Desperately seeking advice! Please!

jamiegutz

Ive been lurking on here a while, and wanted to contribute to this thread as you sound so upset by your situation.  Please dont be.  If you follow the advice of the wise members here, like I have done, you will feel so much more relaxed and happier. 

Please remember that you are not breaking any 'rules' here.  Yes, you will have a credit agreement with them, but consumer protection law is on your side.  These companies cannot do anything to you other than temporarily damage your credit rating for the next 6 years or so.  

Also, remember that when these companies write to you or call you, you are quite literally dealing with a computer.  The first time a human will probably touch the letter is when the postman delivers the letter through your mailbox, and the phone calls are normally made using auto-diallers. If the calls bother you, get a new phone number or just ignore them.  My phone has a feature that identifies the number as 'reported as a debt collector' and it immediately gets blocked.   Any letters I hold until the weekend, and I sit down and go through them all at once.  Anything important gets scanned onto my computer and then ritually shredded along with the unimportant stuff.  You are in control of this at all times.

Lastly, please remember that the money you owe is not just your risk.   Ultimately It is the risk of the company that lent it to you.  Yes, you will need to repay some/all of it back, but you can do so on your terms. They assessed your profile and were happy to lend you the money in return for an extortionate interest rate. The interest rate they charge is the return for them based on the risk they take and is based on the hundreds of thousands of debtors they have under the 'law of large numbers'.  The fact that a percentage of people will default is already priced into that interest rate.  The situation you are in now (making minimum payments every month) is exactly the position they want you to be in.  They don't care about you, your mental health, your family or anything other than getting their interest payments, unless you tell them.  Fortunately, the consumer protection law is in place for your protection. 

Follow the excellent advice you will receive here, please stop worrying, hold your head up high and be proud of yourself that you are addressing the situation.  Nothing bad will happen to you.  

collinsona

jamiegutz said:

Ive been lurking on here a while, and wanted to contribute to this thread as you sound so upset by your situation.  Please dont be.  If you follow the advice of the wise members here, like I have done, you will feel so much more relaxed and happier. 

Please remember that you are not breaking any 'rules' here.  Yes, you will have a credit agreement with them, but consumer protection law is on your side.  These companies cannot do anything to you other than temporarily damage your credit rating for the next 6 years or so.  

Also, remember that when these companies write to you or call you, you are quite literally dealing with a computer.  The first time a human will probably touch the letter is when the postman delivers the letter through your mailbox, and the phone calls are normally made using auto-diallers. If the calls bother you, get a new phone number or just ignore them.  My phone has a feature that identifies the number as 'reported as a debt collector' and it immediately gets blocked.   Any letters I hold until the weekend, and I sit down and go through them all at once.  Anything important gets scanned onto my computer and then ritually shredded along with the unimportant stuff.  You are in control of this at all times.

Lastly, please remember that the money you owe is not just your risk.   Ultimately It is the risk of the company that lent it to you.  Yes, you will need to repay some/all of it back, but you can do so on your terms. They assessed your profile and were happy to lend you the money in return for an extortionate interest rate. The interest rate they charge is the return for them based on the risk they take and is based on the hundreds of thousands of debtors they have under the 'law of large numbers'.  The fact that a percentage of people will default is already priced into that interest rate.  The situation you are in now (making minimum payments every month) is exactly the position they want you to be in.  They don't care about you, your mental health, your family or anything other than getting their interest payments, unless you tell them.  Fortunately, the consumer protection law is in place for your protection. 

Follow the excellent advice you will receive here, please stop worrying, hold your head up high and be proud of yourself that you are addressing the situation.  Nothing bad will happen to you.  

Thank you so much for taking the time to reply- your kind words have had such an impact. Did you have a similar situation to me? Thank you so much again, Amy ☺️

BlueLionKing

Hi Collinsona,

Just wanted to say hi and follow your thread, as like yourself I am just starting this journey myself this month towards a self managed DMP.

Having never missed a payment until now either, I appreciate how scary and ‘backwards’ it feels for defaulting to be the way to receive help (as per the  advice from your creditor!).

Take your time, read up on here and know you’re in control. 

I personally have found it invaluable and a little less lonely.

Best of Luck 

Blu

stu12345_2

Christians against poverty use a phrase , getting out of debt is far far more important than your credit score.

something we should remember cos getting out of debt means trashing your credit score and to quote the movie the worlds end 

the greater good lol

collinsona

BlueLionKing said:

Hi Collinsona,

Just wanted to say hi and follow your thread, as like yourself I am just starting this journey myself this month towards a self managed DMP.

