Seeing the light at the end of the DMP tunnel

J_Tizzle

Hello all. First-time poster, long-time lurker...

I just wanted to post my story in case there are others who have similar worries/problems, as well as to say thank you to all the members on these boards for their helpful advice posted on other threads.

I had built up debt slowly over a few years but two-and-a-half years ago I left home for the first time and that was when the debts began to spiral out of control. At the time of moving out (I part-bought a shared ownership flat with some inheritance money) my CC debts were minimal and I had some savings but, despite warnings from my Mum (it's true, they are ALWAYS right!), I seriously underestimated how expensive it can be to live alone, especially in London. Added to that, I spent some time unemployed, and I had soon demolished my savings and was using multiple CCs to live on. There are only so many times that you can transfer between 0% cards!

Anyway, before I knew it the minimum monthly payments were getting out of control, and initially I stuck my head firmly in the sand, thinking that the next job will pay more so it'll be okay. It turns out my next job DID pay more - more than I'd ever earned before - except I couldn't spend any of it as it was all going to pay towards balances that, because of the high interest rates, were actually going UP each month. It was the most demoralising thing.

I didn't have anyone I could really talk to about my debts. I was too ashamed to speak to my family about it, and too proud to talk to friends. I couldn't sleep from feelings of dread about how I would meet the next payments and I often felt as if I was drowning in my debt. It was reading other people's stories on these boards that made me realise I wasn't alone in what I was going through. I realised there was no point in feeling sorry for myself, even though it seemed as if there was no end to it all and no answer to my problems. I knew I had to do something about it.

So I registered with CCCS (after almost getting suckered in by some other, for-profit company) who have been a delight to deal with - all of the operators I've spoken to have been friendly, helpful, and not at all judgemental. I have opened a bank account with Barclays as none of my debts are with them and their basic account had been recommended by many people on these boards, and I am hoping that my first payment towards being 'debt free' will be made on 1st April.

I have ended up with almost £20,000 of credit cards and an overdraft. It will take five to six years to pay off at my current salary, and my credit rating will be screwed for, presumably the next 11 or 12 years. I suppose I am fortunate that I already have a mortgage, and definitely do not want to even SEE another credit card for the foreseeable future, so I am not too bothered about ruining my credit rating.

Possibly the most shameful part of all of this? I am a qualified financial advisor. I should have practiced what I preach, huh?
Never mind, as I said the time for feeling sorry for myself has passed. I am finally 'starting to see the light at the end of the tunnel', to coin a phrase I have seen many times on this site!

Apologies for rambling on but hopefully my story can be of use to someone, and thanks again to everyone who has contributed to these threads and helped people cope and improve their individual situations.

Any questions (or support!) would be most welcome.

CH27

Well done for having the courage to face upto your problems:T

shandypants

Dear J_tizzle.

Congratulations for sorting things out.

You sound very very much like me. I did eventually bit the bullet and started a DMP with CCCS in February last year. Having paid off a years worth (totally about £6000) I can finally see the debt shifting. Its so nice when you get the statement in every month seeing the number coming down (for once).

Life has become boring thou lol!! No random spending on unnecessary things anymore but to be honest I enjoy boring, I like my boring uncomplicated life.

Cheers to you, just think how happy you will feel in 5 - 6 years time xxxxxxx

J_Tizzle

Thanks for that. It really is comforting to know there are other people in a similar situation, isn't it?

You're right about the 'boring life' though. I've been doing it for a while now, and it's rather depressing to think that things will be this way for the next five or six years, but that's the life I've created for myself by being reckless/foolish and I'll just have to deal with it! Fingers crossed for that lottery win though...

[Deleted User]

you've taken the hardest steps...it will only get easier from now on.

well done