DMP & Mutual Support Thread - Part 11

Helpme34

Hi all

I recently completed my review with PP.

Link financial have come back to PP and said that the budget I have given for Housekeeping/Laundry/Clothing-footwear is too high £630/£45/£150. Is there a maximum we are allowed to budget for?

My daughter is due to start college this year and my son is at secondary school which have their own uniform which costs the earth!
My husband works in an office and therefore is required to wear suits (these need to be dry cleaned) and obviously are expensive when requring to be replaced.

They are also saying the contingency I have haven given of £65 is too high and they are asking whether the pension contribution of £250 is for a private pension as it is too high (as mentioned in a previous post, the £250 is currently going into an ISA but we will be looking to move into a pension plan)

Any help would be greatly appreciated:)

Halenism

Hey all, I'm new to the site and this is my first post. It's going to be pretty long and in all honesty it's more to alleviate stress and get it out of my system than to ask any specific questions or ask for advice. Please bare with me.

About 8 years ago now i found myself in a terrible situation, i was living with a nightmare of a partner, had terrible drug and alcohol problems, was still grief-stricken over the horrific death of my father (details you wouldn't want to know) and had racked up over 60k in unsecured debts due to almost suicidally nihilistic tendencies, a lot of which were came from borrowing from one lender to pay another. My sister, bless her needed a remortgage at the time and following advice from her mortgage advisor lent me some money to pay towards my debts (but not enough to clear them) which only added to the loans i had to pay back monthly. Eventually i bit the bullet and went on to DMP and life became far more bearable. The advice at the time from my DMP co. (DFH) was not to include the sum i pay my sister every month (£270) as it would cause problems with my creditors. If only i'd been in a position to look at the situation with a clear head at the time, i would not have accepted money from my sister but entered an IVA which i would have been free and clear of a couple of years ago.

Fast forward to now. I'm married to a wonderful and understanding woman and life's much happier. I've had a couple of pay rises over the last couple of years which i've not informed my DMP co. about and live a pretty comfortable existence if i'm honest. I even recently bought a brand new motorbike (through my wife doing the finance and me paying the payments to her). I've done this by basically fudging my I&E reviews every year and not giving it much thought. Approaching it with more of a 'this is what i want to pay you' attitude than a 'what i can afford' one. The reasoning being that i'm due a substantial inheritance from a relative in the future that would clear my debts entirely so the length of time to pay it back hasn't been much of a consideration.

However, this year i've added my sisters payment to the I&E info on the advice of my DMP co. plus raised my monthly payment a small amount and generally its made me look at things with far more scrutiny than i have for some time. I feel anxious and stressed in a way i haven't since i first started the DMP, obviously these issues are mostly problems of my own making and i'm not here to look for sympathy, however i feel like i'm going to be caught out at anytime and the thought of having my finances pulled apart and my wife and I's happy little life turned upside down is a thought i cant escape. Don't get me wrong we don't live like royalty, we have the odd meal out, go for a few drinks from time to time and have a modest holiday once a year, i buy the odd video game and my bike is my life other than her.

I guess my greatest worry is that my latest review will come back rejected from my creditors, they'd take me to court, my finances would be looked at and everything would change for the worse as a result.

There you go, i needed to write that all down and get it out! Sorry for the long post and i understand how being not entirely truthful on my DMP is my fault and no one else's.

As it stands my debts are down from over 60k to just over 46k now and out of 8 creditors, 6 are with DCAs and all 8 froze charges and interest some years ago. I hope my review is accepted this year as by next summer i want to go self-managed and be more honest with them all for my piece of mind at least.

Thanks for reading, all comments, criticisms and advice are welcome. I feel better already.

Spoonhead88

you cold go self-managed now. Send out a new SOA to all your creditors and pay them what you can really afford. I would also sell the motorbike to free up cash to go towards your debts

Halenism

spoke to my DM co. today and all agreements in place for another 12 months. will get things squared away and go self-managed in the next year but sell my bike? i dont think so. thanks all the same

Spoonhead88

Halenism wrote: »

spoke to my DM co. today and all agreements in place for another 12 months. will get things squared away and go self-managed in the next year but sell my bike? i dont think so. thanks all the same

Congrats that is great news,

zenshi

Aargh CAB....shoot me now! They are useless in my area

On another note, I had letter saying your payments are due for review. Please call us...if we don't hear from you then we will leave payments as they are! What a waste of a stamp

mon2016

I am curious how a DMP would work if you are unemployed.

