When will I feel human again?

SHELLSHOCK

Ho,

Wonder if anyone could offer me a few nuggets of advice?

I got started on the DMP route on the 20/1/11, sent letter to creditors with ref no and token payments, opened new bank account but still haven't got the bank account details so haven't been able to send the direct debit form to CCCS.

Hopefully I will get the numbers today so I can send it all off. I felt relief first that something was being done and we were facing up to the situation etc etc but now I just feel awful. Constant headaches, short fuse and just feeling generally low and miserable!

I've been getting lots of calls on my mobile which I've been ignoring, should I answer them?

I had an arrangement with a DCA to repay a Cap One CC at 0% which I ummed and ahhed about keeping so I could pay it off myself but CCCS recommended putting it all in together. I sent them a letter but have now received a letter saying I've breached the terms of the agreement and they will take action! I've written to them again to ask that the action be put on hold for 28days - was this the right thing to do??

On the plus side the phone rang whilst I was typing this and I plucked up the courage to answer it! It was Littlewoods and once I had read the letter to her that I sent on the 21st she was lovely and said she will hold all charges and interest for 30 days until they hear from CCCS!! Phew!

I just feel like I'm not prepared for all the horrible calls, letters, action etc. I just want to pay it all back as soon as I can and get rid of this horrible feeling.

Once I've sent the stuff (hopefully today) how long will it take to sort out? Will it be in time for March payments at the end of this month or will I just pay the token payments again?

All help/advice gratefully received.

Nik

stu12345_2

heres my advice from personal experience, not from exact law.I was in debt and did the cccs plan, wrote to creditors, paid legal bills rent, councilt tax, fines, etc in full every week but the consumer debts eg credit cards, loans I wrote to each company asking for interest to stop and reduce payments.
now some of the companies wrote abck agreeing, some didnt, some were tough. the cccs said that might happen and the cccs couldnt stop it. it would take about 6 yrs to pay things on on very low payments, but if my wages increased and as each debt was paid of , i could then increase payments to the remaining creditors.
dont worry about not getting loans in the future, cos if ur paying what u owe at mo slowly then u wouldnt be able to afford anynew loans and dont want them anyway.
I decided I didnt want a 6 yrs plan and decided to get the insolvency fok involved and went for a 3 yrs protected trust deed, in scotland, but in england its a 5 yrs IVA.
well that was 3 yrs ago it ended and paid back £2800 on trust deed against a £7000 on cccs plan, the total debts were £10000, but that included a student loan and i put it into trust deed just before the law changed saying you couldnt put them in.

RAS

Send them all a letter adving them to take your phone numbers off your files and communicate only by letter.

then join the DMP support thread.

Superbiatch

You should continue paying token payments in the meantime, but I have to say I waited approximately 2 weeks for replies from my 5 creditors and got them all paid last week, after initially setting the ball rolling the first week in January. The calls and letters have both died down.

I feel much more positive in myself and have embarked on a few challenges on this forum to keep me busy and save cash at the same time :T

You'll look back in a month or so and be suprised how much more settled your life will have become

SB x

stu12345_2

I saw cccs as the answer, but they are like a big brother giving u advice, they get funding from credit companies who set aside a % of their profits, believe it or not.
some loan,credit companies know the cccs arent the law and use it to their advantage.
TBH the insolvency people have clout and can stop,write off loans legally and quickly, but use them onlyif you owe lots, not just a couple of store cards with a couple of hundred pounds in debt on them.if that is the case you the cccs.some loancompanies dont know who the cccs is , what they do or if they have a legal power to stop debts, cos they dont.they advise

dancingfairy

a debt management plan is an informal arrangement between yourselves and your creditors - it's informal so if your circumstances change for the better or worse so do your payments.
What Stuart is advising works for some people but it is a formal agreement - and includes options such as an IVA or bankruptcy which are more drastic options and you have a lot less flexibility in terms of if your circumstances worsen in an IVA you have a lot less flexibilty to vary circumstances and if an IVA would fail it would lead to insolvency. Also an IVA /Bankruptcy involved fees. It is a more drastic solution in my opinion than doing a dmp.
df

stu12345_2

yes agreed, that why i spoke from personal experience, but I wasnt after a mortage, future bank loans etc,for at least 6 yrs, I wanted the debt paid fast.huge debt.
small debt use cccs and start budgeting sharply, but sadly u may get letters, calls until they accept ur management plan,
do everything in writing, answer the phone once to the collector and say not to phone again as you have put ur requests in writing.
the caller is simply a call centre admin person, not the decision maker who deals with the letters you wrote explaining ur plan.

dancingfairy

I trust and hope that CCCS will have gone through all the options with the poster and explained the pros and cons of each solution. An IVA or Bankruptcy obviously remain an option for the future if things take a dramatic turn for the worst but hopefully a dmp will serve it's purpose.
df

SHELLSHOCK

Hi,

Thanks for the posts, yes I'm aware that a dmp is an informal agreement and I've just got my fingers crossed that my creditors accept it.

I have already cut all my costs down to the bare minimum and have gone through all my insurances etc which saved about £95pm!

Does anyone have a template letter I could use to send about the calls etc? I could get those off today.

I just want to get started so that I can see the debt going down instead of up!

We won't want anymore loans etc but we will want to go back onto a repayment mortgage in the future as we are on interest only at the moment. Would our current provider still consider this as we have never missed a mortgage payment?

My head is still pounding and I can't help feeling like I've let myself down getting into this mess.

Nik

GeorgieFTB

Shellshock

I haven't got the link to the letter, I'm sure someone will be along shortly to post it... that's the great thing about this place.

Today's not your best day, it happens, do something that will make you feel in control, no matter how small, I'm very good at to do lists, I can make them with the best of 'em, not so good at completing them...

Have a look round for the challenges, grocery, work lunches, NSD (my favourite, they are absolutely barking tho!) Check out old style for some inspiration, I'm still not brave enough for laundry goop!

Keep your chin up chuck, it will get easier!

dollybeads

Hi there, below is a link to a template letter you can use to send to any of your creditors requesting they only contact you by letter.

Good luck you sound like you have come so far in such a short space of time, don't be too hard on yourself, you are doing a grand job. Best wishes Dolly x

http://forums.moneysavingexpert.com/showpost.php?p=11571485&postcount=4