checklist for a newbie
shepd1958
Posts: 6 Forumite
Hi everyone,
I`ve found myself drowning in a sea of debt, I have spent sometime reading the posts on here which offer some hope and since that, I`ve used the stepchange debt remedy tool, done a budget and am ready for the next step, I have approx 13 separate debts for cc`s and payday loans totalling 28 k, step change says that with a DMP providing creditors agree to freezing interest, these could be paid off in 18 months, I have a recent ccj, so my credit isn't good anyway, so I just want someone to let me know what i`m doing is correct as I`m nervous at stopping paying 13 creditors, my plan is to stop all payments to creditors, write to them all cancelling all my cpa`s and asking them to freeze interest, wait 3 months before I activate the stepchange payment, whilst building up an emergency fund and write to my bank also cancelling the CPA`s, I am also going to report my card lost so I get a new number, I do not have an overdraft, just looking for someone to reassure I`m doing this right, any help would be most appreciated as it feels all wrong, thanks in anticipation.
:(
I`ve found myself drowning in a sea of debt, I have spent sometime reading the posts on here which offer some hope and since that, I`ve used the stepchange debt remedy tool, done a budget and am ready for the next step, I have approx 13 separate debts for cc`s and payday loans totalling 28 k, step change says that with a DMP providing creditors agree to freezing interest, these could be paid off in 18 months, I have a recent ccj, so my credit isn't good anyway, so I just want someone to let me know what i`m doing is correct as I`m nervous at stopping paying 13 creditors, my plan is to stop all payments to creditors, write to them all cancelling all my cpa`s and asking them to freeze interest, wait 3 months before I activate the stepchange payment, whilst building up an emergency fund and write to my bank also cancelling the CPA`s, I am also going to report my card lost so I get a new number, I do not have an overdraft, just looking for someone to reassure I`m doing this right, any help would be most appreciated as it feels all wrong, thanks in anticipation.
:( 0
Comments
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Hello and welcome to MSE. Well done for not just burying your head in the sand. You've woken up. Some people will be along to offer advice soon. If you can provide as much information as you can then that's great. Stepchange are extremely helpful. Have you actually spoken with someone there or just used an online tool?
No debt is insurmountable so don't worry!Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS0 -
Thanks Zippy George, kind of you to comment, I did an online chat with the guy at stepchange and he looked at my budget and said a DMP was the way froward, just wanted the knowledgeable ones on here to give me a sanity check that what I`m doing is the right way to do things, thanks.0
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Well Stepchange will be the best to advise but also there are some posters on here who can offer invaluable advice
Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS0
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