DMP & Mutual Support Thread - Part 11

Billy12345

sourcrates wrote: »

Could be a standard statement, not taking your situation into account, or, someone may of messed up.

A quick phone call will clarify things for you.

Thanks sourcrates, i'll give them a bell :beer:

[Deleted User]

motivated, well done on getting the SC phone conversation out of the way:T:beer:. The first steps are always the worst, it's the fear of the unknown. It will possibly be a different advisor you get answering your call next time, there are several of them working there, but they are all very pleasant and helpful.

Please take sourcrate's and Sazzie's advice and phone them asap with any budget changes. Please take my own advice (for what that's worth:o) and don't commit to paying more than is comfortable, not only for what Sazzie said about interest but because it will cause problems for you in trying to make ends meet.

You, like the rest of us DMPers are facing up to your debts and paying them off, not running away from them, and should be proud of that:beer:. But in doing that you should still be able to have a 'life' and not have the worry about every penny as I know I did before I started a DMP. I started off paying more than I could really afford (my fault not SC's as I was so keen to get the debts paid off in the shortest time possible) and the first year was truly miserable. Without access to credit cards to juggle for a tiny amount of extra cash each month I was a lot worse off than pre- DMP. I've learned my lesson now, thanks to all the wise and wonderful posters on here:A

Good luck:beer:

Debtfreehopeful

Today I can breathe a massive sigh of relief! SC have set up my DMP so I start making my first payment in April. I didn't have the guts to phone my creditors- bad I know- but SC have said there's no need if I don't want to. As I've also included mine and my son's mobile phone contracts in with the DMP (I was paying £113 a month!) I've got us a Giff Gaff sim card which is £20 a month for unlimited everything so that's a massive saving- just hope 3 don't deactivate my Iphone (as in make the handset unusable not cut me off for non-payment).
Feeling much more positive, it's a fresh start and no more stress and worry. Thanks to everyone on here, your advice and support has been invaluable xx

DJB343

Hey guys,

Just thought I'd introduce myself.

I've managed to get myself into a substantial amount of debt, even this morning I had a text telling me I had once again gone over my overdraft. Felt quite anxious after reading it as my financial situation has been really playing on my mind lately, so decided to work from home today, and also rectify this issue once and for all.

I'd heard of StepChange before, but decided to give it a miss naively thinking I can sort out these problems without that bit of help.

I've just turned 30 and in all honesty never thought I would be in such a helpless position - but instead of feeling overly sorry for myself, I have now decided this is the time to sort out this issue.

So I'm sure I'm going to need your help as much as StepChange's. My initial debt remedy suggests I can be debt free within 4 years, which would be great!

I hope I can follow in the footsteps of many of you on here!

January2015

DJB343 wrote: »

Hey guys,

Just thought I'd introduce myself.

I've managed to get myself into a substantial amount of debt, even this morning I had a text telling me I had once again gone over my overdraft. Felt quite anxious after reading it as my financial situation has been really playing on my mind lately, so decided to work from home today, and also rectify this issue once and for all.

I'd heard of StepChange before, but decided to give it a miss naively thinking I can sort out these problems without that bit of help.

I've just turned 30 and in all honesty never thought I would be in such a helpless decision - but instead of feeling overly sorry for myself, I have now decided this is the time to sort out this issue.

So I'm sure I'm going to need your help as much as StepChange's. My initial debt remedy suggests I can be debt free within 4 years, which would be great!

I hope I can follow in the footsteps of many of you on here!

Hi and welcome :wave:

Well done on facing up to your debt problem and making a start. Stepchange are great and will support you along the way.

A couple of pieces of advice from me;

1. Give yourself wriggle room when calculating your budget. Don't budget too tight you or you will struggle to cope and this will likely lead to you giving up.
2. Don't rush to start the DMP payments. Start the set up process but delay the start of making payments for a good few months. Use this time to allow you to build up an emergency fund. You will no longer have access to credit and so will need a good fund behind you in case you have unexpected expenses crop up. Don't panic about this, creditors are used to people starting DMPs delaying the start of payments.

DJB343

Wow thanks January2015 for the swift reply.

