Never Give Up

cobblers_boy Posts: 148
First Post First Anniversary Combo Breaker
edited 5 April 2011 at 2:42PM 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.




  • dave1961
    dave1961 Posts: 1,475
    First Post First Anniversary Photogenic I won, I won, I won!
    Hi CB,
    Well done mate !

    As someone who's been there...43k unsecured and 65 k mortgage in debt and mortgage free by 2009, it can be done, you know it's a long slog, but hang on in there!

    Keep believing you will be debt free ! :T
    *****Debt Free Since 2008*****
    The Best Feeling in the world
    Best Wins Trip to The Daytona 500 :D Kitchen Aid Advent Bundle :D A pressure washer
    A £300 Vue card :D A 2 night stay in Scotland
  • money_honey
    money_honey Posts: 257 Forumite
    Great post! And great that you're managing to do it by yourselves - just goes to show what people can do if they put their mind to something!
    DFW by end of June 2016...! LBM June 2011
    Debts start July 2011:
    [STRIKE]£53,846[/STRIKE] £31,716 (41%)
  • pugzy
    pugzy Posts: 143
    First Post First Anniversary Combo Breaker Debt-free and Proud!
    That's brilliant, well done! :)
    Pugzy...aka Mike :smiley:

    DFW Nerd #1355
  • climbgirl
    climbgirl Posts: 1,504 Forumite
    Must be a nice feeling to feel like you have control again! Well done and good luck with the rest of it.
  • bugslet
    bugslet Posts: 6,874 Forumite
    Yay, well done CB:T. Great post for all the new people who are struggling to see any light at the end of the tunnel
  • A very inspiring post. Thank you, and keep going!!!
    DFW Nerd Number 1378, and proud to be dealing with my debt.
    [STRIKE]£22000 in debt.[/STRIKE]£5000 in Debt as of November 2013.
    Debt-Free Date- Estimated August/September 2014.

    DON'T pass debt habits onto your children- teach them.
  • Issuma
    Issuma Posts: 137 Forumite
    What a fantastic achievement, I'm just starting my journey and determined to self manage my DMP I'm sure the road ahead will be rocky at times but reading your post has given me just the boost I need.

    Well done and thank you for sharing this with us :)
  • I take my hat off to you - well done!!!
    Barclaycard £3000
    Halifax loan £17,300
    Overdraft £500
  • crafty*kate
    crafty*kate Posts: 158
    I've been Money Tipped!
    Wow! Well done and good luck with your future. You've done really well.
  • Well done, have you pro rated your payments between creditors?
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