My DMP diary - 2026 (year 1)

flamingo22

I'm so glad you're happy with your choice 🙂 I've been thinking a lot more recently about starting a self managed DMP, I think I'm scared but I know things can't go on as they are as, I'm constantly thinking about my debts and how to make it through another month 😭

ArtyJ931

https://forums.moneysavingexpert.com/discussion/comment/82117516#Comment_82117516

it’s very stressful. Keep reading and researching until you’re happy with your decision. I read a lot on debt camel, on here, used the lemon fool SOA calculator and my own spreadsheets too

blue2mills

Hi there, can I seek some more advice from you please as it seems you have not only had the courage to take the DMP route but you are also willing to be open and completely share your experience to help others. It's very much appreciated.

I have set up a basic bank account with Starling Bank and have started the switch from my old bank to the new. My wages will obviously go into the new bank account but there will be a surplus of money in the new account every month whilst I am waiting for my credit card payments to default before setting up a DMP. If. I was to use Step Change to set up a DMP for me when the time is right, won't they request to see how much I have built up in my bank and use that for payment towards my debt? Even if I transfer surplus cash, that would have been going toward CC payments, where would I put it? I'm really talking about the surplus CC money that it is advisable to save when waiting for CC cards to default. Thank you in advance.

Baldybear

https://forums.moneysavingexpert.com/discussion/comment/82121794#Comment_82121794

Stepchange will ask for a budget, they have one online so can see what can afford for realistic debt repayments. Also do an soa on lemonfool website and can you set up pots for known upcoming expenses. Also maybe worth starting a thread on the dfw board as loads of good advice there x

ArtyJ931

https://forums.moneysavingexpert.com/discussion/comment/82121794#Comment_82121794

Sorry I didn’t see this before.

They won’t ask to see bank statements as far as I am aware, just your SOA. If you self manage nobody sees anything.

I have just started a cash ISA for some of the savings/ emergency fund, though I had it in premium bonds so I could have the thrill of a little flutter - winning absolutely zero 5 months in a row has put me off and I’ve moved some into the new ISA lol.

I also have around 8 pots within my account which I might detail in my next post!

ArtyJ931

Week 24 check in

Debt things

• A couple of emails this week and zero phone calls.
• Some to-ing and froing with the FOS. Two cases now being reviewed by the ombudsman and two still being investigated.
• Have realised that all the blasted letters from credit companies look like default notices so the only way I’ll really know is when I see them defaulted on my credit file.
• So far - zero debts have defaulted.
• I have decided to pay off three small debts out of the EF so that I have three fewer creditors to deal with. All in should be around £2000 to clear them all. Will still leave me a decent EF and the starts of a FnF fund.
  

Money things

• as mentioned above I won naff all on the premium bonds again so I’ve transferred most back and opened a cash ISA
• Had a family emergency this week where I had to travel to another part of the country and stay overnight in a hotel last minute (life and death) with all associated costs of food and fuel. Had to raid some pots as my EF was in premium bonds which are days away. So that was a useful lesson to learn.
• Aforementioned pots will be refilled tomorrow when PB money lands.
• Have collected some funds from Vinted sales and cashback has become payable this week and it has been funnelled into house maintenance pot.
• Having experienced a close family member unexpectedly almost dying this week (still not out of the woods) I managed to resist a “you only live once” splurge or do anything too mad but I was well aware that the urge hit me hard and needed some resistance.
• There will be future costs involved as the family member is still in the high dependency unit and I will be visiting for some time (I hope). However I can now budget for them and buy train tickets in advance etc

edit: two of my accounts are no longer showing online so I will just include them in my DMP.

ArtyJ931

Week 25 check in

Debt things:

• First default! One of my smallish (under 1k) cc has defaulted finally. Got a letter about it. Haven’t checked my credit file yet but finally a clear letter telling me the default has been registered on my credit file.
• Had a handful of silenced phone calls but no idea if some are related to having tradesmen in to do a small maintenance job this week.
• no other letters or emails.
• One of my large loans has been assessed by the ombudsman who decided not to uphold my affordability complaint. Felt very disappointed and due to the nature of the ruling I’m no longer confident in the other claims. Trying to view this as a bonus if I win any. (In a nutshell I am my son’s appointee for PIP which means his money is paid to my account and I transfer a daily amount to his account for him and cover his medical expenses. The ombudsman has viewed this as my money and available to be spent on my debt rather than as my son’s money which it legally is. They have explicitly stated that they view this as part of my income for affordability calculations and ignored everything I have sent them regarding this. They case has since been closed.)

Other money things:

• house maintenance job came out of house maintenance pot: emptied, in fact. So will be saving up for the next job. No end of jobs for quite a while and it’s nice to be able to get them done.
• weekly spends seems to have settled down and I haven’t gone over for a few weeks. Could be that my pots cover everything now. I have the following pots:
  • Healthcare/hair (glasses, prescriptions, dentist, haircuts x 2 people)
  • Car tax, MOT, maintenance, savings towards insurance, savings towards replacement car.
  • pet costs (vet/ grooming)
  • Holidays
  • Christmas and birthdays
  • Emergency fund cash ISA
  • house repair/ white goods replacement (may have to split this into two pots)
  • Clothing/shoes (x2 adults)
• had a PIP review form drop through for my disabled adult son (with 2 lifelong conditions that will not ever disappear) and it’s basically like a totally new application which is hefty and daunting. And a very short deadline for returning it.

Can’t believe I’m nearly 6 months into the process. It hasn’t been scary and it hasn’t been overwhelming since the time when I was making the initial decision and doing all the leg work in the beginning and then waiting for the first payments to not be paid.

I have started to wonder if an IVA will be quicker given my level of debt if I don’t win any affordability complaints. That’s something to consider I guess in a few months when I know exactly the position I am in and the final total for how much I owe once all debts are defaulted.

The journey continues.

Edit: I can't seem to access my TransUnion credit report for some reason - it blocks me at the last minute. Have looked at the MSE credit club version and can't see any defaults so maybe it is still in the process…

Makingabobor2

Just discovered your diary & subscribed and wishing you luck on your journey. I know how it feels at the start. We have been on our journey over 10yrs now, and had many setbacks including me getting made redundant twice. I'm now on pension, but DH still works….younger than me, so our debt payments have slowed down, but we're getting there & hopefully sooner than later.

ArtyJ931

https://forums.moneysavingexpert.com/discussion/comment/82134010#Comment_82134010

thank you! One step at a time. It’s going to be a long haul

abaka

Congratz on getting the first default.