Hiding your debts? Think you can cope on your own?

Jenjen

Superbiatch wrote: »

I'm sorry to burst your bubble but by turning down the overdraft you have broken their terms and conditions, therefore they will not pay you a switching fee - they did the same to me. I even abided by all the 'musts' such as income of £1k per month deposited, direct debits set up etc etc :mad:

I've just re read the leaflet about the switching and cashback including all the small print and there is no mention that you must have an overdraft at all so I don't see how they can get away with that. I will keep an eye out though beacuse we have definitely met all the criteria that are listed.

Superbiatch

Jenjen wrote: »

I've just re read the leaflet about the switching and cashback including all the small print and there is no mention that you must have an overdraft at all so I don't see how they can get away with that. I will keep an eye out though beacuse we have definitely met all the criteria that are listed.

The deal is you take the overdraft they offer whatever it is and don't change it, I've argued with them for nearly a year over it :mad:

MuffinTops

I just wanted to say Good Luck too. I know that feeling of the world crashing in, but you will come out of that dark tunnel - you really will.

Once you make a decision on what to do and really go with it then it's well worth keeping your diary on here and writing down each day what you're doing and how you're coping as that's so motivating in getting that full grip on your day to finances. The support you've already seen will help you through the darker days and you'll have people getting excited with you on the great days. On here I'm finding there are many more great days than dark ones.

I wish you all the best.

cappo

Rochdale_Guy wrote: »

PREFACE: Hiding your debts? Think you can cope on your own?
Well I did just that, and am now a broken man living on my own after having split from a 19 year relationship, and am now alone with all my debts for NOT doing the right thing and telling my partner.

Please face up to your debts and don't hide them like I did.
Nothing good will come of keeping things bottled up.....


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This is now my financial nightmare.

Just added up what I owe and need to ask for opinion please:

Card 1: £9,000 owed: £296 minimum monthly repayment with £208 of that in interest
Card 2: £5,940 owed: £133 minimum monthly repayment with £116 of that in interest
Card 3: £3,284 owed: £99 minimum monthly repayment with £62 of that in interest
Card 4: £3,526 owed: £81 minimum monthly repayment with £52 of that in interest
Card 5: £1,675 owed: £39 minimum monthly repayment with £24 of that in interest

TOTAL OWED = £23,425

Total monthly repayments = £648 with £462 in interest charges, meaning only £186 actually reduces this mountain of debt each month

I also have £2,747 owing remaining on a car loan fixed at £106 a month at something like 7.1% until paid off.

I have a fee free £100 overdraft limit with my bank, and am always nearly £200 overdrawn the day before I get paid EVERY month. I get charged about 96p a month by the bank for being in the £100.01-£200 overdraft range.

I have done a previous CCCS Debt Remedy and didn't go through with it due to being:
a) totally scared
b) have not been well since Xmas and
c) having personal problems including stupidly hiding this from my partner who has now freaked out when I confessed, by my secretiveness and stupidity and lack of honesty.

The Debt Remedy suggested a DMP but that would take over 12 years to pay and posts on here, that is DOUBLE what other people seem to have as a solution (and that is if CCCS can get my creditors to freeze interest charges etc). 12 years? I know I can't pay much each month with what I have left, but that will take forever

My bank offered me a £20,000 loan a year ago - which it probably won't now, which came to £383 a month over 72 months (5 years) which includes £7,630 extra in interest = £27,630 TOTAL LOAN REPAYABLE.
That works out at just £105 in interest a month, as opposed to the crippling £462 I am currently paying (or about to stop).

Even though the bank loan would add an extra £7,630 on top of the £20,000, it seems more manageable to me if they offered it me again?

That would be cleared and paid off IN FULL in 6 years, ALL £27k.

The DMP (if cards 1-5 accepted my offer via CCCS) would take twice that long

I shouldn't ask but is the consolidation loan from my bank a viable option to clear it all?

The other thing is, if I went the CCCS Debt Remedy route, I would need a new basic bank account, as Card 4 above is with my current bank.

I still don't get the direct debit situation, as obviously the new bank I'm considering say they handle all the D/Ds and switching from my current bank, but I would have to cancel the monthly D/Ds to my credit cards as soon as CCCS say I have been accepted for the DMP!

I get paid on the 15th of each month, and all my utility bills come out on or around the 16th, which is great. Four of the five credit card monthly D/Ds come out my account at the end of each month. I don't get when I am meant to cancel the c/card D/Ds and send them a postal order as a token amount with the pre-printed CCCS letter?

All I know is I am so stressed and something will go badly wrong?

Should I forget the bank loan dream and just apply online NOW to open the basic new bank account as that will probably take 4 weeks to set up

PLEASE HELP ME, TIME IS RUNNING OUT.
The 4 credit card payments coming out of my bank account in the next 2-3 days WILL be the last full amounts I can make. I am that skint I am having to pay my rent on a credit card I have never missed a payment or been late, but can't go on paying £642 a month in minimum repayments.

I am so unhappy and want to get started ASAP.

Thank you for reading, I await any replies.

