How long until you acted?

ffs

I'm just curious about other peoples experiences and reasons, it took me two years from accepting that I needed to do something, to actually doing it. The main reason was that by by asking for help (in my case from CCCS) I was explicitly accepting that I was incapable of sorting things out myself. I was hanging on to this part of my life as something I could get right (unlike my failing marriage). I deeply regret this delay, though not as much as I regret getting it so wrong in the first place!

How long did you delay, and why?

Jedi_Master

!!!!!! wrote:

I'm just curious about other peoples experiences and reasons, it took me two years from accepting that I needed to do something, to actually doing it. The main reason was that by by asking for help (in my case from CCCS) I was explicitly accepting that I was incapable of sorting things out myself. I was hanging on to this part of my life as something I could get right (unlike my failing marriage). I deeply regret this delay, though not as much as I regret getting it so wrong in the first place!

How long did you delay, and why?

Took me about four months from realising that I had to do something to actually doing it, and as in your case, I turned to the CCCS. Boy am I glad that I did, although I still have a feeling of having failed in managing money and completely understand your point about explicitly accepting that you are incapable of sorting things out yourself. I was always dreadfully worried about being sued in the County Court and having black marks on my credit files. I am now in my second month of a DMP with CCCS and the light at the end of the tunnel is still a long long way off but it is better than living without any hope of that light actually emerging at all.

mountainofdebt

Not sure...was always aware of our debt but the attempts to clear the debt were always half hearted.

Having said that though it was never a major problem in meeting the repayments until 5 years ago when hubby started his own business and for quite a while we lived hand to mouth on my parttime salary and family generousity.

I think for me the turning point was last new years eve when I said to hubby that 2005 should see us have some money to which he replied that he seemed to remember us having the same conversation the previous new years eve. Around the same time it began to dawn on me that if it wasn't for the debt repayments each month we would have a pretty good style of living even on our modest salaries.

Having said that though I think that 2005 has been the first year when we've had no real excuses for sorting out the debt.

ms_london

Honestly, I think it was only when I could no longer get any more credit (the bank would no longer increase my overdraft, the credit cards would increase my limit, I was declined for new credit cards/loans, my family wouldnt help me out anymore etc etc) that I decided that I had no choice but to face my debt & do something about it. Thankfully I was forced into having my lightbulb moment, and that I am close to paying off my debt - If there were more available credit to me at that time (end 2002), then im not so sure I would be in the position I am now.

Even when I was running up the debt, I knew I had no money & i was living on borrowed time, but I didnt care - me & a friend (one i no longer have contact with but wonder how things are for her now), were in a similiar situation & owed about the same, went out all the time together & were apalling with our finances - perhaps if idve had a "sensible friend" at the time, not one that was as bad as me, I wouldve been a bit better with my money. I'm not blaming her - we both just thought it was a joke. Oh how ive changed :0)

Now that im coming up to the end of my debt repayments - last one will be either start of Nov or Dec (yet to decide) - I have thought about this so much, and now my next step is what do i want to do with my money when it's all mine? Decisions, decisions, decisions!!!

gravitytolls

Well done you, Mslondon. I'm v impressed. You are an exapmle to us all, we know hwat we must do, but it's hard when all around people and advertisers are trying to tell you what you can't live without.

Well, we now realise that we can, and anything we think we need, we put on the back burner, until we realise we don't.

Again, many congrats, you deserve huge pats on the back, you're success is marvellous and encouraging.

ffs

I'm wondering how may people delay because they can not imagine a life without credit, and worry that they may not have access in the future (as if that would be a bad thing).

Penguin_2

Hi !!!!!!

I am awaiting my interview on Monday with CCCS. I am very nervous about it all although I know it is something I need to get on and deal with. After speaking to them the first time they initially advised me to move my current account. I have done this and am waiting for it to open tomorrow. I have a DD due to my loan which is with my old bank due to come out on the 1st (same day as interview with CCCS). They said I should cancel all my debt repayment DDs until they have sorted it out. I am very very nervous about doing this as I have never ever missed a payment to either of my two debts and I have also not contacted them to tell them that I won't be paying or that I am experiencing problems.

Do you think I should go ahead and cancel it and hope that CCCS will sort it out for me or should I leave it where it is?

Also, on your experience - what happened after your interview with CCCS? how long did it take etc?

smidge_2

Hi

Known i've been in the deep and smelly for a long time and i always manage to just squeeze by can never seem to quite take the reigns with full palm just touching it with my fingers if you know what i mean but to be honest i don't spend anything HONESTLY my partner does all of the shopping he buys clothes food everything i've not used my card or drawn any money for about 6 weeks and even then the only reason i used it was to take my boys to play group (cost £6) so drew a tenna and my partner took the rest i choose to be the way i am like that (no enforcement I HATE SHOPPING and money frightens me) I still am not really doing anything about it just plodding along i really wish that i could take control but i really dont know where to start i already have ccj's and defaults and all of the rest of that rubbish but i wouldn't even know how to make a budget work and i can't get the one on this site cause i don't have excel just have works and it wont let me transfer it but thats not the problem it's making it work practically and i have no control over my partner or the money he spends we have joint accounts and cause of our credit status i can't open an account in my name only. Basically we're screwed

Xbigman

Penguin wrote:

Hi !!!!!!

I am awaiting my interview on Monday with CCCS. I am very nervous about it all although I know it is something I need to get on and deal with. After speaking to them the first time they initially advised me to move my current account. I have done this and am waiting for it to open tomorrow. I have a DD due to my loan which is with my old bank due to come out on the 1st (same day as interview with CCCS). They said I should cancel all my debt repayment DDs until they have sorted it out. I am very very nervous about doing this as I have never ever missed a payment to either of my two debts and I have also not contacted them to tell them that I won't be paying or that I am experiencing problems.

Do you think I should go ahead and cancel it and hope that CCCS will sort it out for me or should I leave it where it is?

Also, on your experience - what happened after your interview with CCCS? how long did it take etc?

If you cannot pay all your minimum payments from your income (which I assume is the case if you are going to be seeing CCCS) then definately cancel the DD's and phone your creditors immediately and let them know. Your credit rating is about to date a massive dive so don't worry about that.
Regards



X

ffs

Remember - trying to protect your credit rating is at least in part what got you in to this mess. If you had defaulted ages ago you may well have prevented yourself from getting so far in debt.

ffs

To answer your specific questions: cancel all payments to all Non-priority creditors (this is primarily people you have borrowed money from rather than people you owe money to).

Send token payments along with a letter explaining your intention to sort out your financial crisis (sample letter available from CCCS).

It takes months for some creditors to accept payment proposals, the American companies are the worst (Amex, MBNA, Cap 1 etc). Do not despair, let the CCCS set up a DMP on your behalf, if that is deemed most appropriate.