Tiger's DMP Journey

DMP_Tiger · 22 July 2018 at 9:56AM

enthusiasticsaver wrote: »

Good luck on the DMP. How old are your children? Can your wife return to work now as presumably if you have been married 26 years they are older now?

Children are 24 (moved out), 22 (wish she would move out...) and 13.

13 year has health issues and has lots of hospital/doctors appointments and also lots of time off school so virtually impossible for my wife to hold down even a part-time job. Hopefully this will change as my daughter gets older, which is why my current DFD of 2048 doesn't frighten me too much. Although it does give me a good excuse to use my favourite emoji :eek::eek:

DMP_Tiger · 23 July 2018 at 4:29PM

Right then! Diary update!

I have sent Income and expenditure details to all of my (5) creditors. Some have replied, some haven't. It's all a bit muddly at the moment. I have told creditors that I will be paying £1 per month until September and then starting my DMP properly.

I will feel better when everything is up and running and creditors have accepted my very small monthly payment. None of them have so far but it is very small because that's all I can afford for now.

I'm reluctant to name my creditors as I have a weird paranoid fear that they will read my diary and identify me :eek:

Creditor 1: Loan. Biggest creditor, not heard anything from them other than letters telling me that I am in arrears (I already knew that because I cancelled the DD in May).

Creditor 2: Loan. Have accepted £1 per month token payment, have stopped interest and charges, to be reviewed in September.

Creditor 3: Credit Card. Interest and charges stopped for now, waiting to hear back after sending them I & E.

Creditor 4: Credit Card. have received letter acknowledging that I can't pay monthly payment but will accept £xx. I can't afford that either. Not sure what to do so I haven't done anything :rotfl:

Creditor 5: Credit card. They haven't acknowledged any of my letters or my I & E, interest piling up. I should phone them really but I'm a bit scared so I might write to them again. I did pay them £1 in May and June but they don't seem very grateful...

Payday on Friday, looking forward to that! We have run out of money and it's the first week of school hols. We budgeted quite well but July has been an expensive month and we don't have anything in the savings pots yet.

At least we didn't use the credit cards. Although we probably would have if they still worked :rotfl::rotfl:

DMP_Tiger · 24 July 2018 at 11:28AM

Just checked credit report on Clearscore. Late payments registered on 4 out of 5 accounts. Not sure why the 5th one said we'd paid, that one hasn't even had £1 because they haven't told me where to send it to!

Never had any late payments before, looks a bit weird but it's the first step along the road to defaults - that's where I want to be!

DMP_Tiger · 24 July 2018 at 4:25PM

It's hot.

I need Ice cream.

That is all I have to say.

motivated · 24 July 2018 at 7:59PM

The best I can do I'm afraid

Thinking about credit scores and defaults. We too had never missed a payment and our credit scores were good. But for us that wasn't a good thing as our credit limits kept on increasing and hence the boat were in now.

Our credit score became irrelevant to us pretty quickly. Once you come to terms with knowing your creditors are not going to come bashing your front door down ( I actually thought this would happen)

. You will be wanting the defaults to come in quickly. Ours did except for Halifax who I had to badger a bit but eventually they caved in and defaulted us.

Then you will know that the interest etc will stop and every penny you pay towards your debt will come off the total and move the debt in the right direction.

You have already tackled the hardest part of the DMP journey

Good luck
M

MovingForwards · 24 July 2018 at 8:08PM

Do a SAO, you dont have to list who the money is owed to, it will give you an idea as to where you could trim back a little.

I know you say Mrs Tiger cant work due to appointments etc, but if you work in the day there is nothing stopping Mrs Tiger doing one or two evenings / weekend to bring in a little bit of money and much needed breathing space. Or she could go to night school and bag a few qualifications to bring her up to the way of the employment world nowadays, there are plenty of free ones amd it would give her chance to focus on what she fancies doing when she returns to work.

Good luck with it all, i'm sure everything will work out well

DMP_Tiger · 25 July 2018 at 9:36AM

motivated wrote: »

The best I can do I'm afraid

Thinking about credit scores and defaults. We too had never missed a payment and our credit scores were good. But for us that wasn't a good thing as our credit limits kept on increasing and hence the boat were in now.

Our credit score became irrelevant to us pretty quickly. Once you come to terms with knowing your creditors are not going to come bashing your front door down ( I actually thought this would happen) . You will be wanting the defaults to come in quickly. Ours did except for Halifax who I had to badger a bit but eventually they caved in and defaulted us.

Then you will know that the interest etc will stop and every penny you pay towards your debt will come off the total and move the debt in the right direction.

You have already tackled the hardest part of the DMP journey

Good luck
M

Yay! Ice cream! Thank you :rotfl:

Yes, want defaults sooner rather than later, all a bit going nowhere at the moment while accounts are on hold and creditors are perusing my I & E.

I want to fast forward 6 months to see where I will be......

motivated · 25 July 2018 at 9:41AM

DMP_Tiger wrote: »

Yay! Ice cream! Thank you :rotfl:

Yes, want defaults sooner rather than later, all a bit going nowhere at the moment while accounts are on hold and creditors are perusing my I & E.

I want to fast forward 6 months to see where I will be......

I know the feeling of wanting things to go quickly. I'm feeling a little like that today.

Try to focus on building an emergency Fund and sorting out the small pots you will need for things like car insurance, tax etc. It may take your mind off the bigger picture for a while.

Our creditors acted fairly quickly for us and things settled down so quickly. Hopefully they will for you too
M

DMP_Tiger · 25 July 2018 at 9:44AM

MovingForwards wrote: »

Do a SAO, you dont have to list who the money is owed to, it will give you an idea as to where you could trim back a little.

I know you say Mrs Tiger cant work due to appointments etc, but if you work in the day there is nothing stopping Mrs Tiger doing one or two evenings / weekend to bring in a little bit of money and much needed breathing space. Or she could go to night school and bag a few qualifications to bring her up to the way of the employment world nowadays, there are plenty of free ones amd it would give her chance to focus on what she fancies doing when she returns to work.

Good luck with it all, i'm sure everything will work out well

Hi, thank you for your thoughts. I could do an SOA but I know where all of our money goes and as long as creditors accept my I & E and small initial repayments then I don't want to cut anything out. Maybe we shouldn't have Sky TV, but we like watching sports, movies and box sets so that's what we do instead of going out. If push came to shove we can cut it out but not at the moment.

Mrs Tiger is looking at finding part time work in September when my daughter is back at school. She has her own health problems so is limited what she can do - supermarket shelf stacking is a non-starter for example, but that is something that we are looking at.

Our DMP is going to be a long haul and I am planning on going down the route of small payments and then F & F settlements a few years down the line so I am in no hurry to shave a few pounds off the expenditure.

DMP_Tiger · 25 July 2018 at 9:46AM

motivated wrote: »

Try to focus on building an emergency Fund and sorting out the small pots you will need for things like car insurance, tax etc. It may take your mind off the bigger picture for a while.

M

Yep, that;'s exactly what we are doing - thank you.

Tiger's DMP Journey

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