DMP Mutual Support Thread - Part 12

Options
1…451452454456457…491

Comments

  • backandevenmorebroke
    backandevenmorebroke Posts: 31 Forumite
    Options
    Thankyou Suseka :)
    Total Debt June 2018 £23,064 /£0 Paid off
    Ultimate Savings Goal £0/£1000
    Holiday Pot £0/£500
  • DMP_Tiger
    DMP_Tiger Posts: 182 Forumite
    First Anniversary
    edited 7 August 2018 at 1:03PM
    Options
    I used this wording when I sent mine, I was a bit non-committal on the start date:

    As I will no longer have access to credit, Stepchange have advised me to build an emergency fund over the next few months before I begin the ongoing monthly payments. I will therefore be making a token payment of £1.00 per month for approximately 5 months.

    I actually read it on here rather than being advised by Stepchange but "The DMP forum have advised me" didn't sound so good.....
    August 2018: Secured Debt £70,003 Unsecured Debt (DMP) £34,657 Total £104,660 DFD: March 2031
    January 2019: Secured Debt £68,269 Unsecured Debt (DMP) £34,457 Total £102,726 DFD: March 2031
  • Red_Athena
    Red_Athena Posts: 50 Forumite
    Photogenic
    Options
    Ohhh, ok! Maybe that will come later then. I asked for a postal copy as my printer is too dodgy. Thanks :beer:
  • Red_Athena
    Red_Athena Posts: 50 Forumite
    Photogenic
    Options
    That was a reply to Tiger... I can’t figure this out on my phone!
  • BeingDebtFreeStartsHere
    BeingDebtFreeStartsHere Posts: 333 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Options
    Hi everyone,

    Hope everyone is ticking along well in DMP land :)

    I have finally plucked up the courage to go self managed! All letters ready to be sent tomorrow, StepChange cancelled (final payment this month), then plan to start all standing orders to creditors in September pending their responses and standing order details.

    A couple of questions - my payments to all creditors has reduced compared with the amount apid when with SC - due to an increase in mortgage payments and also the amount we need to spend on support for our autistic son. I have explained this in the letter to each creditor and enclosed an updated I&E. Do you think the creditors will be happy with this or are they likely to challenge the reduced payments?

    Has anyone experienced any difficulties when moving to self managed from SC??

    Anxious but excited (sad I know!!) to be more in control of our finances :)

    Thanks in advance.

    BDFSH x
  • motivated
    motivated Posts: 3,044 Forumite
    First Anniversary Photogenic First Post PPI Party Pooper
    Options
    BeingDebtFreeStartsHere wrote: »
    Hi everyone,

    Hope everyone is ticking along well in DMP land :)

    I have finally plucked up the courage to go self managed! All letters ready to be sent tomorrow, StepChange cancelled (final payment this month), then plan to start all standing orders to creditors in September pending their responses and standing order details.

    A couple of questions - my payments to all creditors has reduced compared with the amount apid when with SC - due to an increase in mortgage payments and also the amount we need to spend on support for our autistic son. I have explained this in the letter to each creditor and enclosed an updated I&E. Do you think the creditors will be happy with this or are they likely to challenge the reduced payments?

    Has anyone experienced any difficulties when moving to self managed from SC??

    Anxious but excited (sad I know!!) to be more in control of our finances :)

    Thanks in advance.

    BDFSH x

    Hi BDFSH
    When I went from SC to self managed I also reduced payments. I did exactly as you are doing and wrote to each one explaining the circumstances etc. All of our creditors were fine with it.

    Good luck
    M
    Emptying my lake with a teaspoon
  • LexieLou
    LexieLou Posts: 714 Forumite
    Debt-free and Proud! Name Dropper First Anniversary Combo Breaker
    Options
    Monumental mess up with my DMP...so cross with myself, especially as I have been faffing about with it for weeks. I got my fuel wrong and I mean massively wrong. By £130 a month wrong. I travel huge distance to work as my job is so specialised, and I gave the wrong figure.

    I only noticed this when I was doing my own spreadsheet for my monthly bank accounts, you know to divide the money up for the month etc.

    At this stage I don't care how much longer it adds to my DMP, I am just really worried that SC are going to think I am taking the proverbial - which I am not as I keep all my fuel receipts. I'm not even worried about my creditors as they have made their money on me many times over and they will get what I can afford and if they don't like it, well that's life.

    Someone please talk me off the edge!

    Thanks

    LL

    xx
    £38,000 and change to £0
  • Suseka97
    Suseka97 Posts: 1,562 Forumite
    First Anniversary First Post Name Dropper
    Options
    BeingDebtFreeStartsHere wrote: »
    ......I have finally plucked up the courage to go self managed! All letters ready to be sent tomorrow,
    A couple of questions - my payments to all creditors has reduced compared with the amount apid when with SC - due to an increase in mortgage payments and also the amount we need to spend on support for our autistic son. I have explained this in the letter to each creditor and enclosed an updated I&E. Do you think the creditors will be happy with this or are they likely to challenge the reduced payments?
    BDFSH x

    Good for you :)

    I can see motivated has already responded and hopefully your experience will be very much the same. But if any creditors throw a wobbly, just stick with the plan and pay the amount you've provided with the I&E as backup. You can only pay what you can afford, its that simple.

    Good luck.
  • Suseka97
    Suseka97 Posts: 1,562 Forumite
    First Anniversary First Post Name Dropper
    Options
    LexieLou wrote: »
    Monumental mess up with my DMP...so cross with myself, especially as I have been faffing about with it for weeks. I got my fuel wrong and I mean massively wrong. By £130 a month wrong.
    ......... I am just really worried that SC are going to think I am taking the proverbial - which I am not as I keep all my fuel receipts. Someone please talk me off the edge!
    Thanks LL xx

    Okay, step away from the edge......:D

    Look, we can all make mistakes and things like this happen from time to time. So just take a deep breath and calm down. Then call SC and tell them about the error and they'll adjust the DMP. They'll be fine and, as you've said, you have the receipts to prove it.
  • BeingDebtFreeStartsHere
    BeingDebtFreeStartsHere Posts: 333 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Options
    motivated wrote: »
    Hi BDFSH
    When I went from SC to self managed I also reduced payments. I did exactly as you are doing and wrote to each one explaining the circumstances etc. All of our creditors were fine with it.

    Good luck
    M
    Suseka97 wrote: »
    Good for you :)

    I can see motivated has already responded and hopefully your experience will be very much the same. But if any creditors throw a wobbly, just stick with the plan and pay the amount you've provided with the I&E as backup. You can only pay what you can afford, its that simple.

    Good luck.

    Thank you both so much! Fingers crossed they all accept the offers and it all goes smoothly :)

    Motivated - can I ask how much you reduced your payments by? We have reduced ours to between half and two thirds of what we were paying with SC. All explained in each letter and backed up with I&E details.

    How long did it take the creditors to respond? Wondering now if I should have posted the letters via recorded delivery so I know they have arrived!

    Have paid the last SC payment on 1st August. Was planning on starting my self managed payments at the end of September as I am paid on 28th of each month. This would mean I could save the payment that would have been sent to SC from my August 28th pay giving me a "free" month not paying creditors to save a bit more in my emergency fund :) Do you think this is ok or bit cheeky!!!!

    Thanks again for all your advice :)

    BDFSH x
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.3K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 248K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards