In Debt big time,Help wanted Please

yorkshire-lad

Hiya Tottonian,
just thought i would pop my head in and see how your going.

glad you have contacted CCCS, as dougyd said if you are not fussed about putting a few marks on your credit report then a DMP is definately the way to go, just one payment a month to CCCS then they share it out to your creditors, lot of stress taken away from you. could possibly cut out of your extra jobs, to give you time to get yourself back to a 'normality' (if thats the right term).

good luck!

Tottonian

dougyd wrote: »

If you understand that this process will make you a lot less credit worthy (and you shouldn't be wanting anymore credit for the next 6 plus years anyway) then you will realise that now you can really tackle these debts.

Remember, only offer the companies what you can comfortably afford.

If it gets sold to a 3rd party then that's fine. The interest and charges will be frozen at the point of sale. The 3rd party will of bought the debt for a pittance of the value and then you are in a position to try and negotiate.

Obviously it won't always be rosey, but you are now on the right path.

The last week I have had sleepless nights worried sick about debt, start thinking I bought this on myself & there’s no way out , thought about re-mortgaging or get a big loan to re pay the others or even selling both cars & get 1 diesel car, but have all come to nothing as getting a larger mortgage would be a temp solution & if the rates went sky high we are back to square one, again with a big loan that would have to be a secure loan as over £25k & we both need a car each for our jobs.
Maybe long term would be a DMP, not to sure who I would go with though if we went down that road.

Tottonian

yorkshire-lad wrote: »

Hiya Tottonian,
just thought i would pop my head in and see how your going.

glad you have contacted CCCS, as dougyd said if you are not fussed about putting a few marks on your credit report then a DMP is definately the way to go, just one payment a month to CCCS then they share it out to your creditors, lot of stress taken away from you. could possibly cut out of your extra jobs, to give you time to get yourself back to a 'normality' (if thats the right term).

good luck!

Would the CCCS do a DMP ?. I have not been myself for over a year now, going to the Doctors & being told I have depression in Oct 2010 & taken anti depressants I feel is a little embarrassing , I have had no time of work due to this though & now see things a lot clearer , hopefully on the right track now.
Again I cant thank everyone enough for the advice & support & knowing I’m not the only person out there in this situation.:T

tbourner

Tottonian wrote: »

Would the CCCS do a DMP ?. I have not been myself for over a year now, going to the Doctors & being told I have depression in Oct 2010 & taken anti depressants I feel is a little embarrassed , I have had no time of work due to this though & now see things a lot clearer , hopefully on the right track now.

My wife was diagnosed with depression in August last year, she's on Citalopram 20mg at the moment, but planning to go back into work next week on half days - hopefully!
Have you tried https://www.nomorepanic.co.uk? Confusing forum they have but if you can post a thread up they're all very helpful on there. It's good to know there are (LOTS OF) other people going through the same, it really helps remove any embarrassment, I had panic attacks a few years ago and it is a horrible thing to try to deal with, especially as telling people usually results in "Oh right, well, cheer up..." yeah great thanks for that patronising degrading comment about my highly debilitating mental illness!!

yorkshire-lad

Tottonian wrote: »

Would the CCCS do a DMP ?. I have not been myself for over a year now, going to the Doctors & being told I have depression in Oct 2010 & taken anti depressants I feel is a little embarrassing , I have had no time of work due to this though & now see things a lot clearer , hopefully on the right track now.
Again I cant thank everyone enough for the advice & support & knowing I’m not the only person out there in this situation.:T

as far as i know, you fill the debt remedy in and arrange with CCCS the amount you can afford to pay all your creditors after your priority bills have been paid, mortgage, gas/elec etc.

you then make a monthly payment to CCCS and they share that out with all of your creditors, you will probably get alot of hassle from them [creditors] during the first few months asking you to pay more etc but just ignore them as you are going through CCCS.

hopefully someone will clarify the above as i have never been on a dmp, this is just the jist of what they do from reading other posts.

Tottonian

Virgin c/c, Nat West c/c , MBNA c/c, Lloyds c/c, Halifax c/c, GUS & Argos have all had an offer sent to them what I can afford to pay them each month, 3 more to go !
All sent 1st Recorded Delivery, I wonder what sort of response I’m going to get though !

dancingfairy

Probably no - that seems to be the default response - at which point you either write to them again (if you can be bothered) and just keep sending the payment month in month out until they actually twig that no you can't afford any more and no you're not going to be moved on this it may take a few months for them to settle down but hopefully they will all eventually accept - either formally or just by not hassling you any more. You will get defaults on your credit rating but hey - it's all repairable in the future and you don't need any more credit right now anyway
df

Tottonian

Morning, yet another on/off sleeping through the night , Friday I seemed a little relieved that I had faced the fact I couldn’t afford to pay these c/c companies, HSBC Loan & Overdraft, letters all went off 1st class recorded delivery so they would each get a letter with a SOA inside plus an offer that I can afford, I would of missed a payment on all the credit cards for this month as I have changed banks.
My question is do I make double the payment next month of the offer I sent them as I missed a payment or just make a payment of what I offered them ?

Tottonian

Hi again, have been out for the morning & when I got back home there was a message on the phone from Halifax Credit Card Services saying that I had to contact them straight away & as soon as possible !. I think they may of got my Letter, SOA & what I can pay then each month. I’m afraid to contact them as the person on the phone sounded very official/abrupt & she is going to tell me the offer that I’ve made is un excitable !
Should I ring them back or wait until they call again.

lpaps

Hi this is the first time i have posted anything on this web site. I too was afraid of the debts i have incurred, it was effecting my health, i could not sleep and working every hour to make minimum payments. the interest rates on the credit cards got higher and higher up to 34.9% i was paying £285 per month on one card and only reducing the balance by £5!!! in the end i opened a basic bank account with the co-op transfered all my income to the new account, went through the cccs and made a list of income and outgoings, which i can see now how i just got more and more in debt as it was clear i could not afford the payments and borrowed more and more to make ends meet! Cccs contacted all my creditors with a realistic offer of payment, some accepted and froze interest straight away, others namely my bank that i have used for 20 odd years refused!!! i am only 3 months into the plan but what a weight off my shoulders, what i would say is that i do get regular letters from those who will not accept the arrangement and phone calls (but i have told them to take my work tel no off their records, all have done this) but no one has been agressive or not understanding, this will stop eventually as they all have a process to go through. Your credit rating will be affected but who wants debts if they ruin your life and if like me your credit rating is already poor. I am much happier now than i have been for years, i have a budget and stick to it, at my present rate my debt will take 17 years to clear! good luck and remember we are all in the same boat!