DMP Mutual Support Thread - Part 12

MMC87

Love this thread. Because my DMP has happened so quickly (first payment is January 10th) I haven’t actually started an emergency fund. I wanted to lose all my personal panic before reading 119 pages but I probably should have started this thread sooner! Anyway, I expect about £300/350 extra in my salary for December so that will be a little buffer that I’ll keep safe and ideally I can add to it over the months.

Going forward, I see the key reason for needing an emergency fund (apart from something totally unexpected) would be potentially moving house or leaving London altogether in the summer. Having read what I’ve read so far, I’ll liase with Stepchange about lowering payments and if that’s not practical I’ll go self managed.

Two weeks ago, this potential problem was turning my stomach. Now I feel relaxed and ready to tactical. Looking forward to blasting through the rest of the thread! Thanks to all.

PS. Someone said I looked healthier today and another said my hair looked in better condition and my eye colour looked more defined. This forum is a TONIC.

jubilee14

PS. Someone said I looked healthier today and another said my hair looked in better condition and my eye colour looked more defined. This forum is a TONIC.[/QUOTE]


Yep it sure is. I started the journey just over 5 years ago had spent months desperately wondering how i would ever get the debt cleared. Once i accepted i couldnt do it on the interest rates i had i was on my way. The first year did take forever and i was constantly on this forum searching for insights/support.

Years 3 &4 i didnt use the forum quite as much but popped in for a check up. In the past year i've been back on a bit more as i head into my final year of payments I really can see the light at the end of the tunnel on this. All being well be df in March 2019.

This forum has helped demistify so much and let me and others ask questions we have been too scared to ask others.

Have a good xmas and good luck on the journey.

Philip624

I am 4 years into a DMP. Halifax are the only creditor who have never defaulted me, just marked the account as arrangement to pay. They have said they will settle for 75% minimum as mark the account as partially settled.

Does the fact its not been defaulted have any affect here credit record wise? By that I mean I have settled other accounts that had already defaulted. The sum needed to settle now will be the total amount owed on the account by about May next year so would it make much difference to wait until then and settle for the full amount?

AllTheHelpICanGet

Hi,

Thought I'd pop on and share my experience as it may be useful for a few of you...

I started a DMP in about 2009 with SC paying back my creditors at the rate that SC said I could afford (£400-£500 per month). Whilst it was great to see the debt going down and I did appreciate SC and their help, particularly at the beginning when I was a total wreck about my debts, it still felt like a mountain to climb with a debt free date of 2029!

I took the decision after lots of things I read on here and on another debt free site to go self managed. I sent out letters advising my creditors that I would have to reduce payments and would be managing my plan myself. All acceoted this with no problem whatsoever. Since then I have been saving some of the funds up in order to be in a position to offer F&F's. I recently received an offer from one of my creditors offering me a substantial discount on one of my debts. Because of the savings I had I was able to accept this (actually negotiated it to a larger discount) and have knocked one of my larger debts on the head.

For me going self managed was the best thing I've done. I have smaller manageable payments every month and the ability to save for F&F's. For the first time in 10 years I'm feeling positive about my debts and feel there is an end in sight!

Hope that's helpful to some of you....

Debtfreehopeful

I am doing a self-managed DMP and everything has been ticking along nicely. I have been making token payments and have advised my debtors that I will write to them again in January to update them on my financial situation.
I have just received a call from PRA who claimed they were phoning to do with Barclaycard, they wouldn’t continue the call as they had my old address which I refused to confirm as I said I didn’t feel comfortable giving out my information on the phone ( I have given Barclaycard my current address details in September). I requested that they send out correspondence via letter but the advisor refused and said that I would continue getting calls. Has anyone had any dealings with PRA please? I will be phoning Barclaycard in the morning anyway but wanted to know other peoples’ experiences.

wildflower05

Hi this is my first post here so hoping i am doing it correctly. Thanks for all the DMP info, it has really helped me decide what to do about my finances. I have just received my DMP application pack with SC but sending back later this month as waiting on my new bank account details. I have a couple of questions that maybe someone could help with. I am planning to write to all my creditors as like some others on here - I am a chicken too and don't want to ring, I just wondered what exactly I need to put in the letter (all i have so far is that i am working with SC, can they freeze my interest and charges, and can all future comms be made my letter) is this all i need to say? Also when filling out my finances on SC I do not recall anything about an emergency fund, which I have read bits and pieces about on here - does this get arranged after the DMP is set up? One more thing is that I have one more credit card payment coming out my bank next week (before my DMP will be set up), should I cancel this direct debit and not pay?
Thanks in advance for any advice. I feel a little nervous about this right now so its great to find this forum

sourcrates

wildflower05 wrote: »

Hi this is my first post here so hoping i am doing it correctly. Thanks for all the DMP info, it has really helped me decide what to do about my finances. I have just received my DMP application pack with SC but sending back later this month as waiting on my new bank account details. I have a couple of questions that maybe someone could help with. I am planning to write to all my creditors as like some others on here - I am a chicken too and don't want to ring, I just wondered what exactly I need to put in the letter (all i have so far is that i am working with SC, can they freeze my interest and charges, and can all future comms be made my letter) is this all i need to say? Also when filling out my finances on SC I do not recall anything about an emergency fund, which I have read bits and pieces about on here - does this get arranged after the DMP is set up? One more thing is that I have one more credit card payment coming out my bank next week (before my DMP will be set up), should I cancel this direct debit and not pay?
Thanks in advance for any advice. I feel a little nervous about this right now so its great to find this forum

Hi,

Don’t make any further creditor payments, wait 3/4 months, save an emergency fund, then start your DMP.

Sc will not tell you this, as there remit is to get you paying your debts back ASAP.

You need to arrange it yourself, no one else will do it for you.

wildflower05

Thanks for your reply thats good to know. If I don't make the CC payment next week that would be enough for my emergency fund as I'm getting a couple of one off payments for free lance work in Jan/Feb so I'll use that as my emergency fund.
Thanks again now its just a case on contacting my creditors :eek:

MMC87

I called my creditors and although I was extremely nervous, they were fine once I mentioned I had spoken to StepChange and would be getting a DMP. I don’t want to suggest you do that it’s something that would make you uncomfortable but I think waiting for some sort of written confirmation or response from them would have tipped me over the edge!

I didn’t go into detail and was on and off the phone within a couple of minutes.

sourcrates

MMC87 wrote: »

I called my creditors and although I was extremely nervous, they were fine once I mentioned I had spoken to StepChange and would be getting a DMP. I don’t want to suggest you do that it’s something that would make you uncomfortable but I think waiting for some sort of written confirmation or response from them would have tipped me over the edge!

I didn’t go into detail and was on and off the phone within a couple of minutes.

People tend to worry more about things they are unsure about.

In a little while you’ll look back on this and think, now just what was all that fuss about ??