DMP mutual support thread part 13 !!

Azza7

Oh thanks wasn’t sure.I’m on a DMP all ok no new debts but my credit file a mess....some defaults and others say arrears or late payment(all on dmp for last 2 years)I’m worried about the energy price increase is it even worth me trying to shop around for better deal?I know they do credit search.

Brave_Up

5 months into a 14 year DMP.  Really glad I got started on this journey but can't help but beat myself up about getting into this situation.  At times feel so anxious that I haveso little money left at the end of the month and then feel proud that I have not depended on credit cards for over a year and yes I have survived lol.

Just wondering if this feeling of being a failure ever leaves?  Do things get any easier?  It just feels like my life is on hold for the next decade.  I do not have enough at the end of the month to save.  My emergency fund has been slowly dwindling away, and it is only spent on essentials eg car repairs etc.  I am very sensible with money, which sounds ridiculous as I am in a terrible financial situation.  I just worry about how I ever replace my car when the time comes or when I need a new sofa, which will do me for a few more years but will need replaced before I'm debt free. 

I can cope with just having enough.  I'm not high maintenance and I try to keep a check on my money.  This forum has been invaluable in giving me tips.  Maybe I just need a kick up the backside and stop feeling sorry for myself. 

Anyone who is further on in their journey than myself who wants to offer words of wisdom, comments will be appreciated.  Thanks

Weimsrock

Brave_Up said:

5 months into a 14 year DMP.  Really glad I got started on this journey but can't help but beat myself up about getting into this situation.  At times feel so anxious that I haveso little money left at the end of the month and then feel proud that I have not depended on credit cards for over a year and yes I have survived lol.

Just wondering if this feeling of being a failure ever leaves?  Do things get any easier?  It just feels like my life is on hold for the next decade.  I do not have enough at the end of the month to save.  My emergency fund has been slowly dwindling away, and it is only spent on essentials eg car repairs etc.  I am very sensible with money, which sounds ridiculous as I am in a terrible financial situation.  I just worry about how I ever replace my car when the time comes or when I need a new sofa, which will do me for a few more years but will need replaced before I'm debt free. 

I can cope with just having enough.  I'm not high maintenance and I try to keep a check on my money.  This forum has been invaluable in giving me tips.  Maybe I just need a kick up the backside and stop feeling sorry for myself. 

Anyone who is further on in their journey than myself who wants to offer words of wisdom, comments will be appreciated.  Thanks

14 years is a very long time to spend in a DMP, especially if it’s as tight each month as you suggest with emergency funds dwindling away. Are you certain DMP is the correct choice for you? What are your debt levels and have you considered insolvency? I know it’s scary but in less than half the time you could be rebuilding and recovered from your previous financial difficulties 

sourcrates

Brave_up,

What is your debt level and your housing status ?

Brave_Up

I am renting and I have 29k of debt over 4 cc.  I have been paying 165 each month for the last 5 months. I am afraid to say I went BR 10 years ago, house was repossessed and find I'm back here again.  Failed marriage that I went back to to try again and have only ended up with the debt to sort out.  So angry with myself but just want to deal with it the best way I can as I feel my life is a mess. 

sourcrates

Brave_Up said:

I am renting and I have 29k of debt over 4 cc.  I have been paying 165 each month for the last 5 months. I am afraid to say I went BR 10 years ago, house was repossessed and find I'm back here again.  Failed marriage that I went back to to try again and have only ended up with the debt to sort out.  So angry with myself but just want to deal with it the best way I can as I feel my life is a mess. 

DRO might be the way to go, have you looked into one ?

I would if I were you, check out the stepchange, or National Debtline website, search for "DRO".

crm23

Brave_Up said:

5 months into a 14 year DMP.  Really glad I got started on this journey but can't help but beat myself up about getting into this situation.  At times feel so anxious that I haveso little money left at the end of the month and then feel proud that I have not depended on credit cards for over a year and yes I have survived lol.

