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My Debt Free update
Grumbleweed
Posts: 16 Forumite
Hi all, it's been a while since I posted about my original debt issues.
Over the past couple of years, I have managed to keep my accounts in the green and was allowed a contract phone! (shock horror!)
One of my two CCJ's has been satisfied, and the other one will be paid off next year which is great.
My old debts to Lloyds will be clear soon too. The big one, is now statute barred, and the smaller one (touch wood) will be also next month 21st April! I've already written my letters in case of any threats through the door. I have to go by this date, as I can't remember the last payment on it! It is probably already over the Limitation time.
So, as of next summer, I will be debt free, and ALL of the bad records will be off my credit report. I honestly cant tell you what a relief this is!
There are a few pointers that I found really useful that I would like to share.
Equifax - Do the free trial thing, and have a look to see what's there. It really helps get into perspective how bad things are (or aren't!) and you can start dealing with things in priority order.
Capital One - They allowed me a credit card with a £100 limit on it. This has been really good for upping my score. However, when I went to check my balance I got a nasty scare - see next point!
Paypal. Be VERY careful with Paypal. WHen i got my credit card, I used it to set up immediate payments for internet shopping (as I didn't have a debit card to use!). A year later, Nationwide allowed me a debit card so I added that to the Paypal methods of payment. However, I forgot to remove the capital one card. One thing I've learned about paypal, is that they're VERY slow at getting payments to show on your bank account so you think you have more than you actually do! It's an accounting issue, which I learned the hard way from! I am now really careful with checking payments in and out of my paypal account! It cost me a late payment on my card which is annoying!
If, like me you had your bank account shut for being irresponsible, Nationwide will let you open a savings account which will at least let you get your wages paid into a numbered account. Handy!
Internet banking - This has been the best thing for me ever. I can see exactly what i've got at any time. Also, If you do need it, you can set up standing orders without the embarrassment of having to go into the branch and having to tell them who you are paying. This stops the 'I'll do it tomorrow' thing which has hit me in the past!
Remember - there is an end to it. In the past 6 years since this whole thing began for me, I've cleared nearly £35000 of debt, through things being statute barred, or paying what I can off. I've just been through my paperwork this morning (actually to find out something un-connected) and I found all the letters that I've kept over the years of threats and suchlike from all manner of debt-collectors. It really is an amazing array of colour! I think the day I can declare myself debt free, I will laminate them and keep them as a reminder to myself about how things can get if you go that bit too far!
I would like to thank all those who have given me advice on this forum as it's been invaluable and has saved me many a headache and sleepless night! Also I thank my wife, who has bailed me out on many occasions!
Signing off
Over the past couple of years, I have managed to keep my accounts in the green and was allowed a contract phone! (shock horror!)
One of my two CCJ's has been satisfied, and the other one will be paid off next year which is great.
My old debts to Lloyds will be clear soon too. The big one, is now statute barred, and the smaller one (touch wood) will be also next month 21st April! I've already written my letters in case of any threats through the door. I have to go by this date, as I can't remember the last payment on it! It is probably already over the Limitation time.
So, as of next summer, I will be debt free, and ALL of the bad records will be off my credit report. I honestly cant tell you what a relief this is!
There are a few pointers that I found really useful that I would like to share.
Equifax - Do the free trial thing, and have a look to see what's there. It really helps get into perspective how bad things are (or aren't!) and you can start dealing with things in priority order.
Capital One - They allowed me a credit card with a £100 limit on it. This has been really good for upping my score. However, when I went to check my balance I got a nasty scare - see next point!
Paypal. Be VERY careful with Paypal. WHen i got my credit card, I used it to set up immediate payments for internet shopping (as I didn't have a debit card to use!). A year later, Nationwide allowed me a debit card so I added that to the Paypal methods of payment. However, I forgot to remove the capital one card. One thing I've learned about paypal, is that they're VERY slow at getting payments to show on your bank account so you think you have more than you actually do! It's an accounting issue, which I learned the hard way from! I am now really careful with checking payments in and out of my paypal account! It cost me a late payment on my card which is annoying!
If, like me you had your bank account shut for being irresponsible, Nationwide will let you open a savings account which will at least let you get your wages paid into a numbered account. Handy!
Internet banking - This has been the best thing for me ever. I can see exactly what i've got at any time. Also, If you do need it, you can set up standing orders without the embarrassment of having to go into the branch and having to tell them who you are paying. This stops the 'I'll do it tomorrow' thing which has hit me in the past!
Remember - there is an end to it. In the past 6 years since this whole thing began for me, I've cleared nearly £35000 of debt, through things being statute barred, or paying what I can off. I've just been through my paperwork this morning (actually to find out something un-connected) and I found all the letters that I've kept over the years of threats and suchlike from all manner of debt-collectors. It really is an amazing array of colour! I think the day I can declare myself debt free, I will laminate them and keep them as a reminder to myself about how things can get if you go that bit too far!
I would like to thank all those who have given me advice on this forum as it's been invaluable and has saved me many a headache and sleepless night! Also I thank my wife, who has bailed me out on many occasions!
Signing off
0
Comments
-
Thanks for a great post and some helpful stuff there.
We're just starting out on what's going to be a 14 years journey (assuming nothing changes)Our LBM: Dec 2011. DMP started: Jan 2012. Debt at LBM: £41,568
Oct 2012 = Current debt: £40,548.93
Oct 2013 = Current debt: £39.054.70
DMP Support number 424 - Long haul number 3080 -
Best of luck with it! Hope the time goes quick for you. Chris0
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