DMP mutual support thread part 13 !!

NoMoneyNoProblemo

Hi guys,

Not completely new to debt management, but never been in a situation like this before. Currently owe over 13k to 13 creditors (which may seem a drop in the ocean for some, but it's got really out of hand and is definitely my lowest point).
Question is; I see a lot of people mention creating a new bank account to "start fresh". I currently have a small loan with my bank and a credit card. But I really really don't want to bank with anyone else as I really love my bank (crazy right?)
What are the chances that they'll just start dipping into my wages to recoup some or all of my debt? Would appreciate any advice.

Thank you in advance.

[Deleted User]

Tryingtogetstraight wrote: »

SC know that my car currently is worth about £600 so at my next financial assessment will know I have bought one for 6k ish...
(

They'll only know what you choose to tell them;). At your review, why not leave the value of your car as it is now (minus a tiny bit for added depreciation) even though you no longer have that one and have something of more value? I know it isn't always comfortable being 'economical with the truth' but as many have said on here, a DMP is a marathon not a sprint. Most of us start out at a gallop wanting the debt to be gone as soon as humanly possible (as I did to my cost:o) but find it just isn't any way to have even a frugal life over what will likely be several years. Lots of people pack in their DMP at that point and end up in a worst state than before, emotionally if nothing else. Seeing the debt going down month after month is a wonderful thing for our self-esteem after so many setbacks and anxieties because of debt. Do you have some sort of emergency fund in place? I made the mistake of not having one and after a couple of major emergencies I was in panic-mode. That's when the penny dropped that I needed to pay the debt off at a more sustainable rate. This wonderful thread (which I found at that point) and the very understanding people at SC got things back on the rails for me.


A DMP was the best financial decision I ever made once I'd negotiated a more sustainable repayment amount. I've been debt free now for about a year after overwhelming debts of nearly £50k at the start:o. You'll do it too, just stick with it. Sending all good wishes for your future sucess:beer:

Tryingtogetstraight

I appreciate all this help so much! I’ve been driving myself crazy. I’ve no emergency fund. My car needs a new gearbox, oil leak, roof leak, new McPherson struts to name but a few. My fence has blown down in the high winds. I’ve been waking up in a flat panic over this all. I didn’t have a carpet in my bedroom for 3 years. I’m off sick at the moment. I got a payout from knackering my wrist and, I need a car for work. I also have a sick dog whom I have to take to my cousin when I’m at work. I’m paying on a DMP. I know it will take longer but I really feel that having no decent mode of transport isn’t going to help matters. I am paying my debts, albeit at slower rate. I don’t have anyone to share my worries with so it helps for people to help it make sense. Thank you 🙏

Headabovethewater

Hi all, what a fantastic help this forum is. I'm not very tech savvy hoping I'm putting this in the correct dmp thread? All new to me and it's looking like we'll be doing a joint self managed dmp. If theres such a thing?:doh: hubby's letters all written but for mine (not yet missed any payments) I think I messed up. Worrying out 690 to next I have added it to my Tesco cc by money transfer. Should I pay the min payment on this one for a while so it doesn't look bad? So stupid but had read next are a nightmare and scared myself. I am left with
Yorkshire bank od 1200
Tesco cc 6504 (now!)

Mbna cc 4977

Barclaycard cc 8968
Thank you for any advice

Worriedaboutcash

I have £28,000 of debt in loans, CC and overdrafts, mostly from overspending but recently from some gambling debt. I have self excluded and having never gambled before hadn’t realised how quickly you can spend lots. Anyway I am now speaking to Payplan about either an IVA or a DMP. I would be paying back the whole amount on an IVA so thinking a DMP might be a better option to avoid formal insolvency. Can anyone (everyone) who’s had a DMP tell me about the level of contact from creditors. I suffer with anxiety and am currently on SMP with a small baby so don’t think I would. Be able to deal with the contact leading me to lean towards an IVA. Opinions welcome please. I have a HP car I need to be able to keep si bankruptcy wouldn’t be an option for me.

