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

Rochdale_Guy

FeeFeeDee wrote: »

I know u feel bad now, but your debt will COME DOWN by almost £100 per month. You will be left with enough to live on and your debts will reduce.
You were the same as me, paying huuuuuge amounts of interest and seeing virtually NO dent in the sums you owed.

What I'm saying is, you rightly could have felt depressed then.....but not now! Now, you are finally going to see your hard earned cash finally start reducing those debts! This is great!! Please dont lose heart x

Thank also FeeFeeDee :T

I shouldn't get hung up about how long it will take me to repay this, as I am at least on the road to recovery as they say. I won't lose heart I promise (until I receive more "why haven't you paid us?" letters )

Wellyboots6

To be fair though, they are bound to send you letters and ring you.

They have earnt a fortune from you in interest so far, and that is about to stop. They are bound to be miffed!!

Just see it as now you are putting your foot down and telling them you can't afford to pay them silly amounts of interest any more.

Your creditors will know they can't get blood out of a stone, and so accepting any payment is better than none. They will have to throw a little tantrum initially though otherwise they will be seen as complete wusses!!

Rochdale_Guy

Right then, onwards and upwards!

Thanks for the reply
I think I'm more of a tiny insignifcant pebble than a stone, but that's just my low self-esteem

There was a template letter in the CCCS Debt Remedy to complete and send off to the people I owe money to saying I am in difficulty and have started a Debt Management Plan (DMP) with them.

With me owing money to 7 creditors now ( ), having included my bank overdraft in the revised SOA figures, do I just send each letter by recorded delivery to each one, and do I use the address given on the last statement from each one? I know each company has several addresses but it would be easier if I could just post my letter to the one on the statements! Sorry for repeating myself then.

As for the bank overdraft, I just address my letter with my bank account number on to my local branch of RBS right?, and not head office or anything?
(I dunno, never done this before!)

What about the Northern Rock car loan? They only send me an annual "statement" of repayments and whats owing, unless I send it to the address on the letter received yesterday saying my bank can't honour the direct debit repayments (NRAM - Northern Rock Asset Management)?

I also need to make each creditor a token repayment, fair enough, so I will just send each one a £1 postal order, but can I not combine it with the letter above explaining I am in difficulties and starting a DMP, and here's a token £1 payment until it is set up?

Anyway, just needed to ask about that. Sorry if I seem to be buzzing round in circles

Off to find my latest statements now for the correct postal addresses :T

Oh, and I have decided to call into the Co-Op bank at dinner to ask about the progress of my account, as I just need the account number and sort code to give to the Council payroll department. I can't have the wage going into my current "current" account now that I've included the overdraft as a debt

Thanks for listening, sorry for being so thick!
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scared-sick

One word of advice.....DONT close your current bank account (the one with the overdraft) and Dont send them the cccs 'I am going into a DMP, here is my token payment' letter until you are SURE that your wages are going into your new account!!

If you dont do this and your company send your wages to your 'old' account, and you have sent them the letter, then they can technically 'keep' your wages and pay off your overdraft THEN close your account!! Better to be safe than sorry!!

Rochdale_Guy

Hi

Good to hear from you again :j

Sensible advice that, many thanks :T

Will give you an update tomorrow tea time after work.

chevalier

hope it continues to be a relatively smooth journey for you. It will get clearer in the next few weeks honest

Rochdale_Guy

Thanks

(posting on my dinner break at work! Gotta go) :rotfl:

sickasachip13

Hey there,

Only just catching up with this - it's an absolute rollercoaster of emotions at first, try to focus on the tasks at hand and the fact that you're moving forward with practical and pragmatic plans. Don't spend to long dwelling on how long / total amount etc etc.

As advised above, time your letters carefully as you do not want your current bank account to get a whiff of the DMP til you are sure you've safeguarded your priority payments and that your next pay is safe!

Come and hang out on the DMP Mutual Support Thread if you like - there's a wealth of knowledge there (that's the only wealth!!) and we're a friendly lot. BTw, I did a short blog for CCCS about DMP, google the info in my sig if you want to look it up.

SAAC

Bardo

Hi RG! Just wanted to say I've just read this thread and you have been given some fantastic advice. The same advice I was given when my debts spiralled out of my control just over two years ago.
The best thing I ever did was to speak Payplan (after about 20 times of picking up the phone and putting it down again) I eventually filled in the online form and someone phoned me the next day to arrange a chat and they were so nice and understanding about everything even though it was all my stupid fault, the mess i'd gotten into. I just could not believe the support they gave me.
Most of the creditors froze the interest and charges so when you see the balances actually going down it really is an amazing feeling!
It is scary but it will be the best thing you ever do!

Good luck!!

Rochdale_Guy

Thanks sickasachip13 and Bardo :beer:

Well, in case you haven't seen my other posts (I should just stick to using this one), I got my account number and sortcode for the new account, rang the payroll department and they said I'd done it just in time to get my pay on the 15th paid into my new account, phew! Spoke to CCCS to try and change the amount their DMP said I have leftover each month but couldn't change it, so will now sign the paperwork and send it back to them with copies of my most recent credit card statements and car loan statement, and bank statement.

Only major downer is my EX freaked out when I emailed her the 'CCCS MoneyAware website (my-debt-hell and my-debt-help-2') blog by sickaschip13, and she just got so angry that the creditors could refuse the CCCS offer and keep adding interest and charges making me even more in debt

Anyway, she's gone again now - so here I am, all alone again, to face the mess of my life I've created...

So yeah, highs and lows are plentiful