DMP Mutual Support Thread (Part Three)

sunshine38_2

Gosh, I've been going backwards through all of the messages on this thread - takes quite a while but I've found some very interesting and useful information.

The good news for you is that you have already taken the step of going on a DMP and are in fact three months into the plan - you should take comfort from that and use that knowledge to help you when you have to deal with that creditor. I think I would feel so much better being able to say "PayPlan are dealing with it and I suggest you contact them" ... or whatever it is you are supposed to say.

Have all the other creditors accepted the position?

You can deal with this - you're already braver than me!!

Sx

sunshine38_2

smilealot wrote: »

Sunshine - Payplan build in essentials such as clothes, hairdressers, car maintenence, dentist, chemist etc. I had never budgeted for such items in the past, so strictly speaking I'm better off now, especially since I was paying £650pm before the DMP and now £230. My DMP payment is manageable without having to rob Peter to pay Paul like I used to have to do. Of course, £20pm for clothes doesn't really go far if you shop as a hobby (which I used to) and there are no allowances for socialising, so I scrimp on certain items to pay for this. The trick is to build in a margin on your expenses, e.g. I gave a figure for food that was £20pm higher than I need it to be, same with petrol, so there is £40pm I have to put aside or spend on a treat. Does that make sense?

smilealot :rolleyes2

Hi, thanks for that. Yes it does make sense - so much sense that I wonder why everyone on the DFW thread doesnt do the same. Do you see what I mean . I wonder "whats wrong" with sorting your debts out this way (ie a DMP). Why doesnt everyone do it? Is it because it has more of an impact on your credit file? Mine's shot to pieces anyway now. What's the real down side of a DMP?

Oh, the thought of "officially" being able to take my little girl to the hairdressers is so appealling - I can "make do" with my own but I am not hacking her long beautiful hair (well, it would be beautiful if it had less split ends !)

Do you find you manage much better now that you are on your plan - is there a sense of freedom about it?

Thanks for your help.

Sx

Marru

smilealot wrote: »

Marru - what do you mean by a link? I don't think we've set it up as an official challenge (sorry I'm new to this!), just as a fun motivational thing between the two of us. Others are welcome to join though! It's to save any spare cash we have towards a F&F offer instead of squandering it on silly non-essentials.

smilealot :rolleyes2

Hi,

Sorry I am always looking at everybody's signatures to find new challenges for the challenges thread. I thought you might have made it as a thread and invited others to join you. Sorry also for being ignorant - what is F&F?

Thanks

Marru

sunshine38_2

Marru wrote: »

Hi,

Sorry I am always looking at everybody's signatures to find new challenges for the challenges thread. I thought you might have made it as a thread and invited others to join you. Sorry also for being ignorant - what is F&F?

Thanks

Marru

Hi, I could be wrong but I think "F&F" stands for Full and Final settlement offers?

If its not that, my next guess would be for "Fun and Frolics"?!! :rotfl:

Sx

smilealot

Ha ha ha - "Fun & Frolics" is definitely a challenge, but one I hope to succeed in before April 2009!!!! He he. Sunshine is right Marru, teecee and I have decided to save our extra pennies towards making a Full and Final settlement offer to one of our smaller creditors. Not an official challenge as such, but as I said earlier, anyone is welcome to save with us

Sunshine - things are so much more comfortable now. Credit files are usually shot whether you default or not because of the amount of credit we have taken our relative to our salary (I couldn't get a consolidation loan for this reason) but it's not nearly as damaging as going bankrupt. I know I can comfortably make my debt repayments every month without fail and it's one simple direct debit payment instead of several of varying amounts each month. I don't feel guilty about spending money on items such as haircuts as they are budgeted for! I don't feel stressed about money now, even though I wish it could be paid off tomorrow, it's good knowing it's all in hand.

smilealot :rolleyes2

lisabell

Hi

I wanted to join am new to the site have been on a debt management plan with churchwood financial for about 6 months now and it is fab i cant fault anything they have done.
Over all i think we had 15 creditors and owe about £70,000 !!! but now we are on it we are so much better off we pay about £641 per month.
We have just had our 6 month review and even though my husband has got a new job since we started they didnt ask for us to up our payments.
We now are going to start saving using some of the tips on here and when we have some money make smaller offers to pay of some of the cards.
It did take us a few months to get all the creditors on board but now all we get is our statements every few months and no hassle what so ever.
Hopefully we might be debt free in 8 - 9 years i think they still keep offereing us an IVA but im still unsure as we have our own home i dont want to lose any of our belongings.

Thanks
Lisa

cloudnine_2

Hi Lisabell and welcome to the site. You're in good company! I also have a high debt at £76K and nine creditors. I'm on a DMP with CCCS and started January this year. You sound as if the monthly DMP amount you are paying will bring the debt to a full settlement well under ten years. Thats sounds brilliant to me! I'd therefore question the IVA route. The other thing is, are you paying any additional charges/fees to your DMP consultant? The great thing about Payplan and CCCS is that being non profit making organisations, what you pay over goes straight to your creditors. Keep in touch and welcome again.

rayday2

Added a couple of new members I spotted if anyone else wanted adding please shout at me!

fedupandworried 163
lisabell 164

Lisabell - I hate getting onto people when they first come into the topic so please don't take it wrong and not come back!

Churchwood financial are a fee charging company so everytime you make a payment some of that goes to make them profits and not to your debts. Because they make money there advice is not "impartial" and probably why they are pushing an IVA.

Normally people would say ring CCCS or Payplan who will do what they are doing for free and you will pay your debt off quicker. This is defiantely true but I don't want you to go away from the topic thinking you have done wrong - you haven't! The idea of a DMP sounds good but if you ever feel brave switching too CCCS or Payplan would be more beneficial to you. Several people in here went with a fee paying one until they had heard of CCCS and Payplan.

Also I know fee paying companies try to make out they don't offer the same service etc, but it is all sales talk they don't want to loose you this topic is testament that they do!

Please don't take offence and you are truely welcome whatever you decide just be wary of what advice they offer! Like you said its your home at risk!

WhoopieDoodle

Good morning folks. The sun is shining

Regarding Alliance and Leicester/MBNA - OH has just spoken to Payplan. If you do not have an Alliance and Leicester credit card then MBNA cannot help themselves to funds in your account with A&L!

cloudnine_2

Hi Rayday. Thanks for reinforcing my point. Lisabell, Rayday sums it up brilliantly... You have made an excellent start and should feel proud of yourself. At the end of the day, we have to make our own decisions, but, personally, I don;t know what I'd do without my friends in this site. Whats great, is to be with people who are in the same position and who are not pointing the finger.