DMP & Mutual Support Thread - Part 11

Puzzcat

AnnM48 wrote: »

Hi,
Iv'e been on my DMP with stepchange for 3 years now and have always completed my review online. I tried to do it today, nothing much has changed, salary up £20 but very quickly absorbed ino other bills which have gone up. this time it prompted me to call them. When I did call the advisor said she needed to book me in for a call as because my DMP is not going to end for anothre 10 years they need to check its still the best option for me.

When we started it I was told it was a low start up plan as I have two HP payments we are still making, our car finishes next year and our caravan, another 4 years, so after this we can pay more.
I'm panicking a bit now as I don't know what other options there can possibly be?

I did consider selling the caravan at the beginning of my plan, but got some advice here and basically its our holiday, we can't afford to do anything else. I was also advised as I'd paid over half I could include it into my DMP... but I wasn't sure about that either!

Does anyone know what they could possibly be suggesting?

Hi,
I imagine they will be suggesting an iva, but remember this is your dmp and if you wish to continue with it just tell them that. You could always go self managed, it's easy peasy with everything you need on the nedcab website.
Puzz.x

nextyeartina

AnnM48 - I had the same last year. A DRO was suggested because I'll be paying the DMP until 2031. I told them thank you for the advice but I was happy with the DMP.


Tina x

Dandytf

AnnM48 wrote: »

Hi,
Iv'e been on my DMP with stepchange for 3 years now and have always completed my review online. I tried to do it today, nothing much has changed, salary up £20 but very quickly absorbed ino other bills which have gone up. this time it prompted me to call them. When I did call the advisor said she needed to book me in for a call as because my DMP is not going to end for anothre 10 years they need to check its still the best option for me.

When we started it I was told it was a low start up plan as I have two HP payments we are still making, our car finishes next year and our caravan, another 4 years, so after this we can pay more.
I'm panicking a bit now as I don't know what other options there can possibly be?

I did consider selling the caravan at the beginning of my plan, but got some advice here and basically its our holiday, we can't afford to do anything else. I was also advised as I'd paid over half I could include it into my DMP... but I wasn't sure about that either!do my sc

Does anyone know what they could possibly be suggesting?

No idea i'm afraid.

I've never been able to sc review online as it's always advised I need to call.

As much as I would like to increase payments,I've since taken car finance + 3 credit builder cards. I'm just past half way with car finance the cards have never been as much as 200 at any time and are paid in full 90% of the time.

Think I'll wait until the car is paid then consider any option to reduce SC to complete dmp 1 or 2 years early.

AnnM48

Dandytf wrote: »

No idea i'm afraid.

I've never been able to sc review online as it's always advised I need to call.

As much as I would like to increase payments,I've since taken car finance + 3 credit builder cards. I'm just past half way with car finance the cards have never been as much as 200 at any time and are paid in full 90% of the time.

Think I'll wait until the car is paid then consider any option to reduce SC to complete dmp 1 or 2 years early.

thanks everyone for the advice- I'll just stick by my DMP, I thought they could maybe make me come of it, but as long as I know its my choice! I'll maybe increase my payments by £10 woo hoo!! might knock a few months of my end date.
Puzzcat- I'm not sure I'd have a clue about self managed, I'd be really worried in case one of my creditors said they wouldn't accept my payments, I wouldn't know what to do!

Dandytf- you say you have taken car finance, is this since beginning your DMP? I'm only beginning to realise the impact of a messed up credit score now. When our car finance is finished we could really do with replacing the car I drive (slowly falling apart and I'm hoping it will last the next year or so...) but I thought I mightn't really have the option as I don't think I'd pass any credit check... so interested to know how yours worked!!

Sazzie23

AnnM48 wrote: »

thanks everyone for the advice- I'll just stick by my DMP, I thought they could maybe make me come of it, but as long as I know its my choice! I'll maybe increase my payments by £10 woo hoo!! might knock a few months of my end date.
Puzzcat- I'm not sure I'd have a clue about self managed, I'd be really worried in case one of my creditors said they wouldn't accept my payments, I wouldn't know what to do!

Dandytf- you say you have taken car finance, is this since beginning your DMP? I'm only beginning to realise the impact of a messed up credit score now. When our car finance is finished we could really do with replacing the car I drive (slowly falling apart and I'm hoping it will last the next year or so...) but I thought I mightn't really have the option as I don't think I'd pass any credit check... so interested to know how yours worked!!

I think SC just want to make sure you understand there are other options. I've a current DFD of 2030 ish, there was no pressure to move off the DMP, just an enquiry if I knew there where other things I could do. I explained my reasons behind staying in DMP and they were happy.

I confess to massaging the figures, I.e. Upped some, decreased others to make it look like I was participating properly had spent some time checking what to put to make sure the final amount was what suited me.

Saz

P.s. BB don't beat yourself up, all done it at some time, learn from it.
I found some of the DFW challenges helpful at the start, like NSD and wombling etc. focuses your mind.

Bouncybubbles

Has anyone else had to add an unexpected debt (final electric/gas bill which was huge!) on to their DMP at a very early stage? I have only made one DMP payment and my creditors seem to be relatively reasonable about it all even though some are still charging interest it is at a reduced rate. I feel that by having to add this debt on it may upset the apple cart right at the start!

make_the_change

Quick question when using NEDCAB.

Did you use the reference it provided you on your letters? Did you use the letters exactly as they were produced on NEDCAB? I am a bit lost as to how to progress now I have updated all my information onto their forms. I have a breakdown of what to offer. But not sure if I should use the letters and references its provided on the letters it creates or use them as templates?! Thanks!

[Deleted User]

Dandytf wrote: »

As much as I would like to increase payments,I've since taken car finance + 3 credit builder cards. I'm just past half way with car finance the cards have never been as much as 200 at any time and are paid in full 90% of the time.

Dandytf, I'm very interested in the credit builder cards that you have managed to get (while on a DMP if I understood you correctly:o)

I don't want anything to do with using credit now, have had my fingers burned too many times:o but a small amount as a standby for absolute emergencies would be a like comfort blanket really.

I always thought I wouldn't stand a chance, being on a DMP, and SC frown on us taking on more debt when on one anyway. I just wonder how you got round all of that. Sorry if you think me nosy:o

Growurown

:hello: Hello all just popped in to see if you are all still behaving!

I am still debt free which is more than I can say for OH. Still got his head in the sand! However it is very manageable so I'm not making too much fuss.

Keep at it everyone, your walk down the tunnel to debt freedom will end eventually and you will see the light!

[Deleted User]

Growurown wrote: »

Keep at it everyone, your walk down the tunnel to debt freedom will end eventually and you will see the light!

Was it Nelson Mandela's autobiography that was called Long Walk to Freedom or something similar? I feel I'm on one too. It's a very long walk!

Well done on staying Debt Free:beer: