New DFW!!!

purplepuma

Hi all,

I have been on this site since my LBM back in July 2007. My spending was exceeding my income and my direct debits were bouncing... that's when a friend recommended me to MoneySavingExpert.

I tried ccs and payplan, but as my actual debts didnt exceed my income (ie I could meet the minimum payments on my cc's etc) they didnt want to know.

I then discovered Byrom & Keeley - one of the DMP companies which charge for their services. I spoke to a really helpful advisor who said they would deal with everything for me, that he would make offers to my creditors and not to worry about a thing.... how naive was I???!!!

Not sure if anyone else has had experience of this company, but after 6 months on the plan, I discovered that they were paying my creditors late, incurring more fees and was being threatened by solicitors and various nasty phone calls. That's when I went back to MSE and discovered that I could in fact deal with my creditors directly by setting up my own DMP and making offers to my creditors myself (I calculated how much I should pay to each using a calculator on National Debtline). I cancelled my standing order with B&K and sent letters to my creditors directly. Within 2 months, all was agreed in writing and I can now see my debt reducing each month... it's a great feeling.

So I just wanted to warn any new DFW's not to go down the DMP through a company like B&K who charge for their services, it really isnt worth it. I now feel like a weight has been lifted and I can actually start planning for my future.

DEBT FREE DATE 2012 :rolleyes: but will try to improve this as I have had a wage increase this year

Lastly - a BIG thank you to all the support out there. You have been an inspiration to me x

Good luck everyone :j

bank_of_slate

Hi Purple and welcome!
once you're a MSE member you never look back!
...Linda xx

andan

Purplepuma, sorry to hear what happened with the DMP company and well done for wising up to it. If you need any more advice or help why not post your statement of affairs and people could have a look to see where any cuts could be made. Well done on the progress youve made so far.

poorandindenial

Hi Purplepuma

Sorry that you got stung by those muppets, well done on sorting it out though, it is so much easier to bury your head in the ground so don't underestimate what you are doing now.

Sooooooo - are we going to see more of you now you have taken the plunge??? We do like to see how people are getting on (nosey like that you see)


There is a Long Haul supporters thread for those of us who will be here for a while, I'll post a link in a second but come join us on that for a bit of moral support. Oh and have you had a rummage through the various challenges. I am doing the 'pay £20000 by xmas 2008' one, you can set your own amount but it is really good for encouraging you to overpay to clear sooner rather than later.

Anyhow, I am rambling now, I just wanted to say hi and welcome really, oh and a thank you for sharing your experience with people.

EDIT: Link as promised

hypno06

Good for you, and well done on making the switch away from the fee charging company.

Stick around - there is so much support and info here, that you will soon get that debt free date brought forward!