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DMP & Mutual Support Thread - Part 10

edited 30 November -1 at 1:00AM in Debt-Free Wannabe
5K replies 594.6K views
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  • Hi everyone,


    Jon, really pleased all went ok for you. Bet its a huge relief.


    One minute I've got my head round what I've got to do and the next I'm doubting everything so quick question.


    I've sent letters off to all my creditors explaining the situation and giving them stepchange ref no. The only thing is if I can I want to start DMP in couple of months so I can save emergency fund. Got nothing at mo. In the meantime as far as I understand for those couple of months I send token payments to them. Have I got that right? I got postal orders in the week and I was going to send token payment to credit card people but the young girl said no. So now am a bit confused.


    Thanks everyone.
    £12,432 - debt free February 2018 :j
  • PuzzcatPuzzcat Users Awaiting Email Confirmation
    4.2K posts
    Hi everyone,


    Jon, really pleased all went ok for you. Bet its a huge relief.


    One minute I've got my head round what I've got to do and the next I'm doubting everything so quick question.


    I've sent letters off to all my creditors explaining the situation and giving them stepchange ref no. The only thing is if I can I want to start DMP in couple of months so I can save emergency fund. Got nothing at mo. In the meantime as far as I understand for those couple of months I send token payments to them. Have I got that right? I got postal orders in the week and I was going to send token payment to credit card people but the young girl said no. So now am a bit confused.


    Thanks everyone.

    Hi,
    Yes doing token payments is a good idea and you need to tell SC when you want to start the dmp so they can tell the creditors. I posted a template a few pages back that you can send to each creditor each month until the dmp starts. You need to pay a token payment a £1 to each every month is fine. I did 3 months of tokens before starting.
    Puzz.x
    Christmas 2020 £109
    I love my dmp started in Nov 13 with SC. Self Managed 2016 57% done
    £60062/25384.84 - 13222.60k UE

    MY DIARY
    http://forums.moneysavingexpert.com/showthread.php?t=4768685
  • Brilliant, thanks Puzz. Will go and look at template.
    £12,432 - debt free February 2018 :j
  • FuzzyDFFuzzyDF Forumite
    147 posts
    Apologies newbies and oldies that I haven't been on here for a while! I'll have a read through most of the posts I've missed out on (promise).

    DMP has been running smoothly since it began (have managed to pay £4,000) off in a year. I also landed myself a new job therefore I upped my payment to SC after my review.

    My new job has not been so fine and dandy as I have a boss who is making me do the work of 3 people and in short I am not coping with the workload. He is basically setting me up to fail. Have approached HR but they say that there is nothing that they can do. As I am on a six month probationary period he can give me a weeks notice at any time should he be unhappy. He's given me two weeks (how lovely). I'm obviously in a bit of a panic as I won't have a job in a fortnight and I won't be able to fork out £400 to step change. I plan to do some temping in the interim but that doesn't pay too well.

    Bit stuck.....would appreciate the kind advice that I normally get on here.
    LBM 2 June 2014
  • PuzzcatPuzzcat Users Awaiting Email Confirmation
    4.2K posts
    FuzzyDF wrote: »
    Apologies newbies and oldies that I haven't been on here for a while! I'll have a read through most of the posts I've missed out on (promise).

    DMP has been running smoothly since it began (have managed to pay £4,000) off in a year. I also landed myself a new job therefore I upped my payment to SC after my review.

    My new job has not been so fine and dandy as I have a boss who is making me do the work of 3 people and in short I am not coping with the workload. He is basically setting me up to fail. Have approached HR but they say that there is nothing that they can do. As I am on a six month probationary period he can give me a weeks notice at any time should he be unhappy. He's given me two weeks (how lovely). I'm obviously in a bit of a panic as I won't have a job in a fortnight and I won't be able to fork out £400 to step change. I plan to do some temping in the interim but that doesn't pay too well.

    Bit stuck.....would appreciate the kind advice that I normally get on here.

    Hi Fuzzy,
    You can only pay what you can afford and if that is back to token payments then so be it.
    Puzz.x
    Christmas 2020 £109
    I love my dmp started in Nov 13 with SC. Self Managed 2016 57% done
    £60062/25384.84 - 13222.60k UE

    MY DIARY
    http://forums.moneysavingexpert.com/showthread.php?t=4768685
  • Sazzie23Sazzie23 Forumite
    2.6K posts
    Post of the Month
    Puzzcat wrote: »
    Hi Fuzzy,
    You can only pay what you can afford and if that is back to token payments then so be it.
    Puzz.x

    Hi Fuzz, sorry to hear that, bit pants, but at least you won't be stuck in a job you hate with someone sho doesn't appreciate you:mad:

    The right job will come along soon, remember you've been making the payments while you can, you are still one one of the good guys and not running away, you are just reducing payments for a while. SC will accept £5 per creditor if that's all you can afford, I thin they suspend the DMP if it's goes below that.

    Yes it might push the DFD back for a bit, but bigge r picture, you'll, be happier and might be on for finding an even better job. Is there any point looking at previous job again?

    You know where we are
    Debt -it's a fight that I'm winning, dealing with debt one day at a time.
    Estimated DFD August 2018 - 2031 - now 2027 :T
    Guide dog Tess, missing Scotland 2 years
    DMP support no438.
  • Sazzie23Sazzie23 Forumite
    2.6K posts
    Post of the Month
    Hi everyone,


    Jon, really pleased all went ok for you. Bet its a huge relief.


    One minute I've got my head round what I've got to do and the next I'm doubting everything so quick question.


    I've sent letters off to all my creditors explaining the situation and giving them stepchange ref no. The only thing is if I can I want to start DMP in couple of months so I can save emergency fund. Got nothing at mo. In the meantime as far as I understand for those couple of months I send token payments to them. Have I got that right? I got postal orders in the week and I was going to send token payment to credit card people but the young girl said no. So now am a bit confused.


    Thanks everyone.

    Yeah I had that advice once when I went back to tokens, I'm not sure if it's because it costs them to process payments or because they are trying to be kind and make sure you are ok financially (yes really), or is there some deeper financial meaning?

    I still did the tokens though, it proves you are still there, still communicating, still intending to pay. Oh and for anyone on tokens, or reducing, the only thiing that's happened to me is that I have had interest cut and defaults on 2 more of my debts, actually I'm now paying more off my HBOS now than I was before I reduced payments!

    Despite this, Ilve still got that DFD of 2018 in my mind, I just need to figure out how to get to it. :D. That's the whole point of my DMP.
    Debt -it's a fight that I'm winning, dealing with debt one day at a time.
    Estimated DFD August 2018 - 2031 - now 2027 :T
    Guide dog Tess, missing Scotland 2 years
    DMP support no438.
  • FuzzyDFFuzzyDF Forumite
    147 posts
    Thank you guys. Wise words and a bit of comfort from you as always. I shall look forward and not back.

    Will get onto SC in the morning.
    LBM 2 June 2014
  • fermifermi Forumite
    40.6K posts
    Intrepid Forum Explorer Rampant Recycler Newshound! Car Insurance Carver!
    ✭✭✭✭✭
    It is that time again, so please continue on the:

    DMP & Mutual Support Thread - Part 11

    Thank you everyone. :)
    I'm a Board Guide on the Debt-Free Wannabe, Bankruptcy, Credit Cards and Loans boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to [email protected]

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