Day number 1

SPskint44

Hello everybody.

I am new to this forum but have browsed quite a few times over the past year or so. I've finally managed to get the courage together to get help and am signing up for a Debt Management plan with CCCS. My debts are:

£9,611.57 Barclay loan (£199 a month)
£5,712.10 Citi Financial Loan (£159 per month)
£2,805 Halifax credit card (£28 per month)
£500 Smile O/D (nothing)
£550 Barclays overdraft (cleared by wages every payday but maxed out by end of first week of month)
£250 Catalogue (£20 per month)

Total: £19,428.67.

I stupidly kept taking out more credit to clear my debts. I can afford the monthly payments each month but it means I have nothing left to live on once I've paid the mortgage and household bills. The last straw came yesterday when I realised I had sent my joint account into the overdraft by borrowing money from it to prevent getting charges on exceeding my sole account limit. I haven't told my fiance about that yet!

I know I have a spending problem and think setting up this plan is the only way to get it under control. At least I won't be able to apply for any more credit!

This is day number one and I feel positive so far.

Thanks for reading!

GeorgeUK

Hi SP, welcome to the board.

Not sure if CCCS will be able to put you on a DMP if you are managing to pay the minimum amounts each month, but they will certainly be able to offer advice on what you should focus on even if they can't set it up. It may be worth posting up a statement of affairs (SOA) incase there are areas you can make savings in.
https://www.makesenseofcards.com/soacalc.html

It may also be worth looking at reclaiming bank charges and creditcard charges too.
http://www.moneysavingexpert.com/reclaim/

SPskint44

Hi GeorgeUK. Thanks for your reply.

I've spoken to CCCS. I told them I could make the repayments every month but it meant I was going without in other areas such as food, clothes etc. They said these were essentials which I should pay for before the debts. As it is I pay off the monthly amounts at the beginning of the month then live off whatever I've got left, which isn't much! I come out of my overdraft the day I get paid but go right back into it as soon as the bills go out.

I did a budget statement which left me with £268 left a month after essentials I currently pay £406 and none of this goes towards paying off my 2 overdrafts. Although it did highlight areas I can cut back on (with a little will-power!).

Thanks for the link...I will try it out.

Miss_Piggy_2

Hi there and welcome to the board!

My OH was in same position as you, he met the minimum payments but virtually left him with nothing afterwards so he was in aa vicious cycle.
He has just started a DMP with the CCCS. Yes, they can set one up if you are still meeting minimum payments. They assess what you can AFFORD, not judge you by what you have been paying.

Well done on finally facing it though. Good luck with speaking to your fiance!

Miss P
xx

ebsay2000

I'm afraid to say, i used credit cards to pay the monthly repayments on my loan............i would go to the cash point, with my visa.....withdraw cash, then straight into the bank to pay it into my account!

Ofcourse this all spiralled out of control, very quickly...........robbing peter to pay paul!

Also as i had no job i was living on the loan at first, then the credit cards, it was a big mess!