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My Debt Journey So Far... Debt Free Wannabee
mush1989
Posts: 28 Forumite
Hello All,
I am new on here, but have read through loads of posts, and have found loads of useful information.
Just over a year ago (March 2011) the Police escorted me out of my rented house. This was for my own protection of my ex domestic violence partner. I moved back home to my parents.
I was signed off work for weeks, with stress, depression and anoxity (I was in a right mess). Luckily enough I have been with the company a few years now so I was entiled to 18 weeks full pay. While I was off work on sick leave, my life over these weeks where busy and more stressful with the Police, Court, Doctors and the DV support group etc.
While I was with my ex I had everything on Credit as if there was no money in the house, bank accounts, credit cards etc, that was it I knew what was coming.....
Like I said I moved back to my parents, and the letters kept coming, phone calls, texts, emails etc.... As I was still not 100% right in myself. I left the mail all un-opened, stopped answering my mobile phone all together. When I was paid I would go out with my Mum and would but anything to make me feel that bit better/happier - but this lasted all of an hour.
Only in Jan 2012 before returning to work, I sat down and opened all these letters, put them into piles of who I owed money too. Stupidly all of the credit was in my name only.
By opening these letters, I found out that 6 defaults have been issused against me, and these all appear on my Credit File. Yes this is not good but I was not stable in my mind to deal with all of this and everything else that had been going off. I about died when everything was added up. With late charges, more interest added on etc. I just sat there and cried.
My 'light bulb' moment came in Jan 2012, after opening all of the mail.
Before I opened all the mail, I part exchanged my car (my baby) in for a lease car for 24months, a Citroen C1 in May 2011 – You maybe thinking more credit? This car has been a god send for me, honeslty. All I have to do is insure, add petrol and pay the lease. My petrol for the month is £100.00, and my insurance is just under £36.00. Thats a £160.00 a month saving! This car has saved me sooo much money each month. On a plus note none of my creditors who I owed money to where unable to remove the car from myself, as I do not have a log book for the car, this is kept in the hands on Citroen lease company.
I began by writing down importing outgoings every month, board, car payment, car insurance, petrol, mobile phone. And then I knew what was left – tbh not much for about 14 creditors, paying the landlord back for the house and house hold bills. I started looking through the internet for any ideas/companies etc that would be able to help me. I have heard of debt management plans but knew that most of them will take an upfront charge, and then a % of your monthly payment to them. I was not repared to do this.
Eventually I found out about CCCS – Through one of the leaflets in the many of letters.
I went on there website, filled in there budget calculator etc. This gave me a rough idea of what I should be paying to each creditor. I decided not to go through CCCS but to do this myself with the help of the CCCS budget/monthly repayments. So I began writing the letters explaining I was experincing trouble with paying everyone and attached a copy of the income/outgoings. They argeed to my re-payment amounts – AT LAST! This felt like a huge weight of my shoulders.... but it was only the beginning of the journey.
I set my self a goal in my head of be debt free by Jan 2013, leaving me a year to get rid of all of this. But in reality looking at the repayments this was not going to happen.
I then heard about claiming back PPI, I was straight on this. I have sucessfully managed to claim back 3 miss-sold PPI agreements. I have used this money to pay off a chunk of my NW CC. With paying a chunk of my card; with doing this it made my interenst tiny as when I was younger I withdraw money on the CC. I have since put back on my NW CC. I rang up the companies asking for settlement offers and then barted with them and I have saved soo much money in doing this. (I would not recommend this to everyone though putting money back onto a credit card).
