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I've had enough. Should I just stop paying my debts to these and leave the country?

SallyBeans_2
Posts: 28 Forumite
I only say this because I can't see the points really, I mean by credit rating already shot to pieces, I owed £12,000. What will realistically happen? CCJ's, etc?
I am struggling on a DMP and have paid two thirds of it with at least another £4,000 to go. I am still paying tons of interest which will go onto the £4,000 so I could be in this for years and years. If it's my credit rating I'm trying to protect or save, as I say, this is already damaged and I will never want a mortgage or credtt cards again, I've lost my home and renting at the moment. Who's to say, chucking the DMP and the job and going is not the answer?
Am I just trying to get debt free in order to clear my name when my name is already mudd in the bank's eyes. I feel ike saying ok, you win! I'm off.
Any advice, I'm at the end of my tether.
I am struggling on a DMP and have paid two thirds of it with at least another £4,000 to go. I am still paying tons of interest which will go onto the £4,000 so I could be in this for years and years. If it's my credit rating I'm trying to protect or save, as I say, this is already damaged and I will never want a mortgage or credtt cards again, I've lost my home and renting at the moment. Who's to say, chucking the DMP and the job and going is not the answer?
Am I just trying to get debt free in order to clear my name when my name is already mudd in the bank's eyes. I feel ike saying ok, you win! I'm off.
Any advice, I'm at the end of my tether.

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Comments
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Hi
Do you actually have a statement of what you remaining debts are?
How much can you contribute to pay them off.
Who is your DMP with?If you've have not made a mistake, you've made nothing0 -
Leaving won't solve anything, plus it costs alot of money to move countries so you will be in a worse mess. There are people who have been on a DMP for 8 years or more.
In just over a year (Oct 2008) you have gone from £12k - £4k. As the balance is lower then the interest added per month is less than at £4k, you will do the £4k alot quicker. You can work it all out here - http://www.whatsthecost.com/snowball.aspx
Running away is never the answer.Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0 -
Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
Hi Sally
I think you may just be having a bad day and feeling frustrated. You have already paid loads of your DMP and you will get to the end of it.
Have you got up to date balances from your creditors? (not from your DMP provider) if not do this to see exactly what the balances are and which are still charging interest. You can then feed this information into the snowball calculator to estimate how long you have left on your DMP.
Maybe then you could post up your budget and we can see if we can spot any savings so that you can up your DMP payments.
You are not in a DMP to look after your credit rating as it will already be badly affected by being on your DMP. You are doing this to pay back what you owe so that you can make a clean start debt free in the future.
Good luckA smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
SallyBeans wrote: »I only say this because I can't see the points really, I mean by credit rating already shot to pieces, I owed £12,000. What will realistically happen? CCJ's, etc?
I am struggling on a DMP and have paid two thirds of it with at least another £4,000 to go. I am still paying tons of interest which will go onto the £4,000 so I could be in this for years and years. If it's my credit rating I'm trying to protect or save, as I say, this is already damaged and I will never want a mortgage or credtt cards again, I've lost my home and renting at the moment. Who's to say, chucking the DMP and the job and going is not the answer?
Am I just trying to get debt free in order to clear my name when my name is already mudd in the bank's eyes. I feel ike saying ok, you win! I'm off.
Any advice, I'm at the end of my tether.
Hi Sallybeans, although it is tempting - very - to foxtrot oscar, you have paid 2/3 of your debt rhru your DMP so if I were you I'd stay and get it finished, as an earlier poster remarked, you will get through the remaining 4k more quickly.
If you hadn't started your DMP and were faced with all that debt I could understand your frustration, I still do, but you may aswell finish it off now.
Boring I know, but just think how you will feel when you dont owe anyone a penny!
Then you can run away..."but wheres the fun in that?" I hear you ask...."If you are going through Hell, keep going" - Winston Churchill0 -
You can do it Sallybeans. We all believe in you. We all want to be debt free and it seems you are along way to getting there.
