Please help -scared stiff of DMP

Scaredofdebt_2 · 2 March 2015 at 5:50AM

Morning everyone. I've woken up this morning with that sinking feeling again and no matter how hard I try I can't stop thinking about the dmp and creditors reaction! I don't have to get up until 7 as I'm off work this week but definitely can't sleep now.

Since my last post l started to feel ok, very positive and all was quiet. I fixed my mortgage for 5 years and had a nice letter from MBNA on Thursday agreeing to dmp and freezing all interest and charges. Felt really good and positive until we received letters from SC advising us that HFX have rejected!! Not sure where to go from here!! Really panicking now that all our other creditors will reject the plan and the consequences of this!! We have BC, Natwest, Hitachi and Next to go. Feel sick of it all and just want to crawl under a rock until it is all over.

Sorry for such a long negative post on a Monday morning. Thought it may help to write my feelings down
My OH is great but getting a little fed up with me I think, my sister lives away and my dad is elderly so there is no one else I can vent too who knows about our situation. Wish my mum was here to give me a big cuddle.

Anyhow do feel a little better now I have got my feelings out. I think I am thinking too much and need to let the plan take its course. Just worried if they will not freeze interest we will never get out of this situation but keep telling myself we are in a better position than we were before we started all of this. Haven't used a CC all of Feb and that feels good!!!

sourcrates · 2 March 2015 at 8:12AM

Hi, yes you are overthinking it a bit, it's ok if a creditor refuses your offer, I assume SC. Will make that payment to them anyway, and eventually they either will accept it, or they will sell on the debt, and the new creditor/DCA. Will be more amenable to your offer.

It's all a game of negotiation in reality.

Scaredofdebt_2 · 2 March 2015 at 8:28AM

sourcrates wrote: »

Hi, yes you are overthinking it a bit, it's ok if a creditor refuses your offer, I assume SC. Will make that payment to them anyway, and eventually they either will accept it, or they will sell on the debt, and the new creditor/DCA. Will be more amenable to your offer.

It's all a game of negotiation in reality.

Thanks, in my rational mind I know all of this!! It feels very overwhelming at the minute and can't imagine the possibility of getting close to being debt free. Have thought of an Iva, even selling the house, paying off a large chunk of our debt and renting but if we stick it out for the next 9 years the house will be ours so this has to be a very last resort. Need a kick and not give the creditors too much headspace!!!

Karen777 · 2 March 2015 at 8:51AM

hello
as sourcrates says, if they reject your offer, it doesn't mean they will reject the payment - they will still take it, they just might default you quicker, which is a good thing! Hellifax are notorious for not playing so don't let them be an indicator of anything.
you're doing great, stick with it, it gets better.

Scaredofdebt_2 · 2 March 2015 at 4:20PM

Just an update, my Oh got a text from BC asking him to ring them which he did. Explained Dmp and said they had the paperwork and would be in contact. He said the lady was really nice so I plucked up the courage and spoke to another very nice understanding lady who has confirmed acceptance of Dmp and froze interest pending review in 12 months!! I'm so relieved as our 2 largest creditors have agreed the plans. Will write to Hfx when I have officially heard from them. Next also have agreed a £1 a month payment plan when I spoke to them initially so think they will accept. Just Natwest and Hitachi to go. Going to get Oh to ring Hitachi tomorrow, they will have had our letter and SC plan by now but we haven't heard anything and they didn't take the last dd even though the money was there so not sure what is going on with them. However that's tomorrow, tonight I am going to breathe and relax!!!

Scaredofdebt_2 · 2 March 2015 at 4:51PM

Couldn't wait until tomorrow so Oh phoned Hitachi and they have agreed to the plan too. Cannot put in words the relief. Going from despair this morning to elation now, I think I need a drink!! I know we still have a massive mountain to climb but feel as though it is possible!!

Karen777 · 2 March 2015 at 5:02PM

brilliant - well done. it really is a rollercoaster especially at the beginning - despair to giddy relief and back again in less than 10 seconds sometimes! but you are doing ok. well done.

Scaredofdebt_2 · 2 March 2015 at 5:36PM

Karen777 wrote: »

brilliant - well done. it really is a rollercoaster especially at the beginning - despair to giddy relief and back again in less than 10 seconds sometimes! but you are doing ok. well done.

Please tell me things settle down. Well done on reducing your debts, it must feel wonderful

debtfreeoneday · 2 March 2015 at 8:40PM

You can and will clear the debt.. yes it will take time but you WILL do it.

There have been so many times, I never thought we could clear ours, still think it now.. but I'm down some £56,000!!!

Don't give up hope and focus!

Scaredofdebt_2 · 2 March 2015 at 9:22PM

debtfreeoneday wrote: »

You can and will clear the debt.. yes it will take time but you WILL do it.

There have been so many times, I never thought we could clear ours, still think it now.. but I'm down some £56,000!!!

Don't give up hope and focus!

Thanks and the amount you have paid back is amazing. I love hearing about people clearing their debts. It will be me one day. :beer:

Please help -scared stiff of DMP

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