A year in - Sad SammyLou :(

SammyLou

Hey all,

Hope everyone is well. I haven't been around for a while, but I am feeling pretty low at the moment so thought I would come see a few friendly faces...

I started a DMP with CCCS in May 2010. My initial debt was around £40k - I have been really good with budgeting, and was paying £477.00 a month. After a recent review with CCCS I am now paying £500.00 however, I feel like I am swimming in treacle. I have paid over £7k since my DMP started, and my current debt stands at £36,900 now as some creditors (even after countless letters) are refusing to stop interest. Most have reduced, but not by that much. CCCS give my DFD as June 2017, but I know there is no way this can be realistic.

Since my review, I feel like I have upset the applecart so to speak. Things were ticking along nicely - now I am told that Natwest (who were not charging interest on loan of £12k and OD of £2k) have transferred the debt to Triton this week, and that Lloyds TSB (loan of £2.5k - never really played ball) have transferred the debt the recovery.

Now I get scared. Not sleeping properly as worried about what is going to happen. Will they start charging interest again? Will I get CCJ's? Can people get charging orders? Will my debt EVER reduce?

I have spent ages worrying, and I just feel like I need to share.

sorry - and thanks for listening

Sam xxx

bottleofred

Hi Sam,

Unfortunately some creditors for reasons best known to themselves refuse to stop or reduce interest charges. You should write to them all again, explain you are paying what you can afford and try to make them see sense. I see no reason why some will introduce interest again if you are continuing to make regular payments, but it could happen. I would have thought that if you were going to get anything on the accounts, then you would probably have defaults and may already have some. I'm not sure about them going for ccjs, but wouldn't worry about them at the moment. Just continue doing what you have been and come onto the forum for advice and support.

Good luck

Red

ihatebiffandchip

I just wanted to say that you sound so down about your journey to becoming debt free, but if you look at the facts, to have paid of £7,000 is amazing

So I am seding you :grouphug:

MrsTUS

ihatebiffandchip wrote: »

I just wanted to say that you sound so down about your journey to becoming debt free, but if you look at the facts, to have paid of £7,000 is amazing

So I am seding you :grouphug:

Although she has paid 7k, only around 3.1k has come off her overall debts - so you can see why that would be disheartening. I'm sure if 7k had come off her debt, she'd be feeling a little more optimistic than she is now!

Keep going OP, you can't turn back now... you're doing well :]

DevonGirl

Hi SammyLou

Don't be sad!! Here's a big DFW hug! :grouphug:

There's no doubt there are the occasional ups and downs with a DMP, and I can really relate to your feeling of swimming in treacle. Is it worth ringing CCCS and explaining what you've said in your post and see if they can suggest anything?

Maybe at your recent review, with all good intentions to pay of debt asap, you've actually made it a bit too tight? There's nothing stopping you at any point in the 12 month period to have another reivew so it's not so tight that you are constantly worrying about money? Did you allow yourself enough for an emergency fund for example? And you are allowed a small amount for entertainment, magazines etc. Just a little extra for yourself might make all the difference.

Regarding your debt being sold on, this might actually work in your favour as DCAs are more likely to freeze interest and accept lower F&F offers.

I really think you should speak to CCCS - they're almost always really friendly and non-judgemental. I've been on the phone to them for half an hour before while the lady put my fears to rest.
Also just to mention that in your CCCS DMP paperwork there is a section on what to do if your creditors get nasty re CCJs etc. It's not pleasant reading but forewarned is forearmed etc. In the meantime, if it hasn't happened yet, and you are complying with your DMP then I don't see that you can do much more.

On a final note, yes your debt will disappear - it's gradual but it does go down! Keep the faith!!!

DG

Cocorico123

Hi Sam
I started a DMP in 2005 with a similar amount of debt and similar monthly payments. At the time I found it hard to believe that I would ever pay off all my debts, however six years down the line, I have around £8k left to pay and I can almost see the light at the end of the tunnel. Some of my creditors stopped charging interest, some didn't, I found it was all the more satisfying when these ones were finally paid off. Some debts were passed on, some of them stopped charging interest at this point and I never received more than a default notice from them.
One quick question - have any of your debts got ppi on them? I followed the guide on here to reclaim this and significantly reduced my debts as a result.
Good luck and keep your chin up!

SammyLou

Thanks peeps.

I have spoken to CCCS this morning, as I got a letter last night after my review saying Lloyds had rejected the offer as they dont have a record of the account. That freaked me out, as I have been paying this for over a year - so I rung CCCS and had a chat. She said this was likely beause this had been assed on, and the only way to find out was to ring Lloyds, so I did, and on entering my account number got an automated message saying this had been passed on, and one of their recovery agents would be in touch. Well thats fine. when they are, they can deal with CCCS.

The lady at CCCS was lovely, and I think a lot of the worries I have, I actually make worse by fixating on them.

Its not that money is tight by increasing, I dont think thats the problem, I just think I am a bit down at the moment.

No PPI on any of the debts I am afraid - I never took it out

thanks for the hugs!

xx