New beginnings

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User_060921
User_060921 Posts: 108 Forumite
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in Debt free diaries
Okay, lets do this diary thing.

Maybe it will help when times get tough.

£65k in debt.

DMP starts on November 1st.

Payments of £335 PCM

All creditors are aware, most were great (apart from Virgin).

Stepchange are managing my plan. I aim to give it 6 months and review.
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  • enthusiasticsaver
    enthusiasticsaver Posts: 15,595 Ambassador
    First Anniversary First Post Name Dropper I've been Money Tipped!
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    Good luck. Have you done a plan for not overspending and a budget and got an emergency fund in place?
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
  • ThatKiss
    ThatKiss Posts: 239 Forumite
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    Happy shiny new diary. Been reading your thread elsewhere so tagging along for the ride.

    Good luck!
    Debt-Free Diary
  • User_060921
    User_060921 Posts: 108 Forumite
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    Yes new budget, and a £1200 emergency fund.

    New bank account sorted.

    Nervously happy about the road forward
  • Iwantanewlife
    Iwantanewlife Posts: 443 Forumite
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    Good Luck on your journey!
    My debt free journey, diary and all! New Life Pending :beer:
  • User_060921
    User_060921 Posts: 108 Forumite
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    I am going to pop up a new little thread about this.

    So, i have still not missed any payments, strictly speaking, but i have told all my creditors about my predicament.

    Today I have received a default notice from American Express demanding full payment or they will cry!

    From reading other posts i am hoping this is actually a good thing?
  • findingthisdifficult
    findingthisdifficult Posts: 477 Forumite
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    Happy New Diary, there will be times that this journey will be tough but it will be totally worth it.
    I find reading other's diaries keeps me positive when the harder times hit.

    Glad you've got your EF in place, I'm still working on mine....it's a slow burner at the moment.
    Wobbling my way out of debt one month at a time

    Credit Card £0/£3,161 0% interest PAID IN FULL 29/01/2021
    Loan £0/£23,179 5.4% PAID IN FULL 31/08/2020
    Total £0/£26,340 100%
    DEBT FREE AS OF 29/01/2021

    wobbling-my-way-out-of-debt

  • User_060921
    User_060921 Posts: 108 Forumite
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    Little bit of an update.

    I have eight debts and these are the responses thus far

    Halifax x 3 (credit card/overdraft/loan) - they have agreed the DMP albeit they were at pains to point out its not an official agreement.

    Barclaycard - 30 day breathing period no other contact

    Virgin credit card - agreed to DMP

    Nationwide loan - 30 day breathing period acknowledged - no other contact

    American Express - defaulted me immediately

    MBNA - 30 day breathing space acknowledged - no other contact
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    First Anniversary Name Dropper First Post I've been Money Tipped!
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    Welcome and best of luck on your journey.

    Dxxx
  • User_060921
    User_060921 Posts: 108 Forumite
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    I have found the watching of the purse strings to be both empowering and stressful.

    My wife is fully aware of what’s happened and why, so that does help to reign her in too.

    Part of me does wish I had just not paid anything for a few months and then started the dmp.

    However - rightly or wrongly, that didn’t sit well with me.

    I get paid on the 15th if the month - so we are only 8 days in. Typically, my boiler needs a repair, and my daughters laptop has broken which has frustrated my mood a little.

    But, I am at least at peace with my decision making and by god will I win this battle
  • enthusiasticsaver
    enthusiasticsaver Posts: 15,595 Ambassador
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    Ok well you have your emergency fund so that is good. You can ask to delay the DMP but I would get quotes for essential repairs (presumably boiler?) and your wife has to pay half. The laptop can wait until next month and your daughter can use the school library for homework.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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