When you're in a "Debt hole"..Stop Digging!

Squirrel29

Really sorry to hear this Chrisblue. Have been following your thread as Nationsnide have issued a CCJ against me for a £2300 cc debt that I'm
Paying off as part of DMP. Have applied for Redermination hearing. Is OH likely to get redundancy payment to help?

Chrisblue1962

Hi squirrel29, apologies for not posting sooner but OH's job situation has been foremost in our minds. unfortunately, as she's only been there 18 moinths, she'll just get some holiday pay and that's about it...

I really don't know what is going to happen now. I haven't told CCCS but will be speaking to them on Friday as that's when OH finishes work. Unless she gets a job within the next six months everything will basically fall apart. Even when she gets JSA or whatever it's called this week, we'll really struggle to pay bills and put food on the table

I dread to think what "Nationsnide" will do when I write to them and advise them of change in circumstances...

I'll probably be able to offer them and all my other creditors a token payment of £5.00 per month each, total being £30.00 per month until OH gets another job.

Sorry to hear about your CCJ. Let me know how your Redetermination Hearing goes on, fingers crossed...

Chrisblue1962

OH had job interview on Tuesday, which went well. She will find out tomorrow (Friday). I think it will hit her hard if she doesn't get it..

Ellieseleven

Fingers crossed for your OH's interview... I know the feeling very well but was surprised at how quickly I managed to find something else and it pays more so every cloud and all that.

At worst you will need to contact the CCCS and offer just token payments but let's hope that today brings good news and it doesn't come to that! I didn't tell the CCCS in the end but yesterday was the first time that I have been paid since my other company went into liquidation and it was a relief I can tell you - now owe the bank of mum & dad but hoping that what I get back in compensation from the government will cover that

It's definately a rollercoaster this DMP lark, no sooner do you pass one hurdle than another larger one looms:eek:

Good idea about breaking the debt into chunks BTW:T

Take care and I hope that everything works out well for you

Ellie xx

Chrisblue1962

Thanks Ellieseleven

OH didn't get job but she's got loads of applications "ready to go" and remains optimistic. I feel like a 5th wheel...I can only encourage but unable to help.

Chrisblue1962

Yesterday (6th June), I received another Default Notice from the Co-operative Bank. As far as I was aware, you can only only default once. I telephoned the Co-operative Bank to query the letter. They replied that it was an automatically generated letter and that I should disregard it.

I then replied by querying the fact that letters, such as Default Notices, were automatically issued by their system could not be stopped in any way...they must think I'm stupid :question:

I told them that I regarded the multiple issuing of Default Notices even though I'd only defaulted once not multiple times, as harassment and politely requested that they "cease and desist" sending these letters and future letters may trigger legal action from me

Chrisblue1962

This is a post which may prove useful for people looking for a basic bank account.

I currently have a Co-op cashminder account (personal spending), a Lloyds TSB basic account (bills) and a prepaid AA Spend and Earn card to cover petrol spending and places where my Co-op debit card cannot be used, such as my local train station.

I have become slightly disillusioned with Lloyds TSB as they restrict cashpoint access but still make huge profits from your money, plus the recent LIBOR scandal to me proves the "big banks" simply cannot be trusted anymore.

So, it's "back to basics" for me. Today, after some thought and research, I have spoken to the Yorkshire Building Society with a view to opening a Cash Transactor account.

The account will be used for monthly bills only so not having a debit card attached will actually be a bonus and not a hinderance - no temptation to spend "Bills" money on something else .

In the unlikely event of needing to withdraw cash, it comes with a LINK atm card, whose cashpoints are more numerous than Lloyds TSB. The lady who dealt with my query confirmed that I can pay my salary into it too.

Hope this helps.

Chrisblue1962

Late yesterday afternoon I finally opened a "Cash Transactor" savings account with Yorkshire Building Society.

Although it's savings account, I'll be able to have my wages paid into it and operate Direct Debits / Standing Orders from it. It also comes with a passbook or ATM card option. Importantly, it does NOT come with a debit card.

At present, my monthly budget sometimes goes awry due to "leakages" - small debit card purchases - of money that is really meant for bills.

Hope this idea helps somebody .

*Jellie*

Hi Chris
Sorry I haven't been around for ages- it has been a tough year so I have done an impression of an ostrich with finances!
Sorry to hear about the tough times you've had this year but it is good to see you gradually getting the debts paid.
How is your OH?
Take care Jelliex

Chrisblue1962

A small glimmer of light in the darkness...

Checked this month's budget, have managed accrue £25.00 savings by careful spending and slightly being generous with some bills allowances .

So, using my "Modified Rule of Three" Rule i.e. 50% to Budget Contingency Fund (BCF) ; 25% to Debts and 25% to Personal Spending - means that equates to £12.50 BCF, £6.25 to debts and £6.25 to Personal Spending.

Having a cheap day in watching TV and resting..