Having never missed a payment until now either, I appreciate how scary and ‘backwards’ it feels for defaulting to be the way to receive help (as per the  advice from your creditor!).

Take your time, read up on here and know you’re in control. 

I personally have found it invaluable and a little less lonely.

Best of Luck 

Blu

Best of luck to you too- what steps have you taken so far? Are you in a similar situation to me? I appreciate your reply so much and it would be great to follow your journey- do you have a diary on here or anything? Amy 

jamiegutz

collinsona said:

jamiegutz said:

Ive been lurking on here a while, and wanted to contribute to this thread as you sound so upset by your situation.  Please dont be.  If you follow the advice of the wise members here, like I have done, you will feel so much more relaxed and happier. 

Please remember that you are not breaking any 'rules' here.  Yes, you will have a credit agreement with them, but consumer protection law is on your side.  These companies cannot do anything to you other than temporarily damage your credit rating for the next 6 years or so.  

Also, remember that when these companies write to you or call you, you are quite literally dealing with a computer.  The first time a human will probably touch the letter is when the postman delivers the letter through your mailbox, and the phone calls are normally made using auto-diallers. If the calls bother you, get a new phone number or just ignore them.  My phone has a feature that identifies the number as 'reported as a debt collector' and it immediately gets blocked.   Any letters I hold until the weekend, and I sit down and go through them all at once.  Anything important gets scanned onto my computer and then ritually shredded along with the unimportant stuff.  You are in control of this at all times.

Lastly, please remember that the money you owe is not just your risk.   Ultimately It is the risk of the company that lent it to you.  Yes, you will need to repay some/all of it back, but you can do so on your terms. They assessed your profile and were happy to lend you the money in return for an extortionate interest rate. The interest rate they charge is the return for them based on the risk they take and is based on the hundreds of thousands of debtors they have under the 'law of large numbers'.  The fact that a percentage of people will default is already priced into that interest rate.  The situation you are in now (making minimum payments every month) is exactly the position they want you to be in.  They don't care about you, your mental health, your family or anything other than getting their interest payments, unless you tell them.  Fortunately, the consumer protection law is in place for your protection. 

Follow the excellent advice you will receive here, please stop worrying, hold your head up high and be proud of yourself that you are addressing the situation.  Nothing bad will happen to you.  

Thank you so much for taking the time to reply- your kind words have had such an impact. Did you have a similar situation to me? Thank you so much again, Amy ☺️

My pleasure.  Similar amount of money owed as you do (38K).  I pay 58 a month through stepchange, but planning on moving to self managed. 

Currently doing CCA requests for all debts.  Two of the largest are with PRA group and they havent responded yet, and its been almost a month so fingers crossed.  If they cant produce it then that takes my 38k down to 14k.  

BlueLionKing

collinsona said:

BlueLionKing said:

Hi Collinsona,

Just wanted to say hi and follow your thread, as like yourself I am just starting this journey myself this month towards a self managed DMP.

Having never missed a payment until now either, I appreciate how scary and ‘backwards’ it feels for defaulting to be the way to receive help (as per the  advice from your creditor!).

Take your time, read up on here and know you’re in control. 

I personally have found it invaluable and a little less lonely.

Best of Luck 

Blu

Best of luck to you too- what steps have you taken so far? Are you in a similar situation to me? I appreciate your reply so much and it would be great to follow your journey- do you have a diary on here or anything? Amy 

Thank you🙏🏼 … I owe more, just under 60K (was a shock when I finally sat down and totalled it all up).

My diary is here https://forums.moneysavingexpert.com/discussion/6543940/here-i-go-start-towards-my-debt-free-life-with-a-self-managed-dmp#latest

I’m just at beginning stage where some first payments have been missed/ or are due to be missed in coming fortnight. Telephone calls and text messages have began which I’m ignoring and deleting! Too early for post yet. (Phone calls as I type!!)

It’ll be a long road, but worth it in the end. 

Keep us updated 👍🏻

Good luck too @jamiegutz and everyone.       

Blu

collinsona

jamiegutz said:

collinsona said:

jamiegutz said:

Ive been lurking on here a while, and wanted to contribute to this thread as you sound so upset by your situation.  Please dont be.  If you follow the advice of the wise members here, like I have done, you will feel so much more relaxed and happier. 

Please remember that you are not breaking any 'rules' here.  Yes, you will have a credit agreement with them, but consumer protection law is on your side.  These companies cannot do anything to you other than temporarily damage your credit rating for the next 6 years or so.  

