Newbie DMP Scared!

Scaredycatt

I've canceled all my direct debits today, opened a new bank account, and I'm already feeling a bit more like I can handle the situation. Going to be a tight few years budget-wise but that's probably what I need.

Kakiste

As others have said, the taking the leap is the worst bit. I decided to sort out all my finances in 2019 (with 49K of debt!) and I will be debt free by June this year. Like you I hadn't ever missed a payment and suddenly I was getting threatening letters- if it helps to put your mind at ease- I owed more money than you and never once had bailiffs turn up and as soon as my DMP was up and running all the phone calls and letters stopped. I think I now get one annual statement from each of my creditors with a hopeful "If you wanted to pay off the balance then contact us on this number" but that's as 'threatening' as they get these days. 

Roddy_Piper

Scaredycatt said:

I've canceled all my direct debits today, opened a new bank account, and I'm already feeling a bit more like I can handle the situation. Going to be a tight few years budget-wise but that's probably what I need.

Long time lurker and first time poster here!

I am at the same stage, finally decided to tackle this head on going down the DMP route. All DD's cancelled and today I phoned all my creditors, which was.... uncomfortable, but I feel so much better already for having done that and I am so glad I found these forums, going to see what happens for a few months then go with a DMP through one of the debt charities.

Feel so relived!

Scaredycatt

Kakiste said:

As others have said, the taking the leap is the worst bit. I decided to sort out all my finances in 2019 (with 49K of debt!) and I will be debt free by June this year. Like you I hadn't ever missed a payment and suddenly I was getting threatening letters- if it helps to put your mind at ease- I owed more money than you and never once had bailiffs turn up and as soon as my DMP was up and running all the phone calls and letters stopped. I think I now get one annual statement from each of my creditors with a hopeful "If you wanted to pay off the balance then contact us on this number" but that's as 'threatening' as they get these days. 

Thanks so much for taking the time to reassure me. I've been making myself ill but everyone here is so helpful.

Scaredycatt

Roddy_Piper said:

Scaredycatt said:

I've canceled all my direct debits today, opened a new bank account, and I'm already feeling a bit more like I can handle the situation. Going to be a tight few years budget-wise but that's probably what I need.

Long time lurker and first time poster here!

I am at the same stage, finally decided to tackle this head on going down the DMP route. All DD's cancelled and today I phoned all my creditors, which was.... uncomfortable, but I feel so much better already for having done that and I am so glad I found these forums, going to see what happens for a few months then go with a DMP through one of the debt charities.

Feel so relived!

It's scary isn't it! I haven't phoned my creditors yet, not sure if it's best to do that or leave it until I default?

Roddy_Piper

Scaredycatt said:

Roddy_Piper said:

Scaredycatt said:

I've canceled all my direct debits today, opened a new bank account, and I'm already feeling a bit more like I can handle the situation. Going to be a tight few years budget-wise but that's probably what I need.

Long time lurker and first time poster here!

I am at the same stage, finally decided to tackle this head on going down the DMP route. All DD's cancelled and today I phoned all my creditors, which was.... uncomfortable, but I feel so much better already for having done that and I am so glad I found these forums, going to see what happens for a few months then go with a DMP through one of the debt charities.

Feel so relived!

It's scary isn't it! I haven't phoned my creditors yet, not sure if it's best to do that or leave it until I default?

Definitely scary. To be fair they were all really nice actually about it, cancelled the DD's on they're end and some explained about the letters that will come but that it's just all contractual. I'm just kicking myself I didn't do this sooner! 

Scaredycatt

Me too! Not sure I'm ready to brave the phone calls yet, my mental health is not in a great place so might just wait until they start contacting me. I'm not sure what the best thing is to do there.

I'm glad they were nice. You build it up to be something way more terrible than it really is don't you?

Scaredycatt

Does anyone know if I need to contact my creditors right now, or do I just ignore until they default my accounts?

BlueJ94

Scaredycatt said:

Does anyone know if I need to contact my creditors right now, or do I just ignore until they default my accounts?

You can contact them now if you want to explain you can no longer afford the amount requested going forward. They will ask you to do an income and expenditure form. All of the ones I've spoken to have been lovely, I'm on payment plans with all my credit cards and my one loan. I thought the same as you when I started to realise my debt issues, I didn't want to contact anyone and I just ignored them. Now I'm happy to speak to them, they're really friendly and offer help and make sure it's actually suitable for you. If you'd rather wait until defaults then that's fine also, you just do what suits you.

Roddy_Piper

Scaredycatt said:

Me too! Not sure I'm ready to brave the phone calls yet, my mental health is not in a great place so might just wait until they start contacting me. I'm not sure what the best thing is to do there.

I'm glad they were nice. You build it up to be something way more terrible than it really is don't you?

Just do what's right for you Scaredycatt, it's only money and your health is worth so much more. Just to echo what BlueJ94 said above, the people I spoke to today were kind, I was expecting to be told off but at the end of the day these things happen, you live and you learn. One kind lady was telling about what would happen to my credit score and I had to stop her mid sentence and explain that after this, I hope to never have to touch credit again! Good luck with everything