Huge Debts What to do first?

mouldydc

You will be, stick with the MSE and they'll see you right.

Mrs_Brassic

Thanks that's really helpful a brand new me and bottleofred. I am hoping to contact cccs in next couple of days and was going to send payments to a couple of my creditors of probably £100 each as this more than half less than it should be but am now wondering whether this is a good idea as it's only going to be swallowed up in interest and charges, maybe I should send a lesser token amount until my DMP is set up, what do you think?

Also CCCS or payplan?

RAS

Hi

Do you have any debts with the company with whom you have your bank account , or any savings accounts?


If so the most important thing right now is a new basic bank account with a company to whom you owe nothing. And making sure your salary is transferred before you let any of your creditors know anything.

bottleofred

Absolutely consider what Ras has said Mrs Brassic, as they will offset debts with savings or any amount of cash in or coming into your account. So tread carefully, as they won't care if you are left short of cash, as long as they get some.

Mrs_Brassic

I have just posted a new thread re affiliated banks would be grateful if you would take a look and see what you think. I'm quite confused and so trying to do the right thing

a_brand_new_me

In response to your question ref token payments. I wasn't sure how much to pay at first but was advised to pay what you can afford by cccs. In the end I only sent £1 which i was really worried about. However, not paying my min payments for the first time ever (which i couldn't afford anyway - hence the dmp ) gave me a chance to build up a small reserve ready for my new strict budget! As it happened our car died a couple of weeks ago so had to find money to repair it and of course no credit cards or overdrafts to fall back on anymore - so glad I had a bit of money spare otherwise I would be in a right pickle!! I also waited until my pack had come through from cccs and sent all payments along with template letter - just found it easier that way! Best of luck.

Learning2Budget

We are with CCCS and have a basic account with Coop. Both have been fab. It's a slow process but one day you will be debt free, good luck.
L2B.xx

Mrs_Brassic

Thank you for your help, I'm just getting a little panicky about what to do first :eek: