Weight off my back, but still not feeling 100% ...

paulmapp8306

CCCS and Payplan do not charge - they are a free service. Otgher agencies MAY charge. Creditors are MUCH more likely to accept a plan and/or stop interest with these rather than a plan administered by a company who charge. Quite rightly they see the money you pay your DM company as money that could be going to paying your debts.

CCCS and PP are only doing what you can do yourself - BUT its usefull to have them if you have multiple creditors OR if you have difficulty getting a single creditor to see your plight as CCCS/PP have some clout.

How it works- contact CCCS and talk through your position. they will seny you a SOE (may be online now) to fill in. You may be asked to proove the information (payslips, utility bills etc) or not (depends on ammounts you owe and what you can afford). They agree what is reasonable to live on (this may mean reducing some of your expenditure figures BUt you may be able to increase others or put some expenses down you hadnt considered), and they then deal with your creditors. They offer a pro-rata payment from what you have left after your expenses. You can also refere all contact from your creditors to them - which is a huge weight off not getting letters/phonecalls from them. Anything you get in writing from them you just forward to CCCS - and phone calls get told "sorry Im now being administered by CCCS, contact them on (provide address and Tel number) quoting my reference number xxxxx".

Jobs a good-un

Phedre

Paul - thank you for your comments, I've seen some helpful posts on this site - but yours have helped me :-)

paulmapp8306

Your welcome

Jak65

Phedre wrote: »

Finally went through my expenditure forms with CCCS yesterday, Will be paying back £809 a month on my £54,800 worth of debts.

It's a great feeling to know that as of 1st July it's all in order and the ball will be rolling.

Yet I still can't relax, it's affecting everything! I can't sleep, eat properly, or even think!
I keep thinking "what if"

what if they all continue to start charging interest
what if they want more money
what if they take me to court for CCJs ...

On average, credits will be getting about 45% of what they were getting before. In your knowledge is this enough?

Hopefully in a few months I'll be getting a sort-of payrise and so I'll be upping the £809 to £909 - but again, I just keep panicking.

I'm expecting the sh*tty threatening letters, and, being the wuss I am - I'm changing my mobile and landline numbers as I stress out whenever the phone rings ...

Hi, you sound just like me! I am more or less in exactly the same boat as you - same level of debt, similar repayment figure, etc. I am also doing the same with my telephone numbers! Difference is, I still haven't managed to pluck up the courage and finally take the plunge, but I'm working on it - by the end of today hopefully! Wishing you all the best and hoping you (and me!) are feeling much more settled soon. Well done.

Jak. x

Phedre

Jak

All I can say is this - it's a horrible feeling when you first start filling in the CCCS forms, you feel like a failure, a fraud, your pride and self confidence hits rock bottom - but when you speak to one of the team on the phone - they are so calm, so soothing and so reassuring that it helps bump you back up the ladder and feel worthy again.

Please, please, please do take the final plunge and call them / start setting things up - I dithered for ages and it's only now I think "dammit, if only I had started this months ago - I'd be part way through!"

Like so many people - I thought that just because I was paying the minimum payments on time every month, then there wasn't a problem. But there was/is - I could barely afford to survive.

I know this sounds odd - especially as I'm worrying about the future calls/letters and I'm still freaking out - but seriously - you can do it!

antonia1

Phedre wrote: »

I'm 29 now, The thought of being debt free by my 35th birthday at the latest is a great feeling. How stupid is that??? To feel great about being debt free at 35!!!

That is most certainly NOT stupid at all! Congratulations on your decision to be debt free :beer:.

paulmapp8306

And so can you Phedre.

look at it this way - before a DMP you make min payments and struggle. Most of those payments go in interest. Post DMP you may be making the same payments, and still struggling (but probably you will be slightly better off as a plan allows room to budget for all reasonable costs - right down to stationary, perscriptions, and even a little entertainment money) BUT as interest will almost certainly be stopped - or at least reduced to around the 2% mark (for 6 months at a time normally with interest stopped permanently further down the line) all your payments are going to paying off the capital.

DMPs are flexible - so if you income goes up you can pay the debts of quicker, if it goes down or you outgoings go up you can re-evaluate and change you plan payments (mine have changed every year without fail). You can make full and final payments at a reduced ammount (anywhere from 30%-80% of the outstanding ballance normally) should you come into enough money (which you cant do if you struggle by meeting minimum payments).

PinotGrigio41

Not much I can add to the amazing advice you have received already. Paul where were you hiding when I needed you ?!!! :rotfl:
Seriously though , everything you are feeling will calm down, the worry about the phones, the sleep, the panicking. Once everything is in place, I promise you that you will feel so much better and so proud of yourself for making the decision to get the ball rolling and get this sorted. I have even spoken on the phone to the creditors on a couple of occasions now, something I would never have dreamed of doing in a million years before ! Still sometimes tempted to pick up the phone then leave it sitting in front of the "God " Channel or Jeremy Kyle for them to listen too instead though !!

As others have said re the repayments as long as they can see you are making an effort to pay something thats the main thing. Dont however put yourself in a difficult and potentially stressful situation by trying to pay them more than you can realistically afford. Pay what you know you can afford , stick to your CCCS budget and then try and save as much as you can if you have anything spare, in order to have an emergency fund behind you, just incase you need it, or as I am planning to do scrabble together anything I can to put away to offer Full and Final Settlements to the creditors in the future.

You will see from my signature our debts are rather huge, our DMP started Jan I think and this is the best I have felt emotionally in years. Yes I still have wobbles, slight panicky days, but nothing like before with that awful feeling of dread. All of our creditors have been great, interest is frozen , we have reviews coming up but I am fairly confident this will continue. We have defualts. Yes they will last 6 years. I was advised at the beginning of the DMP to actually ask for the defaults, therefore the 6 years would all start and end at around the same time. I have yet to do this for various reasons, mainly as I want to get a bit more in depth information before doing so.

If you continue with this diary you will find it very motivational, mine has been a lifeline both for information, laughs along the way and also knowing that everybody understands how I am feeling if I do have a wobble. Ours is our guilty secret as well, you will find again that many people are in the same boat.

All I can say is well done, I will subscribe in the hope you will keep this diary going and will join you on your journey if I may !!

OMG that was a long post, I have a tendancy to ramble. Sorry !!!

Jak65

Phedre wrote: »

Jak

All I can say is this - it's a horrible feeling when you first start filling in the CCCS forms, you feel like a failure, a fraud, your pride and self confidence hits rock bottom - but when you speak to one of the team on the phone - they are so calm, so soothing and so reassuring that it helps bump you back up the ladder and feel worthy again.

Please, please, please do take the final plunge and call them / start setting things up - I dithered for ages and it's only now I think "dammit, if only I had started this months ago - I'd be part way through!"

Like so many people - I thought that just because I was paying the minimum payments on time every month, then there wasn't a problem. But there was/is - I could barely afford to survive.

I know this sounds odd - especially as I'm worrying about the future calls/letters and I'm still freaking out - but seriously - you can do it!

Hi,

I know what you mean about pride and self-confidence. Like I said, I am just the same as you (only not as brave, obviously!) I am so pleased for you and you have inspired me to pluck up the courage to take the plunge - as terrifying as it is. Wishing you the best of luck and please keep us all posted on how it goes? I will be looking out for you on a daily basis! Well done you. :T

Jak. x

Phedre

Paul - you're quite right.

I do feel 110% better for starting this thread this morning. I'm looking forward not back now.

God, that sounds awfully "pink and fluffy!!!!"