DMP Mutual Support Thread (Part Three)

loopylu36

That was the on my "pros" list for me of doing a self managed dmp (even tho I didn't in the end ) that I could have just given NR what they wanted to shut them up! Maybe I should have gone down that road, but then maybe that would have come with it's own problems - who knows? I suppose I just thought it would be easier to keep track of just the one payment going to CCCS (and i did think that with the level of debt, i really ought to have some help!) I've started on the road now (tho it did occur to me this afternoon that it would be very easy to cancel the whole thing and get my cc out!) but will keep on it and try to focus on being debt free. I think it's not until you embark on this process that you realise how destructive the debt is. I was a bit worried at the start of this that I might get into debt again at some point, but I seriously NEVER want a credit card again, and I have seen that echoed on this site so many times.

Thanks for the support Rayday, I really appreciate it. :A

rayday2

Well done you are so strong it would have been so much easier to revert to cc etc but you didn't, it takes me so much more strength not to rely on credit than dealing with faceless morons who churn letters out.

I would say most the letters, telephone calls we get are rubbish but at the time it worries you and you just don't know.

Its the old mantra one little step at a time, worry when things are going to happen than on what some little chap who is paid to panic you says! If it does wait till you get the official letters and we will find out some stuff for you and they will still only get the pro rata payment they are entitled to and they can naff off for the rest!

jenevieve

I've been reading through this thread and everyone is so supportive of each other plus incredibly knowledgeable about the issues.
I'm not dissimilar to sparkly in that I have a pretty good salary but my monthly wage is getting swallowed up so quickly and I'm starting to feel like I'm drowning!

My debt is £54120 (one personal loan, 4 CCs, 1 catalogue & overdraft).
I am paying about £756 a month towards my debt - some of the payments are regularly more than the minimum.
I have moved in with a friend to reduce my outgoings and now my monthly outgoings are approx £515.
I take home approx £1825 monthly and do not have any dependants.
I think I need to keep a strict spending diary for a month to see where my cash goes because I should have about £500 for petrol, food, going out etc but I am completely strapped within a couple of weeks of payday.

I just wonder whether a DMP would be an sensible option to consider in view of the size of my debt. I am also worried about going down that route as my personal loan is with Northern Rock and it sounds like they are really troublesome.
I really don't know which way to turn for the best but I feel I am starting to sink......Please help me. I am worrying about this day and night and absolutely no one knows about this mess I am in.

10past6

jenevieve wrote: »

I've been reading through this thread and everyone is so supportive of each other plus incredibly knowledgeable about the issues.
I'm not dissimilar to sparkly in that I have a pretty good salary but my monthly wage is getting swallowed up so quickly and I'm starting to feel like I'm drowning!

My debt is £54120 (one personal loan, 4 CCs, 1 catalogue & overdraft).
I am paying about £756 a month towards my debt - some of the payments are regularly more than the minimum.
I have moved in with a friend to reduce my outgoings and now my monthly outgoings are approx £515.
I take home approx £1825 monthly and do not have any dependants.
I think I need to keep a strict spending diary for a month to see where my cash goes because I should have about £500 for petrol, food, going out etc but I am completely strapped within a couple of weeks of payday.

I just wonder whether a DMP would be an sensible option to consider in view of the size of my debt. I am also worried about going down that route as my personal loan is with Northern Rock and it sounds like they are really troublesome.
I really don't know which way to turn for the best but I feel I am starting to sink......Please help me. I am worrying about this day and night and absolutely no one knows about this mess I am in.

Hello jenevieve

Welcome to the thread, you'll find all the support and help you need here.

Other members will be along to offer their advice, in the meantime, I just want to say first and foremost, DO NOT WORRY ABOUT YOUR DEBTS, easier said than done I know, but worrying solves nothing, everyone on this thread myself included have been in your shoes, and it's really not worth the stress.

I would consider posting in the BR thread, I'm wondering whether BR maybe a better option for you.

Although you have a huge debt, take comfort that others have higher debts, myself included.

I think you will need to do a SOA (Statement of affairs) before anyone can positive advice.

In the meantime, stay around and continue to post, even if it's only to scream.

jenevieve

Thanks 10past6 for the welcome.
I seriously, absolutely do not want to go down the bankruptcy route; I really want to pay off what I owe and surely with my salary and maybe a long term plan, that isn't the answer?
I know you said don't worry but since you mentioned the BR word I am now panicking!!!!

Marru

Hi Jenevieve,

If you have been able to meet your payments so far then your credit rating might not be disastorous. You could try as a first step to list all your debts and see how much interest you are paying and then see if you can keep shifting them to lower interest rate loans.

Secondly definitely do a budget, see where your money is going and how much is available to debts. If you have more than your minimum payments left for the debts then keep paying that extra towards the highest interest rate debt.

Thirdly if you can't meet even the minimum payments then DMP might be a solution for you.

Have a look at Martin's loans and cards section. There is loads of information for how to deal with debt.

It is difficult to say anything else as I don't know how much exactly you have available for the debts per month and if "tightening the belt" for awhile would help you out from your situation.

Good luck with it all,

Marru

PS have a look at some challenges available on the site, might give you ideas of how to save/earn to help out the situation. http://forums.moneysavingexpert.com/showthread.html?t=767513

jenevieve

Thanks marru,

Unfortunately, I don't think moving cards/loans about is an option for me as I have tried to do that but have been refused. I think because my overall debt is so big, I am not a good credit risk, especially now this credit crunch has kicked in.
Like you have suggested, I need to do a strict spending diary and cut out all absolute non-essentials to see how much I have left.
It's just a bit frustrating when even when I am paying off slightly more than the minimum, it is still only really the interest I am mainly paying.

Sorry to gatecrash the dmp thread but I really am wondering if even if I can make my minimum payments, whether a dmp would be the best way for me long-term, especially as interest is reduced or frozen. I would hope to be in the position where I could increase my payments as time went by to reduce the overall length of the dmp as well. I really don't know.......:o

yellowmonkey

Hi jenevieve

Dont panic.Having a quick glance at your post I think you have more than enough surplus to service your debt on a DMP. Post an SOA(Statment of affairs) http://forums.moneysavingexpert.com/showthread.html?t=806277

Click on IA's 1 st post and fill in as best you can. Everyones debt is large in relation. If you have a debt of £1000 and only earn £80 per week that £1k becomes large. Debt is relative and dont worry about the size of it. We have seen it all and nothing shocks

Good luck

ym

10past6

jenevieve wrote: »

I know you said don't worry but since you mentioned the BR word I am now panicking!!!!

Hey jenevieve

No need to panic it was only a suggestion, it's nothing to be worried about.

I'm so sorry if I alamed you.

lostalot

Hi everyone. Could i ask for some advice please. I have received my first pack from CCCS and i have the letter to copy informing my creditors that i am working with CCCs towards a DMP. On it it has the box to fill in asking why my circumstances have changed since taking the credit out. Basically i pay out more than i earn each month but can someone help me to word it a bit better than than please. Thanks