For example, I owe QuickQuid £300, lets say I get a job in the near future and I am able to pay them off in full, could I pay them and then get Quick Quid removed from my DMP?

Also, is it possible to set up your DMP so that a specific creditor gets a larger payment or does every creditor get the same?
I owe one of my creditors £60 and would obviously prefer to make a larger payment to my larger debts every month.

Puzzcat

mon2016 wrote: »

I am curious how a DMP would work if you are unemployed.

For example, I owe QuickQuid £300, lets say I get a job in the near future and I am able to pay them off in full, could I pay them and then get Quick Quid removed from my DMP?

Also, is it possible to set up your DMP so that a specific creditor gets a larger payment or does every creditor get the same?
I owe one of my creditors £60 and would obviously prefer to make a larger payment to my larger debts every month.

You can if you are self managed but you should still treat all creditors the same.
Puzz

Sazzie23

Halenism wrote: »

Hey all, I'm new to the site and this is my first post. It's going to be pretty long and in all honesty it's more to alleviate stress and get it out of my system than to ask any specific questions or ask for advice. Please bare with me.

About 8 years ago now i found myself in a terrible situation, i was living with a nightmare of a partner, had terrible drug and alcohol problems, was still grief-stricken over the horrific death of my father (details you wouldn't want to know) and had racked up over 60k in unsecured debts due to almost suicidally nihilistic tendencies, a lot of which were came from borrowing from one lender to pay another. My sister, bless her needed a remortgage at the time and following advice from her mortgage advisor lent me some money to pay towards my debts (but not enough to clear them) which only added to the loans i had to pay back monthly. Eventually i bit the bullet and went on to DMP and life became far more bearable. The advice at the time from my DMP co. (DFH) was not to include the sum i pay my sister every month (£270) as it would cause problems with my creditors. If only i'd been in a position to look at the situation with a clear head at the time, i would not have accepted money from my sister but entered an IVA which i would have been free and clear of a couple of years ago.

Fast forward to now. I'm married to a wonderful and understanding woman and life's much happier. I've had a couple of pay rises over the last couple of years which i've not informed my DMP co. about and live a pretty comfortable existence if i'm honest. I even recently bought a brand new motorbike (through my wife doing the finance and me paying the payments to her). I've done this by basically fudging my I&E reviews every year and not giving it much thought. Approaching it with more of a 'this is what i want to pay you' attitude than a 'what i can afford' one. The reasoning being that i'm due a substantial inheritance from a relative in the future that would clear my debts entirely so the length of time to pay it back hasn't been much of a consideration.

However, this year i've added my sisters payment to the I&E info on the advice of my DMP co. plus raised my monthly payment a small amount and generally its made me look at things with far more scrutiny than i have for some time. I feel anxious and stressed in a way i haven't since i first started the DMP, obviously these issues are mostly problems of my own making and i'm not here to look for sympathy, however i feel like i'm going to be caught out at anytime and the thought of having my finances pulled apart and my wife and I's happy little life turned upside down is a thought i cant escape. Don't get me wrong we don't live like royalty, we have the odd meal out, go for a few drinks from time to time and have a modest holiday once a year, i buy the odd video game and my bike is my life other than her.

I guess my greatest worry is that my latest review will come back rejected from my creditors, they'd take me to court, my finances would be looked at and everything would change for the worse as a result.

There you go, i needed to write that all down and get it out! Sorry for the long post and i understand how being not entirely truthful on my DMP is my fault and no one else's.

As it stands my debts are down from over 60k to just over 46k now and out of 8 creditors, 6 are with DCAs and all 8 froze charges and interest some years ago. I hope my review is accepted this year as by next summer i want to go self-managed and be more honest with them all for my piece of mind at least.

Thanks for reading, all comments, criticisms and advice are welcome. I feel better already.

Hi Halenism

First I'd ditch the paid DMP company, put the money towards your debts. Don't really have time to go through the rest, but in the end it's kinda your choice, pay now, pay later or don't pay at all, they all have different consequences.

Saz

Sazzie23

mon2016 wrote: »

I am curious how a DMP would work if you are unemployed.

For example, I owe QuickQuid £300, lets say I get a job in the near future and I am able to pay them off in full, could I pay them and then get Quick Quid removed from my DMP?

Also, is it possible to set up your DMP so that a specific creditor gets a larger payment or does every creditor get the same?
I owe one of my creditors £60 and would obviously prefer to make a larger payment to my larger debts every month.

As Puzz says, treat them the same but proportionately, so a larger debt gets a larger repayment ...etc

Saz