Finally admitting we have a debt problem

tiredmumof2

mini10 wrote: »

Hi tiredmum,
Have read your diary with interest as I am in similar position. Just wondering how you're doing- you've made great progress so far.
Will subscribe to your diary

Hi mini10,

thanks for your post! So, here we go:

• DD's all transferred over to our new account and ready to come out on 5th June
• CCCS have now contacted all my creditors :eek:
• first payment to CCCS set to come out on 1st June,
• token payments made to my creditors that are due a payment before this date
• all my essentail bills now on DD's so I never have to worry about missing any payments
• Salaries all transfered over to new account
• Using £300 in an envelope for my monthly shop - I know this still seems a lot but its £50 less than what I normally spend and I'm determined to pay cash rather than use a debit card. We'll revise as we go on over the next few months
• Packed lunches for Hubby and I instead of buying at work
• e-bay was blasted over the weekend and I've listed all our 'old' stuff. Someone's rubbish is another mans gold and all that jazz
• I've made a food diary so I know exactly what we're having and I can plan and buy accordingly. No more wasted food being thrown out.
• My friends child is in the year above my youngest DS and she's given me loads of nearly new school jumpers and t-shirts (all with the school emblem on and they cost a fortune!) so I'm kitted out until the end of the school year now for youngest DS.
• Now just waiting for the phonecalls to start from my creditors but I'm hoping the fact I've never missed a payment in all the time I've been with them holds some creadance.
• sit back and wait........ Its gonna be a rocky few months

What I will say is Hubby and I have never been on better terms - the fact that we've admitted we have a prblem and we've started the ball rolling has obvisouly taken the stress and strain off our marriage. I'm sleeping better and generally feel like I'm in a better place.


I'll keep you all updated and thanks again to everyone for their posts and their help with my queries :T

ellesbellesxxx

well done... bargains and saving money can be fun - especially when you reap the benefits throwing it at debt

glasgowsaver2011

tiredmumof2 wrote: »

Hi sunkisses,

No I haven't cancelled my CC's as I'm still in debt with them! However I have cut them up so I won't be using them again. When the debt is cleared I'll cancel if necessary (if the creditors don't do this this as a matter of course after having a DMP). The default will remain on my credit file for 6 yrs after I've paid the debt so there's no point really in thinking about it at this stage.

All of my dealings with CCCS have been over the internet or over the phone. They know about my outgoings as it's detailed on our bank account and I had to send the statements thorugh as the bank account is one of my creditors. I'm not sure what others have done but they did ask me about my savings plan at work (this is detailed on my pay slip) and I had to explain I'm tied in this for 5 years.

The annual review will ensure any changes in circumstances are captured.

HTH

I am in debt with 3 credit card companies.

I have phoned and cancelled them all.

I still must make - at least - the minimum payment every month (or more) up to me....

But as it stands they are no longer lines of available credit - or temptation

tiredmumof2

Hi glasgowsaver,

I would have thought the CC companies would cancel my accounts as a matter if course considering I have huge debts with them that won't be paid for about 7 years and they're receiving token payments from CCCS every month. I've cut the cards up so there's no temptation. Cash all the way for us now and that means changing our lifestyle and our way of spending.

It's not gonna be easy but we're determined to do it.

glasgowsaver2011

tiredmumof2 wrote: »

Hi glasgowsaver,

I would have thought the CC companies would cancel my accounts as a matter if course considering I have huge debts with them that won't be paid for about 7 years and they're receiving token payments from CCCS every month. I've cut the cards up so there's no temptation. Cash all the way for us now and that means changing our lifestyle and our way of spending.

It's not gonna be easy but we're determined to do it.

Ok that was a misunderstanding.

I had cards that I had used regularly, then I closed them

Now I just pay them back!

good luck

trainergirl

Well done TMO2, you've certainly got things sorted. My DMP is starting 1st June too and today I've had my first letter from a creditor (MBNA) stating that they've placed a hold on my account and my first phone call (M&S money) - so the fun begins!

[Deleted User]

ellesbellesxxx wrote: »

well done... bargains and saving money can be fun - especially when you reap the benefits throwing it at debt

It's true it becomes a personal challenge, but more creative than the daily sudoku! I challenge myself with "exactly how simply can I eventually live" and keep surprising myself!

It also reaps rewards in terms of family life - simple pleasures & all that jazz. Had my nieces over yesterday for lunch & they spent half the afternoon playing pretend bus drivers in my back garden on old plastic chairs with home made scrap paper tickets. Not a console or DS or mobile in sight

Here's a couple of threads that might help (or might just make a good read)

https://forums.moneysavingexpert.com/discussion/3066412

https://forums.moneysavingexpert.com/discussion/3065312

Good luck, and if you find the MSE way suits you, you might well pay off the debt sooner than you think!

tiredmumof2

Hi,

Many thanks again for the tips - I'm definitely going to utilise some onf the links shown! Already saved a firtune by making a shopping list rather than shop 'blind'.

We too received our first letter yesterday (AA Finance Credit Card) - it was suprisngly nice! They thanked us for letting us know and siad as long as the payments were made on time they would be happy with that. I'm not sure whether they realise they won't be getting the full amount but at least they've acknowledged the fact we're in financial difficulties.

I'll keep you all informed

meow5678

Congratulations on all your progress so far, hope it goes smoothly for you!

Diamonds2010

I just wanted to add a quick note to this threat after reading a few of them.

I started my DMP a couple of months ago and to say it took a wait of my shoulders is an understatement. I wasnt in a good place at one point trying to cope with it all on my own last year and just woke up one morning and said " i have to sort this s*** out".
I would recommend anyone who is feeling that things are getting onto of them to talk to CCCS they are excellent and i really cant speak highly enough about them. Once you take that first step you will never look back, only forward to that debt free date.:beer: