DMP & Mutual Support Thread - Part 11

sourcrates

January2015 wrote: »

I totally agree, and as I said, if I had my time over this is what I would do. However, I do realise some people just venturing into a new DMP are very nervous of this approach as the advice of 'the professionals', e.g. Stepchange and other such charities, is to make token payments. Since starting my own DMP I've learnt the true professionals with actual experience and knowledge of what will happen are those that have been, or are still going through this journey. :beer:

Yes I agree it's difficult to advise against what a debt charity tells you to do, and in the end, it's better to do what ever your more comfortable with.

In time processes become more clear to most people.

heavenlyharry01

Just a quick one....

We too rushed into a DMP with StepChange. We were scared, had never missed a payment and went straight in....no emergency fund or anything. Also the budget was tight and unmanageable.

One month later we left!

We are now going to go self managed.
I've written to the creditors, explaining we've left and are in the process of drawing up s budget. So far nothing bad has happened!! A scary letter from the mortgage company, regarding our mortgage arrears (we have an unsecured loan attached) but turns out it's a template letter which shouldn't have been sent.....and two creditors have told us we can pay £1 a month!! (Didn't even ask!) result!!
We are £75k in debt!!
Go us!

With thanks to the posters on this thread, they have given me the confidence to go it alone with a strong attitude...they can't have what we haven't got!

Sazzie23

sourcrates wrote: »

Yes I agree it's difficult to advise against what a debt charity tells you to do, and in the end, it's better to do what ever your more comfortable with.

In time processes become more clear to most people.

Just to add, I am with SC and have been for 4 years nearly, but didn't do token payments as was in such a state at the start I couldn't figure out how to do it. Some accounts were unpaid for 3 months, nothing bad happened.

Great advice from the others, if you feel ready, go it alone, if you don't go with SC then move to self managed when you get going. I stay with SC as I need the discipline, though I think maybe one day I'll move yo self managed.

Saz

Sazzie23

carbootcrazy wrote: »

January, you are one of the stalwarts of this thread, always so helpful and supportive to everyone. I've been on my DMP for nearly 2 years longer than you but I've still learned so much from you:A

Absolutely true HAPPY New Year January :beer:

Sazzie23

BeingDebtFreeStartsHere wrote: »

Hi everyone and a Happy New Year to you all

Great to see everyone continuing with their debt busting and hello to all the Newbies :hello:

Just wondered if it is normal at this time of year to feel a little low about my debts?

Seeing loads of things in the sales but not being able to afford them, struggling to find any cheap days out with the kids, not being able to treat ourselves to a few nice things

On a plus note, we have paid nearly £5000 off our debts via our DMP in the last 12 months, have budgeted for Christmas without having to rely on credit and are sticking to our monthly budget (just!).

It just feels tough sometimes and I just wish we could be a bit more impulsive at times and go out for a meal, or take the kids bowling or to the cinema without having to account for every penny. Hate the fact that any days out cost over £50 these days.

Sorry to whinge - just having an 'off' day today!

Take care,

BDFSH x

Hi BDFSH

I understand the feeling, a tight budget is depressing:( but it's in a good cause:T

I think people have been known to invent car/boiler/fridge problems in order to have a reduced payment for a month or 2. Obviously increases your DFD but that's a choice only you know if you're comfy with.

Also are you able to earn extras through wombling, doing surveys, competitions, little wins I find that help ease the budget burden? Selling old toys and kids clothes on FB also seems to be popular.

Saz

make_the_change

Does a debt need to be sold on to be able to negotiate f&fs? I have had a couple of debts passed on and working on behalf of but not sold on. Not quite sure what I should do?

sourcrates

make_the_change wrote: »

Does a debt need to be sold on to be able to negotiate f&fs? I have had a couple of debts passed on and working on behalf of but not sold on. Not quite sure what I should do?

Ideally yes.

Debt purchasers buy up delinquent accounts by the batch load.

They only pay pennies in the pound for them, that's why they can afford to accept an offer, and still return a profit.

That's not to say an original creditor won't accept an offer to settle, just don't expect a hugh discount.

make_the_change

sourcrates wrote: »

Ideally yes.

Debt purchasers buy up delinquent accounts by the batch load.

They only pay pennies in the pound for them, that's why they can afford to accept an offer, and still return a profit.

That's not to say an original creditor won't accept an offer to settle, just don't expect a hugh discount.

Thanks

How do I get my debt sold on then?

sourcrates

make_the_change wrote: »

Thanks

How do I get my debt sold on then?

Well that's the million dollar question isn't it !!

Sometimes it just happens, other times you have to force a creditors hand.

Usually a good 6-8 months of non payment will get your debt sold on.

make_the_change

sourcrates wrote: »

Well that's the million dollar question isn't it !!

Sometimes it just happens, other times you have to force a creditors hand.

Usually a good 6-8 months of non payment will get your debt sold on.

Thanks. I have 4/5 defaulted. Blooming BC stalling. Now just want them sold on.