DMP & Mutual Support Thread - Part 11

Sazzie23

thebeaver wrote: »

Hi All, loving the new thread smell
Had 2 letters today from lloyds on cc balance dated the same day. One saying due to lack of response they now require full payment (I've been in a DMP for over a year). The second saying they accept my new payment (that isn't new) and that they won't be charging interest. They have been charging it the last couple of months because my payment was more than 2% of the balance.
Anyone ever had this?
Thanks guys xx

What left hand and right not being able to match up what they are doing...all the time from many creditors, just roll with it, keep both letters and go back to them if they go back on their word about reducing interest. sounds like the first was an automatically generated one, it creates havoc in their systems if they try to stop them, so they just keep sending them to confuse us, ignore it..

Great news that they are stopping interest though:)

Karen777

agree about left hand and right hand - I am now in a surreal situation with the hellifax - have been scrapping with them for ages cos of phone calls that happened then miraculously disappeared, of people telling me one thing then another, conflicting letters etc.. anyway - finally got to a place of mutual agreement with them then out of the blue recently they sent me a letter saying they were sorry to receive my complaint (I haven't sent one recently as I gave up!) and they are now investigating! It makes me laugh.. I literally have no idea what is going on with them, I just keep making the payments!

blisteringblue

Happy Self Managed Payment Day

Sig updated and I'd miscalculated a field in my spreadsheet so found an extra 1% paid off

A quarter of the way through it now, and hopefully a couple of Barclaycard Defaults coming this month to allow me to pay some more to speed it up.

katkins2

Hi,

It's a long long time since I've been around here. I have just been reading through some posts from newbies and people who are still deciding whether a DMP is for them so I thought I would share my story.

I started my DMP with SC way back in Sept 09 and with only 18 months to go I am now seeing a glimmer of light at the end of a very long tunnel. This forum helped me so much in those early days when I had my LBM and I genuinely believe that if this forum hadn't existed, there would've been a very good chance that I would not have faced the music and kept ploughing on, struggling, borrowing from Peter to pay Paul and continued on the downward spiral of out of control debts. So, my words of advice to anyone thinking about a DMP but fearful of taking the steps to get things in place.....DO IT! I know a DMP isn't for everyone, but if fear is the only thing standing in your way (which it was for me) really, it is so worth biting that bullet.

Don't get me wrong, it's not all be plain sailing, especially in the early days. Living on a fairly tight budget takes a bit of getting used to when you are used to being able to use credit when the money ran out. But, you do adjust and begin to feel empowered once you know how to live within your means. I have had my wobbles along the way but I know it is the best decision I could've made.

My debts at the start were £35k, they are now £8k and whilst I know that this is still a sizeable debt, I still feel a massive sense of achievement when I check my SC account online and see how far I have come.

So, there you have it, my almost success story. I remember that dark place well and if it wasn't for this forum and the lovely people here that gave me the courage to begin my debt free journey, I really don't know where I would be today. I really hope I can return the favour and my story gives someone else the courage to take those steps. You won't look back I promise.

K x

KrazyKel

Sazzie23 wrote: »

Wow what do you do do go up to 2/5? And pre DMP too, I suppose that shows how relevant it is :rotfl:

I don't know, it was 3/5 6 months ago... until I took out payday loans then went to 2...and 1....
Maybe things are improving.... or im just kidding myself still :rotfl:

I'd been putting off a DMP for a year now really!... I know i know.... Just plodding along and debt isnt going down as it would be if I was on a DMP was just seeing what I could/can do on my own first (even tho im still paying a lot of interest)... at least no more payday loans for me since!!

Sazzie23

KrazyKel wrote: »

I don't know, it was 3/5 6 months ago... until I took out payday loans then went to 2...and 1....
Maybe things are improving.... or im just kidding myself still :rotfl:

I'd been putting off a DMP for a year now really!... I know i know.... Just plodding along and debt isnt going down as it would be if I was on a DMP was just seeing what I could/can do on my own first (even tho im still paying a lot of interest)... at least no more payday loans for me since!!

Aha, see what PDL do for your credit rating, so if anyone reading this thinks it's better to live on PDL than a DMP, in terms of your credit rating probably just as bad.

Sazzie23

katkins2 wrote: »

Hi,

It's a long long time since I've been around here. I have just been reading through some posts from newbies and people who are still deciding whether a DMP is for them so I thought I would share my story.

