New and Blue

powla_2

Hello

I'm new to this forum but have been lurking around and now really need to let off some steam, if ok.

I owe a massive amount and not even sure how i got to this position! But let me start at the beginning.

I have a 2 loans (heft interest), one credit card and an overdraft. I was paying them but was not leaving me with a great deal so decided I wanted to deal with them and stop using credit completely (just focus on clearing debt) so I rang CCCS and arranged a debt management plan. Got some uncomfortable phone calls and letters but pretty much subsided. Approx 3 months into my DMP I had to move out of my accomodation (rented) so contacted CCCS who advised that I stop my payments until I was settled (needed money for deposit etc), and I sent token payments also explaining what was happening, all of which I honoured. Has cost me loads in stationary!!

I have since set up a new DMP based on my new I&E, but this will not take effect until Aug, and now my creditors are angry! I refuse to answer the phone as I have received quite threatening and intimidating people. I have responded in written form (of which they seem to ignore).

I know it doesn't look good that I started my DMP then had to stop, to restart etc, however it is all legitimate...but ultimately very stressful.

My further worries are about my future as I know I won't be living where I am forever but don't have money for deposit/months rent without having to stop my DMP or if I get a CCJ. Even with the DMP I still feel like I struggle and is extremely exhausting having to monitor exactly what I spend, what is happening in the coming month (I have a christening to go to etc) with a stressful job anyway.

I have also been listening to friends who are currently in the process of getting a mortgage, go on holiday etc all of which i can'd do and prob won't for next 30 years!!

Am pretty much living month by month and if something goes wrong, i'm up the creek without a paddle. No savings, no fallback, no nothing.

I have been trying to stay positive but I don;t feel anything positive is happening. I also suffer from high anxiety so end up worrying about everything.

Am sorry for the ramble, needed to off load. Am sure there are a few of you on here who will not exactly how i am feeling!

Thanks for listening.

Me

Macduff_3

Have you spoken to CCCS about bankruptcy? It is a last resort but if you are looking at paying off your debt for the next 30 years then it might be an option for you.

Plenty of people on here would advise you against it but rather than being desperate and depressed, it could be something worth thinking about.

james32_uk

Or ask CCCS about an IVA. If you have enough spare income it's a legal agreement between you and creditors for them to accept a certain % of your debt repaid over five years then you're debt free. If you want to drop me a line with your income and expenditure I'll be able to see if it could be feasible for you.

powla_2

Hi

Thanks for both your feedback.

I have considered bankruptcy but can't afford the fees (the irony!) and an IVA would be out as I don't have enough of an income to afford it.

I basically was paying more in my previous DMP but have since relocated and am travelling to work which is costing about £300pm so my left over income is substantially less.

My hope is to find a job in the location I am now in and increasing my payments, which would reduce the number of years i would be repaying...but of course that will happen when it happens and only just realising that there isn't a great deal for the wage I need and the work I do.

I will try and see if i can save for bankruptcy but something else comes up that i need to pay for :eek:

ah well, maybe i will win the lottery !

Macduff_3

powla wrote:

I have considered bankruptcy but can't afford the fees (the irony!) and an IVA would be out as I don't have enough of an income to afford it.

Who do you get your gas and electricity from? Some companies have Trust Funds that will help with the bankruptcy fee.

Iriahm

Creditors can get really nasty and make you feel horrendous, but don't worry its their job! the people on the phone get commission from getting you to pay. I wouldn't consider bankruptcy unless it is the only option as it is very serious and will affect you forever. I'd go and see CCCS again and lay it all out for them.

When you moved you said you needed to save for a deposit etc did you not get your deposit back from your old property? whatever happens, keep coming on here to relieve the pressure.

good luck!