Finally facing up to the challenge

Ed_from_beds

Hi, I am new to MSE but an old hand at being in debt!

I am now about £48k in debt (including loans and cards)
it is time to face up to the fact I can't sort it out or hope to win the lottery.

I have been in contact with national debt line and am in the process of setting up a dmp.

I just wondered what experiences people have of this?

Are my creditors likely to freeze my interest and accept reduced payments?

NDL estimated 5 years to debt free if all our figures are accepted.

Any words of advice or encouragement would be great fully accepted as entering uncharted waters..:o

Happytogetdebtfree

Hi and welcome to the boards, well done on taking the steps to financial freedom ... i have not had a dmp but have read some of peoples stories, some companys have shown to be very helpful and frozen peoples intrest rates others have taken ages to freeze intrest or very reluctant to freeze it but i think the dmp company help you deal with that fingers crossed and heres to a smooth 5 years to your financial freedom date

Ed_from_beds

Well the ball is certainly rolling.
NDL have passed my file to ccca
Amex have suspended my account
Moorgate loan serv have held account for 30 das (still interest though)

Hope to get contact from ccca in next day or two

Ed_from_beds

Well Amex have surprised me, they called today following my hold action letter to see what they could do to help.

I told them I was going to be with ccca but had nit received my paperwork yet, they confirmed they had suspended my account and that as soon as I could call them with my ccca ref number they would freeze the interest and charges and deal directly with them.

They had initially send me a letter warning they may default the account but as soon as ii said ccca they told me to ignore the automated letter.

I wish HSBC would acknowledge me though as they are/were my bank and I owe them the most... Approx £17k

Ed_from_beds

Time for an update (sorry if this is boring but I think it will help me)

CCCS DMP now set up, direct debit in place.
Feel a massive weight lifted from my shoulders.

New bank account is set up and I have a savings account running alongside it, ANY funds left when I get paid will be moved into the savings account.

I have spoken to MBNA today, they have accepted CCCS' offer and frozen everything although they did say the monthly amount wasn't really enough so would probable default the account in six months.

My monthly budget seems workable - I am going to log my NSDs, I think I should be able to manage quite a few as I am a pub manager who gets limited time off.

Tixy

Hi Ed
Well done on taking the plunge. Hope your DMP works well for you.
A default after 6months is standard for MBNA - well in fact for most creditors but good news that they have frozen interest quickly.
Have you heard from HSBC yet?

DizzyDizzy

Well done on setting up your DMP! We have been on ours with CCCS for about a year now and have always found them very helpful. All of our creditors have sent defaullted us now - as least it was sooner rather than later and the defaults will all clear at roughly the same time!

There is a very good thread on here called the DMP support thread - it's worth catching up with that every couple of days as there are lots of questions and answers to be found on there.

zaksmum73

hi - I am new to this too, having just faced up to £46k of debt. Well done on taking the plunge and getting the wheels in motion. I hope we both get lots of support from here and I hope your DMP works out

Ed_from_beds

Thanks everyone, not heard from HSBC since cccs will have written to them.

Should I ring each creditor to check what they have agreed with cccs or will cccs let me know about everyone at the same time?

jellybean39

Well done for moving forward! Keep up the good work it becomes quite addictive paying them off.

Learning2Budget

Just wanted to say good luck to you. We've been on a dmp with cccs for 3 years and they've been great. The NSD challenges on here are always good for a laugh and they certainly make me think about my spending. L2B.x