My DMP diary - 2026 (year 1)

ArtyJ931

https://forums.moneysavingexpert.com/discussion/comment/82002566#Comment_82002566

At the moment I do feel like I have made the right choice. It was not endlessly sustainable being in this much debt and with the levels of debt repayment. All it needed was one tiny thing and the whole thing collapsed. For me that was an increase in mortgage rates and cost of living which meant I could no longer pay the debt repayments.

I still have 20-30k+ of unused credit on credit cards so I suppose I could have continued paying living expenses on that for a few years but I have had that light bulb moment now and realised I need to step off this crazy merry go round.

Even having two months without paying off debt has been such a wonderful breathing space and I’ve built up a decent emergency fund and have started having pots for one off expenses such as house repairs or dentist or mot etc which I have never been able to build up before.

it has been pretty nerve wracking but I’ve found reading these boards helpful and some of the diaries too, of people in a similar situation. They have been reassuring. I still feel like I’m finding my way with it to be honest. If you’re a very anxious person it might be worth going with step change to do all the initial bit for you - I prefer to do it myself though.

fingers crossed for both our affordability complaints! Are yours with the ombudsman?

flamingo22

https://forums.moneysavingexpert.com/discussion/comment/82002644#Comment_82002644

it does sound like you've made the right choice for you. The thing that is holding me back is that I'll need to either get a home extension or move house for an extra bedroom for my little one (two older teenagers therefor unable to share a room) in a couple of years. It things carry on as they are, these debts will be paid early 2028, but that is such a long time when it's making me this miserable.

I've heard from a couple of the companies saying they're looking into my complaint, had an email back this morning from one saying they didn't lend irresponsibly, loan of £23000 back in 2022, paying £418 per month and still owe £16500 😡 so that'll be going to the on and fingers crossed they agree with me. I'll keep following your diary for inspiration 🙂

ArtyJ931

https://forums.moneysavingexpert.com/discussion/comment/82004390#Comment_82004390

I also need an extension at some point so I know what you mean. I’m not sure how that will happen tbh.

flamingo22

https://forums.moneysavingexpert.com/discussion/comment/82004489#Comment_82004489

It's so hard isn't it but the way I'm feeling at the moment, he'll have to bunk in with me for the next few years 🤣 because the DMP is sounding very appealing.

I have sent a complaint off to the ombudsman, so we'll see what comes from that.

ArtyJ931

Thursday night check in - week 9

Debt stuff:

• Letters from two credit cards this week letting me know my account is now in arrears
• 4 emails from credit card/ loan companies. A couple generic emails and a couple reminders to make a payment.
• A text letting me know I am in unauthorised overdraft (because my ex-main bank took two loan payments out of my current account when it had a 0 balance).
• No news on affordability complaints.

Other money stuff:

• Spent ages trying to figure out what YNAB is - watching some youtube videos. Still unsure as it seems a detailed spreadsheets and pots are the same thing so I am unsure whether it would be worth time or in fact money as I believe you have to subscribe. Outcome: not doing that right now.
• Realised I haven't put anything on credit for 2 months!!! Sounds small but it's crazy. AND I have money set aside for things!!!!
• Sold £30 of things on vinted this week. Got £10 through already so that's pretty nice.
• Bought a local paper in order to get the free family ticket to an English Heritage property and will be doing that on bank holiday monday. All in £2.20 for two of us so that's a good bargain.

Another week ticked off in this mad little journey.

getoutofdebtcard

just wanted to say. Hope your bank holiday is going well! It is boiling here! I have also withdrawn some monies from my emergency fund and feel so guilty doing so but that’s where literally all my money is, so I am only doing withdrawing like £50 at a time to not try and spend a lot but it’s hard this weekend due to the sun and longer weekend!

Anyway hope your trip tomorrow goes swimmingly and you aren’t going to be smelting too much!!

ArtyJ931

Week 10 check in

Debt stuff:

• 2 letters from a CC provider saying they're:
  • reducing my limit to what I owe
  • charging me a fee for defaulting on the card and not paying anything
• A call from the investigator at the financial ombudsman as she had a few questions about my affordability complaint. The loan/cc provider had said the ombudsman had no jurisdiction as the first loan I took out was over 6y ago. I think she decided to include all but I have to wait for more information. I was super nervous about the phone call but it was fine.
• 4 emails - 2 statements including info about being charged for missed payments, 1 request to pay from a loan, 1 letter from my second affordability complaint again requesting a host of random information that I am ignoring. (see previous posts).

Other stuff:

• Was too hot to go to the English Heritage site for free with my ticket from the local paper so going to go a different day before the end of the offer.
• 13 days after posting my second vinted item finally arrived and the other£20 is in my account. I'm going to buy some work clothes with it.
• Had my 3rd payday since the beginning of the self-managed DMP and have shuffled all my money into the correct accounts and pots and what not.

ArtyJ931

Unexpected mid week update:

I today heard back from one of my affordability complaints (the same one above where they were requesting random information and I was ignoring it) - they have upheld my complaint and are refunding over £1000 in interest and balance transfer fees and will stop any further charges being added to my account.

I am thrilled. I am not going to adjust my signature yet because I am having charges added left, right and centre and I am waiting for it all to calm down and settle.

But for today - yay.

This spurred me on to make my final CC affordability complaint and now I have applied for all I can apply for.

flamingo22

That's brilliant, so happy for you!! How long was it with the FOS for and was it a big loan, this gives me some hope.

ArtyJ931

https://forums.moneysavingexpert.com/discussion/comment/82019483#Comment_82019483

it wasn’t with the FOS. The cc provider made the decision themselves. This one was a credit card and the limit was 1800 then increased to 3000 and again to 6000. So not huge. They refunded interest, charges and balance transfer fees.

I have 4 loans and a different cc with the FOS at the moment and still waiting for the outcome.