Great advice, as I have already requested a application pack - am I able to amend my budget on the paperwork or is the pack solely going off what I had inputted on the debt remedy website ?

I think I should be okay, but it would be nice to have another review of expenses and change if need be.

Yeah I've read a few people doing that on this forum, and I probably would be inclined to do the same - for me it's more about setting a strategic plan rather than wanting to end debt as soon as possible

January2015

DJB343 wrote: »

Wow thanks January2015 for the swift reply.

Great advice, as I have already requested a application pack - am I able to amend my budget on the paperwork or is the pack solely going off what I had inputted on the debt remedy website ?

I think I should be okay, but it would be nice to have another review of expenses and change if need be.

Yeah I've read a few people doing that on this forum, and I probably would be inclined to do the same - for me it's more about setting a strategic plan rather than wanting to end debt as soon as possible

Stepchange are used to people revising their budgets. When you first complete the debt remedy tool you are likely to be worrying about debts and not thinking straight. Many people put what they 'think' rather than take the time to do a realistic budget. Now you have started the process think about what you may have forgotten to add - which you are entitled to add , e.g. union fees, pet food/insurance, etc.

motivated

. Hi all

I have phoned SC and revised our budget phew. Slight panic last night but worried over nothing . The lady said will you be paying your 1st payment in March. I told her that my car insurance and tax is due and she said absolutely fine :T

I came home from work today to find my my car tax reminder on the mat but I am not stressing how I will be paying it this time. I will then be able to put money aside monthly for it ready for next year ( if my car holds out that long)

We have survived the first few steps and still feeling really positive about the future now. I actually am a lot more relaxed as I am not panicking about CC statements dropping in not having to rob Peter to pay Paul

It's is solely down to you lovely lot that has given us the courage to do something about it all and accept our mistakes and deal with them. Our heads are well and truly out of the sand now.

Will wait for my new budget to be emailed to me and will go from there. Hopefully everything will fall into place from here on in.

I will definitely be sticking around and will probably have more questions along the way

Thanks again all
M

January2015

motivated wrote: »

. Hi all

I have phoned SC and revised our budget phew. Slight panic last night but worried over nothing . The lady said will you be paying your 1st payment in March. I told her that my car insurance and tax is due and she said absolutely fine :T

I came home from work today to find my my car tax reminder on the mat but I am not stressing how I will be paying it this time. I will then be able to put money aside monthly for it ready for next year ( if my car holds out that long)

We have survived the first few steps and still feeling really positive about the future now. I actually am a lot more relaxed as I am not panicking about CC statements dropping in not having to rob Peter to pay Paul

It's is solely down to you lovely lot that has given us the courage to do something about it all and accept our mistakes and deal with them. Our heads are well and truly out of the sand now.

Will wait for my new budget to be emailed to me and will go from there. Hopefully everything will fall into place from here on in.

I will definitely be sticking around and will probably have more questions along the way

Thanks again all
M

If you don't feel you are ready to start payments in March just phone SC and delay them for another month or so. Glad it's all coming together for you. Life is much nicer once you stop worrying about money

Sazzie23

carbootcrazy wrote: »

motivated, well done on getting the SC phone conversation out of the way:T:beer:. The first steps are always the worst, it's the fear of the unknown. It will possibly be a different advisor you get answering your call next time, there are several of them working there, but they are all very pleasant and helpful.

Please take sourcrate's and Sazzie's advice and phone them asap with any budget changes. Please take my own advice (for what that's worth:o) and don't commit to paying more than is comfortable, not only for what Sazzie said about interest but because it will cause problems for you in trying to make ends meet.

You, like the rest of us DMPers are facing up to your debts and paying them off, not running away from them, and should be proud of that:beer:. But in doing that you should still be able to have a 'life' and not have the worry about every penny as I know I did before I started a DMP. I started off paying more than I could really afford (my fault not SC's as I was so keen to get the debts paid off in the shortest time possible) and the first year was truly miserable. Without access to credit cards to juggle for a tiny amount of extra cash each month I was a lot worse off than pre- DMP. I've learned my lesson now, thanks to all the wise and wonderful posters on here:A

Good luck:beer:

Good to hear it's settled down CBC, great post.