DMP & Mutual Support Thread - Part 11

jubilee14

Sazzie23 wrote: »

Quick question, I've updated my signature as my DFD has started to come down a bit, how do I put crossed out text in my signature ?

Hi Sazzie at the user CP edit signature there should be an icon that lookslike a g with a line through it should say wrap strike through i think thats how i got mine to work. i only update the figure now so its been a while.

Not been on for a while but glad to see all DFW's doing so well and giving the support we all really needed when we started the journey.

[Deleted User]

jubilee14 wrote: »

Not been on for a while but glad to see all DFW's doing so well and giving the support we all really needed when we started the journey.

Yes, jubilee, this really is a friendly and helpful thread:T. Non-judgemental advice always readily given by all posters. It's such a comfort to come on here when it's impossible to talk about debt to people in real life.

Here's to all DMPers:beer:

bsclp118

Hello, just after some advice as usual!

So, after accepting a job offer, I decided to decline it in order to take up teacher training.

The way the bursaries work is they are paid in 10 monthly installments. So I need to budget with that in mind,

I just wanted to know peoples experiences with StepChange when doing there yearly reviews - do they still want proof of income etc?


Also - I was wondering peoples opinions on the following:
I do have some redundancy and tax rebates and things coming in which I could use to pay off some of my debt. However, I am not sure that is the best decision at the moment. I'm in my early 30s and would really like to start a family soon - I'm thinking that I should just save the money for now and see how it goes?

My first instinct was to get rid of the debt as quickly as possible, however after reading about how to play the system and reading peoples experiences on here - I'm not so sure. In total I will probably end up with about £12k, which might be enough to negotiate some f+f offers, but given my debts are all still with the original creditors this might not be realistic.

Coinmachine

I am now exactly 2 and half years into my DMP, which will end in Sep 22 on current payments.

Whilst it is a slog equally it feels as though those years have flown by. I can still clearly remember coming out of the branch where I opened my new account and walking down the road thinking I wonder how this will work in 2,3 years.

I am sucker for a spreadsheet already so set one up for my DMP payments and put formulas so I can see how the total will go down over time. Its good because every few months it feels like milestones are reached, i.e a debt moving from 4 figures to 3 figures or the overall amount owed moving form the £40ks to £30ks. Next milestone will be September when the DMP goes down to 5 years xx months, and the halfway mark will be when the next world cup is on. I really recommend setting this up, or even a manual version, just seeing it all visually really helps I think.

BeingDebtFreeStartsHere

bsclp118 wrote: »

Hello, just after some advice as usual!

So, after accepting a job offer, I decided to decline it in order to take up teacher training.

The way the bursaries work is they are paid in 10 monthly installments. So I need to budget with that in mind,

I just wanted to know peoples experiences with StepChange when doing there yearly reviews - do they still want proof of income etc?


Also - I was wondering peoples opinions on the following:
I do have some redundancy and tax rebates and things coming in which I could use to pay off some of my debt. However, I am not sure that is the best decision at the moment. I'm in my early 30s and would really like to start a family soon - I'm thinking that I should just save the money for now and see how it goes?

My first instinct was to get rid of the debt as quickly as possible, however after reading about how to play the system and reading peoples experiences on here - I'm not so sure. In total I will probably end up with about £12k, which might be enough to negotiate some f+f offers, but given my debts are all still with the original creditors this might not be realistic.

Hi,

I've just completed our SC annual review. I did it online initially but it said I needed to phone them to talk through the budget - initial panic :eek:

No need though - after talking to them they just wanted to talk through options as my DMP has 10+ years to run and they just wanted to make sure it was still the best debt solution for us. We went through the budget and they did not question anything. The budget was agreed - they did not ask for any wage slips, or proof of income/expenditure - just said it was agreed for the next 12 months and they would send the info out to the creditors Our direct debit amount is staying the same too.

With regards to the money coming in - I personally would be tempted to keep it in an emergency fund so you have some financial back up - especially if you are planning to start a family soon

Take care,

BDFSH x

bsclp118

Thanks BDFSH - really good to know about the SC review, not sure why but I always panic about speaking to them!

I think the emergency fund is probably the best for now. If I still have it after starting a family then I can always use it then right, but for now even if I pay of my debt I'm not sure we'd be able to save that amount as I'm going to be taking a considerable pay decrease.

BeingDebtFreeStartsHere

bsclp118 wrote: »

Thanks BDFSH - really good to know about the SC review, not sure why but I always panic about speaking to them!

I think the emergency fund is probably the best for now. If I still have it after starting a family then I can always use it then right, but for now even if I pay of my debt I'm not sure we'd be able to save that amount as I'm going to be taking a considerable pay decrease.

Absolutely - you will need to take into account a reduction in income when on maternity leave, plus a potential decrease in hours if/when you decide to return to work, plus the cost of nursery fees etc. Definitely best to keep that money safe in my opinion - being a parent is the best thing in the world but it isn't cheap!!!!

Take care,

BDFSH x

Welshie28

Hi all,

Just looking for some advice really.

Started my DMP with Stepchange nearly 4 months ago however I'm starting to struggle with living month to month.. already!

Currently paying £450 a month with leaves me with £60- £100 a week for me and my son to live on. Debt balance is £20,000.

How easy is it for me to possibly change my payment amount to my DMP so that I have a bit extra to live on after I've paid for all that I need to pay and my DMP payment? I didn't get much chance to save an emergency fund as my dmp started 1 month after my initial phone call to them?

Many thanks

blisteringblue

Helpme34 wrote: »

The only thing I'm worried about Blisteringblue is them issuing a CCJ. Because of the nature of my work, I can't have a ccj registered against my name.
Also not sure how to go about going self managed...been with Payplan for over 4years now and has been pretty smooth up until now!

A CCJ does sound scary and appreciate it could affect your employment, but if you are not hiding and are paying a fair amount to your debts and can prove these figures you are not going to get a CCJ. You will get plenty of warning before it's awarded so you can fend it off at this point. You are worrying about a tinpot DCA who just try and frighten more money out of you.

blisteringblue

blisteringblue wrote: »

PRA (T) just rang again, 2nd time today. I feel an FCA complaint coming on.

I secretly love the game though

Been working away this week and come home to 4 messages on the answerphone telling me I must contact them.

Official complain time, they even have a form on their website