Starting a DMP- really scared

Rebeccadougherty

Hi

I have 7 creditors and nearly twenty thousand pounds worth of debt
One of the creditors who I was the most scared about especially as the loan is recent (about November time last year) is everyday loans. I've set up a new bank account and just need to get my wage put in it. I called all the creditors and they all seemed fine but everyday loans were a bit funny and said they'd call back in an hour. I'm worried they will prove difficult. I want to die right now. I wish I didn't get in this mess. I don't want my boyfriend to find out and think less of me/ leave me. I don't know what to do anymore. Can anyone advise? Will everyday loans be ok?

January2015

Rebeccadougherty wrote: »

Hi

I have 7 creditors and nearly twenty thousand pounds worth of debt
One of the creditors who I was the most scared about especially as the loan is recent (about November time last year) is everyday loans. I've set up a new bank account and just need to get my wage put in it. I called all the creditors and they all seemed fine but everyday loans were a bit funny and said they'd call back in an hour. I'm worried they will prove difficult. I want to die right now. I wish I didn't get in this mess. I don't want my boyfriend to find out and think less of me/ leave me. I don't know what to do anymore. Can anyone advise? Will everyday loans be ok?

I have no experience of everyday loans - but wanted to say welcome to the forum and let you know everything will be okay. Creditors cannot have what you don't have. You have the right to ask creditors to put all contact in writing and tell them you do not give them permission to telephone you. I did this (by letter) when I started my DMP and it took so much pressure and worry off of me at that time.

Many of us have significantly higher debts than you - look at my signature :eek: I've been on my DMP for 2 years now and nothing bad has happened. My life has improved, I'm happier, my marriage is happier (because I'm not worrying all the time).

We have a Mutual Support thread on here for people on DMPs. We all keep each other motivated and it's a place to ask questions of what will happen - we've all been through it, or are going through it and we share our experiences. Pop over and say hello - we would love to get to know you and support you through your DMP......and you can support us :beer:

beckstar1975

They will be OK, eventually, as they cannot have what doesn't exist, but they may be a bit painful in the short-term.

I'm also a Rebecca, had over 3 times your debt and today made the last payment. You will get there, the setting up bit is the hardest, if you find things get too stressful then I would definitely advise contacting Payplan or Stepchange, we used Payplan and having that buffer between the creditors and us was invaluable, even though sometimes we did get frustrated at times.

I think creditors toe the line more quickly if you have a DMP agency involved (but please, PLEASE only one of the free ones, the ones above or Christians Against Poverty but there are no branches near me hence knowing more of the other two).

Once this starts you will soon feel the relief and wonder why you didn't start this sooner, I know I wish I had.

Good luck, well done you for taking the hardest step and accepting you have a problem that needs sorting.

Best of luck

fendi-bag-lady

Hi Rebecca, hope you're ok! Please try not to worry, just like both january and beckstar said they can't take what you don't have. Are you trying to sort all this out by yourself? When I got myself into a bit of bother a few years ago I went through stepchange and they contacted each of my debt companies on my behalf. I cannot recommend this enough, it took off so much pressure not having to deal with them all. I understand what you're saying about not wanting your boyfriend to know but you might find telling him won't be as bad as you think. Don't beat yourself up, you're dealing with this now and doing the best you can.

There is light at the end of the tunnel don't ever forget that.

Lx

sourcrates

Creditors can be as funny as they like, but they must follow guidelines.

It's not about if a certain company will be funny with you, they must follow the rules, your DMP payment will be accepted whatever they may say.

If they don't like it, they will simply sell on the debt and you will pay the new owner, it's a very common practice.

I would advise staying off the phone, do everything in writing, why make it more stressful than it needs to be ?

tealady

Hi Rebecca there is no need to be scared. Just follow the advice you have already been given and you will be ok.
I would also recomnend you read the opening post in the thread Eleven Years a Slave, I found it both inspiring and moving. Just remember not only is there life after debt but life NOW so take each day as it comes.
Good luck

fatbelly

Good advice above.

Everyday Loans are a fairly new player, part of Secure Trust, trying to place themselves somewhere between the mainstream lenders and the 'doorstep' lenders like Provident. They say: Representative APR 79.4%. Representative Example: Borrowing £3,000 over 2 years at an interest rate of 59.9% p.a. (fixed), you will repay £217.24 per month. Total amount payable £5,213.68. Rates from 24.2% to 299.9% max APR.

Fortunately they have no presence west of Bristol and so I've no experience with them. They are properly licenced etc and so should behave, and follow FCA/FLA guidance

However, in general I feel uncomfortable with them. Stay off the phone to them and the others.

Rebecca - can you give us a couple more details - who is your dmp with? And how much are you paying per month?

Rebeccadougherty

Hi all

I don't know how I haven't seen any of this? I thought I'd get notifications. I'm now about to make my third DMP payment via dtepchange and was finding it super positive- but after reading the thread realised I could have delayed the start of it to build up an emergency fund. So I thought I'll ask stepchange to reduce my payment too 100 pounds this month between my creditors and then when I next get paid I will have more money. I read that stepchange won't do it if it's just to build up an emergency fund so I told a lie and said I had vet fees. All the creditors pretty much accepted this except for the dreaded everyday loans and they want proof of this vet fee but I haven't got a bill because it was a lie. It was going pretty well until now and now I'm worried I've rocked the boat too much help! And thank you again to everyone. So sorry I've only just seen all this.

Rebeccadougherty

Sorry about spelling errors using my phone and crying is a bad combo lol

Rebeccadougherty

Oh and it's usually 466 per month. I said I would revert back to this amount in august btw. I wish I didn't touch everyday loans

tealady

Hey put that stick down that you are beating yourself up with. All it is doing is giving yourself bruises.
Pay what you can, then if creditors contact you, post again for advice.
I have read loads of threads on this forum so take it from me if Sourcrates and Fatbelly give you advice then take it on board. They know their stuff (and they advise for free).
Getting into debt is easy, getting out isnt. I think of it as the eqivalent of slipping into a muddy hole, easy to get into but a bu**er to get out of.
Stick with it, follow the advice given by the two I have mentioned (there are other knowlegable folks on here as well) but most importantly dont panic!