DMP mutual support thread part 13 !!

johnjaffer

There's no one-size-fits-all answer to this question, as the best way to start an emergency fund will vary depending on your circumstances. However, some tips on how to get started include setting up a budget and automatically transferring a fixed amount of money into your emergency fund each month. Additionally, make sure to keep your emergency fund in a separate account from your other savings, so you're not tempted to dip into it for non-emergency expenses.

Ex_welsh_borrower

Rough week this week, been on my DMP since Feb 21 started with 51k of debt which as of today is just under 38k. Decided to go self managed back in April to have a bit more control over what's going out and where. Without realising I started to slip into old habits of over spending as I had access to more money whilst the new agreements were being put in place.

Last few months I have run out of cash mid month, so although my main bills were paid I had blown the fuel money, pet food money  and anything else that was supposedly budgeted for.

My partner knows the debt I'm in and the plan I'm on and was unaware of what I'd been doing in the last few months which all came out this week. Had a big falling out which resulted in me at 36 years old having to finally tell my parents about all my debts 

I've been dreading this all the time I've had debt, hiding the debt maybe even fuelled the bad habits. Although they weren't pleased they have been amazing and have helped me this month and going forward will health check my finances with me and my partner while I break this old dangerous habit I have.

If you haven't told partners/parents/close friends of your situation I would say do it, it sucks having to sit there and say it all but then it's out there. I still feel like crap for putting more financial pressure on my partner but a big monkey off my back has also gone.

Time to update the spreadsheets and get back on track! Have a good weekend all.

Debtfreeat50

After yet another increase in my Halifax mortgage, I bit the bullet and applied to change to a fixed rate mortgage.
 I haven't done so sooner as feared a rejection due to my defaults and a tricky conversation with my husband who is unaware of my debts.
Two minutes later and not a credit check in sight, we,are now paying 50 pounds less on a fixed term mortgage!

Newmum92

sourcrates said:

Its always difficult trying to explain such things over the phone, my suggestion would be to write to them and tell them this, then go on to explain (again) how this issue affects you, don`t do anything your not comfortable with, there is nothing that can be said over the phone, that cannot go into a letter.

Hi Sourcrates, hope you don’t mind another question. I did as you suggested and write them another letter. They have come back to say that they understand my concern about phone calls but that their staff are trained to deal with things sensitivity etc. And that as a result they decline my write off request, and have given me 30 days to phone them to set up a “mutual agreement” with regards to the balance.

What would you advise I do in this situation? Should I second them a re-consideration request to inform them of the other creditors who have agreed and to ask them to re-consider. Do I just leave it for a while? Or do I do something different? 

Thanks as always 😊 

sourcrates

Newmum92 said:

sourcrates said:

Its always difficult trying to explain such things over the phone, my suggestion would be to write to them and tell them this, then go on to explain (again) how this issue affects you, don`t do anything your not comfortable with, there is nothing that can be said over the phone, that cannot go into a letter.

Hi Sourcrates, hope you don’t mind another question. I did as you suggested and write them another letter. They have come back to say that they understand my concern about phone calls but that their staff are trained to deal with things sensitivity etc. And that as a result they decline my write off request, and have given me 30 days to phone them to set up a “mutual agreement” with regards to the balance.

What would you advise I do in this situation? Should I second them a re-consideration request to inform them of the other creditors who have agreed and to ask them to re-consider. Do I just leave it for a while? Or do I do something different? 

Thanks as always 😊 

Stand by your guns, write and offer them token payments, and insist you will only deal with them in writing.

I can`t recall who you said they were, but they may change tack, or they may sell the debt on again, do as above and leave it a while, see what happens.

Ex_welsh_borrower

Had my first debt go to £0 today, was the smallest but it's one less app on the phone to monitor, one less line on the spreadsheet. More money to put towards the next too.....which ironically is Next:)

Parkyp

Well done 👍🏻 

swansea_lad

I have been in a DMP since September 2019, I paid off my HSBC credit card and they have today issued a default. Is there anything I can do? 

sourcrates

swansea_lad said:

I have been in a DMP since September 2019, I paid off my HSBC credit card and they have today issued a default. Is there anything I can do? 

Can`t default a debt that`s been paid off.

Written complaint would be in order.

swansea_lad

HSBC are such a pain to contact. I will ring them to see if get any joy. I have been in contact with them previously and they said the account was up to date with no default. There is no address to contact them on my statement. Anyone dealt with HSBC before?  Thanks