Debt Demolisher

Lumanous

Tipsntreats wrote: »

Ah, we have pics:D

I need to see these every day might just be my new motivational image!!

motivated

:T Another DMP payment made today and I feel a little better. I keep going over in my head about going self managed with the DMP. I suppose im scared of making things worse when they have been running so smoothly. Im scared to rock the boat and have creditors adding interest again etc. I did work out though that by Christmas I would have paid back over £8,500 staying as I am. I would never have managed this before the DMP so I may keep paddling and review again in December. Im trying to run before I can walk I think.

Just a quick update as I am meant to be working
M

Lumanous

Me too, get back to work

BUT sounds sensible, I'm self managing but I still at affordable stage just with high debt so accounting for increasing interest etc. Can't say I'd like to do it if I had to deal with the creditors like that only interaction I have with them is payments to them...
I would say it's worth taking the time to look into but not do yet, work out whats going on, what it looks like, what your worst case is with interest etc. But from what I understand from the DMP situation, it sounds like it would be a good idea to keep going as you are for the moment. Like you say it's achievable and you're moving forward and there is the risk of 'rocking the boat'.

£8,500 by Christmas is GREAT! Maybe get an idea of what self management looks like in your head (also allowing for the risk of interest being added) and then reassess in the New Year? Be a much better position by then (with nearly £10k reduction!) and you'll be able to know more how flexible you are on extra savings/emergencies etc. and hopefully have a better idea of what others have done in the same situation. Or see how much you'll pay off next year in DMP land, maybe after another bundle off you might feel more in control.

Even going self managed in 2-3 years might be a good timescale rather than rushing into it. I wonder if you went self managed and then decided it wasn't working, would DMP no longer be an option? Perhaps others can weigh in, but you wouldn't want to rush and then land in more trouble later (not saying you would but that's what I'd worry about). After all there is a reason you chose (or perhaps had) to take the DMP route in the first place.

Just my thoughts - not at all official advice!

I am one for pondering and recalculating and what if what if, every day, so I get where your head is at!

Tipsntreats

Good Afternoon motivated and Lumanous.
It is very true, that when you first see your debt being reduced, you want it to miraculously disappear faster. That is human nature.
I will never give financial advice, as there are experts for that.
There is light at the end of every tunnel, even though it feels at times, that it is SO far in the distance.
There will be days when you feel it will never end. So that is why you come to the Arms, so at least you can have a laugh - and it is free.
I am here as proof that eventually, you will get there.
So brave faces, determination, and no point worrying, as worrying never gains anything.

motivated

Hi Lumanous and Tips

Thanks so much for you input today. You both have made me realise that I am better off staying as I am for the time being. At least until I get my head fully around it all. Lumanous, as you said 'what if' The last thing I want is to upset the apple cart and have creditors adding interest etc after I've been lucky and got it stopped almost immediately.

Just had a slight wobble but to be truthful we are doing absolutely fine with SC and have never been so organised or happy (cheesy)

Tips I have my brave face on and Lumanous there is a reason I chose the DMP route, you're right.

Thankyou both again I have my mojo back and my totals have gone down again :T
M

Lumanous

You're making great progress, can't forget that! Look forward to seeing more of your journey

motivated

Any progress is progress

Just checked figures again lol and since I made our first payment to SC on the 1st April we have paid back £2,026. We are also paying back a Tax thingy for DH with HRMC. Apparently from years ago that's caught up with him. The balance on this now is around £1,700. This is not added in our DMP as advised by SC to just carry on with the SO that we pay every month. This is £60 per month it was £50 and I upped it by a tenner before Christmas and its slowly coming down. It was approx £2,300. I tend to forget about this one as it just ticks along. So I've added the £120 I've paid this to my total so far. It gives me a little boost and a boost is a boost after all

So my plan is now to overpay this as much or as little as I can, when I can and get this cleared. Then I will be in a position to add a little extra to our DMP payment. Hence bringing our DFD forward a little.
Now I will just let the DMP plod along in the background for now.

This gives me a goal to aim for and I will feel :j when I've cleared one debt.

I feel better now I have a smaller goal to aim for and work towards
M

Edit: just realised this my one thousandth post. (Sad aren't I)

Lumanous

Congrats

Bobarella

motivated wrote: »

:rotfl: ahh I know how she felt lol

I was asked by a student if I was having a baby :eek: If that's not reason to diet I don't know what is considering I'm past 50 :rotfl: :rotfl:

Obviously don't look 50+ then, I'd take that as a compliment:T

Debtfreein5yrs

Hi
It's good to have a smaller goal to aim for when you're in for a long haul. That's exactly why I'm concentrating on the interest bearing chunk of my debt first. I find that setting a goal that can be paid off in less than a year is really motivating.
You have come so far in just a couple of months. Well done on a brilliant start to your debt free journey