Time to wake up and smell the coffee!
Abbafan1972
Forumite 6.5K Posts
Hi there,
After skimming through some of your debt diaries here, I thought I would write my own, if that's ok.
Me and DH have had years of debt on and off from 2 Credit cards, an overdraft swallowing up our wages, plus a very account and other bits and pieces.
On the advice of our bank that has these 2 credit cards and overdraft, we have instructed Step change to help us. We have managed to get a freeze on interest/overdraft charges while this is being sorted out. (I have sent all the info and forms over to Step change). Advisors at the Bank were pleased and there was no negativity from them at all.
I will try and give a bit of background: I have been made redundant a few times unfortunately and, apart from 2 long terms jobs of 8 years and 7.5 years (both were redundancy), I haven't been able to stay in a job long. The shortest being 6 months, which was my last one, before I got my current job through and agency, working from home. For that job of 6 months, I took a drop in salary, it was a vile place and after I had been there for about 2-3 months, discovered my colleague in the office was a vile bully, who literally never took any holiday, and if she did, it was absolute bliss. I was never given a change at all there and they put me on furlough when the pandemic hit, then after the minimum of 3 weeks, made me redundant. It was all pre-planned.
With the wages me and DH are bringing home, there is absolutely no reason why we can't manage. It was just a case that we have been stupid/frivalous and thought "oh sod it, we'll put it on the Credit card", with no real thought as to whether we can pay it back or not. Luckily, the company I am working for now, through the agency, have offered me a permanent job, the wages are a big jump. I know that I can do it and they have said that I can do it. I just need the chance to prove myself, which I never had at this other, awful place.
So, on the Step change account will be the overdraft, 2 x credit cards, very account and an Ikano loan (that was for SCS furniture). I am hoping that when this is all up and running, it will give us the breathing space we need to get some of the other things paid off, such as the mortgage and hubby's car finance (he needs a car to get to work). Plus save a bit as well.
We are getting rid of things slowly - have got rid of mobile contracts, on sim only. Will look at the household insurance to see if that can be reduced, as it is up for renewal soon. Am trying hard to get the shopping bill down, but that is hard with being at home all the time and 2 teenagers still here (not sure when they are going back to college).
I will post more information as and when I can. Didn't want to make the first post too long!
Thank you all in advance for your support. xx
After skimming through some of your debt diaries here, I thought I would write my own, if that's ok.
Me and DH have had years of debt on and off from 2 Credit cards, an overdraft swallowing up our wages, plus a very account and other bits and pieces.
On the advice of our bank that has these 2 credit cards and overdraft, we have instructed Step change to help us. We have managed to get a freeze on interest/overdraft charges while this is being sorted out. (I have sent all the info and forms over to Step change). Advisors at the Bank were pleased and there was no negativity from them at all.
I will try and give a bit of background: I have been made redundant a few times unfortunately and, apart from 2 long terms jobs of 8 years and 7.5 years (both were redundancy), I haven't been able to stay in a job long. The shortest being 6 months, which was my last one, before I got my current job through and agency, working from home. For that job of 6 months, I took a drop in salary, it was a vile place and after I had been there for about 2-3 months, discovered my colleague in the office was a vile bully, who literally never took any holiday, and if she did, it was absolute bliss. I was never given a change at all there and they put me on furlough when the pandemic hit, then after the minimum of 3 weeks, made me redundant. It was all pre-planned.
With the wages me and DH are bringing home, there is absolutely no reason why we can't manage. It was just a case that we have been stupid/frivalous and thought "oh sod it, we'll put it on the Credit card", with no real thought as to whether we can pay it back or not. Luckily, the company I am working for now, through the agency, have offered me a permanent job, the wages are a big jump. I know that I can do it and they have said that I can do it. I just need the chance to prove myself, which I never had at this other, awful place.
So, on the Step change account will be the overdraft, 2 x credit cards, very account and an Ikano loan (that was for SCS furniture). I am hoping that when this is all up and running, it will give us the breathing space we need to get some of the other things paid off, such as the mortgage and hubby's car finance (he needs a car to get to work). Plus save a bit as well.
