Can't believe the mess I'm in!

stbailey

I signed with a company to help sort out my debts 2 years ago. Paid them £250 per month to cover the cost of paying each of the creditors individually (only 4 in total)
I have been paying £74.00 per month to the TSB for 2 years and found out today that the debt which started off at £4,800 has only been reduced by £234.00 in 2 years.
Surely the bank agreed with the finance company to accept to payment and should have frozen putting interest and charges on for 2 years?
I really need help as to how to deal with this. Please...

Pink-Angel

stbailey wrote: »

I signed with a company to help sort out my debts 2 years ago. Paid them £250 per month to cover the cost of paying each of the creditors individually (only 4 in total)
I have been paying £74.00 per month to the TSB for 2 years and found out today that the debt which started off at £4,800 has only been reduced by £234.00 in 2 years.
Surely the bank agreed with the finance company to accept to payment and should have frozen putting interest and charges on for 2 years?
I really need help as to how to deal with this. Please...

Hi and welcome, you will find a lot a support on here. Do you know which company you signed up with to help with your debts? And more importantly whether they charge a fee? This is important because it could partly explain why so little has come off your debts. If it is one who charge fees, maybe you could speak to someone at one of the free organisations to ask their advice, or even to talk to someone at your local CAB. With regard to the interest, it's worth finding out whether this has been frozen or not. Although a lot of creditors will freeze interest, they are not obligated to do this but you can always contact them to ask. Hope this helps.

Pink-Angel

Had a sleepless night where I almost managed to convince myself I'd make a mistake signing up for a DMP and that I could manage ... but the delusion didn't last! Feels like a Big Week because my salary is going into my new bank account this week. Should also get my start date for DMP payments, and perhaps letters from creditiors too?! Possibly phone call from my bank becuase of my overdraft etc. Not looking forward to that part, but at the end of the day I don't have the money to give them so they'll just have to accept what I can afford.

Had an interesting experience with my home insurance renewal over the weekend. I was sent a quote £70 more than I paid last year, even though I haven't ever made a claim. I looked at some comparison sites and phoned the company to say I didn't want to stay with them, as I'd found a quote around the price I paid before. So they were magically able to cut the price to what I paid last year!! I was pleased with the result. Just goes to show it's a worth a try when they try to get even more money out of us!! They are just too greedy!!

honeybear68

Morning Pink Angel

Well done in your home insurance, good move it's amazing what these companies can do when you tell them your leaving, I had similar experiance with the energy company we are with, can sympathise where the bank is concerned I've had an email, text message and waiting for the automated phone call all over the last 3 days.:mad:

anyway what you doing today I have so much to catch up on as I've done nothing over the weekend (which just goes to show my lot are completely lazy):mad: well it's black bin bag day today and they what happens when it's that day;).

Squirrel29

Well done with the quote!! Robbing devils aren't they?! I too have had a restless night thinking the same as you ie have I done right thing. It's after speaking to Payplan last night and they spelt out the negatives too like CCJs. They did point out they'd fight all the way for me, but when you are scared, you just hear the bad things.

I think it's also cos they'd rung whilst my parents were over and they have no idea about my debt. I then got to thinking what if a bailiff calls if I have family/friends over? I'd just die!! I'm a bit wobbly today, but then I'd never have met min payments this month without this.

honeybear68

Pink-Angel wrote: »

Had a sleepless night where I almost managed to convince myself I'd make a mistake signing up for a DMP and that I could manage ... but the delusion didn't last! Feels like a Big Week because my salary is going into my new bank account this week. Should also get my start date for DMP payments, and perhaps letters from creditiors too?! Possibly phone call from my bank becuase of my overdraft etc. Not looking forward to that part, but at the end of the day I don't have the money to give them so they'll just have to accept what I can afford.

Had an interesting experience with my home insurance renewal over the weekend. I was sent a quote £70 more than I paid last year, even though I haven't ever made a claim. I looked at some comparison sites and phoned the company to say I didn't want to stay with them, as I'd found a quote around the price I paid before. So they were magically able to cut the price to what I paid last year!! I was pleased with the result. Just goes to show it's a worth a try when they try to get even more money out of us!! They are just too greedy!!

Morning Pink Angel

must be something in the air I didn't sleep that well last night either,so god help the first person to upset me.

Pink-Angel

Squirrel29 wrote: »

Well done with the quote!! Robbing devils aren't they?! I too have had a restless night thinking the same as you ie have I done right thing. It's after speaking to Payplan last night and they spelt out the negatives too like CCJs. They did point out they'd fight all the way for me, but when you are scared, you just hear the bad things.

I think it's also cos they'd rung whilst my parents were over and they have no idea about my debt. I then got to thinking what if a bailiff calls if I have family/friends over? I'd just die!! I'm a bit wobbly today, but then I'd never have met min payments this month without this.

