DMP Mutual Support Thread - Part 12

Gill42

Thank you both so much I feel so much better for all your u information and help.

jak669

My StepChange application has been activated and my first payment is due on the 1st June. How will I know if my creditors have accepted my dmp. Do they contact me or let StepChange know.

Suseka97

jak669 wrote: »

My StepChange application has been activated and my first payment is due on the 1st June. How will I know if my creditors have accepted my dmp. Do they contact me or let StepChange know.

To be honest it doesn't really matter whether they do or they don't - SC will still make the payment regardless. None of my original 14 creditors contacted me to say they agreed or disagreed to the plan. All you need to keep an eye on is whether creditors have stopped interest and charges by checking online (if you still have access) or by asking for periodic statements. If they have, great, just let things roll -but if not you may have to get a little bit persistent with them until they do

You may be lucky enough to receive quick defaults (and keep an eye on your credit file for that) and some may just sell your debt on because that's their standard response when a DMP is put in place.

I know its difficult, but you will now just have to sit back and wait to see what sort of letters (if any) you get through the door. But relax - you've done the hard bit

EmergencyNurse

jak669 wrote: »

My StepChange application has been activated and my first payment is due on the 1st June. How will I know if my creditors have accepted my dmp. Do they contact me or let StepChange know.

My first DMP payment is also June 1st and like you I haven't received any notification of DMP payments being accepted or rejected by creditors. To keep myself informed, I contacted StepChange to check if there were any refusals. You can check also statements to see if interest has been stopped. I'd like to know whether my debt is increasing due to the continued addition of interest as that would inevitably lead to increasing the duration of the DMP.

SoulJacker

I've just discovered that my 12 month DMP with Stepchange has come to an end, I figured that they may have notified me to let me know it was ending to save me this current ballache, but that!!!8217;s no the case.

Anyway, what' the best next step? Continuing with submitting the budget sheets and 1 hour+ conversations with stepchange, or going at it alone, and telling the people that you owe the money to that this is what you'll be paying each month?
Or is there another alternative?
Cheers!

sourcrates

SoulJacker wrote: »

I've just discovered that my 12 month DMP with Stepchange has come to an end, I figured that they may have notified me to let me know it was ending to save me this current ballache, but that!!!8217;s no the case.

Anyway, what' the best next step? Continuing with submitting the budget sheets and 1 hour+ conversations with stepchange, or going at it alone, and telling the people that you owe the money to that this is what you'll be paying each month?
Or is there another alternative?
Cheers!

Bit puzzled by your post, DMP;s usually continue until your debt is repaid, why is it only 12 months ?

Other alternatives are Bankruptcy, IVA, and DRO.

More info required.

AnnM48

DevDog wrote: »

Hello,

I have a problem with debt, I have previously been made bankrupt but managed to run up debts again circa 15k
My wife has found out and this is causing a problem with our relationship, but she has helped by taking a loan to consolidate the high interest rates and repay the debt.

What I need is support to never do this again, I felt like the only way out was suicide, I feel worthless and like I must change to feel in charge of my life again.

I hoe you can help.

Hi Devdog!
Ive been on my DMP now for 3years, and still have a long way to go. I don’t post a lot here, but am on the site constantly reading it for advice and reassurance, so you have definitely made a very positive move in both facing up to your situation and logging on here! There is a wealth of information and guidance here to help you through this moment of realisation and on getting a DMP in place.
While I’m sure there is a strain on your relationship, (I think we have all experienced that in relation to finances) your wife has taken a loan to help, so it sounds like she is trying to get you both through this. However, a loan may not be the answer if you are considering a DMP, but it is something you can consider together and after speaking to stepchange, or another debt charity and from getting some good advice from experienced users here.
This is a good step in taking charge of your life as you can’t get more in control than being debt free!! And one day you will be there... it just takes some hard budgeting.
While debt can be very overwhelming, it is never unsolvable, there is always a way out. This will require commitment to a budget on your part, and perhaps a change in mindset, but all achievable!
So take comfort from the fact we are all on here for the same reason, take a good read through the posts and you will get some great advice and encouragement!!
And as I do myself... keep revisiting for reassurance!

sourcrates

DevDog wrote: »

Hello,

I have a problem with debt, I have previously been made bankrupt but managed to run up debts again circa 15k
My wife has found out and this is causing a problem with our relationship, but she has helped by taking a loan to consolidate the high interest rates and repay the debt.

What I need is support to never do this again, I felt like the only way out was suicide, I feel worthless and like I must change to feel in charge of my life again.

I hoe you can help.

You must help yourself in these situations, make sure you close off all lines of credit, otherwise consolidation is just another rearguard action, you must address why you have not been living within your means, only then can you stop repeating the mistakes of the past.

Your not on your own, a lot of people, me includied, repeat past financial errors, hopefully you will stick to the plan this time.

Good luck.

2ndTimeAround

I can't for the life of me figure out how to quote!
Hi Devdog, I'm in a similar position of in unmanageable debt again after bankruptcy. Please don't feel alone, you really aren't the only one. We tried taking out a loan to cover it, but we just can't afford the repayments so we're starting the DMP process.

2ndTimeAround

Is there a decent guide somewhere to the reasonable amounts for an SOA? How do you do it when there's tons of things you should be spending money on that you haven't been because you've been trying to pay debts? In my instance, life assurance, contents, dental etc
I've read 1-6 months to save an EF. Roughly how much would you aim to save before starting?

Thank you