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Tiger56
Posts: 8 Forumite
Hi everybody,
I am new to this site today and I am looking for any advice you have.
Ok here goes, me and my husband are in about £13000 in debt (I understand that this may sound a small amount compared to a lot of people). We owe 18 creditors in total these include, overdrafts, credit/store cards, mobile phone contracts, and the majority payday loans. I know we have got ourselves in this mess and we need to get it sorted. We started getting into this mess when we were 18 we got the overdrafts and mobile phones etc but my husband lost his job when we first moved in together but we were young and wanted to keep up with our friends. (I know no excuse) he got back into work. We entered a DMP Gregory Pennington who charge fees. My husband then got made redundant. Payday loans then seamed like a good thing money when you need it but we let it get out of control.
We now want help on getting on top of all these debts so we can start again. We are now 24 and 25 and one day would love to have a family but we know the mess we are in it feels like it will never happen. We are useless at managing our money it just seams to disappear.
I know my all this sounds like we deserve it and believe me we know it. We now want to get out of this more than anything but don't know where to start.
Sorry for long post, please help
I am new to this site today and I am looking for any advice you have.
Ok here goes, me and my husband are in about £13000 in debt (I understand that this may sound a small amount compared to a lot of people). We owe 18 creditors in total these include, overdrafts, credit/store cards, mobile phone contracts, and the majority payday loans. I know we have got ourselves in this mess and we need to get it sorted. We started getting into this mess when we were 18 we got the overdrafts and mobile phones etc but my husband lost his job when we first moved in together but we were young and wanted to keep up with our friends. (I know no excuse) he got back into work. We entered a DMP Gregory Pennington who charge fees. My husband then got made redundant. Payday loans then seamed like a good thing money when you need it but we let it get out of control.
We now want help on getting on top of all these debts so we can start again. We are now 24 and 25 and one day would love to have a family but we know the mess we are in it feels like it will never happen. We are useless at managing our money it just seams to disappear.
I know my all this sounds like we deserve it and believe me we know it. We now want to get out of this more than anything but don't know where to start.
Sorry for long post, please help
08/12/12 Day one of looking towards the future :T
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Comments
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Hi,
i owed roughly the same amount as you a good few years ago.
knowing nothing about dmps i rang a few and they charged.one told me to go bankrupt..anyway i went with payplan who were brilliant and dont charge.they were so understanding..i recently paid of the final payment with them.
someone with more knowledge than me will be along soon to give you good advice.
good luck.0 -
Hi Tiger welcome to the site .... you've come to a great place for advice & support.
1st place to start is to complete a SOA http://www.stoozing.com/msoc/soacalc.php - once we can see exactly what's coming in, going out and the debts, you'll get suggestions on the best way forward. Best of luckGrocery Challenge £211/£455 (01/01-31/03)
2016 Sell: £125/£250
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Debt free & determined to stay that way!0 -
How long have you been with Greg Penn, can you get rid of them and go to a free DMC?DEBTFREE AND PROUD!!0
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Hi Shellyruby,
Do payplan charge and will it matter that we have taken out further debt since our DMP?
Thank you08/12/12 Day one of looking towards the future :T0 -
I have been with GP for 11months now. Can you change debt management company's?08/12/12 Day one of looking towards the future :T0
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Hi Tiger welcome on board. You've made the first step by registering and posting.
another vote for the SOA here too. it'll be a real eye opener but you'll be glad you did it. also it'll mean you'll go through everything that you owe to separate companies and find out the APR.
the majority of people will pay off the ones with the highest APR first, as they are the ones that are costing you the most.
then work down the list of each one in order of next highest APR until each one is paid off.
don't try to save any money
go to the OS board and have a look around at how people eat for less.
I also like this wesbite for meal ideasjust in case you need to know:
HWTHMBO - He Who Thinks He Must Be Obeyed
DS#1 - my twenty-year-old son
DS#2 - my teenaged son
Barkin Things - my two rescued/retired greyhounds0 -
Hi Tiger56,
Payplan are one of the companies who don't charge have a look at this thread for more information. You can change companies but don't be surprised if GP try to dissuade you from doing so.
I have seen posts where Payplan and StepChange take a dim view of people taking out further loans when on a DMP with them so it is important that you break the borrowing bug. In your current position you will be a new customer so they will take account of all your current debt.
A good DMC will work out a sensible budget with you which will help you.Proud to have dealt with my debts, became debt free on 03/11/2011. Repaid £54,723.41 LBM May 2006.
Debt Free Roll Of Honour #504
Mortgage Free from October 20190 -
Google reviews for GP, not good reading.Tallyhoh! Stopped Smoking October 2000. Saved £29382.50 so far!0
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Get on the phone to GP as soon as you can and dump them. Then get in touch with Step Change or Payplan to sort your new and final DMP.
You have to break the borrowing cycle and as your young you have loads of Time on your side. It's not easy but it is worth it and your future Will be a whole lot eeasier if your debt free.
Drop DP though they are a drain on your finances.I'm Debt Free :j 2/09/2013
Debt at LBM 30/04/2010 £24,109.38,0 -
Hi Shellyruby,
Do payplan charge and will it matter that we have taken out further debt since our DMP?
Thank you
also payplan will give you advice about cutting the ties with your old dmp company.0
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