DMP Mutual Support Thread - Part 12

Poor_Single_lady

Hello all. I've been lurking a bit but grateful to read how everyone is getting on.
Started my DMP this month, but I've done it slightly differently and I've phoned the credit card companies instead of writing. All except one who didn't pick up the phone and they got a letter.

Some were a lot kinder than I expected. It seems to be the message of pay what you can for 6 months -even if very little and see if things improve. But the thing is barring a lottery win it is very unlikely to improve.

Will see what happens next. Hoping to feel a lot calmer about the situation. It can consume you.

One of the creditors has sent me a new statement showing interest frozen which made me feel a lot better. Interest was £50 a month and I couldn't get a new deal so that one alone makes me feel a lot better.

It's just scary in the beginning- as a lot of things are.

Thank you all. xx

Red_Athena

kram wrote: »

Welcome to the forum

Mine came about 7-10 days, I filled it all in then emailed it back to them.

Have you got an emergency fund in place, I only say this as I put off starting mine for 2 months, so dont feel pressured or rush into anything until your ready.

Keep posting on here for any help or support. :j

I've started an emergency fund with this month's minimum payments, and I figured that I'd add next month too. That will take me to around £1k Thank you for the advice, I know you're right!

Red_Athena

Suseka97 wrote: »

Look.. don't be in such a rush You're at the start of what could be a very long journey and what you need now is a bit of timeout. The paperwork will arrive in due course and you need to make sure you give yourself a good few months of not paying anything towards the non-priority debts to build up a decent emergency fund. I realise you'll be itching to get everything up and running - that's natural, but this is the good moment (before the DMP starts in earnest) to take things at a nice slow pace.

You're right, thank you. I need to calm down a bit :rotfl: I don't like 'the unknown'! But I'm doing the right thing, so that's good enough for now.

SuzyN wrote: »

I had mine emailed to me but Im not returning it for a few weeks. Im missing payments Aug/Sep/Oct and then will start my dmp on 1st Nov - I am in control now :j

I opted for post as my printer is mad. I'm not a good one for waiting for things :rotfl: I need to do the same and really think about when to start payments. Everyone is right, it's going to be a long journey so I might as well start it off properly.

sourcrates wrote: »

All in good time, don’t rush headlong into this.

Take your time, and get it right.

Thank you, I know you're right!

Red_Athena

Poor_Single_lady wrote: »

Hello all. I've been lurking a bit but grateful to read how everyone is getting on.
Started my DMP this month, but I've done it slightly differently and I've phoned the credit card companies instead of writing. All except one who didn't pick up the phone and they got a letter.

Some were a lot kinder than I expected. It seems to be the message of pay what you can for 6 months -even if very little and see if things improve. But the thing is barring a lottery win it is very unlikely to improve.

Will see what happens next. Hoping to feel a lot calmer about the situation. It can consume you.

One of the creditors has sent me a new statement showing interest frozen which made me feel a lot better. Interest was £50 a month and I couldn't get a new deal so that one alone makes me feel a lot better.

It's just scary in the beginning- as a lot of things are.

Thank you all. xx

Well done for calling, I'm sure that was difficult :T

kram

Red_Athena wrote: »

I've started an emergency fund with this month's minimum payments, and I figured that I'd add next month too. That will take me to around £1k Thank you for the advice, I know you're right!

Well done you. :j

But like others have said dont rush into anything.

The best thing I did was to read back through the forums.

Red_Athena

kram wrote: »

Well done you. :j

But like others have said dont rush into anything.

The best thing I did was to read back through the forums.

Thanks, I am doing quite a lot of that. I hadn't thought of starting an emergency fund before reading through some of this thread Seems like such an obvious idea!

kram

Poor_Single_lady wrote: »

Hello all. I've been lurking a bit but grateful to read how everyone is getting on.
Started my DMP this month, but I've done it slightly differently and I've phoned the credit card companies instead of writing. All except one who didn't pick up the phone and they got a letter.

Some were a lot kinder than I expected. It seems to be the message of pay what you can for 6 months -even if very little and see if things improve. But the thing is barring a lottery win it is very unlikely to improve.

Will see what happens next. Hoping to feel a lot calmer about the situation. It can consume you.

One of the creditors has sent me a new statement showing interest frozen which made me feel a lot better. Interest was £50 a month and I couldn't get a new deal so that one alone makes me feel a lot better.

It's just scary in the beginning- as a lot of things are.

Thank you all. xx

I did exactly the same calling all my creditors, but I was still getting loads of calls chasing me.

The best thing I did was to write to all my creditors and tell them not to phone me and that all future communication regarding this account must be done in writing.

Well done you. :j

kram

Red_Athena wrote: »

Thanks, I am doing quite a lot of that. I hadn't thought of starting an emergency fund before reading through some of this thread Seems like such an obvious idea!

I was overwhelmed with it all at first but after reading through the forums, it helped me to understand that I was not alone or a failure, I was a normal person trying to do the right thing.

Good luck with it all. :j

Suseka97

Red_Athena wrote: »

Thanks, I am doing quite a lot of that. I hadn't thought of starting an emergency fund before reading through some of this thread Seems like such an obvious idea!

Glad to hear you're getting everything into perspective now does take a while, for sure.

The main reason I keep coming on to advise newbies to slow down, give themselves headspace, save for an emergency fund and not to set their DMP payment too high is because I didn't

I panicked, rushed in, agreed to an extremely high repayment plan (because the thought of being debt free 5 years down the line seemed like a godsend) and didn't build up any emergency fund. I hadn't come across this forum then and only did when I was well and truly aboard the DMP train. With my budget being so darned strict, the first few years of my DMP made me pretty miserable.

Now that was over 5 years ago and I think DMPs are becoming a bit easier to manage (SC certainly seems to have eased off on being so strict with what they'll allow you to live on) and creditors seem to be a lot more understanding. Or perhaps more accurately, have so many accounts going into default that they are better informed about how to deal with people suffering financial difficulty - and more likely to listen.

Anyways - I'm in a much better place now and so I'm keen to ensure you and others start off on the right track

Red_Athena

Oh, I have a question that someone may know the answer to. I set up a new bank account to an unlinked bank, but I do have a joint First Direct account with my partner. I have an M&S credit card, and looking into it M&S are owned by HSBC, as are FD. Could they take money from my joint account for a solo debt?


Edited to add: I found the answer on StepChange and no they cannot. I am not able to post a link because of being a new user!