Hi Squirrel, did you manage to your wages out of the bank and into your new one ok? I'm sorry you are feeling wobbly today. Yes it is scary isn't it!!?? I had a similar conversation with CCCS when I read 'leagl action' as it frightened the life out of me. They said they would help with anything that crops up, but it still a frightening situation. It can't have been easy having a call when your parents were there either, I feel for you.

For me I've been getting into more and more debt each month and not making any inroads because I've been paying the minimum amounts. So I know this is the only positive thing I can do. Doesn't make it easier though does?!

Hope that you day is ok, take care x

Pink-Angel

honeybear68 wrote: »

Morning Pink Angel

Well done in your home insurance, good move it's amazing what these companies can do when you tell them your leaving, I had similar experiance with the energy company we are with, can sympathise where the bank is concerned I've had an email, text message and waiting for the automated phone call all over the last 3 days.:mad:

anyway what you doing today I have so much to catch up on as I've done nothing over the weekend (which just goes to show my lot are completely lazy):mad: well it's black bin bag day today and they what happens when it's that day;).

Hi Honeybear, I'm sorry about the contact from the bank. It's not easy it is?! Sorry you've had a sleepless night too. I hope that your day will be ok and that you don't have anyone annoy you. I am off to work soon so that will keep me busy.

Take good care of yourself x

B17c

Pink-Angel wrote: »

Thanks re hamster B17c. Glad I still had a card to do it for him as will have to cut them up! It's scary thinking of having to live one without one, but I have to get used to it. It's one of the reasons I'm in this mess after all.

I really can understand the stress you're going through, as I'm setting up a DMP myself. Sorry about the bank account. The good thing about Nat West is they give a debit card with the savings account, and hopefully in time you will be able to open a regular one. Did they give you your account number and sort code already? If so you don't need to wait for anything to come through in the post, you can give your details to your employer to get your salary switched, and also to start changing direct debits. The sooner you can get your details to your employer the better. And do check which month they'll be paying the salary into the new account.

My new bank account is open and I'm currently working my way through a list of companies where I need to change direct debits, in date order of how they come out, and cancelling the payment from my present account. They are so many! I realised when I rang about council tax that there's no payment due until April (I'd forgotten we only pay for 10 months!) so that was a bonus. I'm also sorting out sending out letters to creditiors, and it's a stressful time, you are right. I have made a list of everthing I'm doing/need to do, and this is helping me feel I'm keeping track of everything. I'm not looking forward to the response from my creditors, and hoping that it will all calm down eventually. I'm looking forward to my wages going into my new account later this month so that it can all kick off properly.

Make sure you take care of yourself, and remember there's a lot of support on here when you need it.

Thanks Pink Angel...
I arranged to be paid by cheque for this month so i can pay that in to my new account, will call payroll today with new details so they can set that up for Feb wages...

My initial reaction is to bury my head in the sand to get away from it all tho i know this wont help and its whats got me into this mess in the first place! just have to keep driving forward and try to get thru it!

I'm back to work tomorrow after a few days off so i'm calling all the companies i have direct debits with to give them new account details and i was thinking of asking around the bars/restaurents in my town to see if they need P/T bar staff!

Worried i've left it a bit late in sending my template letters off...? doing that today and my DMP starts next week...

Good news about the Council Tax! gives you a bit of breathing space

maganan

Oh dear today seem to have lost my way, i've managed to stay fairly upbeat about all this so far after all its my fault etc etc, but today i had a letter from CCCS saying santander wont accept my reduced payment for one cc because of "contractual payment required". i checked thinking it was one who'd had a reduced payment this month (due to mergers alot of my debt is with them one way or another) but this was an interest free card and they'd had more than the minimum this month already. Now I'm so scared that none of my debt will be accepted and that this one will just get bigger cos they'll probably start applying interest. I spoke to a lovely lady at CCCS who said to inform them if this happens and also explained that they may just have accepted their quota for that day and that will still send what has been alotted from my payment! I know its my fault but it doesnt seem right that acceptance by the cc companies is such a lottery.

Now I'm really scared, what if they send baliffs around can they take my car if they do i cant work, if i sell it and get something cheaper it will cost more to run (mines v economical £30 tax and 600+ to a tank of diesel) should i put it in someone elses name or is this worse. I think i;ll be able to increase what i pay CCCS from next month now i've looked at where i can cut back but i dont think it'll make much difference to my creditors. i will also hopefully be able to make a small additional payment as when i get paid i should get a bit extra for working over the christmas bank hoildays. I know i'm rambling on a bit here but i dont have anyone else to tell and i cant burden the kids with this. To think yesterday i was feeling so positive cos i made a draft excluder out of an old pillow and turned the heating down half a degree!.............what a joke i am:(