Just to give a little bit of hope to those worried about their debts....

appleblossom

We were with a well-known non-fee paying DMC for 7 years - we have managed to reduce our debts to around 50% in that time - despite being advised by them to go bankrupt we maintained that we would continue to attempt to clear our debts as long as we could. Due to an increase in our domestic bills, we missed a couple of payments (only a couple mind) but the dreaded phone calls started - one company was very nice, and the other not quite so.

After a couple of months of realising that we were going to be short every month, I took the big step of contacting the DMC and advising them we were going to regain control of the finances.

I wrote to every debtor recorded delivery, explaining the circumstances and asked that we have a 6 month period of paying what we were currently paying and then have a review in order to get everyone up and being paid by us and to try and sort outselves out a bit.

7 out of 10 replies accepting the offers of payment and provided bank details.

The other 3 I faxed a copy of the letter to,and after a week of still no contact I phoned them.

1 company had passed the debt back to the original debtor as we were no longer dealing with the DMC but no-body had told us! - I contacted them and arranged everything over the phone.

The other 2 companies had a bit of a name on the internet for being a little ruthless and scare-mongering but they were lovely!! - One of them said we had arrears of £10.80 on the account but if I could pay £10 there and then he would amend the account so it showed it was up to date and include that as that months payment so I needn't pay anything until November (this was in september) - he even asked if I wanted to temporaily reduce the monthly payment as he didn't like the thought of us struggling each month. (I declined)

The reason I'm writing this, is 7 years ago, hubby and I were both in well paid jobs, holidayed well, took loans out that we could afford for home improvements,cars etc then I had our daughter and our income fell -after a while we held our hands up and said we are struggling and went to the DMC.

Last week, on 31st October, I took great pleasure in getting my folder out and writing October all paid in FULL across the list of debtors. They all agreed payment dates of 28th of the month so that I could pay each one as and when through the month when I could afford it and I was so proud to say to hubby, well we did it. I know this might sound trivial to some but I was scared of dealing with it all myself after so long of just paying every week to the DMC and not having to deal with anything and to get through the first month without falling at the first hurdle (and I have paid nearly a thrid of this months payments so far) was a big achievement. (and we're not talking little debts either!!)

So, my point is, however daunting it may seem, however far away that light at the end of the tunnel may look - I feel far happier now then I have throughout the last 7 years when I didn't have control as I am now aware of whats what and sometimes, not everything you read about scaremongering debt agencies is correct.

Sorry, I've kinda waffled a lot there but I can't tell my family or friends about whats happened, but I felt I needed to share it somewhere.

glastocat

That is a lovely post, well done.

I moved countries seven years ago and took my debts with me. Another friend had the same debts and left them behind in the UK. She got away with it. I still had around 10k debts last year, when my dad died and left me some cash. Now I'm debt free ( thanks dad), and I have a clear conscience. Maybe some people would say I'm foolish, but I spent it, so wanted to pay it back. I was lucky enough not to have to deal with debt agencies, I consolidated all my debts at under 6%, kept my credit card but stopped using it. Now everything I want will be paid for in cash ( bought a 98 Audi A6 for €1500 last month, my husband is delighted!).

Anyway, I digress, bloody well done! I bet you sleep better at night now, I do!

appleblossom

I do sleep better, we never really buried out heads in the sand but I just couldn't cope with having a young baby and trying to deal with the constant phone call,letters etc hence why we went to the DMC,but I was really was surprised at how nice they have all been to us now we are doing it ourselves again.

Well done to you too for dealing with it all and congratulations on being debt free.x

sharronej

when you think about it you'd already proven you were serious about clearing the debt so I'm sure that has brought you a lot of respect from the Companies you're dealing with. Congratulations.

savingwannabe

Appleblossom thank you for sharing your story. This is what MSE is about. Inspiring and uniting us all to overcome our financial problems. It is great when we hear that someone has achieved their aims. Jolly well dont and bless you for telling us.

mummum2

Well done, I also took control of my debt after being with a company for almost 3 years and wrote, called my creditors, like you I got lots of 'support' from them apart from Llloyds :mad: (hate them!), I do agree, that one should not be afraid to talk to them, people will/can be surprised on how understanding 'some' of them are.

Good luck on the rest of your journey. We will all get to that DFD.:beer:

MM2