LBM and some advice needed please :-)

Milly_Moo

Hi all :-)


I have had my LBM several times in the past and still never moved to deal with everything. That has now changed and after my proper LBM I am now in the process of dealing with my debts.


I am 32, a single parent to my 8 years old, disabled, working P/T school hours and studying through the OU for my degree which is due to complete in June 2018.


I have never been good with money and used to buy things I did not need but wanted. This has all come to a head after I moved into my own rented property with my son at the beginning of December 2016. I realise I cannot live like this and that the most important thing for me to be able to do is provide for my child. All of my household bills and utilities are paid and up to date. My bank account with Barclays has no overdraft and is not related to any of my debt.


The debts I have vary from 12 years ago to 4 months ago. There will be no more going forward.


I have been on the SC website and completed all of their information which has recommended I set up a DMP. I am happy to do this even if it takes me 10 years.


The outstanding debts are approx. £13000 worth, owed to 17 different companies. There is a CCJ in there which is being paid as it was set up two years ago. All the debts were unsecured and most are now with DMC's as far as I am aware. There is one for old council tax, pay day loans, catalogues, old utilities and mobile phone provider.


I have a few question if anyone is able to help at all?


1 - Is SC a good charity to go with for the DMP?


2 - If for some reason I missed a debt off the DMP and it comes to light after, can I add it on to the original plan?


3 - I have read that I can request copies of the original agreements from the older creditors to see if they are enforceable, is this recommended and how would I go about it? If I do this then find they are not enforceable then should I offer a Small FFP to settle the debt?


Thank you all for all your help, I really appreciate it. I am sure I will have more questions as the process continues.


Thanks again,


Milly

Smodlet

Hello and welcome, millymoo. I am sure there will be many knowledgeable people along in a while to assist you. All I can tell you is that Step Change are mentioned often on this board and I have not read anything to their detriment so far. Another charity, National Debtline, actually post on here so they may be able to offer you some advice.

Good luck and I hope sourcrates, fatbelly, Mrs Tinks, Essex Hebridean and all the other brilliant people on here come along soon to help you.

EssexHebridean

Bless you Smodlet - I'm chuffed to be mentioned alongside that lot!

Welcome Milly - and well done for deciding to get to grips with things. In answer to question 1, StepChange are highly recommended so you've probably made a sound choice there. I'll leave the DMP experts to answer questions 2 & 3.

It might be helpful for you to put together a Statement of Affairs to assist with budgeting. The link to that can be found on the "sticky" post at the top of this board. If you format it for MSE and post it in here then we can take a look and see if we can see any savings you may have missed, which might help get your debt gone faster or allow you to build an emergency fund.

Smodlet

You so totally deserve the accolade, imho, EH. You are always kind, thorough, well-informed and to the point while never being judgmental, just like the illustrious company I mentioned... imho, of course, but that's all I got.

Milly_Moo

Thank you very much to both of you :-)


I feel quite confident in going ahead with SC and so just need to complete the paperwork needed.


I definitely want the debt gone as quickly as I can, once I qualify I will be in a much better position to be able to pay larger amounts to clear the debts quicker.


I am currently at work but once I am home and little one is in bed then I will sort out the SOA and post it in here for some advice.


Thank you again :-)

sourcrates

Hi milly,

You mentioned asking for credit agreements in your original post (CCA Request).

This is absolutely the first thing you should do to qualifying debts (by qualifying I mean any running credit agreement except mobile phone accounts, bank accounts, or accounts where legal action has already been taken).

More information and template letter here :

https://www.nationaldebtline.org/EW/sampleletters/Pages/Information-about-your-agreement-under-the-Consumer-Credit-Act-%28sole-name%29.aspx

Smodlet

One thing I forgot to mention about sourcrates, millymoo, is he dissed my poem! ;)

sourcrates

Smodlet wrote: »

One thing I forgot to mention about sourcrates, millymoo, is he dissed my poem! ;)

Oh contraire smodders, you do indeed have a hidden talent !!!

Smodlet

It's OK, sourcrates, I never stopped liking you, I think my first and second posts attest to that. FYI, I do not answer to "smodders" and only Pyxis is allowed to call me little smod.

Millymoo, apologies for the "love-in" on your thread.

MrsTinks

Smodlet wrote: »

Good luck and I hope sourcrates, fatbelly, Mrs Tinks, Essex Hebridean and all the other brilliant people on here come along soon to help you.

Well b*gger me... I've been back long enough to be seen as a regular again now :rotfl: Mildly scary

So - Hi Milly and welcome :wave:

Most things have been answered I think but you mention the age of your debts range somewhat... I don't suppose any of them ever went 6 years without you making a payment (5 if you're in Scotland?)
As some of your debts are pretty old that might be something to look at - there is a thing called statute barred, I'll explain more if it applies to any of your debts

Also - do look up the payday loan thread on here. If they were irresponsible you may be due a refund... not my area of expertise that one though

Smodlet

Mrs Tinks, you're a Board Guide! What more is there to say apart from, "I am not worthy"?

P.S.