2012 - A Debt Odyssey

trainergirl

I've read so many stories on here that have helped me over the last couple of weeks that I thought I would give it a try.

I finally took my head out of the sand 2 weeks ago when I realised that I cannot continue running my finances the way they are.

So here's a run down of what I owe:
Loan - 2500
CC1 - 6500
CC2 - 4000
CC3 - 2700
CC4 - 450
OD - 1100

Makes me feel ill to think about it! :eek:

Honestly I didn't think it was humanly possible to feel as stressed as I have. I feel sick, can't eat, and had palpatations.

My first thought was to get a loan to consolidate everything into a managable amount but I was turned down by M&S and my own bank Lloyds.

I've been in contact with CCCS who recommend a DMP - it would work out about 400 per month for 3 years 8 months, which is managable.

But I'm worried about the hassle I would get from my creditors (phone calls and letters) and I worry about if I need to renew or repair my car as it's quite old.

Any comments or advice would be greatly appreciated!

trainergirl

Has anyone got any advice - I'm not sure whether I should give it one last go and apply for loan or do the DMP.

Please help!

mandz1

Hi trainer girl. well done on doing the first step and starting a diary to write down your progress and thoughts, but also for contacting the cccs to help you on your journey.

If you go with cccs they will contact your creditors and will get them to stop phoning you and sending you letters. Not sure what else they do other than manage the payments to each creditor either as i am doing my own dmp type thing.

As for your car, as you said £400 payments to cccs would be managable, so could you maybe tighten you belt a bit and start a little savings fund incase anything does go wrong with it, or incase you need a new one. I dont drive but would think that savings would be good as if you have recently been turned down for a loan then you are even less likely to get one if on a dmp

Hope this helps you a little bit

trainergirl

Thanks mandz1 - any advice is very welcome.

My progress is slow but sure. I've called the the co-op bank and opened a cashminder account over the phone - they were lovely and recommended that I also opened a saving accounts with them too, so I suppose I can use that as my rainy day/car repair fund.

Also had a call from CCCS today, they left a message just checking that I've received their paperwork and if I needed any help, which I though was very decent of them.

I think the next step is to get all of the paperwork for CCCS together. As soon as I get my details through from the co-op I'll start moving the DD's over.

Not sure if I need to contact any creditors yet? My loan, OD and one of the CC's is with Lloyds TSB and I don't want to tell them about my plans until things feel more concrete - do you think I'm doing the right thing?

trainergirl

Also I'm having a panic / stroke crisis about am I doing the right thing - is CCCS the best thing for me?? Or should I give it one last roll of dice and apply for a loan to consolidate everything. I've been turned down my Lloyds and M&S money, but there is a company called Savvi loans, but am unsure they're ok.

Am frightened of what will happen - any advice.

AARRGGHH after so many bad decisions when it comes to money - am I about to make another one??

Answers on a postcard or post a reply!!

brizzledfw

Hi TG

Didn't want to read and run but am not sure whether you should consolidate..we probably need an SoA before we/others can give you their views. Can you post a statement of affairs?

Take care

Brizzle

trainergirl

Just thought I'd post an update on here. Since I last posted I've decided to go with the DMP as I think it'll draw a line under a lifetime of credit and finally make me face facts and handle money properly.

I've spent all this evening completing the paperwork for CCCS and getting the letters ready to send to my creditors.

The bank info from The Co-op came through and I'm slowly changing my DD's over.

Things are starting very slowly to fall into place but at least its all steps in the right direction!!

Bring it on!!

brizzledfw

Well done TG.

If you can post a budget or Statement of Affairs too to make sure you stay on the straight and narrow in future;) I am sure people will be along to help and advise.

Have a good eve

Brizzle