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

missrlr

Oh dear , I can understand the hurt but not the leaving part by your (former) partner. I am the unknowing partner who has just had the confession ( this was all pre me though so not even as if the spend was mutually beneficial!)
However please take on board the advice and well done for starting to deal with your debt.
good luck,

Baba_Jaga

Hi Rochdale Guy,

I am so sorry that life isnt good for you right now. Please dont beat yourself up over it all; we all made mistakes for whatever reasons but the point is that now we are doing our best to get it right;)
The DMP from CCCS was the best thing I ever did; I was lucky that the interest was frozen, it was all worked out and I felt totally lifted and once again in control.....They are really good listeners and a constant source of advice and support - you are never alone! For me, consolidation was the cause of all problems...I just had the idea that I could always borrow at a better rate, lower payment ect but it just spiralled. Now I have the control. Yes it seems an age before you are debt free, but things could happen along the way and it will be sooner so maybe dont focus on this right now? You will have enough, but yes its so scary to be cut off from the cards etc but it will be ok once you get in the swing of it.
I am no expert, but these are my personal feelings, so I hope it helps and I really hope you and your girlfriend can get it together again.......virtual hugs x

Mort

Many, many years ago I took out a consolidation loan. Back in 2006 when the DMP started that loan was one of my debts, amongst my other debts was a credit card that the loan cleared. What I should have done was got rid of the card.

Going onto the DMP (with Payplan) forced a total rethink about money and credit. It was hard at first not having the "safety net" of a CC but as others have said you will soon be able to build up a small fighting fund of money from the annualised items in your budget, for me it was haircuts and car costs (tax, insurance and repairs) that enabled most of this.

You may think the DMP will take forever to clear but if you are struggling to make minimum payments you will probably find not going on one will take longer and cost you more.

Rochdale_Guy

OMG!

I have just checked my online banking and the "summary" states I am £200.99 overdrawn, that's the first time I have ever gone over the £200 limit.

I am crying

It shows the 3 credit card direct debits as coming out tomorrow (Monday) for £296.35, £133.67 and £99.48 respectively.

In real time (now), I have a £328.51 positive balance, but come midnight assuming its all automated and money is deducted when the date hits the 30th January, that'll be a -£200.99 balance. God knows what the charge will be for that.

I can try and pay in £2 into my account when they open at 9.30am, so I'll be back within the -£200 agreed limit (-£198.99), but I have no other cash than that. And it'll automatically trigger some "gone over agreed limit" warning and hefty charge

I hate my life so much. I only have about £10 in coins anyway and need milk and bread rolls for work next week



I AM REALLY SCARED PEOPLE

Rochdale_Guy

From the RBS help page of their online banking:

"How much will my overdraft cost?"

An overview of rates and charges for arranged overdrafts and charges for unarranged overdrafts is available here.

An Unarranged Overdraft Fee of £6 is charged daily if you use an unarranged overdraft. An unarranged overdraft is created when your account becomes overdrawn without prior arrangement or any arranged overdraft limit is exceeded. The Unarranged Overdraft Fee will only be charged if your unarranged overdraft is over £6 at close of business on the day a transaction is paid or taken from your account (and on each subsequent day that your unarranged overdraft remains over £6).

A Returned Item Fee of £6 will be charged for each item we return unpaid. An item (e.g. a Direct Debit) will be returned if the payment cannot be met from the funds in your account or any unused arranged overdraft facility and we decide in our discretion not to make the payment.

---

Does that mean by paying in the £2 as soon as they open will stop me getting charged at all then?

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Rochdale_Guy

It'll be too late to cancel these Direct Debits now as nothing will take effect anyway until tomorrow, damned weekends

FabuLass

In my bank (tsb) I have til 3pm to get the money in before charges would be applied, dont know if all banks are the same, but I imagine youll avoid the charges if u pay in the £2.
Also, anyone else think RG should cancel those direct debits and keep the cash as a cushion? I think so, but im no expert so am not qualified to advise him to do this, but he is.going to start a dmp asap anyway, and I know my debt advisor told me to cancel all mine to loans, ccs and storecards.

Rochdale_Guy

Thanks FeeFeeDee, looks like its just you and I in here...

I'm worried about my car loan with Northern Rock as I'm scared they'll try and take my car, but its not a HP agreement.
It is a 7 year unsecured loan, with £2,747 still left to repay over the next 26 months at a fixed £106 p.month.

If only all my creditors Direct Debits came out my account on the same day (like on the 16th of the month) this would be so much easier to do. I am now so stressed and time limited.

And, say when the DMP does kick in, how does the £200 overdraft get paid back to the bank as I'll have a new Co-Op account by then? Will CCCS offer token payments to my current bank until the £200 is paid off? Or do I wait until my wage gets pain in on the 15th, then cancel ALL direct debits to creditors as essential ones will be coming out of my new basic Co-Op account?

My head is s-p-i-n-n-i-n-g

Rochdale_Guy

I still don't see for example that MBNA who I owe £9k to (and take £296 a month minimum repayment), will accept a percentage / proportion of the say £144 I have available each month - for all creditors - to clear that debt?. Surely even with interest charges frozen, it would take more than 12 years just to pay back the MBNA debt alone, never mind the other £14k outstanding.... ?

I'm really worried...

Do CCCS let you see a breakdown of who gets what from your monthly payment to them?
I assume they offer the biggest chunk to the biggest debt, or is that the one with the highest APR?

Do still get a statement from each credit card co. showing you how scarily little is coming off your account each month for the next 12 years or so?

:question: :wall:


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FabuLass

My overdrafts were counted in as part of my debt, so we added all debt together and divided by the £250 I can afford to repay per month. My debt advisor will make offers to all my creditors on my behalf. I dont know how they decide who gets what, all I know is when I finally get new bank account open I will be told to set up a dd for £250.
I hope someone else can help u more, as Im more or less at the same stage as yourself, and Im a bit cluelass tbh