Just wondering if this feeling of being a failure ever leaves?  Do things get any easier?  It just feels like my life is on hold for the next decade.  I do not have enough at the end of the month to save.  My emergency fund has been slowly dwindling away, and it is only spent on essentials eg car repairs etc.  I am very sensible with money, which sounds ridiculous as I am in a terrible financial situation.  I just worry about how I ever replace my car when the time comes or when I need a new sofa, which will do me for a few more years but will need replaced before I'm debt free. 

I can cope with just having enough.  I'm not high maintenance and I try to keep a check on my money.  This forum has been invaluable in giving me tips.  Maybe I just need a kick up the backside and stop feeling sorry for myself. 

Anyone who is further on in their journey than myself who wants to offer words of wisdom, comments will be appreciated.  Thanks

Hi, I’m only a little further along than yourself having been on a a DMP for a year, but just wanted to say you’re not alone with your feelings and wanted to share how I manage those on a daily basis.
My DMP is currently planned to be 20 years + and our debt is considerably higher than yours too which fills me with terrible anxiety. However, I’m seeing the current situation as just a ‘moment in time’. I currently have c.£500+ going out a month on student loan and nursery fees and within the next 2 years these will go. My long term plan as such is to try and build an emergency fund (found this forum a little too late before diving into a DMP with step change) and then when my situation arises, look to pay more off to then obviously reduce the term of the plan. step change were very good in the sense they told me not to focus on the term of the plan as lots of things could alter that in the future (inheritance etc) I think my long term plan would be to go self managed and then in 5-10 years time look to offer settlements on some of the debts? We do have an awful lot outstanding though so not sure really how feasible that will be. Sorry I’ve not offered much advice at all other than to say you’re not alone and we are definitely doing the right thing by trying to address our debt once and for all and not relying on credit. I am forever aghast at myself for the situation I’m in but the debt is only going one way now and I keep trying to remember that. Good luck! 

SotonDad87

Morning all. Been in my DMP for around 2 years now...but just had to leave my job

How will these companies act, if I ask for a payment holiday, or move to token payments of £1 while I'm searching? I will be taking whatever job I can...at the moment I pay £600 a month but had a very well paid job, will it affect me if these payments are reduced, with new wage?

Worried sick and hardly sleeping!!!

Brave_Up

Crm23 thanks for taking the time to reply.  I think taking one day at a time is the right thing for way to go.  I have also been trying to focus on the amount that I have paid off in the last 5 months and think I will try to appreciate every 1K that comes off the total.  I too am hoping to try to build up money that I could offer f&f in the future, it just does not feel easy at the minute but I know circumstances in life will change and I might have a little extra in the month that I can put away eg car payment ending in a year- just don't know how I will justify keeping that rather paying into the DMP.  It all just seems so long but I need to stop worrying about the future.

Sourcrates thanks for your advice but when I looked into DRO my debt is too high as I live in Ni.  I really feel I would like to do this without going BR again as I have carried so much guilt about the 1st time.  I would like to pay what I owe, even if that means trying to eventually pay less by f & f.

sourcrates

SotonDad87 said:

Morning all. Been in my DMP for around 2 years now...but just had to leave my job

How will these companies act, if I ask for a payment holiday, or move to token payments of £1 while I'm searching? I will be taking whatever job I can...at the moment I pay £600 a month but had a very well paid job, will it affect me if these payments are reduced, with new wage?

Worried sick and hardly sleeping!!!

They won`t have any choice in the matter will they, you have no income, you can`t make payments, simple maths isn`t it.

You simply write to your creditors (and your DMP provider) telling them you are now unemployed, and until further notice, you won`t be paying anything, as the benefits you get leave you with no disposable income.

No need to worry, creditors have heard everything, this is nothing new, they will just suspend collection activity until your situation changes that`s all, people tend to panic when things like this happen, they are all non essential unsecured debts in your DMP, you`ll just go on the back burner for a while, once you've told them.