Beginning my journey...

daisy_jean

So, first post in a while. Quite a bit has happened. Not good bits.

So... When I did my original budget with Stepchange, I tied the purse strings too tight. Far far too tight. And reverted back to pay day loans. Even just typing this, I am so so ashamed of myself. So I changed my budget with SC, and updated it. But it's not been enough.

So I have cancelled my DMP with SC (as I was too embarrassed and ashamed to tell them), and set up a new one with PayPlan. With ALL debts, including the payday ones. So September is a token payment, to try and sort myself out. With proper payments starting in October. Proper achievable payments.

I feel like such a damn failure. Can't even do a DMP right. But chin up, moving on and I will crack this. DFD is now something like 4 and a half years. But at least I have a budget I can properly live off.

God knows what creditors will do. Probably not a lot they can do, I suppose. But I'll cross that bridge shortly. On a plus, several have defaulted now (including Barclaycard which surprised me from reading of others problems with them).

Willing2Learn

Ain't nothing to be ashamed about. It's hard, at the beginning to work out a realistic budget and can take a few months to sort it out. Hopefully, this time, you have got it right. You could post up your budget here, if it still feels difficult, then people here can make suggestions to tweak it...

How is it, being a mature student? Are things going well on the studying front?

enthusiasticsaver

I did think £750 was a lot to pay monthly out of a salary of £1350. Presumably you filled out the soa with everything? Rent or mortgage (or whatever proportion you pay of it), food, utilities, plus normal day to day living and saving for things like insurances, car repairs, Christmas and holiday and so on. Emergency savings are also a must if you are on a DMP so a monthly payment towards it. No prizes for getting a DMP paid off quicker and your record is trashed for 6 years anyway. So long as the debts are defaulted and no interest I would pay it over 5 or 6 rather than rushing to get it repaid over 3.

jwil

I agree with enthusiasticsaver. Good advice.

Don't beat yourself up, a lot of people dive in and don't get the budget right (including me!). It's a learning curve.

daisy_jean

Thank you all, for replying and not judging. I'm still getting to grips with this whole thing, and the brain is boggling right now.


The new budget is much more realistic and actually gives me wiggle room to save each month into an emergency fund which is lovely, as is being able to afford essentials too (DD actually got some new trainers this week without having to beg grandma to help out with the cost. Nothing fancy, but enough for her ever growing feet - she's just turned 8 and is a adult size 2 already!!). I cut back on EVERYTHING on the old budget cos I had this stupid thought that paying it off quickly would be rewarding, but actually you're right. My credit rating is screwed either way so what's another couple of years of paying?! Might as well be able to live properly. Life's too short, right?



University hasn't started yet - I enrol in a fortnight and begin properly the week after that. I am beyond excited. Haven't stretched the brain for years (well, except juggling money around!) and I'm itching to get started. I was worried about losing hours at work (I have to leave a couple of hours early midweek) but we've just extended our opening hours so I can make them up the rest of the week! Phew! I'm excited to meet new people and have a new challenge

pidge04

You are on the right path and that is all that matters x

enthusiasticsaver

Good luck with your new university course and great your employers are funding it. Hopefully it will lead to more job apportunities eventually.

The DMP will soon settle down and before long you will get used to a new way of saving/spending. I think it will be a relief to know you are living within your means and the debt is coming down. Those 4 and a half years will go quickly and having spare money once it is finished will be great.

UncannyScot

Hi

When I was putting my SoA / I&E together in preparation for my Sequestration I also made the mistake of cutting my budgets too fine, thankfully my CAB advisor and IP / OR helped me to adjust it to what was actually affordable. Both my CAB advisor and my IP / OR actually told to me that my sequestration period was actually meant to be four years of learning about living within my means again and not four years of continuing to struggle. My IP / OP actually gave me a telling off for not allowing myself certain budgets and told me to increase my food budget and not starve myself.
I have been lucky in that I have an IP / OR that has an excellent reputation for looking after the folks that go through them for their sequestration.
As folks on here reminded me when I first came on here, remember to be kind to yourself and be realistic with your budgets. Yes, cut back where you can but don't cut it so fine that you have no wiggle room
You will get there and remember as well it's not a race, it's a journey

daisy_jean

Thanks again all, it's great to be on a forum with such lovely support, and not judgemental attitudes (well on this section at least!). There's a lot of stigma that comes with debt, yet probably a high percentage of us have it in some form or another (some more than others, admittedly!).

Have completed my online enrolment for uni, and the face to face bit is in a week and a bit. Have got a uni email address now too - is it wrong that the first thing I did was use it for the Amazon Prime Student 6 month free trial?! :beer:
More for the TV and Music bit, but the odd bit of free delivery will come in handy, particularly with the big C coming up in a few months (I absolutely hate Xmas shopping, Amazon becomes my best friend each year - handy as well as I save my Shop and Scan points for Amazon vouchers).

Talking of Christmas, I got a couple of presents sorted this week too - we've got 7 nieces and nephews for Christmas, but this week I discovered the Joules eBay outlet and got a couple of bargain bits. That coupled with some lovely craft activities reduced to £1.50 in Sainburys (from £6/£7!), that's 4 of them sorted already! The hub can sort the other 3 (with a bit of guidance!).

Tomorrow we're having a treat day out (payday weekend and all that) - off to Scarborough for the day. The forecast has picked up this weekend so looking to be a hot day. Bag of chips and a ice cream at the seaside is just what the Doctor ordered I think! Hope everyone is having equally nice weather and a good weekend too

Willing2Learn

daisy_jean wrote: »

Have got a uni email address now too - is it wrong that the first thing I did was use it for the Amazon Prime Student 6 month free trial?! :beer:
More for the TV and Music bit, but the odd bit of free delivery will come in handy, particularly with the big C coming up in a few months (I absolutely hate Xmas shopping, Amazon becomes my best friend each year - handy as well as I save my Shop and Scan points for Amazon vouchers).

There are lot's of discounts available for university students. You might as well use them lol. Some of them you get through your NUS membership. There is also Unidays which do lots of discount deals too..