Bring me sunshine................

backandevenmorebroke

So after many weeks going through my finances with a fine tooth comb, calculating what position I'll be in when my daughter starts school in Sept, when her father starts up with maintenance again in January and doing numbers calculations on StepChange, I decided today to request an application pack for a DMP.

I have set up a basic bank account, cancelled all of the credit card direct debits and drafted the letters to all of my creditors offering them a token payment of £1 until I have sought further advice from StepChange. I have arranged for my account to be switched on 23rd July so I’m going to hold on in sending the letters until late next week. I feel it's sensible to start the DMP in September/October as I'll know what my tax credit payments will be confirmed and it'll give me a few months to get an emergency fund built up.

To be honest, I feel physically sick, I'm sat at work and I could cry BUT I know realistically it's what's best. I just don't have the breathing space even just paying the minimum payments to be able to get an emergency fund together or have any savings and it’s only going to get worse when the 0% deals run out. I have been so conflicted as I know it'll ruin my credit rating but realistically paying the debt off at the rate I have been with the added interest, I would have no hope in saving a deposit within 6 years. SC have calculated my debt free date to be 6 years (probably less as I’ll have paid off my car by this time) so HOPEFULLY creditors play ball, apply defaults early on and I have a chance of being able to save some money towards a deposit in the meantime. I just feel like an utter failure at this point and I’m not looking forward to the responses from the creditors.

But here we go, a new and hopefully brighter chapter.

Toni'sfriend

I just feel like an utter failure at this point and I!!!8217;m not looking forward to the responses from the creditors.

You're not a failure and what you're doing seems like a very sensible course of action. You are young and to be admired for studying for a degree whilst holding down a job and looking after a little one.
Good luck and keep looking forward.

backandevenmorebroke

Thankyou Toni'sfriend, think it's just hard on your own as there is nobody to share the burden/support you. I've gotten through everything else in life (and worse than this) so I'm sure once the ball is in motion I'll feel a lot better about things!

DMP_Tiger

Hi, just read through your diary. I saw that you've posted on the DMP Support thread. have you had a good read of the whole thread? It is a big read and you'll probably need to do it in chunks but there is so much useful knowledge on there.

My DMP is due to begin in October, the responses I've had from creditors to my initial lettrer has been great! Not heard back from all of them though.....

Anyway just wanted to wish you well. I felt sick too at the start (end of May), but now I feel fantastic!

backandevenmorebroke

Thankyou DMP_Tiger

I've had a brief read through but I will anchor down this weekend for a good read.

I'm feeling much better today, I think it was just seeing all of those numbers and having to face reality that I can't sustain how I am living now. I'm actually thinking about doing a self managed DMP as I like the idea of being able to make overpayments and getting the debt down a little quicker. I've sat down and done my budget for the next 3 months where I am only offering £1 token payments and I think I'll be able to get a good emergency fund together whilst being able to get my daughter's school uniform. I also want to get a few other pots together for a clothing fund, Christmas fund and treat fund so will try and get as much in each so I can start this DMP with some savings behind me.

Starting the morning well today abd was up at 6am for my workout, just off out for a picnic with my little one and my mum (who is supplying the picnic) so it'll br a nice day outdoors away from my thoughts. Hope everyone has a good weekend!

backandevenmorebroke

Apologies for my typos, fat fingers and a smartphone do not mix :rotfl:

DMP_Tiger

Picnics are great and family time is great! Have a fantastic day!

backandevenmorebroke

Well I had a lovely day yesterday, we had a go on a rowing boat along the river, had our picnic and a stroll around. I actually trained arms yesterday so the rowing gave my arms an extra special burn :rotfl: I've spent this morning doing all of my budget and holding letters on DEBCAB and printed them off ready to post this week. I'm holding off on sending the one to my current bank as I'm not sure my new account will be set up in time for my next payday and I don't want my current bank to take the money for the overdraft! I'm actually feeling a lot more positive and in control about it now.

My daughter is with her father today so I'm going to get the cleaning done, nip for some food bits and then go out for a good walk. I just being out in the countryside, it's honestly where I find my peace. Hope everyone enjoys their Sunday!

DMP_Tiger

backandevenmorebroke wrote: »

I'm actually thinking about doing a self managed DMP as I like the idea of being able to make overpayments and getting the debt down a little quicker. I've sat down and done my budget for the next 3 months where I am only offering £1 token payments and I think I'll be able to get a good emergency fund together whilst being able to get my daughter's school uniform. I also want to get a few other pots together for a clothing fund, Christmas fund and treat fund so will try and get as much in each so I can start this DMP with some savings behind me.

Just wanted to share with you my experience of beginning my DMP as it might help a little.

I did my budget with Stepchange and received an application pack and reference number. I told SC that I wanted to build an emergency fund by paying £1 per month and begin properly in October. They said that they wouldn't start looking after my DMP until it began properly and to send them the signed application when I'm ready but in the meantime to call them if I needed any help.

So at this moment I'm self managing the set-up of my DMP but using Stepchange's name and my DMP reference number as a little bit of back-up. I think that by the time my DMP starts properly in October, I will have learnt enough and got far enough so I can self manage. But at this moment, I feel like I have a little backing and help from SC if I need it.

backandevenmorebroke

Thankyou DMP_Tiger, I had done that originally with SC and on my holding letters I have noted a reference number and that I am taking advice through SC. I think I will go back and re-do my budget in October as my salary and tax credits will change due to my dropping hours/no longer paying childcare when my little one starts school in Sept. I'll then decide whether I want to go through SC or go at it alone. I have found the nedcab website extremely useful though.

Today I decided to book a day off work, I just woke up and wanted to spend the day with my little one, I'm dreading when she starts school and we can't have our spontaneous days off! Anyway, we baked a lovely (extremely rich) chocolate cake and went out for an adventure on our scooters through the countryside for a few hours. I did a big batch of veggie lasagne yesterday which she had for her tea, I was really suprised as she didn't even notice all of the veggies I had rammed in! I also got in a quick workout when we got back, I really need the exercise as I can feel the poor diet of the past few weeks slowly rearing its head!

All of my holding letters are enveloped and ready to go, just got to nip and get some stamps tomorrow and they'll be posted. Only one I can't find an address for is paypal so I'm emailing them a copy of the letter instead. I have stated on the letters that I request all correspondence to be in writing and that I do not give permission for them to call me regarding this matter; hopefully that will stop any phone calls. Not that I answer my phone anyway :rotfl:

I'm just making myself egg and soldiers then I'm going to have a nice hot shower, a cup of camomile tea and get into bed. I'm binge watching the affair at the moment so I'll get an eposide in before I nod off! Back to work tomorrow, I've got a much needed girl's night out this Saturday evening, we're off for mexican street food and cocktails, I'm really looking forward to it. Hope everyone had a good week!