Fed Up

Elloyd

Me and my husband are working our back sides off trying to clear our credit card debts racked up when my husband lost his job at the beginning of last year, just as I went on maternity leave. We seem to be getting know where, and I am feeling really down about it all.
He works long days, much longer than mine, and some weekends, the weekends he doesnt work, I work at my second job cleaning, just to bring in the maximum amount of money possible, and still I feel we are fighting a losing battle. We are trying so hard not to have to start a DMP, which everyone is advising us to do, but I dont want that on our credit file.. Feeling totally depressed about the whole lot. Is this what adult life is all about. Someone wave a magic wand and transport me back to when I was 9 when the only worry I had was getting my 10p back on the old cronner bottles..... Rant over.. Thanks for listening..

[Deleted User]

Have you done and SOA oand posted it on here?

The advice on here can be very valuable in reducing your outgoings, and giving you ideas for uping your income.

Elloyd

Yeah I did one a while ago, maybe I should do another one.

Choc-addict

Elloyd wrote: »

Yeah I did one a while ago, maybe I should do another one.

Hi there,

Just wanted to pop by and say hello. Another SOA with all figures might be a good idea, let the good people here come up with some suggestions!

I know what you mean about a DMP as it does ruin your credit history but then again, would you actually want any credit and it'll repair itself eventually. I had no choice but to go on one as such huge income drop and no means to pay off debts etc - I first went with payplan and now deal with it all myself and the debt has gone down by over 20k in two years. It wasn't what I would have wanted but sometimes needs must.

Keep your chin up and post that SOA, hopefully some people can spot things that you haven't. Have you thought about starting a dairy to keep you on track and motivated? I have and find it not just useful with the debt but life as well

Take care x

[Deleted User]

I'm sorry to hear that you're finding it all so tough at the moment. Maybe a SOA would put everything in perspective - and at the least show you where you are at currently, and hopefully help you manage in the future.

You are definately in the right place for advice and support. Also, if you are struggling contact one of the debt charities - they are thought of very highly on these boards.

Elloyd

Hi Choc-Addict, we have a mortgage and need to fix it at some point, so trying so desperatly to hang on to not doing a DMP until we have the mortgage sorted.

What do I click on to do a SOA? is there a link?

Thanks guys

gonzo127

another one would always be a good idea so we can try and find places.

just a question or two, and i dont require an answer i am just putting it up here for you to think about

why are you bothered about your credit file? really?

do you want more credit? if so why when you are already struggling?

think about it, the effects only last for 6 years then they drop of your file, how long is it going to take to become debt free at your current rate of repayment? if it is more than 6 years then you would probably be better of doing a DMP

gonzo127

http://www.makesenseofcards.com/soacalc.html

Elloyd

Gonzo127, we dont want any more cresit, but we want to be able to get a reasonably good rate for when we refix our mortgage, a am guessing with a DMP on our file, will effect what mortgage rate we will be offered.
On a DMP plan, is it 6 years from when you make your final payment, and are clear, or 6 years from when you start it?

gonzo127

6 years from the default being placed on your account which is usually within 3-6 months from starting a DMP

Choc-addict

Think gonzo127 has answered your questions for you! Understand re the mortgage, i'm lucky in that OH has been able to get mortgage solely in his name so my bad credit doesn't have to be involved - thank goodness!

Same as gonzo - 6yrs from when default is placed on your file - for instance my first was 2 yrs ago so only 4yrs before gone. Also not all of them put it on file, actually out of 10 odd creditors 2 have - the rest have been happy and have registered 'arrangement to pay' on the file and not issued a default.

Have you considered contacting any just to explain your circs and see what they can offer/suggest? Doesn't hurt to ask, I think speaking to people to let them know helps the situ.

Pop up that SOA, hopefully we'll all be able to help