Good luck
xProud to be dealing with my DebtsDebt as of Feb 2010 = [STRIKE]£29,000[/STRIKE]:eek:April 2010 = £22,600DFD - approx March 20120 -
and I really appreciate your kind words and helpful advice. I was thinking of 'Foxtrotting Oscaring';) because I think the last straw came when someone I know - and have in the past lent money to - have had their debts completely wiped £15,000 worth:mad:. Ok, it must have affected their credit rating, true, but they they also got a hefty chunk of back money from the bank charges repayments just before the announcement.
I feel rather frustrated that I have done the honest route and struggled on a beans on toast life, I couldn't even afford to get the train to work , the other week, so took a week off.
I am being a bit of a wally really, as you have all pointed out that I don't really know what my actual remaining debts (per creditor are) and I could also contact them directly and not just take the word of Payplan and ask them to lower or cancel the interest.
My frustration was also increased by Barclays laughing at the fact that the minimal amount I had made in F&F (£1,500 left to me recently) was a definite NO! as they said they'll know they'll get their full money back eventually as I am paying them a hefty amount each month - I guess its the cheek of it. Especailly as they moved my debt (orignally £1400 from an od) now to a Barclaycard which as you all know has extortionate interest and is possible wrong anyway.
I know it would be silly to scarper now, when it will always haunt me. I will keep on going and contact the creditors directly.
Thanks for your help. You're all lovely people x
Sallybeans :T0 -
Why did they move the debt to a barclaycard?
I was under the impression that banks could offset funds you had available but couldn't just move from one form of credit to another.
Have you looked into the possibility of getting a loan from a credit union - would this be a cheaper option than paying all that interest?After falling off the gambling wagon (twice): £33,600 (24,000+ 9,600) - Original CC Debt: £7,885.91
Dad Gift 6k ¦ Savings & Inv Tst: £2,500
Loan 10k: £0 ¦ Dad 5.5k: £2,270 ¦ LTSB: £0 ¦ RBS: £0 ¦ Virgin £0 ¦ Egg £0
Total Owed: £2,270 (+6k) 11/08/20110 -
SallyBeans wrote: »and I really appreciate your kind words and helpful advice. I was thinking of 'Foxtrotting Oscaring';) because I think the last straw came when someone I know - and have in the past lent money to - have had their debts completely wiped £15,000 worth:mad:. Ok, it must have affected their credit rating, true, but they they also got a hefty chunk of back money from the bank charges repayments just before the announcement.
this might sound rosey however i expect these people have had to declare themselve bankrupt or had a IVA to get the debt 'wiped' out, as you know these companies will not just so oh thats fine i will not bother to try and get the money back form you
any which way your friend has gone it will have much wider and longer implications to them than a DMP usually does as you will always have to declare you have done this even when it has dropped of your credit file after the 6 yearsDrop a brand challenge
on a £100 shop you might on average get 70 items save
10p per product = £7 a week ~ £28 a month
20p per product = £14 a week ~ £56 a month
30p per product = £21 a week ~ £84 a month (or in other words one weeks shoping at the new price)0 -
Why did they move the debt to a barclaycard?
I was under the impression that banks could offset funds you had available but couldn't just move from one form of credit to another.
Have you looked into the possibility of getting a loan from a credit union - would this be a cheaper option than paying all that interest?
Well, my friend, thank you for your help here. As I had an overdraft with Barclays of £1,400 when I started with a DMP and payplan contacted them, they must have panicked they'd never get their money back and immediately transferred the debt to a credit card, which I guess was easier for them but well heavy interest for me. I wonder if this is legal, probably not. I would like ot complain but don't know where I stand here.
On another occasion, a number of years ago, I went to clear a credit card at the bank and mistakenly paid off my barclaycard about £300 by mistake, as they wouldn't give me the money back to pay the original credit card debt, they put the credit on a Barclaycard and hoped that I would use the money up, as credit. I know:exclamati this is hard to believe!!
I wrote and complained at the time and got the money back as a cheque. BUT THE SHEER AUDACITY OF IT, must have been a real idiot at the bank!! abd a real idiot me for paying the wrong debt, I remember I was flustered in the queue0
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