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Never Give Up

edited 5 April 2011 at 3:42PM in Debt-Free Wannabe
16 replies 7.3K views
cobblers_boycobblers_boy Forumite
138 posts
edited 5 April 2011 at 3:42PM in Debt-Free Wannabe
So I have thought about posting this for some time but never quite plucked up the courage.

My LBM came just over 4 years ago when I was finally in that dark corner you can no longer get out of. In the last moment of desperation I spoke to CCCS (got that bit right at least!) and that night slept soundly knowing I had done someting positive about my debts. Then I was crushed again a few days later when I got a letter from CCCS saying due to the size of my debts and the income I had to support the payments they could not help me.

What was the scale of our problem (including OH debts). Well when we added it all up we had managed to accumulate something in the region of £131k unsecured debt against a combined income of half that.

Now we really did feel down as payments could no longer be made and phone calls and letters started. We decided to go it alone and run our own DMP. As others have mentioned some creditors are more awkward to deal with than others and for us it was an overdraft with a certain Nat West bank that totalled £1,150. Would they suspend charges or interest, not at all. It took them a while to realise they would not get anywhere until they did so eventually they passed it off to a DCA and we had a figure to work with.

You may wonder why I am rambling but the point of this is to say that anything is possible. Our debt is now down from its height to a more manageable (!!!) £81k. In 4 years time this should be below £20k.

How did we get there. Well we offered all of the creditors small payments to start with. Obviously they wanted more but as others have said they will always take something over nothing. Some even said yes they would accept that figure provided you agree to clear balance in full within 3 years. I agreed to that knowing it was not binding on me and it kept them quiet for a while. When they said 6 months later that the payment I was making would not clear the debt in time (well their time anyway) I said I know but you can't have any more as I have not got it. They will continue accepting the lower payments as it is still better than nothing

Some of the DCA'a are a pain in the neck but all have now been told to only contact me in writing. All payments are made by standing order (which they did not all want) which leaves me in control should my circumstancess change.

By the end of this year, 4 of the smaller debts should have been paid off. They do not amount to much (approx £4k of the original debt) but getting rid of them will be good.

So my message is whatever the size of the problem keep going you will be able to deal with it. The support from this site will be invaluable but you get there.

CB:T

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