Help needed!

stayhappy

Hi
I am new to posting on here but have been reading as much as poss the last week. My head is spinning to be honest.
We have about a lot of debt and i think a DMP will prob be the answer or the CCCS debt remedy seems to think so. I am still coming to terms with it all and the realisation that we are not going to be able to pay the debts, have been juggling for a while until eventually there is nowhere to go. It takes a while to get your head around it all and sink in.
I have a few questions and hope someone will be kind enough to tell me what they think.
What happens if some creditors don't accept?
Can u try and negotiate with some yourself and try to pay others, like the ones connected to your bank account.?
If u change bank acc. is it straightforward, do u have to explain why you are changing or why need a basic account. Is it possible to have a chq book and debit card.
Our main creditor is with my bank LloydsTsb, are they likely to agree or if you owe a lot more with one creditor is it likely to be more of a problem.

Sorry for so many questions and thanks in advance.

savingholmes

hi I think the new bank account has to have no debt facility on it. You don't need to tell them why you want it but it must be the most basic account going. I think there is dmp thread somewhere - you may want to look for it. Failing that you could send a private message to RAS or Fermi they are normally good at answering your sort of questions.

Just wanted to wish you luck.

If you are feeling up to it, you could post your statement of affairs on here using the website makesenseofcards and their soa calculator. You put in all your income, outgoings, debts and assets - you then reformat it for mse and post it here. We may be able to make some extra suggestions on where you can cut back

stayhappy

Hi thanks for the reply,

I understand the no debt bit but is a chq book classed as debt, i suppose it is if u have guarantee card.
I will try to post soa- is that right? but i am having enough trouble getting my own head around it at the moment and think it is pretty much trimmed as far as possible for the time being.

I think i can't believe a creditor being prepared to accept a low payt on a big debt esp if payts always been paid before ,even if result of credit juggling.
I know we could increase payts eventually but prob not for a couple of years.
I suppose a proper chat with CCCS or Payplan might help. Do people recommend CCCS or Payplan or are they both good. Is DIY a viable option.
Sorry at that point of so many questions in my head.
Have got lots of help and support on here just by reading threads.
Also realise not the only one with serious money worries.

massivedebts

Hello Stayhappy:j

You sound like I did just over a week ago, my head was buzzing and spinning and thumping for days and days as I had so many Q's that I wanted to ask people. I rang both Payplan and CCCS and have now agreed a DMP with CCCS and I finally feel in control. Both comapnies are good, I just prefered the conversation that I had with the CCCS people.

If you can maybe do the online debt remedy with CCCS it 'll will help you to realise that there is help available, whatever your circumstances!
We have SHED loads of debt, and our DFD is 2020 :eek: , but at least we are dealing with it!
I found loads and loads of support from the people on the DMP MUTUAL SUPPORT thread. this time last week I was posting in tears I felt so low, and now I feel more positive thanks to the support the thread has given me, please take a look, it will help to answer some of your Q's.

I'm even excited, in a strange kind of way, to be starting on my DMP journey.

Good luck and try not to worry, it'll all work out for you in the end.:rotfl:

MD xx

caramia1812

Hi there. If you can, change bank accounts BEFORE you contact anyone about your debt. That is what most credit management people tell you to do in the first instance. A cheque book is not a debt unless you use it to overdraw on the account in which case the overdraft becomes the debt. I tried CCCS and CAB but in the end had to wrangle with the credit card people myself. I managed to get a year without interest and charges and reduced payment but that year ended on 29th January and because I have no-one to represent me, I am having a terrible time trying to do it on my own.

Deep_In_Debt

Hi

If you go on a dmp you need to include all your debts in it and it is recommended that you change your bank account to a basic one that is not connected to any of your creditors. You don't need to explain why you are opening a basic account and many you can do on line - I opened my Natwest Step account on line.

Generally, creditors will accept the dmp but it takes a bit of time for it to kick in so you will have to ride the storm for a few months. I've been on my dmp with CCCS since January last year and one or 2 of my creditors are still messing about but I am more confident now to handle them now - if I have a problem, I post on here and get help if I need it. I can only afford to pay them what I can - if I don't have it, they can't have it. Going on a dmp is something I should have done years ago but I only had my lightbulb moment last year.

Finding this forum last year has been a god send for me. I was orignally told by CCCS that it would take me 9 years to clear my debts but I've managed to reduce it to 6 years, by picking up tips and help from this forum. I'm due to be mortgage free in 5 years so intend to be debt free by then.

massivedebts

Hi Deep in Debt
How did you manage to reduce your DFD by 3 years? I'm just starting out on my DMP with a DFD of hust over 11years, so I'm open to any kind of help to reduce it.

stayhappy

Thanks for the support, i still can't work out if i will be able to have a chq book.
It would be great to open an account online, don't fancy facing the local banks, i always seem to know or recognise someone!
If i have a loan with my bank do they want to know why setting up DD with another bank and what about overdraft which in the scheme of things is ot big but too much to clear.

Deep_In_Debt

Hi Massive

Sorry, my PC keeps crashing, hence my silences, ....bit old and crusty, like me!!! Also, I can't access the site during the day...internet police at work!

Just through having a good clear out...i.e. seeing what I can do without, changing electricity suppliers etc and seeing where I can save money and throwing the savings towards my debts. I got rid of Sky totally, and changed my spending habits...I'm lucky enough to earn more money than I was a year ago so have been able to up my payments to CCCS.

Also, having a good clear out and selling stuff on Amazon and Ebay and saving the money, and using it to make some f&F settlement offers. I've also taken on a part time job and the money I earn from that I put towards my debts - it's not much, but every little helps!

I live on about £30 per week, max - ok, I'm on my own but I don't go without and have animals to feed, just withdraw my weekly money from the cash point and leave my card at home for the week so learn to budget that way and that includes petrol - don't work far from home but too far to walk and only have a little run around whereby £20 petrol lasts me 3 weeks!

Check out all the money saving tips on this forum - the Old Style board is good too.

massivedebts

Thanks Deep in debt.

Keep up the good work, sounds as if you're doing all you can to clear those debts, good for you, you're an inspiration to all of us DFW.