This time I will do well

LittleMissDetermined

Happy belated birthday wishes!

Cheesephetamine

Thank you!!! 

So…. I have been thinking a lot over this past week. Now that my mental health is slightly better I wasn’t comfortable not being in control of my communication with the creditors and my debts. Being on a DMP has been a huge help during this past 3 years but it has come to the point that I want to take over and be a more present figure in sorting out my finances. I spoke with StepChange and asked them to stop working on my behalf. I’m sure someone else can take my spot that needs it more right now. 

As you know I have contacted all of my creditors explaining my mental health and situation and have asked for my debts to be written off. While I wait for their responses, which I assume will be negative, I have made a plan to snowball my debts with the idea of starting 2023 with only one creditor left (my biggest debt of 14k on a personal loan) and meanwhile I will settle the rest. I have already paid off one store catalogue credit on Friday and I have made a clear plan. On payday I will clear two overdrafts I have, one small loan and one credit card and so on and so forth. The rest of the creditors will get token payments. I know this is not the usual way people deal with these issues however I know myself and I know that settling debts and closing accounts have a massive positive impact in my mental health and how determined I feel about paying off what I owe. I really hope I can close the year with £6000 less debt. And I cross my fingers for 2023 to be my last year not having my full income available for myself 🤞🏻

LittleMissDetermined

This is great work. It’s definitely better for the mind when you have a plan and feel in control. 

LMD x

WinterWarrior

I love the snowball method. To me it makes it so much better having less creditors each month. That’s a great plan.

Cheesephetamine

Thank you! I thinks it’s a better idea to be frank. The other way the debt might be settled in the same time but psychologically it makes me uneasy to see the same number of creditors. It’s like I’m never gonna get out of debt even though I know it makes no sense… so I’m more inclined to saying F this I might as well spend more money

southern_chick

It’s important to do whatever works best for you. You seem to have a very clear (and sensible) plan in place. Good luck. Xx

Cheesephetamine

One of my creditors (MrLender) has responded positively to my request and has decided to just ask me for the original loan back with no interests. I said that I would pay that In full this month. It’s not a written off but much better than what I was expecting. One less debt to worry about! 

LittleMissDetermined

Ah that's a great result for you and I'm sure it will be a bit of a boost for you to knock one of your creditors off your list. Very well done!
LMD x

WinterWarrior

Well done, that’s great news. 

Mumoffourkids

That is great news about one of your debts. Fingers crossed you get more positive responses.