DMP Mutual Support Thread - Part 12

motivated

I contacted my CCs through the secure messaging service on my account. I explained that we were in financial difficulties and how I would no longer be able to keep up with the repayments on our accounts. I told them I was in contact with SC and will be back in touch with my reference number etc as soon as I have arranged everything. They were fine and stopped interest for 30 days giving me time to sort things out.
We have 2 MBNA cards and 2 Barclaycards. We also have 2 loans with Halifax. All have been fine about our situation and SC dealt with everything for us.

When we did our budget on the SC site I added things to my budget I think it was about £60 a month for my cigarettes. I don't even smoke . I upped the amounts on a lot of things to give us some room to move so to speak. SC never said a word.

When I set up our DMP I even sent all account numbers and proof of wages via email to SC. the only thing I had to send was the signed agreement and the DD form.
M

January2015

January2015 wrote: »

Sending cheques is fine. Most people have to stop using the current accounts when entering a DMP - you will be fine staying with Co-op as your creditors are not linked to them.

Template letter from National Debtline here

I meant to say - add a paragraph to this letter to say that you do not give them permission to telephone you and all communication regarding the account should be in writing. They have to honour this as long as you do keep in touch with them and respond to letters etc. This just takes the pressure off you worrying whether they will phone you and knowing what to say when placed on the spot.

motivated

Just to add Amanda try not to feel ashamed about your debt. The many people on this site myself included and the many that we don't know about are evidence that you are not the first and certainly won't be the last. It happens. I got to £82,590 before I decided I needed help. The overall figure doesn't scare me anymore beacause I know that I will be free of it one day.

SC will see you right and you will feel a lot easier once your DMP kicks in.

The only people that know about our debts are myself and my OH. no one will know if you don't want them too.
M

Amandadwi

I am really confused now!
I paid my very carologue. Thought I would redo i and expenditure through step change. It is know suggesting Iva! Obviously because I increased payements on expenses the amount I had to pay on debts reduced but I did not think I had made that much difference. What's everyone's thoughts on iva's ? It says I can still do dmp but because payements went down it says it will take 22 years! Last time I did it it said I was unlikely to be accepted for Iva. Maybe I am really tired and have filled something in wrong but cannot see what!
Again thanku for all the advice I am taking it all in. Had just got myself feeling comfortable with dmp and know feel like it's all changed again

Amandadwi

Have got the dmp down to 9yeaes 3 months but is still suggesting Iva as first choice! Help!

Lazzalaz

Hi all,

I have just discovered this message board group.

Firstly well done to everyone for seeing that the debt is getting out of control and making the phone calls, sending letters and emails to work out how to make sure they take the first steps to getting out of debt. It is the scariest and hardest thing I ever did. But the relief once your DMP starts going out and you can see it shrinking is fantastic.

Even if you haven't made the phone calls yet, you will at some point.
The hardest thing is to say out loud I'm in debt and need help, but once you've said it, and seemed help the relief is just amazing.

I started my DMP with Stepchange in 2008, back then SC was called CCCS.

On May 1st this year I will be paying the last payment off on my debt. I was just over £24k in debt, and my payments started out very small and then I managed to grow them over the years and now just under 9 years later I shall be debt free.

I have double and tripled checked all my debts have definitely been paid off, and that this last debts amount is correct.

I was in an awful state when I first knew I needed to get ontop of my debt and when I spoke with CCCS (now SC) they were fantastic and gave me all the help and guidance I needed. The poor woman had to deal with me in floods of tears as we went through my debts and all that first time information.

My health had declined so much due to my worrying of my debt and I just fell into a deep depression.

I have managed to make sure I've always got at least 2 months rent in in an emergency fund. (Which I can access for any reasons I may need, but i taught myself it was for emergency things like food shopping, or bills)
Also have managed to save a bit extra each month into an isa in case something ever happens.

I could of used it to pay my debt of a little quicker, but I honestly didn't know what might be round the corner, I was made redundant and didn't know how long it would be till I find another job, so I was pleased I had this money if I needed it. But I was only out of work for a short time so didn't need to touch the isa, as my emergency fund and the small redundancy pay I got covered me perfectly.

Anyway, I'm scared and excited to be almost out of debt. I have become so money aware and have to make sure that I never go back to that place again.
Having this extra money each month will be a very strange thing to have each month, but I've managed without it for this long, so shall probably try and carry on with the savings and also treat myself to a few bits.

But I've no credit cards, no loans, nothing which has a debt expect my mobile which Is on a monthly contracted payment plan like a good portion of people so that gets paid off each month with no hassle.

The next stage for me is slow close, I just wanted to share it with you all.

Sorry didn't mean to go on so much, just wanted to share with you all my story.

Thanks for reading

[Deleted User]

Lazzalaz wrote: »

Hi all,

I have just discovered this message board group.

