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    • Fusterclucker
    • By Fusterclucker 12th Oct 19, 12:23 PM
    • 24Posts
    • 26Thanks
    Done the maths - S**t my pants
    • #1
    • 12th Oct 19, 12:23 PM
    Done the maths - S**t my pants 12th Oct 19 at 12:23 PM
    All the paperwork is done, all creditors contacted and Stepchange have started my DMP - with my first payment going out on November 1st.

    I knew my finances were shot, but having been robbing peter to pay paul for many many many years, i have had my head very firmly in the sand.

    I have NEVER missed a payment, and my credit score is good and if i am honest, that is the biggest reason i have not 'wanted' to formally sort things out in a long term fashion.

    My job is such that financial difficulties are frowned upon, which is the main reason we are going down the DMP rather than IVA route.

    Gulp - here we go - I am 65,000 in unsecured debt. Lots of reasons for it, but a large part of that number is entirely my fault.

    My take home pay is 2150.

    I pay 1700 each month in debt repayments.

    The DMP is for 335 per month and it will take 15 years to clear my debts albeit i am targeting actually doing it in 10.

    Found myself dreading the post man arriving for the past few days, and I have received three letters from people i owe money to, who said they would not contact me for 30 days. Harumph.

    Thanks for listening, i needed to share.
    Last edited by Fusterclucker; 12-10-2019 at 12:26 PM. Reason: Cos i can
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    • Suseka97
    • By Suseka97 15th Oct 19, 6:20 AM
    • 826 Posts
    • 922 Thanks
    I just wanted to jump on and add my support.

    You've done the right thing and an informal solution such as a DMP seems to be the right route for you. I certainly would not give up a career such as yours because of debt. 65k is a lot, for sure, but once the DMP is up and running - it'll just tick along and you can look forward to a better future.

    Do keep an eye on those defaults - to make sure that happens in a reasonable timeframe. You should be chasing them once your DMP has been running around 3 - 6 months. Some creditors like to apply AP/AR markers - something you don't want, but hopefully most of yours will just default.
    • Pinkydoodah
    • By Pinkydoodah 15th Oct 19, 3:56 PM
    • 2 Posts
    • 4 Thanks
    Didn't want to read and run, but wanted to add my bit. Well done on grabbing your debt by the horns and making a start. If it's any consolation to you, in July 2011 my husband and I had 88,441.78 worth of unsecured debt. Yes you read that correctly. Redundancy, illnesses and downturn in building trade were to blame in our case, but we kept on spending like no tomorrow. I contacted all my creditors, and every single one without exception suspended interest rates and we came to a mutual payment plan. We're now sitting at 12,200. Still a way to go, but a helluva lot better than nearly 90K. Snowballing definitely helped us, plus a realisation that we couldn't go on with sleepless nights and dread of the postie or phone ringing. Keep up your momentum and it can be done with determination.
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