Taking control

Grazia41

Hi,

Thought I would start a diary to hold myself accountable, even if nobody reads it!

Three days ago I spent a long time on the phone to Payplan and they are setting up my DMP for me. My biggest fear is the letters and calls I'll get which I'm dreading! I have spent all weekend researching these forums though and do feel slightly calmer so wanted to thank everyone who takes the time to write on them!

My non-secured debts included in my DMP are:

Halifax Loan - £12,700
Shop Direct / Very - £4,700
Paypal Credit - £2,500
Next - £2,100
HSBC overdraft - £3,000

I wasn't overly worried about the HSBC overdraft but Payplan said it's better to include it so I thought I may as well, otherwise they'll just write to me one day asking for the full amount back which I won't have!

I am a homeowner (joint mortgage) with a large amount of equity in it (£400K at present) - lovely to have but obviously I can't get to it

Truly devastated to be ruining my credit file over the next few months to be honest - I have fought hard to not let this happen.

Anyway, sorry for rambling! I'll post as and when the dreaded calls/letters start coming for moral support.

Grazia41

Nothing much has happened today really aside from me opening a new bank account (Monza) to stop Halifax helping themselves to what little money I do have in my account (!)

Went to Poundland which saved me money on toiletries.

Having No Spend Days as much as possible this week or at least until Thursday when I get my PIP payment.

I have 4 young children and school seem to be asking for money for things allll the time. World Book Day this week which has meant recycling the costumes from last year

I think I am now just sitting and waiting until Payplan contact me again re the new DMP...

MissPennySave

Hello, just wanted to pop in and say hi  and to wish you luck on your journey!  Well done for taking action and having a plan to get things sorted.

I have two children, my son is in school, we are having to buy costumes as all the ones he has are now to small, my 2nd child is a girl so I'm hoping she'll love Iron Man and Spiderman when she's older! x 

Grazia41

MissPennySave said:

Hello, just wanted to pop in and say hi  and to wish you luck on your journey!  Well done for taking action and having a plan to get things sorted.

I have two children, my son is in school, we are having to buy costumes as all the ones he has are now to small, my 2nd child is a girl so I'm hoping she'll love Iron Man and Spiderman when she's older! x 

Hi!

Thanks for the support!

To be fair to the schools recently I have noticed that they stress on every email things like "You do not have to buy anything for this" and give examples of things you could make too, which is great with the cost of living. I have also seen lots of girls as superheroes in my time as a school parent too

Can I just ask how you are physically going about the save £1 for a day challenge that's in your signature?! I'd like to get involved in this too I think! Are you also on a DMP or just generally trying to reduce debt?

jusferbrowsing

Wishing you the best of luck in your debt free journey.

Take a look or even post a question in the Debt free wannabe section if you have any wobbles or worries regarding your DMP as there are many there who have sound advice and plenty of support to offer (sourcrates and fatbelly in particular spring to mind).

Chin up and keep on keeping on and before you know it you'll be well on your way to being debt free and the worry of it will have gone for good.

MissPennySave

@Grazia41 of course, I have a Starling account and Ihave set up a automatic payment of £1 every day, I see you have a Monzo account and I think you can do the same on that account, I can honestly say I don't notice the £1 going out, but at the end of the month I then send the money to repay my debt, or if it's been a tight month then it also acts a a nice little buffer, that's how I've been doing it.  No, I am not a DMP, I am just slowly but surely clearing down my debt, hoping to be done and dusted in around 3 years time!

Grazia41

Another No Spend day today. My friend asked me out for lunch and I made excuses - if anyone is reading how do you tackle these things? Obviously I still want to have a small social life (!) but at the same time my priority at the moment is saving money!

I spoke to Payplan yesterday afternoon just to check they have everything from me, which they do. I'm a worrier by nature which I think I'm just going to have to really fight over the next month or so whilst plans are put in place for my DMP...