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  • FIRST POST
    • DMP_Tiger
    • By DMP_Tiger 30th May 18, 12:18 PM
    • 126Posts
    • 230Thanks
    DMP_Tiger
    Tiger's DMP Journey
    • #1
    • 30th May 18, 12:18 PM
    Tiger's DMP Journey 30th May 18 at 12:18 PM
    Ok here goes with my diary:

    I am in debt to the tune of 34,000
    I know why - because my wife and I have spent more than our incomings for the whole of the almost 26 years that we have been married. We have consolidated numerous times over the years and then got very excited about empty credit cards. This has led to further consolidations and so on and so forth.....

    We were on top of things 3 years ago and the debt was less than 20k and going down nicely but then I got made redundant and had to take a salary cut. the debt has risen to it's current level since then.

    Well enough is enough. We haven't missed a payment to our 5 creditors but only because when we run out of money we have the credit cards. So last week I called Stepchange and will soon be beginning a Debt Management Plan.

    Our finances are joint - we have no money of our own. Marriage is a partnership, my wife has been a stay at home mum as we believed that this would be best for our children so it would be unfair of me to say that my salary is mine. The debts are all in my name so the DMP is mine only but my wife is fully on board with everything.

    So far I have sent letters/secure messages to all of our creditors but haven't yet had any replies (but I only sent them yesterday). I have agreed with Stepchange 5 months of token payments so that I can build up an emergency fund.

    I have cancelled all DD's so nobody will receive May's payment

    I am slightly worried but not as worried as I was a week ago when I was looking at our ever increasing debt and lack of spare money to have a life.

    To be continued.......
Page 3
    • DMP_Tiger
    • By DMP_Tiger 5th Aug 18, 8:27 AM
    • 126 Posts
    • 230 Thanks
    DMP_Tiger
    Thanks M, that's encouraging. I'm looking forward to being able to let the DMP roll on in the background.
    • DMP_Tiger
    • By DMP_Tiger 5th Aug 18, 8:47 AM
    • 126 Posts
    • 230 Thanks
    DMP_Tiger
    Nice day yesterday, went to a traditional English Fete. Spent about 20 so not too bad and did include cold drinks and ice creams for all 4 of us. Then spent another 14 on Sausage and chips on the way home.

    Visiting my parents today so won't spend anything.
    • DMP_Tiger
    • By DMP_Tiger 6th Aug 18, 4:09 PM
    • 126 Posts
    • 230 Thanks
    DMP_Tiger
    Letter from Aqua, they are going to default my credit card on 18th August if I don't pay them lots of by then. I don't have that many to give them so that will be my first default - hooray!!

    They are the only ones at the mo who are piling interest on so a default from them is very good news!
    • motivated
    • By motivated 6th Aug 18, 4:57 PM
    • 2,273 Posts
    • 4,598 Thanks
    motivated
    Letter from Aqua, they are going to default my credit card on 18th August if I don't pay them lots of by then. I don't have that many to give them so that will be my first default - hooray!!

    They are the only ones at the mo who are piling interest on so a default from them is very good news!
    Originally posted by DMP_Tiger
    Hi DMP tiger

    I had this issue with Halifax a while back. I made them fully aware of our situation and they threatened to default numerous times. In the mean time they continued to add interest.

    However, I plucked up the courage to phone them to complain stating they knew our financial situation and I also reminded them they were treating us unfairly and all of our other creditors were freezing interest and charges. ( not quite true but who cares) We were already in financial hardship and they were effectively making it worse by adding interest AFTER I had informed them.

    They responded with 'oh we will be defaulting on such and such a day and will also remove all the interest we added after you had informed us'.

    Go me!
    Try it you never know.
    M
    Last edited by motivated; 06-08-2018 at 4:59 PM.
    I have arrived in DMP land and I like it, I may stay a while

    LBM82,590 Jan17/75,746.91 August 18
    Short term goal 1 =2873.27/2873.27
    PDBX 18 # 31 - 4,399.52/5,000
    Short term goal 2 = Target by Xmas 100/500
    • DMP_Tiger
    • By DMP_Tiger 7th Aug 18, 9:00 AM
    • 126 Posts
    • 230 Thanks
    DMP_Tiger
    Thanks M, you're very brave calling your creditors - I always ignore their calls and voicemails!

    It may come to that though if they don't default, but the letter clearly says that they are going to default on August 18th so fingers crossed.....
    • motivated
    • By motivated 7th Aug 18, 9:25 AM
    • 2,273 Posts
    • 4,598 Thanks
    motivated
    Thanks M, you're very brave calling your creditors - I always ignore their calls and voicemails!

    It may come to that though if they don't default, but the letter clearly says that they are going to default on August 18th so fingers crossed.....
    Originally posted by DMP_Tiger
    I was absolutely bricking it when I phoned them. But told myself what's the worst they can do . The lady was actually very nice once I put my feel sorry for me voice on. I just asked them to try and work with me as we are facing up to our debts, we are not ignoring it and want to repay all of it but need ou creditors to support us.etc etc.