Any advice would be VERY gratefully received.

needtodothis2020

Just a bit of an update on my situation.
Stepchange are now at he activation stage so we are hoping to have first payment go out on the 10th Feb, was hoping for the first but it may be too late by a day.
I have managed to speak to all creditors and despite being really nervous, they were all really nice and all said that interest ect would be stopped and they will wait until they hear from Stepchange.

My only wish is that I had done this 3 years ago when I was made redundant, but hindsight is a wonderful thing.

I know it was playing on my mind as my uni work marks have been my lowest so far, both at 52, but at least it is a pass and I do not have to resit.

I have a presentation to do tomorrow and now that I feel a huge weight has been lifted off my shoulders I am hoping it will be ok.

The other plus is that I started a new job yesterday at the local college and I had a really good day, the only way to go now is up.

I will keep you posted as to my progress

Sam

Efcapr

Worriedaboutcash wrote: »

I have £28,000 of debt in loans, CC and overdrafts, mostly from overspending but recently from some gambling debt. I have self excluded and having never gambled before hadn’t realised how quickly you can spend lots. Anyway I am now speaking to Payplan about either an IVA or a DMP. I would be paying back the whole amount on an IVA so thinking a DMP might be a better option to avoid formal insolvency. Can anyone (everyone) who’s had a DMP tell me about the level of contact from creditors. I suffer with anxiety and am currently on SMP with a small baby so don’t think I would. Be able to deal with the contact leading me to lean towards an IVA. Opinions welcome please. I have a HP car I need to be able to keep si bankruptcy wouldn’t be an option for me.

Any advice would be VERY gratefully received.

You will have some contact, probably a bit more to start with. A lot of this will be automated and basically irrelevant. Informing you of what you already know and then confirming defaults. As the years went by my contact with creditors reduce and in the end my debts were sold to other companies.

One important thing regarding contacting creditors is once a year after your review it’s worth double checking that your creditor has frozen charges and interest. I had one who had applied £1k worth without me realising who actually wiped that off my debt. Also worth knowing only banks/financial institutions can charge you. If you debt is sold you’ll be no interest no charges.

Also make sure you include a small amount each month for unexpected things. Payplan should advise how much that is.

Good luck

brownie17

Hi,
Just a quick question, we've CCA'd all our 10 creditors but have only heard back from half of them. Do we just not do anything about the other half until we hear from them? It's all gone very quiet!!

ditty1234

Hi I am an occasional visitor here and my DMP have been running since June now, and while it's barely made a dent in my debt it has given me piece of mind. I have 5 creditors and the 3 credit cards defaulted quickly even though I started the DMP after a month as I felt guilty. The bank loan and overdraft has been a pain. And to everybody above I would pay out an overdraft with a credit card if at all possible. It is only now10 month later that HS8C is defaulting my bank loan in February and still no word of the overdraft. anyways I'm close to 4 down and 1 to go. Two credit card debts are sold off, and one is in management.
I still feel it's a weird business, but I am a lot more organised than I used to be.

Suseka97

Efcapr wrote: »

..................... Also worth knowing only banks/financial institutions can charge you. If you debt is sold you’ll be no interest no charges.

I'm not sure that's enitirely true and suggest that's only the case if the account has been defaulted before it was sold on. Would be interested to hear otherwise.

brownie17 wrote: »

Hi, Just a quick question, we've CCA'd all our 10 creditors but have only heard back from half of them. Do we just not do anything about the other half until we hear from them? It's all gone very quiet!!

Yep. Some can take ages (months) to respond - if they ever do. The advice I was given by others at the time was don't bother chasing them. Just hold off any payments until they eventually do one way or the other.

GoodFollow wrote: »

Hi there, I was wondering if I can have some information about loans

Such as??