have i done the right thing?

regret70

Hi

after months of getting myself in debt i have sunk deeper into depression and have now defaulted on 2 loans and an overdraft. i havent slept properly for ages and feel so sick.

i have contacted cccs this morning and agreed a DMP, have i done the right thing?

i was told to make token payments this month, i get paid tomorrow, and they will then set up the plan.

have i done right???

EmzJenks

Hiya
Not an expert I'm afraid, but it sounds like you've done the right thing & getting help. I think a DMP was the best thing for you & your situation to take the right steps forward to sorting your debt

Tixy

If you cannot afford your monthly payments and are getting further into debt then being proactive in dealing with it is definitely a good thing.

The fact that you have gone to CCCS and not a company that will charge you fees is also a good thing

If CCCS have recommended a DMP then I would imagine that is best for you - I assume they have explained the implications, such as not getting any more credit and the likelihood of getting defaults on any other debts in the DMP?

Did they give you a letter to make token payments with? if not there is one on here you can use .
http://forums.moneysavingexpert.com/showpost.php?p=21937969&postcount=52

regret70

thanks! phewww that is a relief. i have also owned up to my husband today so its been a tough day. also my mom has gone into surgery this afternoon so i dont know how i have managed today!

the cccs were really helpful and nice on the phone just as long as the creditors accept my payments all will work out i suppose. the cccs estimated i would be debt free in 3.5 years and what a relief that would be!

thanks

Tixy

I hope your mom is okay.
And well done for owning up to your husband. If you have any questions about your DMP as it gets started you will find lots of help and support over on the debt free wannabe board - http://forums.moneysavingexpert.com/forumdisplay.php?f=76

including this thread https://forums.moneysavingexpert.com/discussion/2388003 which is a support thread for people starting DMPs in the last couple of month.