    It worked and they refunded the interest back to the account and this then lowered the total. You would've thought I won the lottery
    I have arrived in DMP land and I like it, I may stay a while

    LBM82,590 Jan17/75,746.91 August 18
    Short term goal 1 =2873.27/2873.27
    PDBX 18 # 31 - 4,399.52/5,000
    Short term goal 2 = Target by Xmas 100/500
    • DMP_Tiger
    • By DMP_Tiger 8th Aug 18, 10:44 AM
    • 126 Posts
    • 230 Thanks
    DMP_Tiger
    The odd couple of times that I have spoken to creditors, they have been very nice. I don't know why I'm so frightened to speak to them, I think it's more to do with my own feelings about my finances rather than my creditors actually being scary....

    Summer hols spending going quite well. August's budget is on target but it's only the 8th so plenty of time to go pear-shaped. Just have to keep in the mindset of only spending what we have.
    • DMP_Tiger
    • By DMP_Tiger 8th Aug 18, 10:56 AM
    • 126 Posts
    • 230 Thanks
    DMP_Tiger
    Today I have realized something.

    In 1992 At the age of 24, just prior to getting married, my wife and I bought our first house on a 25 year mortgage. We borrowed 38,000. We are still in that house so the mortgage should have been paid off last year at the age of 49.

    I will be 51 this year and my mortgage debt is just over 70,000. This is because we have consolidated our debts by remortgaging several times over the years, the last time being in 2015. I have always thought of our mortgage being mostly house purchase and partly debt. But today it has occurred to me that my 70,000 mortgage is 100% debt.

    Add that to my unsecured debt of around 35k and that makes a total of 105,000

    This makes me feel physically sick. That's a lot of overspending
    Originally posted by DMP_Tiger
    Really need to deal with this, it's not doing my mental health any good. I keep thinking about having to pay off 105,000 of debt. That's a lot of

    My mortgage (secured loan) has 13 years left to run until it's paid off. So if I think of the DMP and the mortgage together, that means I can aim to pay off the DMP in 13 years rather than trying to pay it off in 5-6 years.

    That means that instead of trying to save up for F & F's, I can do more fun stuff instead - for a couple of years at least...hooray!!!

    It also means that if I add my mortgage to my debt spreadsheet, instead of paying it off 35k at less than 100 per month I'll be paying off 105k at about 450 per month. So the "paid" column will be bigger...hooray!!!

    New debt free day = March 2031
    • DMP_Tiger
    • By DMP_Tiger 9th Aug 18, 4:46 PM
    • 126 Posts
    • 230 Thanks
    DMP_Tiger
    Feel a bit better today about my massive debt total. What's done is done, I could wallow in my self-pity or I could go forwards and not backwards, enjoying the fact that I now have more money each month than ever before and watching the debt go down instead of up.

    No replies yet from creditors about my DMP monthly payment offers. Maybe they're still laughing at the tiny amount that I can pay.....
    August 2018: Secured Debt 70,003 Unsecured Debt (DMP) 34,614 Total 104,617 DFD: March 2031
    • MovingForwards
    • By MovingForwards 9th Aug 18, 8:19 PM
    • 177 Posts
    • 241 Thanks
    MovingForwards
    Whatever you have offered them you could just pay it each month.
    • DMP_Tiger
    • By DMP_Tiger 10th Aug 18, 9:09 AM
    • 126 Posts
    • 230 Thanks
    DMP_Tiger
    Whatever you have offered them you could just pay it each month.
    Originally posted by MovingForwards
    Yep that's what I plan to do. It will be nicer if they actually accept the offers though...
    August 2018: Secured Debt 70,003 Unsecured Debt (DMP) 34,614 Total 104,617 DFD: March 2031
    • DMP_Tiger
    • By DMP_Tiger 10th Aug 18, 7:21 PM
    • 126 Posts
    • 230 Thanks
    DMP_Tiger
    Budget looking good for the rest of August. Just taken the dog for her booster jab. Had 40 in the dog budget and it cost 36. First time ever a vet bill hasn't gone on the credit card!

    Need to sort out dog insurance now I don't have a CC for emergencies...
    Last edited by DMP_Tiger; 11-08-2018 at 8:24 AM.
    August 2018: Secured Debt 70,003 Unsecured Debt (DMP) 34,614 Total 104,617 DFD: March 2031
    • Maverick87
    • By Maverick87 11th Aug 18, 8:37 PM
    • 12 Posts
    • 14 Thanks
    Maverick87
    I send my initial letters the same week you did. Just came back on here to see how you were getting on.

    Initial letters didn't include I&e, so only one of 5 creditors let me know details of where to send the 1 token for 4 months.

    I must have 10 calls a day at the moment.

    I told them my DMP would start 1st October and last Thursday finally sent out the step change budget. No replies yet but not letting it get me down anymore. I'll start paying when I am ready and for the first time ever we've started to get some savings. Car insurance due next week though so will wipe them all out
    • DMP_Tiger
    • By DMP_Tiger 12th Aug 18, 9:22 AM
    • 126 Posts
    • 230 Thanks
    DMP_Tiger
    I send my initial letters the same week you did. Just came back on here to see how you were getting on.