Firstly well done to everyone for seeing that the debt is getting out of control and making the phone calls, sending letters and emails to work out how to make sure they take the first steps to getting out of debt. It is the scariest and hardest thing I ever did. But the relief once your DMP starts going out and you can see it shrinking is fantastic.

Even if you haven't made the phone calls yet, you will at some point.
The hardest thing is to say out loud I'm in debt and need help, but once you've said it, and seemed help the relief is just amazing.

I started my DMP with Stepchange in 2008, back then SC was called CCCS.

On May 1st this year I will be paying the last payment off on my debt. I was just over £24k in debt, and my payments started out very small and then I managed to grow them over the years and now just under 9 years later I shall be debt free.

I have double and tripled checked all my debts have definitely been paid off, and that this last debts amount is correct.

I was in an awful state when I first knew I needed to get ontop of my debt and when I spoke with CCCS (now SC) they were fantastic and gave me all the help and guidance I needed. The poor woman had to deal with me in floods of tears as we went through my debts and all that first time information.

My health had declined so much due to my worrying of my debt and I just fell into a deep depression.

I have managed to make sure I've always got at least 2 months rent in in an emergency fund. (Which I can access for any reasons I may need, but i taught myself it was for emergency things like food shopping, or bills)
Also have managed to save a bit extra each month into an isa in case something ever happens.

I could of used it to pay my debt of a little quicker, but I honestly didn't know what might be round the corner, I was made redundant and didn't know how long it would be till I find another job, so I was pleased I had this money if I needed it. But I was only out of work for a short time so didn't need to touch the isa, as my emergency fund and the small redundancy pay I got covered me perfectly.

Anyway, I'm scared and excited to be almost out of debt. I have become so money aware and have to make sure that I never go back to that place again.
Having this extra money each month will be a very strange thing to have each month, but I've managed without it for this long, so shall probably try and carry on with the savings and also treat myself to a few bits.

But I've no credit cards, no loans, nothing which has a debt expect my mobile which Is on a monthly contracted payment plan like a good portion of people so that gets paid off each month with no hassle.

The next stage for me is slow close, I just wanted to share it with you all.

Sorry didn't mean to go on so much, just wanted to share with you all my story.

Thanks for reading

What a lovely, inspiring post. Thank you so much for coming on here and sharing your story with us:T


One of the main pluses of being on a DMP (and yes, there really are some) is learning how to be completely money-aware. It's not an easy lesson to learn in those heady days when money is always somehow magically available whenever we need it:o. Once learned (albeit through necessity), it's hopefully something that will stay with us for ever:j


Wishing you every happiness in your soon-to-be debt free life:beer:

[Deleted User]

Amandadwi wrote: »

Have got the dmp down to 9yeaes 3 months but is still suggesting Iva as first choice! Help!

Please don't worry. Easy to say I know but the early stages of addressing our debts are the worst.


Why not phone Stepchange and have a chat with someone about this confusion that has arisen after you've adjusted your I & E with the online tools?

Make sure you have all the relevant figures to hand (the ones you want to go with after your adjustments) and give them a ring. At least they can explain the whys and wherefores of why IVA is being suggested over a DMP. From what you told us it looks as if they'll still let you have a DMP and under 10 years ( which you have adjusted it down to) seems a reasonable time frame. Several people on here started with a longer projected DFD than that.


Maybe these anomalies are occurring because you've done so much adjusting on your online I & E and budget. I'm not sure if the information that we input ourself (before commiting to anything) is actually 'saved' or not. I tended to do most of my contact with SC over the phone.


Good luck. Please come back and let is know how you got on:beer:.


By the way, as it's Bank Holiday and no doubt their phone lines will be very busy:eek:, please be prepared for a very long wait before the phone gets answered. Just keep trying or wait until tomorrow. They offer a call-back service but from other people's reports (I never used it myself) it isn't always the same day. Their call centre staff do get tremendously busy.

[Deleted User]

carbootcrazy wrote: »

Sorry, kram, it was a while since I opened the last one and I can't remember how long it took:o. I know it wasn't within hours as motivated encountered with another bank. Only 2 or 3 days though at the most, if I remember correctly. If you start the ball rolling now you should be in good time.

kram

Just thought you'd like to know that I have just opened yet another online saver with Nationwide:rotfl:. I received an instant email confirmation that it had been opened. It also said:

---

Your savings account application

---

Just to let you know your savings account is now open.

It'll normally take 2 days to show on the Internet Bank but the good news is, you'll start earning interest from today.



I vaguely recalled that 2/3 days came into it somewhere;)

Once the account shows up in your online account you'll be able to give it a 'name'. Handy, I like to keep my savings 'pots' for different purposes separate.

kram

Hi Carbootcrazy

Thanks for the update on your savings account.

It looks quite straightforward to add one but there are so many to choose from that's what confuses me, but i'll give it a go.

K