Self managed DMP starting now

getoutofdebtcard

https://forums.moneysavingexpert.com/discussion/comment/81950599#Comment_81950599

I’ve followed your journey! Your post was the straw that has set me off on mine! Thank you!

I do not have a penny to my name!

I was hoping to get some feedback on the 0sc as I do not know what to put. I didn’t think my SOA was a true reflection as I haven’t accounted for a lot of things.

I’ve just been in debt so long I don’t even remember the last time I got new shoes or clothes. I want to put the maximum amount I can into emergency/savings and hopefully will finally be able to save for a holiday

ManyWays

 hopefully the default overrides any markers they might have put for “arrangement to pay”
Yes, if you get a default on your credit recird, the whole debt will drop off 6 years after that date,.

You can not make affordability complaints to Zilch or Klarna for the "pay in three" BNPLs. But you can for longer term ones that have interest added.

Zable loan, is that from lendable?

Marbles and Aqua are two Newday cards, so you make a single affordability complaint covering both of them.

The small lloyds overdraft, how many days of the month are you in it and how many years has it been like this?

Apart from the BNPLs and possibly the Lloyds loan, I suggest complaining about all of the others, even the small Zable card.

getoutofdebtcard

https://forums.moneysavingexpert.com/discussion/comment/81950652#Comment_81950652

Should I keep paying the Klarna and zlitch then? If I’m not paying the other repayments.

im scared since they aren’t regulated by FCA they will send the bailiffs around, even though I don’t have anything to my name. Nothing expensive anyway.

Yes Zable loan is by lendable.

isn’t John Lewis Partnership also by new days CC? I was thinking of doing it for all three in one via new days.

Almost max every month, since March 2023? At least that’s when I got my arranged OD.

Do you mean the Lloyd’s overdraft? I don’t have a Lloyd’s loan

KxMx

If you go through past bank statements that should give you an idea of what you are spending.

You might also consider a spending diary for a few weeks minimum, every penny you spend gets written down, don't be too horrified by what you see the aim is to highlight exactly where money is going enabling you to set a realistic budget and be smarter when you do spend.

You do need to live alongside repayment of debt. A budget that is too low is unsustainable long term and can lead to falling off the debt repayment wagon.

Mobile is very high, are you in contract?

Rolling 30 day sim only plans can be had for a fraction of what you are currently paying.

https://www.moneysavingexpert.com/cheap-mobile-finder/sim-only-all/

ArtyJ931

https://forums.moneysavingexpert.com/discussion/comment/81950614#Comment_81950614

I have stopped paying this month and have money to start to put away into pots for an emergency fund and essential costs and already I feel so much lighter and less stressed.

I think I saw a post from Sourcrates saying something about how ludicrous it is that people with 2000 a month are servicing 100k debts and I was like… yes!! It is! Of course that lending is totally irresponsible. It’s more a series of lightbulb moments for me than just one.

interesting journeys we are on ☺️

sourcrates

The vast majority of debt collectors work from a call centre, and their weapon of choice is the phone.

Debt collection can be split into various categories, there are companies that just act as collection agents, others that buy debts and collect them, some just buy debts and get other companies to collect them on their behalf, then there are a few that describe themselves as tracing agents/debt collectors, who are engaged by debt purchasing companies to go knock on your door to advise you to get in touch with the company that has bought your debt, so as you can see, debt collection comes in a lot of different forms.

One thing to keep in mind is that debt collectors, whatever company they may work for, have no more rights or power, than you or I do, they have no special powers just because they are chasing a debt, you treat them as you would anyone else in business.

Debt collectors are very commonly referred too as bailiffs, they are not bailiffs, a bailiff can only be engaged after a debt defaults, and after a CCJ has been granted in favour of the creditor, their use is not common for consumer credit act debts, but on the rare occasion they are used, it would normally only be the local county court bailiff, who are employees of the court, not the HCEO`s you see on the telly box.

I would not worry too much about debt collectors or bailiffs, as this process has many facets to it, and its best to really just concentrate on what is actually happening in your situation, rather than what might happen in the future, too much information all at once can confuse you, and just serves to blur the lines somewhat.

If a certain situation arises, then ask.

getoutofdebtcard

https://forums.moneysavingexpert.com/discussion/comment/81950819#Comment_81950819

the money was going to gambling/ online prize competitions. I maxed out on everything and gambled everything. It is horrendous but it has happened. Any and all funds have been to fund that. An addiction in the worst thing.

I went cold turkey and blocked myself on GameStop in 2024 but social media adverts introduced me to online prize competitions (this should be classed as gambling) start of 2026 once I googled/clicked on the adverts, ALL my adverts were these sites.

So over the last 3-4 months my spending isn’t accurate.

I hate gambling. I despise it with a passion now. All these websites pretending to not be gambling. Makes me sick. No matter how many times I block them, or report them, it still shows. I have more restraint now, that I’ve woken up to how much I’ve spent.(everything)

getoutofdebtcard

I’m scared, one is coming out tomorrow from my old main, which I’ve taken out all the money from. I’m really scared. But I need to do this to get out of the cycle.

I won’t give the creditors a SOA, I will just pay them what I can “afford” and save all available funds into savings, so I can clear my debts with F&F in a few years time. They were all irresponsible lending. Which I’m going to send tomorrow or Tuesday, I’m trying to get some rest and peace for my brain, it is draining.

ArtyJ931

I have no idea in terms of answers about some of your questions but just wanted to say - I can understand that it’s scary but it will be ok. You will be ok.

I have set up my phone so all unknown calls go into a separate folder and my phone doesn’t ring or notify me. I’ll also block any that do get through.

I have downloaded as many bank statements as I can (6y worth) and also my transunion credit report to help with affordability complaints. I think that they are the main things you need. Have a look at Debt Camel - there are templates on there for the emails https://debtcamel.co.uk/refunds-large-high-cost-loans/

SpireCaptain

https://forums.moneysavingexpert.com/discussion/comment/81951256#Comment_81951256

Hi Guys, following both your threads with keen interest. You're both doing great and inspiring me amongst others I'm sure.

Quick question - Have you cancelled Direct Debits with your bank and also changed payment method on the credit card apps to non direct debit payment? If I just cancel with the bank I'm assuming the CC will just try and reinstate the mandate so if I change in the CC app to card/phone payment it will buy some time (and minimise chance of DD being taken and causing overdraft interest/over limit charges).

Good suggestion with the 6 years bank statements. Luckily I've still got an email of my statutory credit reports from the last 2 mortgage applications in 2016 and 2020 so I have it in black and white my level of indebtedness, credit limits etc so hopefully it'll help with any affordability complaints.

Many thanks.