    Initial letters didn't include I&e, so only one of 5 creditors let me know details of where to send the 1 token for 4 months.

    I must have 10 calls a day at the moment.

    I told them my DMP would start 1st October and last Thursday finally sent out the step change budget. No replies yet but not letting it get me down anymore. I'll start paying when I am ready and for the first time ever we've started to get some savings. Car insurance due next week though so will wipe them all out
    Originally posted by Maverick87
    I haven't had any replies yet to my payments offers, I sent them all out a week ago. Payments should be starting 28th September as I get paid on 27th of each month.
    August 2018: Secured Debt 70,003 Unsecured Debt (DMP) 34,614 Total 104,617 DFD: March 2031
    • DMP_Tiger
    • By DMP_Tiger 14th Aug 18, 3:47 PM
    • 126 Posts
    • 230 Thanks
    DMP_Tiger
    Reply from Aqua: They have accepted my monthly payment offer as long as the first payment is with them by 28th August. My letter clearly stated that payments will begin on 28th September They had said previously that they were going to default on 18th August but if they've accepted my payment offer, maybe they won't default.......but I need them to default.

    Reply from MBNA: They have not accepted my monthly payment offer because I can't pay the debt off in 5 years. I guess that means that I will just pay them as per my offer anyway and wait for the account to default.
    August 2018: Secured Debt 70,003 Unsecured Debt (DMP) 34,614 Total 104,617 DFD: March 2031
    • motivated
    • By motivated 14th Aug 18, 8:41 PM
    • 2,273 Posts
    • 4,598 Thanks
    motivated
    Reply from Aqua: They have accepted my monthly payment offer as long as the first payment is with them by 28th August. My letter clearly stated that payments will begin on 28th September They had said previously that they were going to default on 18th August but if they've accepted my payment offer, maybe they won't default.......but I need them to default.

    Reply from MBNA: They have not accepted my monthly payment offer because I can't pay the debt off in 5 years. I guess that means that I will just pay them as per my offer anyway and wait for the account to default.
    Originally posted by DMP_Tiger

    Hi DMP tiger. Our MBNA CCs ( one big one over 12k and one around 4.5k) would never of been paid in the 5 year either but I paid them what I'd budgeted for and within approx 2 months they sold the 2 debts on to PRA Group. Both CCs defaulted so no interest added from then on. PRA wrote to me explaining they now have the debts. I set up the same payment amounts with them and so far I've had no issues whatsoever.

    It sounds like MBNA are trying to get you to pay more than you can afford.
    Good luck
    I have arrived in DMP land and I like it, I may stay a while

    LBM82,590 Jan17/75,746.91 August 18
    Short term goal 1 =2873.27/2873.27
    PDBX 18 # 31 - 4,399.52/5,000
    Short term goal 2 = Target by Xmas 100/500
    • DMP_Tiger
    • By DMP_Tiger 15th Aug 18, 9:10 AM
    • 126 Posts
    • 230 Thanks
    DMP_Tiger

    It sounds like MBNA are trying to get you to pay more than you can afford.
    Good luck
    Originally posted by motivated
    Yes they are, they replied to my original offer of 11.49 per month saying that I could afford 31.00 per month. This letter just said that they won't accept 11.49 because it would take me more than 5 years to clear the debt.

    To be fair, the tone of the letter was more like they couldn't accept it as an arrangement to pay, they would have to default the account - there was no threatening language or anything.

    Aqua on the other hand, appeared to accept it as a payment arrangement but that's not what I want - I need the default!

    Strange really because the debts are both around 5k so you'd think that their actions would be the same.....
    August 2018: Secured Debt 70,003 Unsecured Debt (DMP) 34,614 Total 104,617 DFD: March 2031
    • motivated
    • By motivated 15th Aug 18, 11:49 AM
    • 2,273 Posts
    • 4,598 Thanks
    motivated
    I would say drop to token payments for x amount of months until they default you. Make your I & E to look like that's all you can afford. I have a loan to Mum and a loan to son that I have to repay and the big vet bills I had ( all not quite true but hey ho )
    M
    I have arrived in DMP land and I like it, I may stay a while

    LBM82,590 Jan17/75,746.91 August 18
    Short term goal 1 =2873.27/2873.27
    PDBX 18 # 31 - 4,399.52/5,000
    Short term goal 2 = Target by Xmas 100/500
    • DMP_Tiger
    • By DMP_Tiger 15th Aug 18, 12:39 PM
    • 126 Posts
    • 230 Thanks
    DMP_Tiger
    I'm paying 78 per month between 5 creditors on 35k of debt so they're not getting much more than token payments anyway.......

    I'll wait and see if Aqua default me on the 18th. If they don't then I'll give them a call and tell them I won't pay until they default me.
    August 2018: Secured Debt 70,003 Unsecured Debt (DMP) 34,614 Total 104,617 DFD: March 2031
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