I have lost the will - now on DMP

weeble3

I am new and my Dmp is due to start beginning Sept the balance is £14000 and it’s over next, very, capital one, Barclays ee and a few other ones that have been taken over by companies. I have gone with stepchange and I’m petrified of bailiffs.
I have a very low credit score and EE have already defaulted. I’m happy I did what stepchanged suggested and moved to a basic bank account so I no longer run my account in minus
Its the first time I’ve ever been able to not pay minimum payments
Any advice would be appreciated

I have posted in Dmp but wanted to set up a diary for anyone considering Dmp and just starting out

natlie

Hi

I work iff a cash account and its great, I do find myself obsessing a bit over my finances though - Im sure its not the healthiest way to live. I am not on a DMP at the moment but trying to manage debt myself. I have followed the rules though - sorted all my payments moved to a piggy banking method and its much better.

Set up a diary in the Diary section of this board, they are handy - try and set a time to update it, i always forget but i do look back on them to check in on my mental health now and again.

Good luck
Nat

weeble3

They say don!!!8217;t obsess but I think when you have debt you do.
I find life so easy now I!!!8217;ve gone into a Dmp - just one payment going out and you can pay more to themif you have it. The only ting is all your accounts default - so it!!!8217;s six years of no credit or credit score
So over six years to rebuild which is harsh but the benefit so far is it!!!8217;s one payment and they really help

Willing2Learn

And don't worry about bailiffs. That is miles off happening. There is a lengthy legal process that would have to happen first.

sourcrates

weeble3 wrote: »

I have gone with stepchange and I!!!8217;m petrified of bailiffs.

Hi weeble3,


We get lots of posts from people about to start on there debt free journey, most, like you, have never missed payments before, and have no idea how the finance and debt collection industry work.


We have a dedicated DMP support group here :


https://forums.moneysavingexpert.com/discussion/5623951/dmp-mutual-support-thread-part-12&page=232


Its a long read, but packed with info that will be useful to you, feel free to ask questions there.


Do your research, and you will see that as long as you are paying your debts through stepchange, no further action will be taken against you.


There is a lengthy legal process to go through before a bailiff can be engaged, it just dosent happen for normal consumer debts.