DMP & Mutual Support Thread - Part 8

The_mangler

Hi all,
After burying my head in the sand for far too long I have finally taken the plunge and sent off my paperwork to CCCS. Im in debt about £29k, my husband has Bipolar and before diagnosis he amassed huge debts on credit cards - Ive been trying to pay these off ever since but with interest rates increasing its just got worse and worse. Im trained and worked in accounts (before caring duties took over), its taken a lot to admit I cant cope any more but just wish Id tried this route years ago.

Please someone tell me Ive done the right thing??

Time_to_face_the_music

The_mangler wrote: »

Hi all,
After burying my head in the sand for far too long I have finally taken the plunge and sent off my paperwork to CCCS. Im in debt about £29k, my husband has Bipolar and before diagnosis he amassed huge debts on credit cards - Ive been trying to pay these off ever since but with interest rates increasing its just got worse and worse. Im trained and worked in accounts (before caring duties took over), its taken a lot to admit I cant cope any more but just wish Id tried this route years ago.

Please someone tell me Ive done the right thing??

Hi mangler

It certainly sounds like you have had your lightbulb moment, well done on taking the first steps to sort this out :T

Personally I think you have done the right thing. We struggled so much even making the minimum payments on our debt, often borrowing on one card to pay another and praying the money lasted to the end of the month for food and diesel

Now in the 4th month of our DMP, we have a liveable budget, we have never run out of money and all the figures on our new bank account are black every month. Most importantly, we can actually see our debts going down and the pinprick of light at the end of the tunnel will get brighter and larger every month.

This is a great place for support, learning about others experiences and having somewhere to sound off to when things get a bit rough or you just have a bad day. Stick around please

925pws

Afternoon everyone

Weekend has been good. Have listed so much on ebay over the last few days and a lot of things from last week have also finished.

I made £96 which is great but I wanted to ask your honest opinion about something. Would you throw the extra £96 at your debts (which was my immediate intention), save it or would you buy some stuff at wholesale price to resell on ebay to potentially make more to throw at your debts?

My thought is to just throw at debts but then I think well why not buy something else to make a profit then the amount to throw at debts would be higher - then again I think well what if they don't sell - that would have been a waste of £96.

I believe I'm making progress as before I would have wasted the money totally on stuff I don't need. At least I'm weighing up my options and trying make the best informed decision

gizmo111

50 in savings - 46 off highest interest debt.

925pws

gizmo111 wrote: »

50 in savings - 46 off highest interest debt.

Thanks Gizmo. Didn't even think of splitting it between savings and debt - d'oh!

wendy1950

Seeing what you have said re saving and paying of biggest interest debt, Do you have to send the money to CCCS who I would have thought would split it between all of the creditors or can you send send it direct to the one you want too? I thought you were obliged to send it to CCCS
Thanks

gizmo111

wendy1950 wrote: »

Seeing what you have said re saving and paying of biggest interest debt, Do you have to send the money to CCCS who I would have thought would split it between all of the creditors or can you send send it direct to the one you want too? I thought you were obliged to send it to CCCS
Thanks

They prefer you to do that - but if someone is still charging interest it makes sense to sort that first.

925pws

Hi Wendy

My DMP isn't set up just yet but I believe it should normally be sent to CCCS and they can distribute. But I know some of those on here who send directly to creditors as they haven't stopped interest.

I'm sure the other more experienced DMPers will be along to correct me if I'm wrong.

Time_to_face_the_music

gizmo111 wrote: »

50 in savings - 46 off highest interest debt.

I'd go for the lot off the highest interest debt but becoming debt free is a bit of an obsession with me at the moment :rotfl:

Time_to_face_the_music

wendy1950 wrote: »

Seeing what you have said re saving and paying of biggest interest debt, Do you have to send the money to CCCS who I would have thought would split it between all of the creditors or can you send send it direct to the one you want too? I thought you were obliged to send it to CCCS
Thanks

The proper way to do it is to send it to CCCS, to be fair to your creditors. Fairness has gone out of the window with us and anything spare is paid off any debt still piling on interest.

We have made £70 on ebay this weekend. NatWest are piling on interest at about £70 per month so if we pay the entire £70 towards the NatWest debt, it will mean that this month's CCCS payment will actually make a difference to the debt. As soon as the NatWest OD is paid off, we still start doing the same with the Lloyds TSB then M&S.

The banks are not being fair to us, amd I mean all of us, not just me and my OH, so why should we be fair to them? :mad: