Debt Rant

KayW_2

Hi this is the first time in my life I have done anything like this, so a little unsure if this is relevant. I would be very interested to hear of how people cope with the various stages of emotions you go through when you are in financial distress! As I write this I am so angry

My husband and I faced our mounting debt problem over 3 years ago. After a period of exploring options through a commercial debt concern (who wanted us in the end to refinance on an interest only mortgage)! we finally found our way to CCS. They were brilliant and have been very supportive and we have been in a debt management plan for the last 2.5 years. We have never missed a payment and on our last review we were planning to increase our payment by another 200.00. Then our circumstances changed, I was facing redundancy which was worth nothing or the option to stay on a commission only basis. Anyway to cut a very long story short I stayed and am making money. Not to the level I was but much better than job seekers allowance.

Today I find out that one of our debts is over 300.00 more than when we started despite paying over 1,300.00 back to them. I fully appreciate that whilst most of our creditors have stopped any interest and charges they don't have to...but how can that be justified. In our view we have done everything right, we faced the problem, sought help and have kept to our plan. What is the point! We are just about to go through another review to reflect our change of circumstances but I am wondering if it is worth it!

Any support would be most welcome. My husband and I are handling this totally on our own. We have not told friends or family so feel a little alone in all of this.....

Tixy

Hi Kay and welcome

Glad you found your way to CCCS. I can imagine it is very frustrating to owe 1 more than when you started, and the fact that the others have stopped interest makes it feel even harsher. Can I ask who this creditor is? Have you considered requesting a copy of your consumer credit agreement for this debt? To see if they have a correct legally enforceable document?

KayW_2

Hi thanks for your response. It is The Royal Bank of Scotland and the debt is an overdraft. Ironically it would have been cheaper to keep the overdraft as this was costing about 29.00 a month rather than the 40.00 they have clearly charged over the last 2.5 years..how can that be right...still angry

Tixy

Have you asked for a breakdown / statement of all transactions, (your payments and their charges and interest) since the DMP started. If not I'd suggest you ask for this to be clear there hasn't been some sort of mess up.

Deep_In_Debt

I have to admit I was frustrated with one of my creditors who refused to accept my dmp through CCCS, I wrote to their complaints department, demanding that they sell the debt on to a DCA, which they did eventually who stopped all charges and interest. I also had a good moan to the world at the same time.

The annoying thing was about this - the creditor in question only wanted another £2.00 pm more in order to accept my dmp and in order to do that I would have to find nearly £100 more pm in order to treat my other creditors fairly and I can't afford that, so had to bite the bullet. At least all my other creditors had frozen interest so my debts were reducing.

KayW_2

The next step is for them to pass on to a debt collecting agency which I think is the best thing at least there is a chance they will stop the interest..did not help my mood when the young lad (who I appreciate is only doing his job) tried to tell me that if I had money in the account they would be paying me interest..and the point is!!!!!!!!!!!