Please help -scared stiff of DMP

Plum444

I just wanted to offer you some hope. I am now on the other side. A DMP was what saved me- it changed my attitude to money entirely. I did get letters initially when I defaulted on 3 cards but as soon as they knew a DMP was in place they left me alone... actually the challenge and drive to pay it off and live on a budget was a bit of a thrill...Don't be afraid of this- you will come out of it so much stronger

Scaredofdebt_2

Thanks everyone, the replies I have are so reassuring. SC have been brilliant, I am sure I have asked the same question again and again but they have been nothing but understanding and never once judged. Well done to you all who have reduced their debt, it must be an amazing feeling. All being well I will be in your position one day in the future and I will be able to offer reassuring advice. :beer:

Sazzie23

Plum that's a brilliant positive thing to say, I am am mid term DMP and it's pretty tough with the light at the end of that proverbial tunnel only a dim flicker still. Posts like yours really help.

Scared it can be tough, but as you've seen there is a lot of support on here.

phoenixx

Scaredofdebt wrote: »

Thanks everyone, the replies I have are so reassuring. SC have been brilliant, I am sure I have asked the same question again and again but they have been nothing but understanding and never once judged. Well done to you all who have reduced their debt, it must be an amazing feeling. All being well I will be in your position one day in the future and I will be able to offer reassuring advice. :beer:

Hi - you have such a positive mindset. It is important to try to keep this in the years ahead. Your decision to start a diary is excellent and I think it will really keep you on track. I think I may start one myself - am 3 and a half years into my DMP (about halfway) and need an extra boost of motivation at the moment! :T

Scaredofdebt_2

phoenixx wrote: »

Hi - you have such a positive mindset. It is important to try to keep this in the years ahead. Your decision to start a diary is excellent and I think it will really keep you on track. I think I may start one myself - am 3 and a half years into my DMP (about halfway) and need an extra boost of motivation at the moment! :T

You have done a fantastic job of clearing the amount of debt already but I can imagine motivation becomes more difficult as the years pass. Good luck and keep going

KirstyO

Well done for coming back after your initial post. It took me a long time to realise that the support here isn't just for when you are setting up DMP. That's the bit when you have most support from other places. Here is the place when you're lying awake at 2 in the morning knowing that there's a bill heading your way that you don't know if you can pay!


Good luck with the diary, I hope its a really useful tool for your journey and opens your eyes to the realities of living with debt so that you are motivated to keep going

sourcrates

Hi,
If you look at my signature, you will see i was in a very similar position to you a few years ago.
I started off on a DMP, but decided an IVA was the right way to go in the end, and after 6 years, i am now rid of my debt.

You say you have started contacting creditors, that's exactly what i did, before i missed any payments, there response at the time was

"there's nothing we can do until you miss a payment"

I believe they take a little more helpful position these days, but basically, nothing will happen for missing a payment, you have to understand the debt collection process takes a long time, you will get letters and calls from creditors, mostly computer generated, your creditors will be told of your DMP, but it can take time for this news to filter down sometimes.

With your level of debt, a DMP may be a starting point for you, but can take a long time to pay off (depending on how much you can afford to pay), you may need to look at a more formal solution if you want to clear the debt quicker.

Scaredofdebt_2

Had notification that the first SC DMP payment will leave my account on the 11th March!!! Feel strangely calm and quite elated but can't help but think it is the calm before the storm!! It is so nice to not be scared of looking at my bank account and worrying about paying the ccs. Having said that a little worried about bc reaction (they are our biggest creditor) and hfx, have read on the support thread that people have been having trouble with these two!!

sourcrates

Scaredofdebt wrote: »

Had notification that the first SC DMP payment will leave my account on the 11th March!!! Feel strangely calm and quite elated but can't help but think it is the calm before the storm!! It is so nice to not be scared of looking at my bank account and worrying about paying the ccs. Having said that a little worried about bc reaction (they are our biggest creditor) and hfx, have read on the support thread that people have been having trouble with these two!!

No need to worry, the ground will not open up and swallow you, thousands of people are in a similar position, get on with your life 😊

Scaredofdebt_2

sourcrates wrote: »

No need to worry, the ground will not open up and swallow you, thousands of people are in a similar position, get on with your life 😊

Lol, I'm sure it won't!!