DMP mutual support thread part 13 !!

Lou2010

Thanks! I should say that it is £130 per month increase, do you still think that is ok to wait until the annual review?
On another note, what is an acceptable amount to have in savings? My aim after Xmas is to get a savings pot going as I don’t currently have one but presumably if I’m able to save then they may call into question my I&A?
My current DFD is in 7 years but if I include my payrise I can reduce this down to 5.5 years.

sourcrates

Lou2010 wrote: »

Thanks! I should say that it is £130 per month increase, do you still think that is ok to wait until the annual review?
On another note, what is an acceptable amount to have in savings? My aim after Xmas is to get a savings pot going as I don’t currently have one but presumably if I’m able to save then they may call into question my I&A?
My current DFD is in 7 years but if I include my payrise I can reduce this down to 5.5 years.

What you have to realise is that debt management plans are an unregulated, unofficial way of repaying your debts, it is not like insolvency where your budget is scrutinised, your budget is not subject to any official restrictions, so basically you organise it yourself, it’s up to you what you prioritise, and what you tell stepchange, you are not obligated to tell anyone anything, save your pay rise for a rainy day, it’s up to you how you run things.

Lou2010

Thank you @sourcrates. I get so nervous by the whole thing like someone is going to scrutinise every penny I spend or question why I am able to save money. I think my mindset just needs to adjust to having allowances again for things like clothes, hair etc. Because for so long before my DMP I had no money for anything.

sourcrates

Lou2010 wrote: »

Thank you @sourcrates. I get so nervous by the whole thing like someone is going to scrutinise every penny I spend or question why I am able to save money. I think my mindset just needs to adjust to having allowances again for things like clothes, hair etc. Because for so long before my DMP I had no money for anything.

We’ve all been there, it takes a little time to adjust yes, but that’s the beauty of debt management, it puts you back in control, you can run it how you see fit, within the boundaries stepchange provide.

Suseka97

Lou2010 wrote: »

Thanks! I should say that it is £130 per month increase, do you still think that is ok to wait until the annual review?
On another note, what is an acceptable amount to have in savings? My aim after Xmas is to get a savings pot going as I don’t currently have one but presumably if I’m able to save then they may call into question my I&A?
My current DFD is in 7 years but if I include my payrise I can reduce this down to 5.5 years.

Adding to sourcrates' advice - if it were me I'd just put it away and bolster my EF. Also, it will allow you to build up a nice sum towards potential F&Fs at some point. It is rather dependant on whether you favour bringing the years down at this point, or holding off - it's your choice.

19ryanh93

Just started my DMP with StepChange however had a letter saying Halifax and Lloyd’s have rejected the offer. Has anyone else had this?

cherokee

Aw sorry to hear that 19ryanh93. It hasn't happened to me yet but I would be interested to hear what the advice might be. Good luck, I am sure someone on here will know what the next step is.

User_060921

So, month 1 of my DMP - and my credit score with total money has gone up to 615.

How very strange.

sourcrates

19ryanh93 wrote: »

Just started my DMP with StepChange however had a letter saying Halifax and Lloyd’s have rejected the offer. Has anyone else had this?

cherokee wrote: »

Aw sorry to hear that 19ryanh93. It hasn't happened to me yet but I would be interested to hear what the advice might be. Good luck, I am sure someone on here will know what the next step is.

Doesn’t mean diddly squat, you/stepchange still make the monthly payment, the creditors that don’t accept will still take your money, they will either come to accept your offer, or sell on the debt to a debt buyer, who then gets exactly the same money from you.

Par for the course with debt management, some play nicely, and some don’t, makes no real difference to you though.

19ryanh93

Thanks for that. I thought the same. My first thought was that it’s a way of them panicking someone into just paying the minimum payment