DMP & Mutual Support Thread - Part 11

Sazzie23

Happy advent calendar start day to all DMPers.

Didn't get my pay rise, (because I failed my exam��), always knew it was a stretch, still, roll on resits. However, financial plans have had to change a bit as impending overtime ban might cut deep without the pay rise, trying to stay positive, am managing OK at the moment.

Hope everyone is having a good week


Saz

[Deleted User]

Sorry about the exam result, Sazzie. Better luck next time:beer:


Stay positive (as you always seem to do anyway:A) whilst life is throwing some extra financial worries and difficulties your way:kisses3:


Happy start of Advent day to you too:T. Off now to open my first little window and enjoy a choccie. I love Advent calendars:rotfl:

blisteringblue

Bad news about the pay rise Sazzie, my no.2 has just resigned which while initially a big blow I reckon opens up a bit of renegotiation for myself. Will see.

Mrs BB is getting serious grief from her lecturing job and I've just told her to quit as she is only agency. Not exactly something we can afford but it's a great excuse not to start the DMP payments again in March (currently on a 4 month sabbatical).

No phone calls (as they were told) yet although a lot of text messages. I think a few letters of complaint will get them stopped.

[Deleted User]

What's the saying, BB, 'when one door closes another one opens' ?

Wishing the best of luck to you and Mrs BB:beer:

Shirt_buttons

Hi guys firstly thank you for posting on this site as makes you realise you are not alone X
So we are six months in with step change and all going ok.. I have had 4 debts referred to debt collectors from Santander and Barclaycard.. I see from other posts that this seems to be 'good' or am I reading this wrong.. I am not sure why this would be.. I still have debts with 8 other companies that amount to thousands . We are payin 880 a month back n should take 6 years.. I am also starting to panic about the yearly review as that's in May and as we have both had a small pay rise since we started and I haven't declared it.. To be honest it's helped us so much having the extra money I would rather not tell them .. Do I have to send bank statements again in the yearly review ?

sourcrates

Shirt_buttons wrote: »

Hi guys firstly thank you for posting on this site as makes you realise you are not alone X
So we are six months in with step change and all going ok.. I have had 4 debts referred to debt collectors from Santander and Barclaycard.. I see from other posts that this seems to be 'good' or am I reading this wrong.. I am not sure why this would be.. I still have debts with 8 other companies that amount to thousands . We are payin 880 a month back n should take 6 years.. I am also starting to panic about the yearly review as that's in May and as we have both had a small pay rise since we started and I haven't declared it.. To be honest it's helped us so much having the extra money I would rather not tell them .. Do I have to send bank statements again in the yearly review ?

Hi,

If your income has gone up, so have your costs, be creative with your budget.

Don't overthink things, DMP's are not regulated, you don't "get into trouble" for misdermeaners, be more proactive, it's your DMP no one else's, you do what's best for you.

Billy12345

First off, this thread is amazing, :j i had quite a few sleepless nights until i got my finances sorted and into a dmp with stepchange. £54k debt in total and a 10 year dmp but hopefully itll be paid before that.

Anyway as I'm new to this can you tell me why a default on a payment is a good thing ? My dmp is made up of CC's, loans and an overdraft (7 products but only 5 companies). Tesco CC has given me 28 days to pay £30 or they will default (total debt is £1900 and paying 19.04 per month, the minimum payment was £25 as still in interest free period). Was wondering what was better, to let then default or pay the £30 even though the threat will come around again.

[Deleted User]

Shirt_buttons wrote: »

. I am also starting to panic about the yearly review as that's in May and as we have both had a small pay rise since we started and I haven't declared it.. To be honest it's helped us so much having the extra money I would rather not tell them .. Do I have to send bank statements again in the yearly review ?

Don't worry about this. In my experience of 4 reviews they've never asked for bank statements or anything else to be sent to them. There's nothing scary about a review, you can do it completely online if you want, although they sometimes request that you talk to them. Again, nothing untoward there, they just like to check that a DMP is the best option for you. If you decide to do the whole review by phone I think I'd keep quiet about the small pay rises. Use it to build up a small emergency fund for when life throws some nasties at you;). Or just declare a small proportion of it.

[Deleted User]

Before I saw Shirt buttons' post and replied to it I'd just dropped in to announce (drum roll please:rotfl:) that today was my last SC payment:j. No, I'm not finally debt free (I wish;)) but am now starting to self-manage my DMP. Thanks a million to all the self-managers on here who have generously offered advice and encouragement:A. You know who you are.


I'll always be grateful to SC for holding my hand through the scary times and for helping me to pay off just £83 short of a massive £30,000 in 3 years and 9 months:j. Still nearly £27,000 to go though:o


Now to get on to the calls and paperwork to set up my creditor payments. I'm not in a rush though as I decided to pay creditors via SC this month to round off the year and then have January 'off' as a repayment 'holiday' . After studying NEDCAB I plan to leave my repayments at pretty much the same level, just slightly less, than I've been doing with SC. For now at least.

sourcrates

Billy12345 wrote: »

First off, this thread is amazing, :j i had quite a few sleepless nights until i got my finances sorted and into a dmp with stepchange. £54k debt in total and a 10 year dmp but hopefully itll be paid before that.

Anyway as I'm new to this can you tell me why a default on a payment is a good thing ? My dmp is made up of CC's, loans and an overdraft (7 products but only 5 companies). Tesco CC has given me 28 days to pay £30 or they will default (total debt is £1900 and paying 19.04 per month, the minimum payment was £25 as still in interest free period). Was wondering what was better, to let then default or pay the £30 even though the threat will come around again.

Hi billy,

Standard letters they are required to post out to you to comply with legislation, is all they are.

Don't pay them no, you must not do that.

Defaults are good, because.........

(1) Draws a line in the sand, so to speak, so you know in 6 years the default will be gone.

(2) Avoids the horrid "AP" (arrangement to pay) markers, which stay on your file for up to 12 years.

Your goal is to get everything defaulted as soon as possible.