I just cant wait to be free!!!

us,thecat&thedebt

2006 is the year me and my oh get out of debt... :j
this website has been our turning point (dec 05)
thank you to all those lovely people...

we plan to pay the min payments on all the debts (most with debt collection agencies with reg payment plans and no intrest..)

and then use the spare we have from tightening our belts (with thelp of this website...) to clear a debt a month..

is anyone else doing it like this or are you spreading the excess between creditors??? :rolleyes:

also does anyone know about full and final settlement... i rang the company i plan to pay in full at end of this month and they offered me a settlement of £400 for a debt that is currently £540.. they will be sending the offer in writting and i have have to pay within 30 days to keep the offer..
what happens next is the debt satisfied.. will i be chased for the rest???
how will it appear on my credit report???
sorry for all the questions lol :rotfl: im just confused...

any help appreciated
thanks in advance :A

JAMIEDODGER

hi usthecat,

i too have decided 2006 is the year for me to finally get rid of the debt. this month i have paid off my next account. february i will be paying off my barclaycard and BT my other cc to that at 6.9% and paying rest off other cc. march i aim to clear barclaycard.

april/may and june i will be trying to pay off small (£300) computer loan.the rest of the year i am going to be making extra payments on my car loan (£5000).

i hope by this time next year i will be only rest of my car loan left!!!!

Andyboy

Hi usthecat,

Have you contacted all of your creditors yet? The reason for asking is because about 6 years ago i was in the same position and did just that. i set out all my income and expenditure (not debts) and split the remaining money between my creditors as a pro rata percentage. By this I mean adding all your debts together and working out the percentage of the money you have left each month to be paid to each.

May i strongly advise, if you haven't already, contacting Citizens Advice or finding somewhere online that will give you a standard letter that you can use.

Good luck and just to let you know that it is worth the effort because I had 2 CCJs and 5 Creditors and have a very good credit rating now and no debts, apart from mortgage.

pixie1

If you go onto the national debt helpline website they have some standard letters you can use, Im not very good at wording things correctly so Im going to be using them

jellycat40

Hi full and final means just that. They have written off a portion of the debt. Well done for sorting this out on your own. They will mark your credit score satisified. Keep all correspondence for 6 years.

Well done you

Louise

us,thecat&thedebt

hi
yes i have contacted all my creditors and have monthly agreements with them which i am sticking to.
the way it works out is after bills and rent and car expenses we have roughly 600-800 per month to repay debts
out of this 600-800 i have to make min repayments to creditors which total £200..
as long as i have keep the min payment plan then there is no intrest or futher action..

in june i will be moving into my great nans house (whom sadly passed away 2 weeks ago) whilst it goes through probate ect so from june till at least december we will be living rent free which will bring my expenses down by 600 giving me 1200-1400 to repay debts :j

one thing i will say to any new ms out there when a debt company gives you a !!!!!! tell them its too high can they reduce any more mine went from 510 to 450 to 420!!!

hopefully this will be the year we repay debts... save for wedding(summer 2007) and have a good amount to put towards ihertence for a deposit!!!

lottie26_2

hi i am too going to pay my debts this year, its funny because i feel really exited about it because i know i will do it.
We are then going to save like mad to buy our own house and will be-able to put down a really good deposit and when we go for a mortgage we will have no debts, just wish the months would go a bit faster.
But, least its getting on for the end of january and I have enjoyed saving money this month will pay another 700 off when husband gets paid on the 27th. :j

us,thecat&thedebt

hi lottie

i know what you mean i just cant wait for the end of the year we have been in debt for so long weve forgotton what its like to have money to spend lol...
were gonna save everything we have once the debts are paid to finance our wedding and a deposit on a house...

good luck :j