Here is the list of debts:
PAID DEBTS
Halifax OD – OD Limit £250.00 – Paid £270.00 (Fees and charges etc)
Natwest OD – OD Limit £100.00 – Paid £300.00 (Fees and charges etc)
Barlcays OD – OD Limit £50.00, Reserve £150.00 – Paid £470.00 – What I wasn’t told is that my OD was made up of a £150.00 reserve which if you go into there is a £22.00 charge for every 5 working days you are in it. (Trying to claim back bank charges on this)
Clarity Debt Collections – Balance £372.43 – Paid £32.43 and made settlement offer of £272.00 – SAVING £68.00
FPC (Vodafone) – Balance £471.91 – Paid £44.31 and made settlement offer of £299.84 – SAVING £127.76
C K Edrupt – Provident – Balance £820.00 – Paid £120.00 and made settlement offer of £500.00 – SAVING £200.00
Castle Bride – Pay Day Express – Balance £450.00 – Paid £66.77 and made settlement offer of £150.00 – SAVING £233.23
Lowell – 02 – Balance £571.38 – Paid £341.38 – Today rang them up to ask for settlement offer they where only able to offer me a £3 saving! So today I have paid the outstanding £230.00
Orange – Balance £63.00 – Paid £63.00
Very – Balance £300.00 – Paid £300.00
1st Stop – Balance £153.00 – Paid £153.00 + £15.00 to Northampton CC for a certificate to say the debt had been paid and so no CCJ went against my name (£168.00 paid)
Outstanding Rent - £425.00 – Paid £425.00
Council Tax - £200.00 – Paid £200.00
Electric - £90.00 – Paid £90.00
Gas - £107.00 – Paid £107.00
Water - £54.00 – Paid £54.00
Damage to the house - £2000.00 – Paid £2000.00
STILL TO PAY
Lloyds TSB
I had a CC and OD with LL TSB. At the end of April beginning on May I had a letter about my overdraft demanding full payment. I was worried.. I booked emergency half day leave at work and headed straight to the bank in town. I was in the bank for what seemed like hours, with a copy of my recent payslip, and a list of outgoings. Eventually after seeing everyone who worked there (I think), they offered me a re-financing loan. This loan was for £3,600 (£2,500.00 OD and £971.81 CC) Leaving £128.19 which was taken back as the back as the first payment. New monthly payment of £118.34. The charge for the loan (APR 10% is £541.90) Making £4,141.90 to be paid back. – Current balance £3,895.37.
Natwest CC – Balance £900.00
Wonga – Balance £659.02 – Paid £259.02 – Outstanding £400.00
GPB Solicitors – Orange – Blance £828.99 – Paid £228.99 – Outstanding £600.00
Total outstanding left £5,795.37
Total paid £6,991.74
Total Saved £628.96
I know I still have a long way to go, but I have said to myself and put it on my monthly spreadsheet that by July pay day Wonga and GPB Solicitors will be paid off. NatWest are paid £150.00 each month now and the interest is under £5.00 a month (I have turned into a spreadsheet geek which I have been able to build a formula to work out the monthly interest ans it matches the statement – so its spot on!).
August pay day I need to start saving for a new car as the lease runs out on 06/05/2013 and I will be left car less which I need for work.
Once the NatWest is paid off which should be before Dec 2012, I will only have the loan. Once I have a new car I am just going to hammer paying back the loan.
My journey has been hard but I have managed to survice on £250.00 a month for myself and petrol etc. Over £1,200 a month is paid out. I have survived this long and I know for sure I will be able to carry on.
Sorry for the long post but I feel soo much better with the help from the forums etc. I have posted this to show/help people that there is light ot the tunnel. I have changed my whole life style completly so I can live my life once again.
I am now looking into claiming back any bank charges etc.
I am new on here, but have read through loads of posts, and have found loads of useful information.
Just over a year ago (March 2011) the Police escorted me out of my rented house. This was for my own protection of my ex domestic violence partner. I moved back home to my parents.
I was signed off work for weeks, with stress, depression and anoxity (I was in a right mess). Luckily enough I have been with the company a few years now so I was entiled to 18 weeks full pay. While I was off work on sick leave, my life over these weeks where busy and more stressful with the Police, Court, Doctors and the DV support group etc.
While I was with my ex I had everything on Credit as if there was no money in the house, bank accounts, credit cards etc, that was it I knew what was coming.....
Like I said I moved back to my parents, and the letters kept coming, phone calls, texts, emails etc.... As I was still not 100% right in myself. I left the mail all un-opened, stopped answering my mobile phone all together. When I was paid I would go out with my Mum and would but anything to make me feel that bit better/happier - but this lasted all of an hour.
Only in Jan 2012 before returning to work, I sat down and opened all these letters, put them into piles of who I owed money too. Stupidly all of the credit was in my name only.
