Debt Demolisher

motivated · 28 January 2017 at 5:51PM

Hi MSE ers

Have plucked up the courage to admit that I cannot cope financially.

Long story short. We are £82,590 in Credit card and Loan debt basically spent on nothing but shopping, holidays, clothes and household things. :mad:

We are not in arrears or any CCJs at present but fear this will not last.

I completed the step change debt remedy tool thing today and it advised me to ring them on Monday :eek: Petrified at the thought of phone calls, bailiffs at my door and threatening letters etc. I don't even know what to expect about the process etc.

What do I have to show for it all NOTHING

So angry with myself but I do feel a little easier as it seems I have woken up and am willing to face it all, pay it all off and remove a lot of the stress I have every month.

Myself and My OH both work and are both willing to pull together to sort this sorry mess out. I am hoping that keeping a diary and soaking up some excellent tips and advice will see us through to the end.

I have seen some excellent advice and encouragement given on here and have thoroughly enjoyed reading all of the advice and diaries. :A

One day I will be advising others (I hope)

Please be gentle with me
M

motivated · 29 January 2017 at 8:41PM

Well have had an up and down weekend.
I feel like I have a big sign above my head saying I AM IN DEBT

OH changed his mind and basically panicked about a DMP. Anyway a lot of convincing and reassurance I think he has come round to the idea.

Me convincing him :rotfl: I'm absolutely bricking it myself but didn't let on.

I am going to ring SC after work tomorrow and set the wheels in motion. I have secured repayment holidays on 2 big loans. This is for a month only but it will give me a little breathing space. Have applied for a new basic bank account and await their reply.

I must admit I am sort of looking forward to a new start and hope and pray that it all goes as smoothly as possible.

I will keep updating on our progress and will need some reassurance if I hit a snag along the way.

I aim to budget budget and budget some more and save some money as an emergency fund.

WISH ME LUCK

M

Seasidegal58 · 29 January 2017 at 8:56PM

All the very best for your MSE journey. I run up an horrendous amount of debt as well which was made up of exactly the same spending as your own. It's a good thing that your OH knows that something has to be done as well and is on board with you. Good luck tomorrow with SC

dieselv2 · 29 January 2017 at 9:08PM

I went with stepchange. All they do is ask for your income/expenditure (they even tell you to add funds to things you never thought of such as hair cuts, birthdays, etc) and ask for your creditors along with account numbers. They will work out what you can afford to pay your creditors each month and split that equally between creditors. You send StepChange a Direct Debit and they pay creditors.

motivated · 29 January 2017 at 10:06PM

Thank you seasidegal and dieselv

It all sounds so easy doesn't it. I hope it's as easy in reality

I don't know what I'm imagining will happen I think it's because up until now we have been servicing the debts (just). I'm just worried that SC will say we have enough to carry on as we are

Ignore me I'm just thinking of all different scenarios

Thankyou again I will keep you updated on progress from now onwards
M

dieselv2 · 29 January 2017 at 10:24PM

I was panicking phoning StepChange but they told me not to worry and would help. They worked out I started with -£200 monthly income but talked with my debtors for a £1 payment. While they touched on Bankruptcy and IVA, it's the last thing they want to talk about. They are all for a Debt Management Plan

motivated · 29 January 2017 at 10:35PM

Thankyou again
Do you mind if I ask if Stepchange will give me a rough figure as to what I am left with to pay creditors when I speak to them on the phone.

Also will I need to give them credit card numbers etc tomorrow too. I will get them ready just in case
M

Drawingaline · 29 January 2017 at 10:44PM

Good luck with tomorrow, I can't help you with what step change will say as I haven't contacted them.

However if you wanted to you could fill in a SOA (there is a link in the sticky thread at the top of the debt free board) if you do that tonight it might give you an idea of figures for a monthly budget. It includes lots of things you don't tend to think of as monthly and may give you an idea of some things step change may ask.

dieselv2 · 29 January 2017 at 11:20PM

Yes they'll ask for account numbers. After they've discussed everything they will either email or post about 20 pages of information including your income/expenditure and creditors list. You need to sign a few forms and send them back before the process starts.

They'll tell you what you have left and what offer will be. If your happy they send you the documents to sign

motivated · 30 January 2017 at 9:17AM

Morning all

I have had confirmation that our new basic bank account is open. Need to wait for paperwork etc

Just hoping I get home from work early enough to ring SC and get the ball rolling

Very nervous indeed but will face it head on. I suppose im worrying that they will say we have to carry on as we are :eek:
I have account details at the ready and I completed the online budget tool thingy. Does this mean they will take our debt plan from this? I even considered ringing in sick today

so I could get started with plenty of time for phonecalls as I believe they close at 6oclock. Naughty I know but I need to know where we are going with all this. Will update later on progress
M

louby40 · 30 January 2017 at 11:28PM

How has your day been M? Hope you got some bits sorted

Louby

Debt Demolisher

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free