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    • startsomewhere
    • By startsomewhere 9th May 18, 10:05 PM
    • 7Posts
    • 1Thanks
    startsomewhere
    DMPs and support/advice ??
    • #1
    • 9th May 18, 10:05 PM
    DMPs and support/advice ?? 9th May 18 at 10:05 PM
    Hi all,

    I've much like you all sadly gotten myself into a mess with my finances over the years... Its now accumulated to the point where I can't pay them all after priority bills.

    I'm just wondering what the next steps should be if I DMP? I am in debt to the below lenders and am 1 month over credit with the credit cards and store card (but did pay minimum payment) but am not sure what I should do... I've an appointment with the Citizens Advise next week but would appreciate your thoughts. I've been looking at Step Change too and soon all your hopeful messages

    2 credit cards
    1 store card
    Overdraft
    Personal loan
    Payday loan

    I'm in the process of setting up a new direct debt for work. Should I be asking them to freeze stuff now? I'm really concerned the payday loan will debt as well as the overdraft swallow my wages. Should I cancel all my direct debts?

    I'm starting budgeting but am not sure about food and expenses having been in debt for so long - what is the average cost for a singleton does anybody know? Is there any debtors I should prioritise?

    Sorry for rambling - I'm just a bit anxious and am uncertain!

    Thanks in advance
    M
    Last edited by startsomewhere; 10-05-2018 at 12:20 PM.
Page 1
    • Slytherin
    • By Slytherin 9th May 18, 11:15 PM
    • 40 Posts
    • 46 Thanks
    Slytherin
    • #2
    • 9th May 18, 11:15 PM
    • #2
    • 9th May 18, 11:15 PM
    If you haven't already, please read the first post in the mutual support thread. It's absolutely essential (imo) and covers all the main concerns you've probably got.
    • startsomewhere
    • By startsomewhere 9th May 18, 11:37 PM
    • 7 Posts
    • 1 Thanks
    startsomewhere
    • #3
    • 9th May 18, 11:37 PM
    • #3
    • 9th May 18, 11:37 PM
    If you haven't already, please read the first post in the mutual support thread. It's absolutely essential (imo) and covers all the main concerns you've probably got.
    Originally posted by Slytherin
    Thank you! It was a great starting point. I'm yet start the DMP but it is highly likely unless I can come to an agreement with six lenders.

    I do still have some questions though - do I cancel direct debits and let my loan and overdraft provider know I'm having financial difficulty first and offer to make a reduced payment? I've set up a new bank account.

    The payday loan I am particularly concerned about - is the sooner the better I notify them or wait until the day before to let them know the payment won't be accepted and make an agreement? How long does it take to set up a DMP? Should I wait until after my next payday?

    I'm in about 12000 of debt and earn 1750 and wonder living costs etc too.

    Thanks again.
    Last edited by startsomewhere; 09-05-2018 at 11:40 PM.
    • sourcrates
    • By sourcrates 9th May 18, 11:41 PM
    • 14,023 Posts
    • 13,280 Thanks
    sourcrates
    • #4
    • 9th May 18, 11:41 PM
    • #4
    • 9th May 18, 11:41 PM
    Thank you! It was a great starting point. I'm yet start the DMP but it is highly likely unless I can come to an agreement with six lenders.

    I do still have some questions though - do I cancel direct debits and let my loan and overdraft provider know I'm having financial difficulty first and offer to make a reduced payment? I've set up a new bank account.

    The payday loan I am particularly concerned about - is the sooner the better I notify them or wait until the day before to let them know the payment won't be accepted and make an agreement?

    I'm in about 12000 of debt and earn 1750 and wonder living costs etc too.

    Thanks again.
    Originally posted by startsomewhere
    Cancel all existing payments if your entering debt management.

    Take a couple of months to sort yourself out, let your creditors know of your intentions, otherwise they will continue to take normal payments.

    Once told of your situation, there is a 30/day grace period from collection activity.

    You must be pro-active now.
    Last edited by sourcrates; 09-05-2018 at 11:49 PM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • startsomewhere
    • By startsomewhere 10th May 18, 12:02 AM
    • 7 Posts
    • 1 Thanks
    startsomewhere
    • #5
    • 10th May 18, 12:02 AM
    • #5
    • 10th May 18, 12:02 AM
    Cancel all existing payments if your entering debt management.

    Take a couple of months to sort yourself out, let your creditors know of your intentions, otherwise they will continue to take normal payments.

    Once told of your situation, there is a 30/day grace period from collection activity.

    You must be pro-active now.
    Originally posted by sourcrates
    Thank you for that.

    I effectively want none of my debts to come out when I'm paid to my current current account which also will need stopping as overdraft. Would you advise setting up a temporary arrangement in the meantime with each creditor before waiting for the DMP?

    I'm just concerned as all this will begin when I'm next paid and I won't be able to get myself together before hand and not spoke to creditors. Also I let my bank know now they will stop my account immediately.

    Sorry this is new newbie new right here, literally at the beginning of this journey and my brain is wired

    Thanks again
    Last edited by startsomewhere; 10-05-2018 at 12:07 AM.
    • sourcrates
    • By sourcrates 10th May 18, 6:40 AM
    • 14,023 Posts
    • 13,280 Thanks
    sourcrates
    • #6
    • 10th May 18, 6:40 AM
    • #6
    • 10th May 18, 6:40 AM
    Read my last post again.

    Once you have informed your creditors you are in financial difficulties they should give you at least 30 days breathing space before collection activity will start.

    You simply write or email them, do not ring them, tell them your seeking help from stepchange, and will be in touch with payment proposals in the near future.

    Thats all you need do, then speak to the debt charity, to sort out what happens next.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • startsomewhere
    • By startsomewhere 10th May 18, 10:53 AM
    • 7 Posts
    • 1 Thanks
    startsomewhere
    • #7
    • 10th May 18, 10:53 AM
    • #7
    • 10th May 18, 10:53 AM
    Read my last post again.

    Once you have informed your creditors you are in financial difficulties they should give you at least 30 days breathing space before collection activity will start.

    You simply write or email them, do not ring them, tell them your seeking help from stepchange, and will be in touch with payment proposals in the near future.

    Thats all you need do, then speak to the debt charity, to sort out what happens next.
    Originally posted by sourcrates
    Thank you so much. I've read all of your advice and feel a bit little more settled.

    Do you know roughly how long it takes to set up a DMP? I'm wondering for my future finances (emergency fund etc). I've an appointment with the Citizens Advice next week but am wondering if there is anything I can do in the meantime and to cease some of my immediate concerns/worries - stresss!

    Thanks
    • sourcrates
    • By sourcrates 10th May 18, 11:33 AM
    • 14,023 Posts
    • 13,280 Thanks
    sourcrates
    • #8
    • 10th May 18, 11:33 AM
    • #8
    • 10th May 18, 11:33 AM
    Thank you so much. I've read all of your advice and feel a bit little more settled.

    Do you know roughly how long it takes to set up a DMP? I'm wondering for my future finances (emergency fund etc). I've an appointment with the Citizens Advice next week but am wondering if there is anything I can do in the meantime and to cease some of my immediate concerns/worries - stresss!

    Thanks
    Originally posted by startsomewhere
    Not long, depends how busy stepchange are and how quickl the creditors response is.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
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