By opening these letters, I found out that 6 defaults have been issused against me, and these all appear on my Credit File. Yes this is not good but I was not stable in my mind to deal with all of this and everything else that had been going off. I about died when everything was added up. With late charges, more interest added on etc. I just sat there and cried.
My 'light bulb' moment came in Jan 2012, after opening all of the mail.
Before I opened all the mail, I part exchanged my car (my baby) in for a lease car for 24months, a Citroen C1 in May 2011 – You maybe thinking more credit? This car has been a god send for me, honeslty. All I have to do is insure, add petrol and pay the lease. My petrol for the month is £100.00, and my insurance is just under £36.00. Thats a £160.00 a month saving! This car has saved me sooo much money each month. On a plus note none of my creditors who I owed money to where unable to remove the car from myself, as I do not have a log book for the car, this is kept in the hands on Citroen lease company.
I began by writing down importing outgoings every month, board, car payment, car insurance, petrol, mobile phone. And then I knew what was left – tbh not much for about 14 creditors, paying the landlord back for the house and house hold bills. I started looking through the internet for any ideas/companies etc that would be able to help me. I have heard of debt management plans but knew that most of them will take an upfront charge, and then a % of your monthly payment to them. I was not repared to do this.
Eventually I found out about CCCS – Through one of the leaflets in the many of letters.
I went on there website, filled in there budget calculator etc. This gave me a rough idea of what I should be paying to each creditor. I decided not to go through CCCS but to do this myself with the help of the CCCS budget/monthly repayments. So I began writing the letters explaining I was experincing trouble with paying everyone and attached a copy of the income/outgoings. They argeed to my re-payment amounts – AT LAST! This felt like a huge weight of my shoulders.... but it was only the beginning of the journey.
I set my self a goal in my head of be debt free by Jan 2013, leaving me a year to get rid of all of this. But in reality looking at the repayments this was not going to happen.
I then heard about claiming back PPI, I was straight on this. I have sucessfully managed to claim back 3 miss-sold PPI agreements. I have used this money to pay off a chunk of my NW CC. With paying a chunk of my card; with doing this it made my interenst tiny as when I was younger I withdraw money on the CC. I have since put back on my NW CC. I rang up the companies asking for settlement offers and then barted with them and I have saved soo much money in doing this. (I would not recommend this to everyone though putting money back onto a credit card).
Here is the list of debts:
PAID DEBTS
Halifax OD – OD Limit £250.00 – Paid £270.00 (Fees and charges etc)
Natwest OD – OD Limit £100.00 – Paid £300.00 (Fees and charges etc)
Barlcays OD – OD Limit £50.00, Reserve £150.00 – Paid £470.00 – What I wasn’t told is that my OD was made up of a £150.00 reserve which if you go into there is a £22.00 charge for every 5 working days you are in it. (Trying to claim back bank charges on this)
Clarity Debt Collections – Balance £372.43 – Paid £32.43 and made settlement offer of £272.00 – SAVING £68.00
FPC (Vodafone) – Balance £471.91 – Paid £44.31 and made settlement offer of £299.84 – SAVING £127.76
C K Edrupt – Provident – Balance £820.00 – Paid £120.00 and made settlement offer of £500.00 – SAVING £200.00
Castle Bride – Pay Day Express – Balance £450.00 – Paid £66.77 and made settlement offer of £150.00 – SAVING £233.23
Lowell – 02 – Balance £571.38 – Paid £341.38 – Today rang them up to ask for settlement offer they where only able to offer me a £3 saving! So today I have paid the outstanding £230.00
Orange – Balance £63.00 – Paid £63.00
Very – Balance £300.00 – Paid £300.00
1st Stop – Balance £153.00 – Paid £153.00 + £15.00 to Northampton CC for a certificate to say the debt had been paid and so no CCJ went against my name (£168.00 paid)
Outstanding Rent - £425.00 – Paid £425.00
Council Tax - £200.00 – Paid £200.00
Electric - £90.00 – Paid £90.00
Gas - £107.00 – Paid £107.00
Water - £54.00 – Paid £54.00
Damage to the house - £2000.00 – Paid £2000.00
STILL TO PAY
Lloyds TSB
I had a CC and OD with LL TSB. At the end of April beginning on May I had a letter about my overdraft demanding full payment. I was worried.. I booked emergency half day leave at work and headed straight to the bank in town. I was in the bank for what seemed like hours, with a copy of my recent payslip, and a list of outgoings. Eventually after seeing everyone who worked there (I think), they offered me a re-financing loan. This loan was for £3,600 (£2,500.00 OD and £971.81 CC) Leaving £128.19 which was taken back as the back as the first payment. New monthly payment of £118.34. The charge for the loan (APR 10% is £541.90) Making £4,141.90 to be paid back. – Current balance £3,895.37.