We are getting rid of things slowly - have got rid of mobile contracts, on sim only. Will look at the household insurance to see if that can be reduced, as it is up for renewal soon. Am trying hard to get the shopping bill down, but that is hard with being at home all the time and 2 teenagers still here (not sure when they are going back to college).
I will post more information as and when I can. Didn't want to make the first post too long!
Thank you all in advance for your support. xx
We have no debt! Now to clear the Mortgage - £55,939.05 (due to end Dec 2028)
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Am not feeling too good today, to be honest.
Have got a hold for another 30 days on the interest charges etc for the 2 credit cards, very account (they have only just slapped on a charge of £192 for BNPL items!) and a hold on the overdraft charges, while the Step Change plan is set up. Hubby had a voicemail from Ikano Bank yesterday to call them, but can't do that until Saturday, as they are only open till 6pm on a weekday and he's hardly ever back before that time. I know tonight he won't be back until after 8pm.
Movement on my new job is slow, but finally had a message from recruitment yesterday, asking me for my address and phone number, so that's hopeful. Perhaps something will arrive in the post soon.
Got the final bill through for my daughters phone from Tesco mobile - the usage contract was for 24 months, but the actual device was 30 months. We had the option to end the contract without a penalty, so she's gone to sim only through Sky like the rest of us and the final bill of £129.54 is for what is owed on the device. We do have spare money to cover that.
Someone asked about an emergency fund. I have a HSBC current account that I've had for years. This is the one I will be using for the Step change DD, as it's separate from the account with the overdraft. We have money in there that will pay for a new back door that my Mom gave us, plus a new Dishwasher. The back door is desperately needed, the old one is more than 25 years old and a security issue. The company have been in touch with me and fitting should be very soon, the door is about to go through Quality Checking. I haven't paid them any money yet, they said payment is required within 5 days of fitting.
On the issue of the Dishwasher - this broke down way before Christmas and we have coped without it since then. Buying a new one through Currys would have meant taking it on the finance (Creation) which is a big no-no. We already have about £150.00 left to pay on Creation for the washing machine we replaced. We didn't include that in the DMP, as it's such a small amount and due to finish very soon. My Mom gave us money to cover the dishwasher as well, but haven't as yet bought one. I wouldn't say it's a necessity for me, but my Mom's opinion is a lot different, which is why she gave us the money for one. So once I have paid the door, there will be about £600 left in there, so will decide later on the Dishwasher issue.
Sorry for such a long post - will keep you all updated.
Hubby got an email from Very to say our credit account has been suspended and to still make payments. I think out of all the things in the DMP, which there aren't many, I think this is the one that is going to cause the most problems.
Hubby worries because the account is in his name and he is the one that will get bombarded with all the messages.
Hope everyone is well.
Just thought I would give you an update.
The job offer I got from my place where I was a temp never progressed any further unfortunately. I know my bosses wanted me to stay on and have a permanent job there, but the offer was only ever verbal and the contract never materialised. For some reason there were big delays with HR.
I had a job interview with another company for a permanent job (working from home, but the offices are in Birmingham where I live). I was successful and started on 12th April. Am on my 3rd week and things seem to be going well.
The Step change plan is going ok but the one creditor (Ikano Bank), apparently didn't receive the payment proposal and I had to instruct Step change to send it again.
Our current account where the overdraft is situated, is being closed some time in May, as are the 2 credit cards. They are all being passed onto the recovery teams, where a default will be placed on our credit file for 6 years.
Direct debits and wages are all set up with the new account and this has been transferred into joint names.
Funnily enough, we haven't heard a peep out of Very. I am a bit worried though, they will keep on adding interest to that account.
Does it matter that my Step change payment is collected on the 1st of the month and doesn't reach some of the creditors until about the 8th and the actual payments for the accounts would have been due at the end of the previous month, technically missing a payment. Does this matter?
Looking forward to reading everyone's thoughts.