first step = called cccs today

rbelcham

Hello everyone.

Did my sums last night and realised I'm on hopeless debt spiral since leaving corporate life to set up my own flower shop. Got two loans (about £10K worth) and 2 credit cards (about £5K), and not enough coming in to cover them.

So, having read all your lovely and reassuring postings, I took the plunge and called CCCS. They were really non-judgemental and kind and gave practical advice before booking me an appointment on 30.11.05. It made me realise that they must be really busy, so there are many people in this situation. Not that that will bring anymore money!

I've got to set up a new bank account and move my priority direct debits and standing orders there and then let the loans and cc people know about the CCCS appointment. Although I'm covering the debts at the moment it won't be long before I hit trouble so I'm having a bash at sorting it out now.

It's all pretty scary stuff, but I am sure I'll get there. This was just to say thanks to all you honest people out there and I'll keep you posted.

Richard

PS: How do you work out your debt free month? It would be really great to have that target....

ffs

rbelcham wrote:

How do you work out your debt free month? It would be really great to have that target....

Debt free month? Good luck - most of us have a debt free year, some way in the distant future!

Seriously though, the CCCS website has a section that will calculate your debt free date for you (once your DMP is set up - if that is the route you follow). However it all depends on how positively your creditors react to your payment proposals, or how stubborn they are. If you owe to UK based lenders you will most likely fare better than if you have borrowed from the more aggressive American finance houses.

rbelcham

Thanks !!!!!!. I suppose that was a bit optimistic. Let's hope I can do it this decade - that would be nice!

Thankfully the debts are with UK companies so I will keep my fingers crossed. Does anyone have any ideas as to which basic bank account I should go for, or are they all much of a muchness?

ffs

Until recently I had been recommending Coop. Now I suggest you avoid it like the plague as they have recently introduced unlimited charges for failed items at £19.50 per item (previously there was no charge).

I intend to move accounts shortly but I've yet to receive a recommendation for a True Basic Bank account.

tattooed_lady

Hi rbelcham,

Well done for contacting CCCS, once your DMP is set up you will have a date in the future to look forward to being debt free! It took us 6 years to pay our debt off (approx 11,000) :eek: but to be honest with you it didn't feel that long and it was such a relief to be dealing just with the CCCS and not with creditors.

We opened a cashcard account with the Halifax as most of our debts were with Abbey. Unfortunately they don't do the cardcash anymore but there is another basic account they do (cashminder??) but I don't know how it compares to the other ones recommended by others on MSE.

Good luck!

rbelcham

Thanks for all the tips. I have just received my preparation pack from the CCCS, so I now have to delve into the outer recesses of my indebtedness. I suppose it's a case of "feel the fear and do it anyway". I shall persevere on the bank account front and get that sorted.

It's good to know there is some hope to get debt-free. It just seems an awfully long way away.

ceegee

When you don't know what your debt free date is, it is as if your entire future is going to be in a state of indebtedness. When you have a date you have something to look forward to and work towards and you know that after that, your life can start again, on a sure financial foundation with lots of good lessons and practices having been learned.

Crikey......I seem to be having an attack of the melodramatics this morning

rbelcham

Thanks Ceegee. You're absolutely right. And I like the touch of melodramatics - it made me smile! Talk about lessons learned. I shall behave like a financial nun and never let this happen again. It is good to have the support from everyone here though.

Girlyb

It's probably really obvious but whats CCCS and what's the website address?

Girlyb

Found it! A short trip into the Forum revealed all.
Thanks to all those forum members out there what a great site.

http://www.cccs.co.uk
http://www.payplan.co.uk