Natwest CC – Balance £900.00
Wonga – Balance £659.02 – Paid £259.02 – Outstanding £400.00
GPB Solicitors – Orange – Blance £828.99 – Paid £228.99 – Outstanding £600.00
Total outstanding left £5,795.37
Total paid £6,991.74
Total Saved £628.96
I know I still have a long way to go, but I have said to myself and put it on my monthly spreadsheet that by July pay day Wonga and GPB Solicitors will be paid off. NatWest are paid £150.00 each month now and the interest is under £5.00 a month (I have turned into a spreadsheet geek which I have been able to build a formula to work out the monthly interest ans it matches the statement – so its spot on!).
August pay day I need to start saving for a new car as the lease runs out on 06/05/2013 and I will be left car less which I need for work.
Once the NatWest is paid off which should be before Dec 2012, I will only have the loan. Once I have a new car I am just going to hammer paying back the loan.
My journey has been hard but I have managed to survice on £250.00 a month for myself and petrol etc. Over £1,200 a month is paid out. I have survived this long and I know for sure I will be able to carry on.
Sorry for the long post but I feel soo much better with the help from the forums etc. I have posted this to show/help people that there is light ot the tunnel. I have changed my whole life style completly so I can live my life once again.
I am now looking into claiming back any bank charges etc.
DEBT FREE!!! - Finally! :j
0
Comments
-
.......................................................DEBT FREE!!! - Finally! :j0
-
Hi Mush,
that is fantastic! Talk about taking control of your life again. That's brilliant. am happy for you.
I will follow your thread to witness your success!!
I picked my user name as its how I want to feel when I post on here that all debts are cleared.0 -
Hi mush1989,
Wow you have done so well, you are so organised, you should be very proud of yourself for all that u have achieved so far and well done on facing the letters in the beginning. I never used to open any of my Letters before my LBM as I really didn't want to be reminded. now I can't wait so I can see the balances going down.
Keep up the great work.
Ps have subscribed xxHappy to be sorting out my debts.Debt Free by December 2012£8,606/£15,000 = 57% (£6,394 to go) :jPAD since 1st May 12 = £793.79
PPI Reclaim Total: £2,297.22 :T0 -
uve done brilliantly, good luck with everything xxxx rip dad... we had our ups and downs but we’re always be family xx0
-
Thank you everyone. I will keep you all updated!
DEBT FREE!!! - Finally! :j0 -
I have today recieved a settlement from Lowell - o2 of £510.00 to clear the £600.00 balance outstanding. I am going to try and barter with them a bit more to get it gone. Even if they will not budge on the offer at least its £90.00 saved.
What do you guys think?
P.S I helped my friend claim back his PPI and from my help he has given me some of the money for the battling letters DEBT FREE!!! - Finally! :j0 -
Update:
Lowell and GDP are both now paid off!
STILL TO PAY:
Wonga
NW CC
TSB Loan
Slowly getting there!DEBT FREE!!! - Finally! :j0 -
wow you have done so well, I have to subscribe just to see how well you continue doing :T
FaeLBM 29/10/2013 £14,218.00 As of 13/04/2014 £6477.00
Paid 54%
3 months to go 13 weeks
DFD 28th August 20140 -
Update:
Wonga £250.00 Paid off in Full on Monday! Woop woop!
NW CC - Paid the last £6.69. Woop Woop!
STILL TO PAY:
TSB Loan
Slowly getting there!
I have how ever applied for the Capital One credit card (Luma) and have been accepted I am using this for Petrol purchases everymonth, but it being paid off in full every month, just to give me credit hopefully a bit of a boost.DEBT FREE!!! - Finally! :j0
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