Also, remember that when these companies write to you or call you, you are quite literally dealing with a computer.  The first time a human will probably touch the letter is when the postman delivers the letter through your mailbox, and the phone calls are normally made using auto-diallers. If the calls bother you, get a new phone number or just ignore them.  My phone has a feature that identifies the number as 'reported as a debt collector' and it immediately gets blocked.   Any letters I hold until the weekend, and I sit down and go through them all at once.  Anything important gets scanned onto my computer and then ritually shredded along with the unimportant stuff.  You are in control of this at all times.

Lastly, please remember that the money you owe is not just your risk.   Ultimately It is the risk of the company that lent it to you.  Yes, you will need to repay some/all of it back, but you can do so on your terms. They assessed your profile and were happy to lend you the money in return for an extortionate interest rate. The interest rate they charge is the return for them based on the risk they take and is based on the hundreds of thousands of debtors they have under the 'law of large numbers'.  The fact that a percentage of people will default is already priced into that interest rate.  The situation you are in now (making minimum payments every month) is exactly the position they want you to be in.  They don't care about you, your mental health, your family or anything other than getting their interest payments, unless you tell them.  Fortunately, the consumer protection law is in place for your protection. 

Follow the excellent advice you will receive here, please stop worrying, hold your head up high and be proud of yourself that you are addressing the situation.  Nothing bad will happen to you.  

Thank you so much for taking the time to reply- your kind words have had such an impact. Did you have a similar situation to me? Thank you so much again, Amy ☺️

My pleasure.  Similar amount of money owed as you do (38K).  I pay 58 a month through stepchange, but planning on moving to self managed. 

Currently doing CCA requests for all debts.  Two of the largest are with PRA group and they havent responded yet, and its been almost a month so fingers crossed.  If they cant produce it then that takes my 38k down to 14k.  

Hi, what is a CCA request? Amy 

jamiegutz

collinsona said:

jamiegutz said:

collinsona said:

jamiegutz said:

Ive been lurking on here a while, and wanted to contribute to this thread as you sound so upset by your situation.  Please dont be.  If you follow the advice of the wise members here, like I have done, you will feel so much more relaxed and happier. 

Please remember that you are not breaking any 'rules' here.  Yes, you will have a credit agreement with them, but consumer protection law is on your side.  These companies cannot do anything to you other than temporarily damage your credit rating for the next 6 years or so.  

Also, remember that when these companies write to you or call you, you are quite literally dealing with a computer.  The first time a human will probably touch the letter is when the postman delivers the letter through your mailbox, and the phone calls are normally made using auto-diallers. If the calls bother you, get a new phone number or just ignore them.  My phone has a feature that identifies the number as 'reported as a debt collector' and it immediately gets blocked.   Any letters I hold until the weekend, and I sit down and go through them all at once.  Anything important gets scanned onto my computer and then ritually shredded along with the unimportant stuff.  You are in control of this at all times.

Lastly, please remember that the money you owe is not just your risk.   Ultimately It is the risk of the company that lent it to you.  Yes, you will need to repay some/all of it back, but you can do so on your terms. They assessed your profile and were happy to lend you the money in return for an extortionate interest rate. The interest rate they charge is the return for them based on the risk they take and is based on the hundreds of thousands of debtors they have under the 'law of large numbers'.  The fact that a percentage of people will default is already priced into that interest rate.  The situation you are in now (making minimum payments every month) is exactly the position they want you to be in.  They don't care about you, your mental health, your family or anything other than getting their interest payments, unless you tell them.  Fortunately, the consumer protection law is in place for your protection. 

Follow the excellent advice you will receive here, please stop worrying, hold your head up high and be proud of yourself that you are addressing the situation.  Nothing bad will happen to you.  

Thank you so much for taking the time to reply- your kind words have had such an impact. Did you have a similar situation to me? Thank you so much again, Amy ☺️

My pleasure.  Similar amount of money owed as you do (38K).  I pay 58 a month through stepchange, but planning on moving to self managed. 

Currently doing CCA requests for all debts.  Two of the largest are with PRA group and they havent responded yet, and its been almost a month so fingers crossed.  If they cant produce it then that takes my 38k down to 14k.  

Hi, what is a CCA request? Amy 

Its a request for a copy of the original credit agreement.  Aparantly their record keeping is not the best and if they cant produce a copy of this then the debt becomes unenforceable and you just stop paying until they can produce it.  If nothing produced for 6 years after last payment/acknowledgement of the debt, then it becomes statute barred and unenforceable forever. 

collinsona

This is probably a really stupid question but once the credit card company defaults my debt could they then not accept my payment offer and just demand the whole amount back? And if I dont pay it all back take me to court? Or am
I letting my imagination run away with me as usual? If anyone has rung the CC company to make a payment offer after a default could you give an an example of how the conversation went please?! Thanks in advance Amy x