72k in debt....I feel sick

The_Drowner

I went through the same just a few months back, similar amount (67k) and similar years/months of denial. The last couple of months have been tough with all of the correspondence, the hounding phone calls etc. but stick with it. I posted just earlier in another thread - I've come to arrangements with most of my creditors and I am now going to bed at night and the next day's failed direct debit is no longer the last thing that goes through my mind, and in the morning I'm thinking about my family, my job, looking forward to the weekend, instead of worrying about how I'll make it through the day without being bounced from a cash machine or not having enough cash in my pocket to pay for tonight's dinner. It's the best favoutryou'll ever do yourself.

sam89

Drowner is so right, I assume CCCS are recommending a debt management plan and it really is the best thing you can do.

As you can see in my signature our debts are huge but I no longer worry about them. We're paying them off at a rate we can afford and every month the total comes down :T . After the initial flurry of creditors writing and phoning everyone realises they are getting regular money from you and it all goes quiet. Infact I posted yesterday that I get impatient waiting for the 1st of the month to come round so I can get new statements and update my spreadsheet :rotfl: .

It is daunting admitting to yourself how big your debt is but now you've done that you can cope with the rest.

Good luck on your journey to financial freedom.

Sam,
x.

pinksparkle_2

moneymeltdown wrote: »

I have to open a new bank account asap...would anyone be able to recommend one that will take me (with my terrible credit rating and general inability to deal with money)?

CCCS advised me to walk away from my current bank account (HSBC) even though I am overdrawn to the limit...:eek:

Well done, I have just started my DMP...Woo hoo!!!.... i feel so much better now.

I have just opened basic step account with Natwest, no overdraft or even cheque book, just cash card...!!!

Only problem, my friend owed me £100 and has just put the cash into my old account...!!!

Pinksparkle...

x

The_Drowner

another thing - cutting up those credit cards felt like one of the best things I've ever done.

moneymeltdown

thankyou guys for all advice....one more thing...does all this mean I will never be creditworthy again? eeek!

GirlRacer_2

Hi moneymeltdown, my sister had her interview with CCCS on Wednesday morning, she's got 28 yrs to pay it back as well. Did they advise you on a DMP or did they suggest a pro rata payment arrangement as they did with my sister.

sam89

moneymeltdown wrote: »

thankyou guys for all advice....one more thing...does all this mean I will never be creditworthy again? eeek!

Not for six years after your last default, BUT, do you really want credit ever again? I know I don't .

Living within your means is much more satisfying:T. And think of all the spare money you'll have when your debts are paid, you shouldn't need credit again .

mummytofour

One day you will get credit, but you are not ALLOWED to get credit while on a DMP or you will get kicked off.
The next couple of months you will pay only token payments to you creditors use this time TO SAVE a cushion, so you can pay for that car repair or broken washing machine, new school shoes etc.Once you have a cushion you will feel soooo much better and even more so once not all your cash in goimg to the blood suckers. So the money you have will be your own, the creditors will get money but there will be money left over for you to buy food and pay bills.

moneymeltdown

How do I even begin to tell my OH about this...OH has no idea of the enormity of this situation. I was feeling positive and able to start dealing with it all until this morning....now i've reached decline and PANIC! Also,HSBC have just retained my Maestro Card .....help!

Jacks_xxx

moneymeltdown wrote: »

How do I even begin to tell my OH about this...OH has no idea of the enormity of this situation. I was feeling positive and able to start dealing with it all until this morning....now i've reached decline and PANIC! Also,HSBC have just retained my Maestro Card .....help!

Have some hot sweet tea, take a deep breath, and just tell him honey.

It helps if you already have a plan in place for dealing with it all, but if you're still at the working it out stage then at least you'll be able to do this together.

Then accept that he's probably going to be shocked and upset for a little while -after which you'll be able to work on this as a team.

The shared goal of dealing with our debts has brought my hubby and me closer together, and been good for our family as a whole.

Let us know how you get on sweetie.

Love Jackie xxx