DMP Mutual Support Thread - Part 12

Weakmoments

Thank you Sourcrates you are a legend :beer:

SilliSaug

Hello, I'm new,
What great advice been given here. I have been lurking for a few weeks and have just set up my DMP with Stepchange with my first payment going out on 1st of June. I have 4 creditors and debt of just over £21000.
I have heard back from 2 who seem happy enough for the time being. Halifax refused stating that the name or address didn't match the account and I'm still waiting to hear from smile. Stepchange said that not hearing was a good thing as the creditors did not have to do anything if they agreeded.
Hopefully this time next month I'll feel a bit better as I'm still worried something terrible will happen. Up until last month I'd never missed a payment so i feel really guilty.

Sweet7

I've been lurking here for a couple of years and unfortunately, my debt has tripled since June 2016 due to me being in denial and trying to fix the problem by getting more credit - bad cycle.

I've however finally decided to sort my life out because I've been spending the last year in total worry and it's slowly ruining my life. I went to StepChange and was told a DMP would be a good idea - I agree. I got the paperwork sent via email. I'm about to fill it out and realised it says "Payment will be taken on the 19th of each month" - surely the DMP won't be set up by May 19th?

I won't even have enough funds by then as I get paid at the end of the month (at the moment about 80% of my wages has gone on debt repayments so I cannot wait to actually have some money to build an emergency fund and be able to treat myself once in a while). My question is... is that just a default date set by StepChange, and will it change when the DMP is set up? Or will I have to pay on May 19th?

I obviously cannot afford to pay on that date so should I just delay returning the paperwork for a few days?

This forum is a lifesaver!

January2015

Sweet7 wrote: »

I've been lurking here for a couple of years and unfortunately, my debt has tripled since June 2016 due to me being in denial and trying to fix the problem by getting more credit - bad cycle.

I've however finally decided to sort my life out because I've been spending the last year in total worry and it's slowly ruining my life. I went to StepChange and was told a DMP would be a good idea - I agree. I got the paperwork sent via email. I'm about to fill it out and realised it says "Payment will be taken on the 19th of each month" - surely the DMP won't be set up by May 19th?

I won't even have enough funds by then as I get paid at the end of the month (at the moment about 80% of my wages has gone on debt repayments so I cannot wait to actually have some money to build an emergency fund and be able to treat myself once in a while). My question is... is that just a default date set by StepChange, and will it change when the DMP is set up? Or will I have to pay on May 19th?

I obviously cannot afford to pay on that date so should I just delay returning the paperwork for a few days?

This forum is a lifesaver!

Don't panic. It will take a while to set up. You can also tell stepchange to delay the start for a while to allow you save an emergency fund. Stepchange aren't keen on this but you really do need an emergency fund as you will have no access to credit again and if something goes wrong, eg car breakdown, you are up the creek without a paddle. Even delaying by a couple of months will help you, e.g. tell stepchange you want your first payment collect in July (or August, September.... or whenever you feel ready).

January2015

SilliSaug wrote: »

Hello, I'm new,
What great advice been given here. I have been lurking for a few weeks and have just set up my DMP with Stepchange with my first payment going out on 1st of June. I have 4 creditors and debt of just over £21000.
I have heard back from 2 who seem happy enough for the time being. Halifax refused stating that the name or address didn't match the account and I'm still waiting to hear from smile. Stepchange said that not hearing was a good thing as the creditors did not have to do anything if they agreeded.
Hopefully this time next month I'll feel a bit better as I'm still worried something terrible will happen. Up until last month I'd never missed a payment so i feel really guilty.

Welcome and please don't feel guilty about missing payments:D Many of us had struggled on and never missed a payment until we took the plunge and entered DMPland. Give it a couple of months and you will wonder why you were ever worried or felt guilty.

To creditors you are just a faceless account. They have thousands missing payments everyday. They are not going to be concerned about little old you Don't panic about any letters you get over the next few weeks/months. Yes - open them, read them. If you are concerned about any of the contents then come back here and ask (or speak to Stepchange). They are computer generated and in most cases the creditors have to send to comply with financial regulations. They look more scary than they really are. Nothing bad will happen.

:beer:

Sweet7

Thank you for that help - it's put my mind slightly at ease. When I return the paperwork I'll ring them and try and sort out when would be best to pay.

I'll keep updated on how it all goes.

debby

Debt advice foundation rang us again tonight. They are going to pass on all of our details to Payplan a debt management company, no fees. Has anyone used them?
They are going to phone us next week and I think,get it all set up. In the mean time we have opened new bank accounts, to have our pays transferred into.

SilliSaug

Sweet, I sent in my forms at the end of April. It was less than a week until Stepchange informed me of my first payment on the 1st of June. Might be end of June or July for you.:)

January, I can't help feeling guilty but I know that this was the only way to pay back my debts, I've been in debt forever with no end in sight. Also the guilt that I didn't tell my DH I was in trouble. He's very good with money. A little too good, thats partly how I got into this mess.

Thank you for the welcome!

sourcrates

debby wrote: »

Debt advice foundation rang us again tonight. They are going to pass on all of our details to Payplan a debt management company, no fees. Has anyone used them?
They are going to phone us next week and I think,get it all set up. In the mean time we have opened new bank accounts, to have our pays transferred into.

You can go to pay plan direct you know, they are a similar organisation to stepchange.

https://www.payplan.com/?category=BRAND&keyword=payplan&gclid=CKCfyLay69MCFXEW0wodVLsPEw

Sweet7

Thanks SilliSaug, that's good to know.

Am I right in also cancelling all payments for my creditors? I've done that today and set up a new bank account. I've also begun the process of notifying them all and asking for a 30 day breathing space period whilst the DMP gets set up.

Just wanna make sure I'm doing everything right.