquid £950, Springcoin £3000 Loan and Argos £2400. Freemans was £1200 but paid that off this week after winnin ppi claim. Sooooo total debt is around £52,000. I currently earn £1736 per month and have spare £870 to divide amongst creditors.

I'm s*****g bricks, feel worthless, ashamed and all kind of things are going through my head.....Charging orders, creditors refusing Stepchange payment plan, CCJ the list is endless.

I also work overtime with at least another £700 per month but Stepchange won't take this into account......

HELP I NEED SOME SLEEP.....

£870 per month will clear your debts in 5 years. That will be a fantastic achievement with that amount of debt.

You can't guarantee that the collections process will stop; that decision is solely down to your creditors.

They COULD apply for a CCJ if they wanted to. All that would happen is you would send your admission form to the creditor to show the instalment amount you can afford to pay. If it's refused, you can vary the judgement with the court to make sure you repay the debt at a manageable amount.

The creditors can't just apply a Charging Order. That is usually applied when you default on a CCJ. If it even went to court, StepChange would factor the repayments in to the budget to show what you can afford to pay and why.

There are a lot of if's and but's to a Debt Management Plan. At the end of the day, if £870 is all you can afford to pay, then so be it. They can't have what you don't have.

cherylclarke

Hey Rooster

I am kind of in the same boat, my light bulb moment came in September. We totalled up all our debts and they are in the region of £40k and feel like a total idiot. We are starting a DMP with CAP in December and currently trying to sort another bank account (scared we won't even get that), and waiting to hear if creditors have accepted offers. It is a bit of a nightmare but like you I really want to take responsibility for my bad decisions and clear my debt in full while having some semblence of a life (there hasn't been much fun in my life for a long time now due to being overstretched and in debt up to my ears).

At least you have done something positive to change the situation. I keep trying to remind myself that this is the worst it will ever be, and the only way is up. Yes my credit rating will be screwed for a while but it is screwed anyway and I never want to have a credit card ever again.

Keep us posted on how things go.

cmcavon

We started our DMP in September and have just made our third payment, we had started defaulting in July.

We owe a total of around £20,000 and at the moment it is going to take around 14 years to repay it all on our DMP. We've had hardly any contact from our creditors except monthly statements showing interest has been frozen and the odd letter requesting payment. We've had nothing scary, no phone calls, no knocks on the door and nothing about the house we own.

I had many sleepless nights to begin with and every now and then I have a wobble still but it is all going smoothly so far. I hope to knock some time off it by making extra payments here and there and will increase the monthly amount if we can.

I'm incredibly ashamed of our situation and nobody else knows about it except myself and my husband. The DMP has allowed us to take control and reassess how we deal with money. We now have savings and a weekly budget.

Good luck and use this forum for reassurance as often as you need to.

seanavfc92

cherylclarke wrote: »

We are starting a DMP with CAP in December and currently trying to sort another bank account (scared we won't even get that)

When you go into the branch to open the account, make sure you ask for a BASIC bank account.

This is available to absolutely anyone, providing you have no record of fraud or undischarged bankruptcy.

cherylclarke

Thanks Sean

I am terrified to even walk in to a bank, haven't been in one for years as I try to avoid them! I think that is our best hope really.

black_cat

Hi Rooster!

Keep reading and posting on here. Others have been through what you're going through and have lots of good advice and virtual hugs. You're moving forward in the right direction - it will get better and you will feel better