Fed up of dmp

EssexHebridean

What are the issues with the DMP that are making you feel fed up? Are you using your increased income to save ready to be in a position to offer F&F's at some stage to shorten it? If so then the 42 months could potentially  be shortened, which should help to provide some light at the end of the tunnel! 

PM22

I’m just fed up generally. It will be Dec 2028 before my last default falls off. It will be Dec 2026 before dmp is paid off. That’s a long time with no access to credit. I’m trying to do my flat up on the spare money I have as it’s a total dump. I just find it all very demoralising that’s all. I just feel a bit sorry for myself that’s all. But I know I just have to keep making those monthly payments and chipping away at it and one day it will all be over. I will never, ever get back into this situation again for as long as I live!

newlywed

From one who had more debt than that and whose dmp lasted far longer… beware of wanting more credit.

if you don’t want to end up back in the same situation then always beware of credit.

EssexHebridean

Echoing the comment about beware of credit. One thing that the DMP - and specifically the time the DMP takes you - will do is to teach you better skills around personal finances and money management. Those skills will include the need to save for things you want, budget for things you need, and only borrow for a house, perhaps an essential car, maybe for education of some sort. It will be easier once you properly get into the swing of things but you've only had a few months on your regular DMP payments I think? That's not much time to get used to it. 

Start setting yourself little goals - so currently your debt free date is December 2026 - how much will you need to stash aside each month to knock a month off the end of that? Or 3 months, or 6 months or even a year? Can you do surveys, or mystery shopping, or anything else to boost your income a bit and let you save a bit extra ready to clear things earlier than currently planned? 

As far as your home goes - start thinking about the small things you can do with a bit payoff for quality of life - it might be grim grouting in your bathroom perhaps that  makes your heart sink - investigate cleaning it, or even re-grouting - neither option would be expensive but it could make a big difference to the look of the room. Maybe another room is looking a bit tired and boring - but a £20 pot of paint could give it a new lease of life? Think about small things which need a minor repair and you've been putting off - often those sorts of jobs take moments and really give you a lift. One of the things I did ages ago was to put together a short/medium and long term list of all the things we wanted to do - ticking items off really felt like progress and it can also help you to work out which of your desired/planned things are of the most benefit for quality of life, too! 

PM22

Is there such a thing as a £20 tin of paint to paint a whole room?!? Certainly the paint I bought for my hallway last month was more like £38 a tin and I bought 3 and my son even paid for one! I didn’t realise there was such a thing!

sourcrates

PM22 said:

Is there such a thing as a £20 tin of paint to paint a whole room?!? Certainly the paint I bought for my hallway last month was more like £38 a tin and I bought 3 and my son even paid for one! I didn’t realise there was such a thing!

Lol, have  to agree, paint is more expensive than you think these days, the cheap stuff is like water, and you have to use 3/4 coats, and it still doesn't cover well.

Grumpelstiltskin

Have you looked on here for paint?

Emulsion Paint | Wall & Ceiling Paint | wilko.com

PM22

I bought tins twice as big for £38 so it’s done now

Rob5342

Have you looked at making CCA requests and unaffordable lending compliants? I managed to get £11,000 of credit card debt cleared plus a £5000 refund from Nationwide by making an unaffordable lending complaint. It took two years but was well worth it. I've also stopped paying a £7000 debt with PRA because they couldn't produce the CCA. Overall that's improved things hugely for me.

I found my DMP very restrictive at first, but after a year or so I had got used to it and was making far better use of my money. Instead of constantly using credit cards when I fancied a takeaway I was spending time cooking things I'd found on bbcgood.com and having the money to be able to go out and buy a decent pair of shoes. 

Brie

Might be stating the obvious but have you tried Freegle or similar sites to get free stuff for the renovations?  Or do you have some way to barter for stuff??  I know someone who cuts hair and uses that to get help from various tradespeople.