I started my DMP with SC way back in Sept 09 and with only 18 months to go I am now seeing a glimmer of light at the end of a very long tunnel. This forum helped me so much in those early days when I had my LBM and I genuinely believe that if this forum hadn't existed, there would've been a very good chance that I would not have faced the music and kept ploughing on, struggling, borrowing from Peter to pay Paul and continued on the downward spiral of out of control debts. So, my words of advice to anyone thinking about a DMP but fearful of taking the steps to get things in place.....DO IT! I know a DMP isn't for everyone, but if fear is the only thing standing in your way (which it was for me) really, it is so worth biting that bullet.

Don't get me wrong, it's not all be plain sailing, especially in the early days. Living on a fairly tight budget takes a bit of getting used to when you are used to being able to use credit when the money ran out. But, you do adjust and begin to feel empowered once you know how to live within your means. I have had my wobbles along the way but I know it is the best decision I could've made.

My debts at the start were £35k, they are now £8k and whilst I know that this is still a sizeable debt, I still feel a massive sense of achievement when I check my SC account online and see how far I have come.

So, there you have it, my almost success story. I remember that dark place well and if it wasn't for this forum and the lovely people here that gave me the courage to begin my debt free journey, I really don't know where I would be today. I really hope I can return the favour and my story gives someone else the courage to take those steps. You won't look back I promise.

K x

Hi Katkins, that's brilliant news and inspiration for thise just starting out. I wonder if you have any tips on how to keep going when it gets tough, and as you say it can get tough

I'd say it's a success story that's not yet over, and thanks again :T

Growurown

January2015 wrote: »

I do worry our emergency fund is not building up - something always seems to come up.

I've found the emergency fund always to be a problem and mostly due the high cost of car repairs. I've just had to replace a sensor on my car £140 + VAT! And that was just for the part! OH's car is playing up now, one of those very hard to find electrical faults which causes the engine to stall, and then it won't restart. My emergency fund is pretty low atm and we have used money that should be going to OH's Halifax card. As we are self managed now Halifax only want £50 a month, we should be paying a lot more than that but have had to use those funds recently for car repairs.

Apart from the Halifax debt though everything else is on track and providing there are no major hitches (fingers crossed!) all other debts will be cleared by November. The plan then is to use the money to save for a newer car!

Karen777

Katkins that's brilliant progress and really insiring! Thanks for sharing.

emergency fund.... aarrggh.. and cars *crosses fingers as MOT due soon* I feel your pain...

katkins2

Sazzie23 wrote: »

Hi Katkins, that's brilliant news and inspiration for thise just starting out. I wonder if you have any tips on how to keep going when it gets tough, and as you say it can get tough

I'd say it's a success story that's not yet over, and thanks again :T

Hi Sazzie,

Tips? Hmmm well, when I get the down trodden feeling, I log on to my DMP and look at how much I have paid off. I have always done this, even in the early days when the mountain of debt didn't feel like it was moving much. It makes a refreshing change to see your balances reducing after spending years watching them go up on statements month after month. It always gives me a boost and makes me feel back in control and generally gets me through the tough times.

Another thing was EBay. I practically Ebayed everything that I didn't need. It gives you a focus when times are tough and can be a bit exciting when you get the frenzy of bidders at the end of a listing. I used what I made to treat the kids to a cheap day out or we'd go out for a family meal (usually somewhere with a money off voucher). Notice I say 'was Ebay' that's because I no longer own anything I don't need.....because I've sold everything :rotfl:

Finally, give yourself a little pat on the back. We naturally beat ourselves up when we have let a situation get out of control. I know for sure that I am my own worst critic. BUT we are dealing with it, it's taken guts and sheer determination and we have to be proud of the courage we've had to face our problem. BE PROUD.
I see so many people still living beyond their means, bunging everything on the credit card, having holidays they can't afford etc etc. and whilst they are enjoying their lavish lifestyle I'm glad that I am no longer in that boat. What I earn, I spend but it's so liberating not having credit in my life anymore.

They aren't very practical tips I know, I'm just speaking from experience. I got so down on myself at times for getting into such a mess but I have learned over the years that it is only money. There are far more important things in life and hey.....we haven't killed or hurt anyone so be kind to yourself

K x