DMP Mutual Support Thread - Part 12
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.....you have done well to have cleared that amount of debt in only a few years. Ours will take years, even if we go back to what we were paying before going SM, so hoping for some F&F's in the not too distant future.
I think I know we are doing the right thing, playing the long game. But it makes me feel slightly guilty that we are not paying it back quicker.
That's kind of you to say, but in truth our repayments were crippling. For 3 1/2 to 4 years of living hand to mouth because we had the (wrong) mindset that it was best to knuckle down and get the debts paid off as quickly as possible, regardless of the hardship it caused us. At one point it put me into a spiral of depression and I retreated into a bit of a shell and for a good time stayed away from this forum because I really just couldn't handle it. I can't recall what brought me back - but on my return I started to read more and more about people taking control and going self-managed and that's when I had my 2nd lightbulb moment.
That's why I say over and over again to new DMPers to not rush into things, to take stock and build up EFs. Also to not be bullied or pressurised by creditors and/or DCAs. It's also why I advocate that people should research this thread and other platforms -because knowing your rights and gaining knowledge is power.
I understand where your 'guilt' stems from and how the years ahead may seem daunting -but you are in a better place today than you were when you started -and as each month/year rolls past, your situation improves (even if just by a small margin). There are folks out there who duck and dive to avoid their financial commitments - that's not what you are doing, rather you are handling things at your own pace and you are taking control of your financial future :T0 -
Hi, stepchange have now contacted all my creditors with payment offers. Default notices if i dont pay are starting to trickle in mow. What do o do about these? Do i ignore or contact the credit card companies? Thanks0
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Hi, stepchange have now contacted all my creditors with payment offers. Default notices if i dont pay are starting to trickle in mow. What do o do about these? Do i ignore or contact the credit card companies? Thanks
They are standard legal notices they must send by law.
Ignore them.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it 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.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
so I've started to call the people owe money too. most have recommended contacting SC and asking them to do all the work for me. Is this something that anyone can recommend?
Also, I have 2 cards with 0% interest and I am loathed to contact them about my situation as i'm paying my debt to them @ 0% so contacting them would change that. God, I don't know what to do.
I'm in the middle of filling in the SC debt remedy tool....
How did you all build up your emergency fund?£38,000 and change to £00 -
OK I've just called Stepchange and i can pay back the money I owe in 5 yrs and 5 months....I cried when I said thank you to the lady on the phone. She was so utterly lovely... For now I think I will do Stepchange as I cannot cope with contacting all CC's individually.£38,000 and change to £00
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This site is excellent. I am so thankful to everyone on here for putting up there stories and offering advice. Yesterday I was having a meltdown worrying about contacting my creditors but thanks to good advice on here I have now contacted 5 of the 9 and they have been really supportive.
Marks and spencer have put a hold on my account for 30 days
Mbna stopped all interest and charges for 30!!!8217;days
Post office put a hold on interest and charges for 2 months
Lloyds wouldn!!!8217;t stop interest but put a hold on overdraft fees for 30 days
This gives me a chance to set up my payments and sort paperwork with Stepchange.
I can!!!8217;t believe I have actually started contacting them. Still have santander., shawbrook and Barclays to go but it doesn!!!8217;t seem as daunting now.
Obviously this is very early stages for me but this thread has made it so much easier and really reassured me. Thank you everyone.0 -
This gives me a chance to set up my payments and sort paperwork with Stepchange.
I can!!!8217;t believe I have actually started contacting them. Still have santander., shawbrook and Barclays to go but it doesn!!!8217;t seem as daunting now.
Obviously this is very early stages for me but this thread has made it so much easier and really reassured me. Thank you everyone.
I've just contacted Barclays, they were amazing. Good luck my friend...i'm with you every step of the way.£38,000 and change to £00 -
We started off paying a lot more per month with SC for the first 6 months and then I got made redundant and rushed into a job that was way out of my comfort zone and way too many hours for me, just because I wanted to get debts paid. Like you, it made me ill and I ended up on the sick with anxiety for a while. So now I have a job I love but not so many hours.That's kind of you to say, but in truth our repayments were crippling. For 3 1/2 to 4 years of living hand to mouth because we had the (wrong) mindset that it was best to knuckle down and get the debts paid off as quickly as possible, regardless of the hardship it caused us. At one point it put me into a spiral of depression and I retreated into a bit of a shell and for a good time stayed away from this forum because I really just couldn't handle it. I can't recall what brought me back - but on my return I started to read more and more about people taking control and going self-managed and that's when I had my 2nd lightbulb moment.
That's why I say over and over again to new DMPers to not rush into things, to take stock and build up EFs. Also to not be bullied or pressurised by creditors and/or DCAs. It's also why I advocate that people should research this thread and other platforms -because knowing your rights and gaining knowledge is power.
I understand where your 'guilt' stems from and how the years ahead may seem daunting -but you are in a better place today than you were when you started -and as each month/year rolls past, your situation improves (even if just by a small margin). There are folks out there who duck and dive to avoid their financial commitments - that's not what you are doing, rather you are handling things at your own pace and you are taking control of your financial future :T
Think I will feel better about it in a few months when we are in a position to offer some F&F's maybe. One debt is down to under £200 so I intend to get that one paid in a couple of months and will feel better to have one completely gone.:T0 -
As my name suggests, I am new to DMP land, My first payment to SC is next week. I just wanted to reassure others just starting out. Please don't be sick with worry about contacting creditors, to tell them of your financial difficulties. I was in such a state I took a day off sick from work (my first sickie in 2 years) to call all 10 of my creditors. It really wasn't a traumatic experience at all, they were all matter of fact about it, well they would be as it's their job! I think SC or whoever your DMP is with can do this for you if you are starting your DMP right away. I needed to start that EF before I signed up, so called creditors & asked for the 30-day breathing space, which most extended for a further 30 days. It really isn't awful at all, they are just people doing their job. Take a deep breath, pick up the phone and get it over and done with. In the grand scheme of all things, its just phone conversations. You can then relax in knowing you have taken the first step to eventual financial freedom. :-)0
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Hi All,
I've been on a DMP for about 10 years. the last company were really good but no longer exist. i was transferred to Gregory Pennington and have found them to be very aggressive in their approach. I feel likeIi did at day 1 again. inadequate and useless.
I cancelled my DD in protest and rang someone else a free 'pay plan'company (yes in haste).
I am looking at doing the DMP myself but am not experienced in this area. I have a few questions if anyone could help me. I am scared of doing this but i know once I've done the first one i will feel happier about what i am doing.
are these companies approachable
what do they need from me
is it best to call them or send them a letter. ( i have been advised to ring them for a grace month whilst i sort this out as i cancelled the direct debit)
thank you0
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