Start of self managed DMP journey

collinsona

Hello! Is anyone else a couple of months into starting a DMP and want to share what they have experienced so far? I stopped paying all my credit cards minimum payments in July and so far only had a handful of letters and txts/emails. I don’t answer my phone to unknown numbers so not sure how many phonecalls ive had. Im less anxious about the whole thing now but it still feels weird not paying bills. Hoping to share my experience along the way. Amy 

stu12345_2

if you go dmp via a charity you will rarely hear from creditors except a statement every 6 months showing the balance, and you will find in my experience the interest stops as soon as they find out your using a debt charity to run your dmp.

I believe the income expenses assets sheet you gave the charity is shared with each creditor.

if your doing your own dmp they will pester you to fill in an income expenditure sheet, you don't have too.

eventually they will write to you saying they accept your monthly payment by standing order that you set up

Grumpelstiltskin

Amy it will take time to get defaults, but what ever you do don't worry about not paying.


You have come a long way all ready but this debt business is a slow one, make sure you do look at anything you get through the post but 99% of them can just be filed in the bin and don't take any notice of E Mails and texts.

thelibrarian11

Hiya, I'm starting a self managed DMP at the moment, I am about 3 days in so far but learning fast and really determined to get to grips with it all. I am already on a StepChange DMP but still in a mess and I'm coming off it. I have experience having finished a DMP and DRO already in my past, this time is a lot different but it will be my last! Look I've got my balance in my signature and everything :-)

PoorSouthernGirl

collinsona said:

Hello! Is anyone else a couple of months into starting a DMP and want to share what they have experienced so far? I stopped paying all my credit cards minimum payments in July and so far only had a handful of letters and txts/emails. I don’t answer my phone to unknown numbers so not sure how many phonecalls ive had. Im less anxious about the whole thing now but it still feels weird not paying bills. Hoping to share my experience along the way. Amy 

Hi! 

I started a DMP with Payplan back in April (first payment to them was then). 

So I am now 4 months in, I didn’t miss any payments pre this even though it was advised in this forum, but my anxiety and over thinking couldn’t deal with that. 

Contact from creditors has been extremely minimal which I am grateful of, and I have 2 accounts already defaulted (MBNA & Barclays).
I still have days of mad anxiety, but the relief of making payments and knowing my balance is going down has been overwhelming and I have been able to sleep again. 

Also have been able to manage day to day life without using credit for anything, whereas before using Payplan/setting up a DMP, I had been trying to keep up with minimum payments and then falling back on credit cards just to make it through the month and put food on the table! 

Sending you good luck on your journey, I’m hoping in time I may be confident enough to start a debt free diary.

Rob5342

It can be surprising how slowly things move when you first start a DMP, especially if, like me, you were used to desperately scrabbling around to get the minimum payments made on time for fear of what might happen.

freshstart2023

Hang in there! I stopped paying everything last year and allowed all of my accounts to default. I now have a self managed DMP in place and have just made my 2nd payments. I received letters but barely any calls, all accepted what I offered, I wasn’t hassled by anyone for an I&E form. I now know exactly what I am paying each month and can budget properly. I am not using credit at all and feel so much better for it and I’ve already received 50% discount offers on some accounts to repay my debts. 

collinsona

Rob5342 said:

It can be surprising how slowly things move when you first start a DMP, especially if, like me, you were used to desperately scrabbling around to get the minimum payments made on time for fear of what might happen.

Yes thats exactly what im finding- very slow! I thought something terrible would happen the second I stopped paying! 

collinsona

freshstart2023 said:

Hang in there! I stopped paying everything last year and allowed all of my accounts to default. I now have a self managed DMP in place and have just made my 2nd payments. I received letters but barely any calls, all accepted what I offered, I wasn’t hassled by anyone for an I&E form. I now know exactly what I am paying each month and can budget properly. I am not using credit at all and feel so much better for it and I’ve already received 50% discount offers on some accounts to repay my debts. 

Thats brilliant and gives me hope! Did you make offers in writing after the default it just start paying what you can afford? Amy 

collinsona

PoorSouthernGirl said:

collinsona said:

Hello! Is anyone else a couple of months into starting a DMP and want to share what they have experienced so far? I stopped paying all my credit cards minimum payments in July and so far only had a handful of letters and txts/emails. I don’t answer my phone to unknown numbers so not sure how many phonecalls ive had. Im less anxious about the whole thing now but it still feels weird not paying bills. Hoping to share my experience along the way. Amy 

Hi! 

I started a DMP with Payplan back in April (first payment to them was then). 

So I am now 4 months in, I didn’t miss any payments pre this even though it was advised in this forum, but my anxiety and over thinking couldn’t deal with that. 

Contact from creditors has been extremely minimal which I am grateful of, and I have 2 accounts already defaulted (MBNA & Barclays).
I still have days of mad anxiety, but the relief of making payments and knowing my balance is going down has been overwhelming and I have been able to sleep again. 

Also have been able to manage day to day life without using credit for anything, whereas before using Payplan/setting up a DMP, I had been trying to keep up with minimum payments and then falling back on credit cards just to make it through the month and put food on the table! 

Sending you good luck on your journey, I’m hoping in time I may be confident enough to start a debt free diary.

Good luck to you too x

freshstart2023

collinsona said:

freshstart2023 said:

Hang in there! I stopped paying everything last year and allowed all of my accounts to default. I now have a self managed DMP in place and have just made my 2nd payments. I received letters but barely any calls, all accepted what I offered, I wasn’t hassled by anyone for an I&E form. I now know exactly what I am paying each month and can budget properly. I am not using credit at all and feel so much better for it and I’ve already received 50% discount offers on some accounts to repay my debts. 

Thats brilliant and gives me hope! Did you make offers in writing after the default it just start paying what you can afford? Amy 

Yes, I just contacted them online, told them I had set up a standing order for £x and the date they would receive payment each month and that was it.