What happens next? defaulted cc's, SOA & stepchange letter sent off

tiredwithtwins

Hi,
Just wanted to ask ''what happens next''?
After finding myself way over my head in debt with a loan & 2 credit cards following a change in jobs (couldn't keep my sister's post in nhs as failed several exams needed to keep in post) I dropped down to a 0 hours staff nurse post - problems with young teens and an ex meant I found it easier working as and when but a shoulder problem restricted my working pattern/hours = I basically went from earning £30k+ a year to about £12k, and despite trying my hardest I had to give in and admit defeat.
I defaulted on my payments to give myself a bit of breathing space and pay off an overdraft, and eventually followed the online advice from the lovely people at stepchange - did the SOA, used the templates and sent off 5 letters ... that was over a week ago.
the phone calls have stopped (jeez, I was so scared to answer my phone) and I have actually managed to sleep at night for the past few nights, especially as I found out finally I have a full time permanent job - starting 1st aug - with the nhs!!


So, what will happen now? will I get yay or nay letters from the bank/cc companies? or will the phone calls start again ... im a confident person but the prospect of having to explain my situation to a total stranger makes my stomach churn.
What happens if they refuse my offer to pay a reduced sum?
I put in the letter that I was confident my financial situation would improve in the next 6-12 months (ive been offered a sisters post, but lots of thinking to do over the impact it will have on my family situation again) as a full time post means I can also work extra shifts to clear the debt asap.
I live fairly frugally - I was honest on my SOA and followed step changes advice in what to include - but I don't drink, smoke or have a social life, and my 3 teens are good kids who don't ask for anything (and don't mind getting second hand/charity shop clothes when needed). we don't go to the cinema or go out ... only to free things and then we take a packed lunch ...
I cant do any more than im already doing ...


just wondered what happens now,


thanks for reading,


Sue xxx

National_Debtline

Hi Sue


I can't guarantee that phone calls will stop altogether, but you are under no obligation to speak with anyone over the phone. Everything that needs to be said can be expressed in writing. If you haven't already done so, please do ask your creditors to respect this wish from here on in.


As you settle into your new job, update your household budget to reflect the change in income and any altered living costs (i.e. work lunches, commuting etc.). Don't factor in any extra shifts for now as it's not wise to overestimate your capacity for repayments.


Start paying whatever you have offered, regardless of the responses you get - no doubt there will be a mixed bag of Yes/No/Maybes as this is what usually happens.


Most importantly for now - don't be afraid to seek further advice from Stepchange or the other debt advice charities. Their staff will be "total strangers" to you as well, but not the sort that will judge you or put you under pressure to pay amounts you can't afford.


Good luck!


Dennis
@natdebtline

sourcrates

Hi sue,

The answer is.........nothing, nothing will happen.

It makes no difference if your creditors accept your DMP or not, they will be paid by stepchange regardless, if they don't like it, they simply either pass your account to a DCA to collect instead, or they may sell your debt on, but most accept without question, you are not the only one in debt, trust me.

You have done the right thing, stay off the phone to your creditors, do everything in writing, that's it really, no drama, you make your monthly payment to stepchange, and life carries on.