PayPlan

bank_of_slate

Hi Angelcake!

Excellent first post!
it's clear that you've really thought this through before jumping for the first debt free TV ad that you saw.
Keep posting on here as there are many people in the same situation and worse who can offer lots of support and advice for the low times and lots of congrats for the high times!

You'll even find that a few weeks down the line you will recognise new people coming on who are in the same situation that you started out in and offering your experience is really helpful, as you will have already seen from Tigert and others above.

Keep a diary of all contacts and payments with Payplan and creditors, not only does it provide you with accurate information, you can also look back on it from time to time to see how far you've come since that first scary lightbulb moment!
A huge welcome to you!
is your hubby totally on board with all this? You'll need to work together more than ever now.
...Linda xx

Angel_Cake_3

Hi, thank you for reply and words of encourgement! It is so nice to feel i am not alone. Hubby was a bit dubious at first as he did not like the idea of someone else knowing our business, however, we have had lots of longs chats along the lines of......
We are not getting out of our debt, we are paying every bit back (around 7 years)
If we carried on like we were, we would just be paying interest month after month and the debts would not reduce (many increasing eg MBNA £230 per month min payment - interest £230 - how does that work!!??)
We would never pay the debts off.
He is now 100% on board knowing we are paying back what we owe, and hopefully payplan can get interest stopped so these people do not get any more of our hard earned money!
:A

bank_of_slate wrote: »

Hi Angelcake!

Excellent first post!
it's clear that you've really thought this through before jumping for the first debt free TV ad that you saw.
Keep posting on here as there are many people in the same situation and worse who can offer lots of support and advice for the low times and lots of congrats for the high times!

You'll even find that a few weeks down the line you will recognise new people coming on who are in the same situation that you started out in and offering your experience is really helpful, as you will have already seen from Tigert and others above.

Keep a diary of all contacts and payments with Payplan and creditors, not only does it provide you with accurate information, you can also look back on it from time to time to see how far you've come since that first scary lightbulb moment!
A huge welcome to you!
is your hubby totally on board with all this? You'll need to work together more than ever now.
...Linda xx

Deep_In_Debt

Angel Cake, you really have made the right decision. The only regret that I have is that I didn't do it sooner when I had my first lightbulb moment about 2 years ago as by this time I would be seeing serious headway in clearing my debts. CCCS give monthly statements and it's really satisfying seeing debts reducing on a monthly basis, even if it is only by £250 per month.

Angel_Cake_3

Deep_In_Debt wrote: »

Angel Cake, you really have made the right decision. The only regret that I have is that I didn't do it sooner when I had my first lightbulb moment about 2 years ago as by this time I would be seeing serious headway in clearing my debts. CCCS give monthly statements and it's really satisfying seeing debts reducing on a monthly basis, even if it is only by £250 per month.

Thanks for that! I am sure this is the right thing to do. Wished I had done this earlier. This month found £950 to pay creditors (cashed cheques 2 days ago) If I had spoken to payplan days earlier, i would not have sent the cheques and had £950 to go towards the debts and not interest!!!

I am still worried about things, obvisouly my Credit Rating will end up being shot to pieces as I am expecting default notices - would that be the case?

Also, worried about notices re court / baliffs, would that happen? Would be grateful for advice from any one.

All this help and support today has been great!!!!

Deep_In_Debt

Yes, your credit rating will probably be trashed for the life of the DMP and then for 6 years after the last payment and if you pick up a CCJ along the way which could happen as you've broken the original agreement with your creditors by paying reduced amounts, then your credit rating will be trashed for how ever long the CCJ lasts. It's a risk and one that I was prepared to take. I had missed payments in the past before doing my DMP so my credit rating was pretty rubbish anyway. But as I don't want any credit now or in the future (look where it's got me!!!) I doesn't really bother me.

There is a chance that creditors could try court action but as you will be on a DMP this will help as you will be showing that you are trying to pay your debts back. Keep in regular contact with Payplan if you do get court threats and they will help you every step of the way.