Reeling from the Reality Check

Historybuff

Thanks Catandy,
I've had a look at the NEDCAB site and that's now I decided to do my own DMP. As you say, no one is going to care about getting it right more than yourself and you can stay in control.
Good to see my story resonating with others and good for me to see people with debt balances that are going down! Taking that first step after admitting the scale of year problem is th most difficult thing...

in_need_of_direction

Hi hb and apologies. I'm sorry if I upset you, it wasn't my intention. Unfortunately, I regularly suffer with foot and mouth disease. I totally agree that you need to do whatever is needed to keep the dreaded depression at bay. Well done on recognising the problem. I know only too well what a comfy place denial can be. You're doing so well, don't let muppets like me deter you. If it's ok, I'll pop in and see how you get on

Historybuff

Hi INOD,
No worries. I'm fine.
Well today was really busy at work, so didn't get time to call all the creditors. Those I did call, though, we're very accommodating. Think they didn't argue with the suggested payment figures because of the scale of the debt mountain! So three of the five have agreed to suspend all interest and charges, two immediately and one when the account defaults. I had thought I would need to be writing letters left right and centre, but up to now they have been happy to deal with things over the phone. Once I mentioned I had already spoken to SC and done a financial summary they just sorted the payment plan out.
Two did try to make me pay more than the summary suggested though and I had to say very firmly that I could only afford to pay what I had worked out. Good that I've got three CC sorted and on the payment plan now. Feeling a bit relieved.
I had noticed on a couple of the boards people talking about the 'you need a budget' software, so I had a look, liked what I saw and subscribed to the free trial. Now I've put all the figures in I am getting poised for the great countdown to begin! I know it will be small steps at first, but being able to see the balances start to reduce rather than increase will be such a good feeling! Two more CC to call tomorrow, then I will start to focus on moving the DDs over to the new bank account.
No news yet on the joint to sole...I've got everything crossed they do it soon. I need to stop the interest and charges on those overdrafts.
It wasn't a NSD today, I succumbed to buying a pack of biscuits mid morning to keep me going. However, I am going to try to make my bag of carboot cash last to the end of the month and leave the £100 left in the bank for food be still there next pay day.

Buffythedebtslayer

I think you are brilliant


That is so good to read XX

KillPeppa

Great news on getting the interest stopped! When my debt was at its highest it seemed no matter how much I scraped together the interest sent me back to square one, it's so demoralising. It's nice to see the totals actually drop. You're doing amazingly well.

Historybuff

Thanks, Buffy, I'm glad I decided to do it myself. Fingers crossed the other two CC are as understanding as the others. By the end of the week I should have got all CC and the loan on a payment plan and the new account up and running with some of the DDs moved over.
Staying positive...

Historybuff

Thanks Killpeppa,
Getting the interest stopped is the key thing. I was like you...not getting anywhere because of all the interest. Fooling myself that paying the minimum each month was fine. The killer was getting into the interest taking the total over the credit limit. That was when I knew I had to get my head out of there sand, man up and face the reality of it. It seems like I've been at it longer than ten days! But that's all it is. I've gone from not looking at anything and hoping for the best, to being really focused and checking every transaction and penny. Serious mind shift. I never ever want another credit card or loan EVER again.

Historybuff

So...today's progress. Three other creditors got phoned up, two agreed to freeze interest and charges and take the reduced payments, the other insisted I complete paperwork by post before they agree to the plan. They did refund over limit and late payment charges for this month though, so credit to them. Now the only two left to tackle are the overdrafts, but I can't do anything about them until the new account is up and running and I find out whether the joint to sole account has happened. Still crossing everything they do it.
It was really tough gathering up the courage to phone each of the creditors and admit/explain the financial difficulties I'm facing, but they were all very efficient and, I'm relieved to say, sympathetic to the situation. I think being in contact with the debt charities, having their advice and taking the time to prepare the financial statement before ringing made all the difference. They could see I had carefully considered the payments I could afford going forward and appreciated me calling to warn them I was getting into difficulties paying the full amounts.
They all carefully explained about the impact I would see on my credit file, but 'que sera sera' there is no alternative.
All in all I'm really glad I steeled myself to speak to the creditors myself...I feel I'm much further on at this early stage than I would have been had I gone forward with a managed DMP. I feel like a massive weight has been lifted! This website is awesome. I spent such a lot of time worrying, not sleeping, being anxious and unable to focus. Less than two weeks on the forums, the support of other DFW and reading all the information in other areas of the site gave me the wherewithal to really get it together to tackle my huge debt problem head on. I'm determined to pay it all back as soon as I can. You Need A Budget is my friend.
Going home to have a well deserved glass of wine...don't worry, not spending...it's left over from Christmas! Cheers!

Fortune_Smiles

Well done HB :T I always feel so much better when I take control and take some action in a situation. Much more empowering. Takes some courage to do it though so "Go You" :j

Fortune x

wantabetterlife

You are doing great HB and with your positive attitude you can definitely do this!!