My DMP diary - 2026 (year 1)

ArtyJ931

Well… inspired by others I intend to chronicle my own journey through the DMP maze. This is the year I turn 50 and I can't juggle these plates any longer.

I earn enough to pay my bills and my debts but there is nothing left for contingency, household or family emergencies, holidays, days out, gifts, car repairs, vet bills etc. This means that all of those have been going on to credit for many years and despite paying £1000+ of my income to debt repayments every month it hasn't gone down for a long time. I have £0 saved up for any kind of emergency whatsoever.

I've had a real awakening over the last few weeks. I re-did my budget for 2026-27 and realised that something has to change. Completing a true SOA was an eye opener that has pushed me on in this process.

After lots of reading and researching, I have decided to go for a self managed Debt Management Plan (DMP).

I have around £60,000 of debt. Three large loans and some credit card debt.

I have been formulating my plan and asking lots of questions of the knowledgeable, kind and supportive people on this forum page and who I am very grateful for.

So far I have:

• made yet another spreadsheet to store my step by step plan of action.
• Opened a new account unrelated to any of my debts (and taking advantage of a switch deal to earn £200 as it was from a 'bills' account with no direct debits for debt).
• Manually moved most of the direct debits of all my remaining bills to the new account.
• Moved my salary payment into the new account
• Created lots of savings pots for different things such as an emergency fund
• Been in and out of panic and euphoria

Still to do asap -

• call/ contact the companies who do not have the option to move DD online
• Change contact details for all my debts so they contact me by post only.
• wait. Panic no doubt.

Still to do (other) -

• sort out folders for each debt where I can store letters
• Build an emergency fund
• Build a 'full and final' fund
• Make affordability complaints for all loans (3 first direct and 1 tesco) and maybe credit cards (still researching that).

I have found the diaries where I can track the process that people took and how long different things took to happen very useful and reassuring and I'm hoping to provide another one here.

SpireCaptain

Good evening @ArtyJ931. I like you're style of writing already with bullet points, humour and explaining your decision etc. I think we're pretty similar thought process and mindset-wise

I've bookmarked your diary and will be following with interest and offering any encouragement I can along the way. Sounds like you're 6 months further in your journey than me, I'm still putting it off.

Good luck and despite the panicky feelings I'm sure you'll find it'll be the best way forward.

ArtyJ931

Oh - I'm still putting it off as much as humanly possible!

ArtyJ931

Just got the news that my mortgage will be increasing by £200 a month as I am about to come out of a fixed rate. So that feels like another push towards the DMP too!

DaedricPrince

https://forums.moneysavingexpert.com/discussion/comment/81927448#Comment_81927448

Can you pick a new deal with your current provider? I've just done exactly that with no need for credit checks etc. Or is that the best new fix they can offer?

Following along for the journey. The world of finance and debt is a minefield for ND folk, but we're nothing if not determined and stubborn 😁

ArtyJ931

https://forums.moneysavingexpert.com/discussion/comment/81927686#Comment_81927686

yes that is the best offer with my existing provider. I was holding on for the Bank of England base rate announcement on Thursday but in the meantime someone decided to go to war and the markets have got nervous and the best rate on offer from my existing provider has increased.

It was going up by £155 when I was first offered my new rate to roll onto and I did my research and at that point it was expected that rates would reduce this year again. Unfortunately that offer was replaced by a higher interest rate. The MSE email yesterday indicated that rates are likely to rise this year now so I fixed at the best rate I could yesterday.

I chose to fix for 5y for an additional £15 a month so I don’t get any more raises and know what I’m budgeting for for most of this DMP process now. And then maybe at the end of this fixed I’ll be in a position to overpay/look at other providers.

One good thing about a DMP is that access to credit will disappear and tbh that is definitely the best option for me. 🫣

ArtyJ931

I am in more unsecured debt than I earn (gross) per year and it has become patently obvious that I cannot afford it.

In the last 3 days I have had offers of 2 new credit cards from one of my bank accounts by post, an email from my credit card offering balance and money transfers and offer of a new credit card from a loyalty card that I have. Unsolicited. By post and email.

it’s interesting to observe as I am trying to step off the merry go round.

ArtyJ931

I've had an interesting few days financially I suppose.

Good things:

• I attended a series of free lectures given by the local university this week which were really interesting and FREE
• My mum sent me £50 for my birthday which I've used to buy some work clothes on vinted (thrilling times)
• My job got made permanent! I'm SO happy about this.
• I found 11p on the street (are we clutching at straws…?)

Not so good things:

• The increase in mortgage payments.
• That delightful time of year when everything goes up 😑
• I've been off and on panicking about whether the DMP will be a terrible idea and I'll become overwhelmed and hassled by creditors… I've considered whether to go with a managed DMP to avoid this and also started looking at IVAs so I'd know it would be over in 6-7 years. I've researched to the hilt and decided self managed DMP is the best option still but it doesn't stop the questions about whether I'm doing the right thing or making another stupid financial mistake that I will regret down the line.
• Not financially related but I have woken up feeling ill today which is annoying.
• As a result of my questioning of the best way forward I feel my resolve has floundered a bit

I'll spend the weekend doing nothing too strenuous or costly. There is a spring event locally today that I can wander round in the sun and won't take up too much energy and it's free so that's today sorted. Tomorrow hopefully I'll be feeling a little better so can do some of those weekend chores like cleaning and shopping.

Onwards.

DaedricPrince

https://forums.moneysavingexpert.com/discussion/comment/81931827#Comment_81931827

All I can offer is a question: is it better to have the debt repayments and struggle or manage the debt in an affordable way for you?

I like to try and use logic to answer anxieties and worries, so the above is meant to allow a thought process like a pros and cons list 😊

I also know, however, sometimes worry and anxiety ISN'T logical at all. If that's you then I'm sorry and can relate.

Rambling as usual, but i'm following along hoping the best for you 😁

ArtyJ931

https://forums.moneysavingexpert.com/discussion/comment/81932022#Comment_81932022

I’ve taken the first steps and progressing with plan A. Once it’s started it’ll be fine. It’s good to know that if I start to feel overwhelmed by it I can go to step change and they will manage it for me

in_need_of_direction

well done, that first step is always the scariest