CCCS update & feedback

chequeout

Hi all

I just wanted to ask your opinion - and thanks in advance if anyone replies :T Also to give feedback if anyone else is currently experiencing problems to reinforce the fact that there IS light at the end of the tunnel.....

I got into all sorts of debt on credit cards and 2 x personal unsecured loans totalling around £45,000. I had default notices coming out of my ears, I was scared to answer the phone or open letters - I was in a state basically. This was around 2001 when I was aged 26.

I contacted the CCCS who have, frankly, been amazing and wonderful. I am STILL on a DMP with them, paying £420 a month via standing order, and because of this (and a couple of good PPI reclaims being successful) my debt is now down to around £17,000. I am actually proud that I have stuck to it and it is good to see the total coming down. Things are still tight - I have little spare money, and sure, I can't live the lifestyle that I would like - but I feel in control now, the phonecalls and letters have long-since stopped and I am so, so much happier.

Also, amazingly, my credit file is looking healthy now as many of the defaults etc have been "wiped" as they have been there for over six years now so this is obviously good too (although there is no way I am taking out credit cards etc again!!) I now have a current account with Visa debit and a chequebook (although no overdraft facility) which is an improvement from the basic Natwest Step account I had to hold for many years.

Bassically, there is light at the end of the tunnel now - and i wanted to share this with you for anyone who is currently fretting. There are people out there who will help you, and if you take action, I hope the sleepless nights will end.

Also - does anyone think I'm doing the right thing? Some friends have suggested i should have gone bankrupt (I don't own my house etc and have a pretty secure job) but I didn't want to do this personally - thinking it is my debt, my responsibility to pay it back - albeit very late. I certainly feel I have achieved something and, frankly, that has been worth pulling in my purse strings and living frugally!

El_Skinto

Thank you so much for posting this, i was seriously starting to have doubts about my DMP.

When we started we owed £22000 that was in August 09 (failed business).

Just wondering I have to fill out court papers, did anything like this happen to you? Basically RBS have agreed to accept the payment if we up it by £40 which we are going to do. Really scared i need to hand them in today bi have been putting this off but it needs done.

That brill about the defaults coming off whilst you are still paying them as i thought they didnt come off until 6 years after you finished paying the DMP

Well done you :T

chequeout

Hi there

Thanks for your kind words :beer:

I'm sorry though, I can't be any help regarding court papers - I didn't have to go down this route. And yes, to be honest it has been a huge surprise for me the fact that defaults come off your credit record after six years even if they haven't been satisfied - like you, I assumed they come off six years after they have been paid.

Tixy

Hi chequeout

Well done for tackling your debts. I personally feel that if you can pay back your debts then this is a better option than bankruptcy. For those that simply cannot pay them back then obviously bankruptcy is certainly the way forward.

To have reduced your debt by so much is great, yes you still have a way to go but you are well over half way there now.

And thank you for posting your story so far as these posts really do help give encouragement to others just starting on their journeys.

Good luck

gonzo127

just wanted to say a big well done it is great to see the debt going.

i think your comment about your friends saying go bankrupt shows how little people know about debt, as there is a lot more to it than racking up debt and then saying well i dont own any assets so lets go bankrupt.

so i would say yes you have done right and you should hold you head high you have learnt (although the hard way) how much money is actually worth and that is a lesson which doesnt have a price!

chequeout

Thanks all - much appreciated :beer:

happyhaddock_2

Well done on tackling your debts, we've just started on the long road with CCCS, hopefully debt free in 6yrs 5months:D

chequeout

happyhaddock wrote: »

Well done on tackling your debts, we've just started on the long road with CCCS, hopefully debt free in 6yrs 5months:D

Many thanks - and good luck to you, too :beer: