Not looking forward to DMP process

melysion

So, afyer being made redundant and having to rake a job with a 10k drop in salary, I've been finding it a little harsh financially. It's got to the point now that I now ill have to do a DMP. IVA is out of the question because I'll lose my job if I go down that route. Anyway. I'm feeling pretty rubbish because I was easily able to make repayments on things when in my old job and feel now that I'm been made to suffer rather unfairly because of being made redundant so am feeling rather gloomy. However, sticking my head in the sand and moaning woe is me won't help so beat get on with it. My only worry is the stress that I know setting it up will cause and the.constant ringing that will ensue. This past year has been tough and I could do with a bit of luck rather than more harassment and stress. Any thoughts/experiences much appreciated. Please note that I will not post my SOA so please don't ask me - I consider that very private and have already cut down as much as I can. Thank you.

melysion

P.s. Please excuse terrible writing as I am on mobile phone!

andyfromotley

i have read that others simply buy a sim only mobile, give that numbers to their friends and unplug the house phone and turn off old mobile. Presumably dealing with the companies only by post after that. Seems to be a recipe for a stress free life.

Using one of the charities seems to ease the process too.

KirstyO

Melysion, provided you get the DMP up and running before you start missing payments, or not clearing minimum payments, the phone calls shouldn't be too traumatic.


The charities that provide DMPs free of charge are very good at speaking to creditors on your behalf. So even if they do phone, if you're not happy talking to them you can ask them to ring your DMP provider. If it turns out to be something that they need to talk to you about personally, your DMP provider will let you know

patman99

No worries.

A DMP is nothing to be ashamed of. It is just a method of controlling your fdebt rather than it controlling you. Ok, if you work in the finance industry you may find your work under tighter scrutiny, but it is still better than not being able to pay the bills.

The beauty of a DMP is that as your circumstances change (i.e. you get a pay rise or even move to a better-paid job) the DMP can be altered to suit.
At the moment, I am on a DMP with StepChange and as I am unemployed, pay each of my creditors £1 per month. When I get back into employment, I can look at upping this as my finances allow.

It has taken a great burden off my shoulders.

dubs57

Once the dmp is set up the phoncalls and letters will stop. They are worse when the companies you owe do not know what you are planning to do. Once you have a dmp reference number that is enough to reassure them that you are dealing with things. Good luck with it all.

On_my_way

I don't think I had any calls when I set up my DMP. It will all be ok.

Your main step now will be to make sure that you find ways of saving money even though you are on a dmp as you will be able to pay things off early and have an emergency fund etc thus relieving your stress.

No one will ask you for your SOA if you don't want to post it but people here will know how to seriously cut back when necessary.

melysion

Thanks for all your kind support so far. Much appreciated. No, I haven't missed any payments yet but come April ill be in trouble. I paid of my council tax and also a year's travel (London underground) with some of my redundancy money and have managed to keep on top of things otherwise. Both are coming to an end now and Ive already cut back as much as I can while still allowing myself to eat other than 3 bowls of porridge a day. Lol. But I simply can't raise the money for the council tax and travel expenses (which are signficant in London) coming up. I've already applied for a new bank account.

On_my_way

So many people on here have been in your position, some people have had more than £100k of unsecured debt to clear so you will be fine. It's just about knowing what is happening.

You need to get your DMP in place right now. The problem is that you will get defaults.

It is very difficult to know how to help you instantly while protecting your credit rating etc if we don't know any details.

melysion

There's no way I can avoid the defaults sadly. I can't suddenly find another £220. I would do anything to avoid it but I can't. There is no wiggle room in my budget at all. I don't have a car or any kind of insurance policy. Never been on holiday. I have Internet and phone of course but I'm locked into a contract with them both (and they are at the cheaper end). I don't suppose I spend £80 a month on food - and not sure I'd want to cut it further really. My only other option is becoming a lady of the night and I don't think that's particularly realistic - lol. I don't go out (that luxury died a long time ago and I've lost all my friends as a result) and I cut my own hair. Buying clothes is cloud cockoo land teritory. The rest of my money goes on gas, electricity and paying debts. Oh and my mortgage.

melysion

Anyway thanks for your help. I much appreciate it. I feel slightly less wretched about it now lol