DMP mutual support thread part 13 !!

Marble030509

Many thanks Suseka97!

Marble030509

Hi.

Me again.

Just another quick question. We now have the StepChange DMP papers in hand. Obviously as i have said above we do not plan on starting this until August in order to save an emergency fund. The papers that StepChange have sent show us paying back £527 a month over 9 years and 2 months. Will that amount not be higher come August as surely some of the debt would go up in value if interest is not frozen on some of the accounts, as i understand not all creditors will freeze interest, even though we have wrote to them explaining the situation?

Would StepChange need to be contacted again before we sign the DMP forms with a new budget/credit card balances in August? Furthermore do I let Stepchange know I don't plan starting the DMP until August or do I just send the forms back in June/July?

Sorry for all the questions. This is all very much beyond me.

Thanks again.

Whatamidoinghere

Thanku suseka97 for you response. I do still feel guilty tho and it doesn't feel right to sit back and relax. I suppose it takes time to come to terms with it. Anyway thanks again .

sourcrates

Whatamidoinghere wrote: »

Thanku suseka97 for you response. I do still feel guilty tho and it doesn't feel right to sit back and relax. I suppose it takes time to come to terms with it. Anyway thanks again .

Don’t feel guilty, feel good about yourself for taking positive steps to tackle your debt, all letters are computer generated, and don’t take your arrangement into account.

You will soon learn to go with the flo, well done so far.

Suseka97

Whatamidoinghere wrote: »

Thanku suseka97 for you response. I do still feel guilty tho and it doesn't feel right to sit back and relax. I suppose it takes time to come to terms with it. Anyway thanks again .

You're welcome.

I know it doesn't 'sit right' with most folks, not when you've spent most of your adult life honouring and servicing your debts. But life throws curveballs at us and things happen that change people's financial position, often things that are outside of our control. That's certainly what happened to us. I too felt quite guilty about it for a while, but then shook myself out of that mindset and just focussed on becoming debt free - as you are now.

There are lots of folks out there who will do their utmost to avoid paying back money they have borrowed - whereas you are working towards paying it. So take that as a positive and as sourcrates says, you'll learn to go with the flow.

Suseka97

Marble030509 wrote: »

.........The papers that StepChange have sent show us paying back £527 a month over 9 years and 2 months. Will that amount not be higher come August as surely some of the debt would go up in value if interest is not frozen on some of the accounts, as i understand not all creditors will freeze interest, even though we have wrote to them explaining the situation?

Would StepChange need to be contacted again before we sign the DMP forms with a new budget/credit card balances in August? Furthermore do I let Stepchange know I don't plan starting the DMP until August or do I just send the forms back in June/July?

Yes, it is likely that between now and August your balances will increase as creditors will lump on interest and late payment / no payment charges. But in the grand scheme of things that won't really matter much. It may add a few months on. But on the flip side, if the plan is currently set to run over 9+ year, then who knows how your fortunes may change and you may find yourself in a position to increase the DMP payments over time and reduce the number of years.

StepChange will most likely want you to get things set up quickly - so if you do plan to wait until August I would let them know you'll be back in touch when you are ready to start and you may have to do a revised I&E at that point.

Suseka97

Saor wrote: »

Do you know how I can avoid an AP marker on my file?
Thanks again.

There's no way to avoid that really. You'll get AR or AP markers applied as soon as you stop making your contractual payments. What you're looking for is to get Defaults as quickly as possible to start the 6 year clock ticking. Some may default fairly quickly, and by that I mean within 3 - 6 months, others may take a bit longer and you'll have to chase them up and unfortunately there are some who simply refuse to default accounts. From other posts on here it would seem Very are one of those who don't apply defaults. There is no legislative requirement for creditors to do so, just guidance I'm afraid - but hopefully yours will play ball.

StevenP15

Hello all!

I'm brand new to this site - well I've been lurking around for a while to be truthful but this is my first post on here.

I am looking for some advice regarding my current debt situation. Having read all of this thread I can see there is some hope for me!

I currently have over £9000 worth of debt and was looking into getting a DMP in place. I'm unsure as to whether or not to do it myself or get some help with it. I would appreciate any help in getting started, I want to be able to not have to worry about money anymore!

Willing2Learn

StevenP15 wrote: »

I currently have over £9000 worth of debt and was looking into getting a DMP in place. I'm unsure as to whether or not to do it myself or get some help with it. I would appreciate any help in getting started, I want to be able to not have to worry about money anymore!

If you self-manage your DMP, then there will be limited moments of stress every so often. Having a DMP managed by the likes of StepChange will relieve you of that potential stress.

Having said that, I self-managed my DMP and found everything to be fairly straightforward. Why not have a read-up on self -managing DMPs by researching the resources at NEDCAB? Then you can make a more self-informed decision.

https://nedcab.cabmoney.org.uk/dmp.asp

Changingtimes

I wanted to write to thank everyone in this thread giving advice and their stories a big thank you.
At the end of 2018 this was when I had my biggest stress, not sleeping, waking up feeling down and going to bed feeling the same way.
I made all my last full payments in October 2018 and at that time my debt was circa £22,500.
Jan 19 I started my DMP and what a godsend that has been. I now feel much better and sleeping good. In fact I woke up late.for work on some occasions.
Some of my debt related to the dreaded pay day loan high interest loan cycle. I decided to issue complaints. Again best thing I did so since so ending 2018 with £22,500 of debt, I am now In March 2019 with £17,500. With just 2 DMP payments and some refunds,/waiving amounts owed from the.complaints.
So once again thank you everyone I feel so alive again now.
July 2020 my DMP will end if not before. I love my DMP