How long will it take you clear your debts?

rachael120572

I have debts of £35K which I have been making reduced monthly payments to creditors for some considerable time now (years.) Was over £43K

It will take many more years (probably retirement and beyond) to clear.

Bankcrupty is not an option nor is increasing repayments for the foreseeable future. (Currently expecting our 2nd child and due to hubbies nature of work and he works away a lot, for me to get a job is a no brainer.)

I often wonder when the point will come when creditors either want more or things get nasty. How will this also impact on our childrens future?

Agreements are working out ok at the moment and creditors seem fairly happy (considering.)

moneymakestheworldgoround

I used to work in debt recovery some time ago and we were happy to keep arrangements ticking along as long as payments were made on time.

The account would have an arrangement marker placed on it, with details of how much the arrgmt was for, the system would check the payment was received - all automated. If the system didnt spot a payment, it would produce a report daily for people to ring and check. When ringing customers to find out why payment was missing, we would normally ask for an increase too ! If the arrgmt was being paid, it would come up every 6 months for review, but to be honest, this report rarely got worked as we were so busy with new defaults it seemed pointless to ring paying customers.

My long winded point is, if all systems work in a similar fashion then your account will be monitored by machines, and the very most you will get is a quick call twice a year saying can you increase, nope, ok.

Creditors have so much work on their hands chasing non payments, absconded, fraud, etc.. that I think you will be fine in the future.

Of course, this was how it worked some years ago, perhaps someone will be able to give you personal advice.

baddecision

My OH 's debt will take about 15 years to clear if he is able to start a dmp what moneymakestheworldgoround says is true of many dca's and they generally dont charge interest either, so if you are with a dca and making payments to them, just stick with it until you hear from them.

As for your children, well they will be ok, kids are very resiliant and there is only a small proportion of people able to give their kids everything... my kids have been used to me never having money and they are soooo good, they dont complain and dont nag when in the past all there was to drink was water or they didnt have a holiday,,, if anything I have tried to educate my kids about money so they dont make mistakes when they are older...and i must say it is working, they seem to always have money stashed

inamess200

My DMp has been running for 4 years with 12 to go!!! I try to cut back on food spending to give me some slack for school trips etc - its now a way of life and the kids dont know any better really. We dont go on huge holidays (camping normally although as a treat I manged to get a cheap butlins break this year.) If i do overtime i must be honest i keep it to spend on emergencies and christmas (the kids dont expect anything huge and its amazing how you can find cheaper presents that look like they are worth alot more!!) and none of my creditors have asked for an increase so I am just leaving the status quo as it is. Fingers crossed they are happy to be getting what they are.

BR not an option as i would loose my job - dont own a house so cant go for Charging orders and not one of creditors have given me a CCJ.

baddecision

You are doing well then, just try and remain optimistic as you are doing all you can and you never know what is around the corner I managed to get a cheap park resorts break for us at the beginning of sept for under £90, mon-fri, went last year and the kids loved it, they are happy as long as there is a pool and they have their football, and thats with the eldest two almost being teenagers and still no complaints from them

rachael120572

See we do own our own house but with dh job, he too would lose his job if we went BR so a no, no for us.

Think things may change if ever we are asked for charging order but so far, so good.

I think we do things similar to you inamess200, if dh gets any over-time, we use it as a saving thing and our holidays this year are camping too!! but thats also cos I am not working.