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In debt forever?

jellebabe
Posts: 42 Forumite
Hi everyone, someone pointed me in this direction after a mini nervous breakdown tonight.
Ive been on a DMP for 2 years an today had my lightbulb moment. So I began to ring all creditors and find out exactly how much i still owe.
Mostly theyre managable and should pay them off quickly, however....
Black horse, original loan taken out summer 04, £2500, payments todate £1614, outstanding balance £3855.
Im totally devastated, Ive had no statements from them or info about the charges or interest theyve been adding.
Ive requested a breakdown of all charges etc and intend to fight it using previous templates for reclaiming bank charges.
If anyone has any advice Id be really grateful, thanks
Ive been on a DMP for 2 years an today had my lightbulb moment. So I began to ring all creditors and find out exactly how much i still owe.
Mostly theyre managable and should pay them off quickly, however....
Black horse, original loan taken out summer 04, £2500, payments todate £1614, outstanding balance £3855.
Im totally devastated, Ive had no statements from them or info about the charges or interest theyve been adding.
Ive requested a breakdown of all charges etc and intend to fight it using previous templates for reclaiming bank charges.
If anyone has any advice Id be really grateful, thanks

£2 money saver balance £0 
5p < = £3.49
20 & 50p = £6.60 + £20 xmas bonus

5p < = £3.49
20 & 50p = £6.60 + £20 xmas bonus

0
Comments
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hello
and welcome to mse/dfw
... it sounds like black horse wasnt asked (?) or approched (?) to stop adding interest to your debt balance... thus instead of going down it it sticking and in your case raising... i havent got a solution for this i am affraid but someone will be along soon...
btw on my connection this site keeps going down so please be patient people may be having problems0 -
no real helpful advice but more general
however bad it feels and seems, keep positive and keep going!
WillSShhhhhhhhhhhhhhhhhhhhhhh0 -
Hi, try not to worry, when I tried to pay off my NatWest loan early (onto a low interest credit card for life of balance) they told me my o/standing balance was £8.5k, but this included the interest for the remainder of the term - if you can pay it earlier this reduces significantly and the actual amount I had to pay was just over £7k to clear the debt. Not sure if this helps...?Lightbulb moment 30/10/06Debt at highest (30/10/06) £24 816Debt on 06/01/09 £2500Bank Charges Reclaimed from NatWest £14000
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Hi, thanks for kind words peeps.
I rang for a settlement figure so this is minus the interest for the rest of the term, he said i can ring back with an offer, but at the mo i cant even think about that so its going to keep on mounting£2 money saver balance £0
5p < = £3.49
20 & 50p = £6.60 + £20 xmas bonus0 -
Sorry to hear about you situation, it must be very demoralising can i ask is it a diy DMP or is it with a company?0
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Its with CCCS, i rang them and they advised writing a strong letter about the interest thats been added, they didnt say much else.
They are absolute aholes, Im so annoyed, the interest must be so much more than what Im paying, if it keeps going up Ill never be straight.
...and breathe...£2 money saver balance £0
5p < = £3.49
20 & 50p = £6.60 + £20 xmas bonus0 -
Hi Jellebabe, i am also on a dmp (for 2years now) with CCCS and i've not had any problems as yet *keeps fingers crossed*. I was worrying the other day when it dawned on me that i had not had any contact from one of my creditors since starting the plan and had nightmare visions of being in a similar situation to yourself so i did a search on my credit file and luckily everything is as it should be. I would definatley write the letter with reagrds to charges etc and it maybe worth going to your local CAB because from what your saying this debt is just going to grow and grow unless you have a dramatic change of financial circumstances. I remember when i first went on the DMP one of my creditors threatened me with a CCJ when i told CCCS they said this was a positive thing because if it went to court and i proved i could not pay what they were asking they would be forced to stop interest and charges and accept what i can afford now i'm not an expert but this was what i was told. I really do hope you sort this out keep me posted.
Claire.0 -
Hi Claire, CCCS have been great with everything else all my other debts are getting there, looks like your doing well too, have started my £2 pot
I think I should req a copy of my credit file too, although Im dreading seeing it.
Im going to fight them, no way Im paying double what my original loan was.. this can be my new years project£2 money saver balance £0
5p < = £3.49
20 & 50p = £6.60 + £20 xmas bonus0 -
Good Luck, Jellebabe, it's made me so mad when i read your situation at least your offering to pay the debt and they are taking advantage of your circumstances. I wish you luck.
Claire.0 -
jellebabe wrote:They are absolute aholes, Im so annoyed, the interest must be so much more than what Im paying, if it keeps going up Ill never be straight.
...and breathe...
I am in a similar situation. I started my DMP in Apr and whilst most of the creditors agreed to freeze the interest a took the remainder a few months to freeze it and I was going to post a thread today to ask for any suggestions as to what content a letter requesting that interest charges be taken from my balances in view of the obvious financial difficulty I was in and the DMP was in its infancy. Does anyone have any previous experience with this and any examples of letters they have used. One from me though in the quote above and I understand how difficult your situation is but to call CCCS or Payplan 'aholes' smacks of ungratefulness and both you and I know how fortunate we are to have these people acting on our behalf and we must ask ourselves where would we be without them and indeed this site, and of course how grateful we really are. Remember they do not guarantee to get the interest frozen. Without Payplan I dread to think what situation I would be in now! That's my telling off over!!
LennyThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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