Yours ashamed,
RG

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Hi this is a message for you all really, stay positive the cccs or payplan although taking longer will clear your debts without you being able to get in deeper which is probably what will happen if you take another loan out, i was 47k in debt lost my job had a stroke and luckily for me had critical insurance and did a full and final settlement with my creditors and paid them off, i went with a company called churchwood otherwise known as kingsway in stockport avoid these or any other for profit company, i was on a dmp for 18 months, my thoughts are with you all. good luck. another answer is an iva but this is not always a great idea if you have property have you thought about discussing this with your creditors, it's a very scary place to be but you are not alone.

Rochdale_Guy

katy721 wrote: »

Hi RG

I have been reading through your thread and I'm sorry that I don't really have anything useful to offer. I just thought I would say that you may feel like you are totally confused, but keep checking back on here and asking questions about every little thing if needs be.

The people on here really are wonderfully supportive and seem to put up with me asking all sorts and then making a pigs ear of things anyway!!

Good luck, and I have faith that you will come out the other side of this. So many people on here have success stories and I am determined to be one of them one day, and I'm sure you will too

Thank you katy

Originally Posted by MuffinTops
I just wanted to say Good Luck too. I know that feeling of the world crashing in, but you will come out of that dark tunnel - you really will.

Once you make a decision on what to do and really go with it then it's well worth keeping your diary on here and writing down each day what you're doing and how you're coping as that's so motivating in getting that full grip on your day to finances. The support you've already seen will help you through the darker days and you'll have people getting excited with you on the great days. On here I'm finding there are many more great days than dark ones.

I wish you all the best.

Thank you also MuffinTops
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Rochdale_Guy

cappo wrote: »

Hi this is a message for you all really, stay positive the cccs or payplan although taking longer will clear your debts without you being able to get in deeper which is probably what will happen if you take another loan out, i was 47k in debt lost my job had a stroke and luckily for me had critical insurance and did a full and final settlement with my creditors and paid them off, i went with a company called churchwood otherwise known as kingsway in stockport avoid these or any other for profit company, i was on a dmp for 18 months, my thoughts are with you all. good luck. another answer is an iva but this is not always a great idea if you have property have you thought about discussing this with your creditors, it's a very scary place to be but you are not alone.

Cheers cappo.

I have looked at bankruptcy and IVA options. My first attempt at a CCCS Debt Remedy suggested bankruptcy and then a DMP plan.
I'm not having a go at anyone who has gone for bankruptcy, but I feel it's an easier way out without paying back what you owe. I got myself into this mess and am willing to try and pay back what I owe, albeit on a very long slog. But who knows. 12 months down the line I may be ready to sell the car and enter bankruptcy myself. An IVA I believe is for those with debts of £15,000 or less and you can't have a car valued at over £1,000 which is unsuitable for me totally. But I do appreciate all your comments and sorry if I sounded harsh over those who choose the bankruptcy path.

You can't comment on something unless you've experienced it yourself I guess!

Thanks :beer:

Jenjen

Superbiatch wrote: »

The deal is you take the overdraft they offer whatever it is and don't change it, I've argued with them for nearly a year over it :mad:

Thanks for the headsup then. Not much I can do until I see if they pay it or not but I will be fighting it if they don't. Not very up on who the regulaters are but there must be someone else to complain to. I don't see how they can not pay it if you can tick all the boxes on the tick sheet they provide.

rising_from_the_ashes

OK I'm back .... not sure for how long as getting a bit fed up being kicked off the net every few mins.

Anyway, RG I totally "get" what you mean about not having a chance to save up for things in time for them happening (I'm still working on this).

Sit down and do your SOA, then sit and work out what you need by what dates and see if you can juggle things a bit eg: my car tax, breakdown cover and service all fall in January :eek: - as of October I didn't have a single penny put aside towards them (or any other annual things) but other things like my house insurance aren't due until June. So, I sat and worked out how much I needed to pay each thing and by when and put a set amount aside each month.

I've been overpaying to the car fund to make sure I've enough to cover everything this month and, once it's all paid, the amount can drop to a much lower amount to save up for them again over the next 12 months - at the same time, I'll then have to overpay to the house insurance fund so there's enough for that at renewal but again that can drop down once that's paid.

It's really hard and the past few months have been really tough (and so will the next few until I can drop everything down to normal levels) but will be worth it in the end.


Anyway, hopefully once you've done that, you'll be able to see if you can feasibly afford the holiday and still be able to cover the car stuff later in the year - hope that made sense!:o

cappo

Rochdale_Guy wrote: »

Cheers cappo.

I have looked at bankruptcy and IVA's.
I'm not having a go ay anyone who has gone for bankruptcy but I feel it's an easier way out without paying back what you owe. I got myself into this mess and am willing to try and pay back what I owe, albeit on a very long slog. But who knows. 12 months down the line I may be ready to sell the car and enter bankruptcy myself. An IVA I believe is for those with debts of £15,000 or less and you can't have a car valued at over £1,000 which is unsuitable for me totally. But I do appreciate all your comments and sorry if I sounded harsh over those who choose the bankruptcy path.

You can't comment on something unless you've experienced it yourself I guess!

Thanks :beer:

Hi i know what you mean mate i fully appreciate your stance on paying everything back as well i did it's the best way to sleep at night i'm sure with your positive attitude you will sort it out.

fredandwilma

Rochdale_Guy wrote: »

I'm not having a go at anyone who has gone for bankruptcy, but I feel it's an easier way out without paying back what you owe.

Bankruptcy is never the easier way out. Its the route i would imagine most people take, when there ARE , no other options.


I wish you well :A