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    • cobblers boy
    • By cobblers boy 30th Mar 11, 3:23 PM
    • 78Posts
    • 192Thanks
    cobblers boy
    Never Give Up
    • #1
    • 30th Mar 11, 3:23 PM
    Never Give Up 30th Mar 11 at 3:23 PM
    So I have thought about posting this for some time but never quite plucked up the courage.

    My LBM came just over 4 years ago when I was finally in that dark corner you can no longer get out of. In the last moment of desperation I spoke to CCCS (got that bit right at least!) and that night slept soundly knowing I had done someting positive about my debts. Then I was crushed again a few days later when I got a letter from CCCS saying due to the size of my debts and the income I had to support the payments they could not help me.

    What was the scale of our problem (including OH debts). Well when we added it all up we had managed to accumulate something in the region of 131k unsecured debt against a combined income of half that.

    Now we really did feel down as payments could no longer be made and phone calls and letters started. We decided to go it alone and run our own DMP. As others have mentioned some creditors are more awkward to deal with than others and for us it was an overdraft with a certain Nat West bank that totalled 1,150. Would they suspend charges or interest, not at all. It took them a while to realise they would not get anywhere until they did so eventually they passed it off to a DCA and we had a figure to work with.

    You may wonder why I am rambling but the point of this is to say that anything is possible. Our debt is now down from its height to a more manageable (!!!) 81k. In 4 years time this should be below 20k.

    How did we get there. Well we offered all of the creditors small payments to start with. Obviously they wanted more but as others have said they will always take something over nothing. Some even said yes they would accept that figure provided you agree to clear balance in full within 3 years. I agreed to that knowing it was not binding on me and it kept them quiet for a while. When they said 6 months later that the payment I was making would not clear the debt in time (well their time anyway) I said I know but you can't have any more as I have not got it. They will continue accepting the lower payments as it is still better than nothing

    Some of the DCA'a are a pain in the neck but all have now been told to only contact me in writing. All payments are made by standing order (which they did not all want) which leaves me in control should my circumstancess change.

    By the end of this year, 4 of the smaller debts should have been paid off. They do not amount to much (approx 4k of the original debt) but getting rid of them will be good.

    So my message is whatever the size of the problem keep going you will be able to deal with it. The support from this site will be invaluable but you get there.


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    Last edited by Former MSE Penelope; 05-04-2011 at 3:42 PM.
Page 1
    • dave1961
    • By dave1961 30th Mar 11, 3:32 PM
    • 348 Posts
    • 33,290 Thanks
    • #2
    • 30th Mar 11, 3:32 PM
    • #2
    • 30th Mar 11, 3:32 PM
    Hi CB,
    Well done mate !

    As someone who's been there...43k unsecured and 65 k mortgage in debt and mortgage free by 2009, it can be done, you know it's a long slog, but hang on in there!

    Keep believing you will be debt free !
  • money_honey
    • #3
    • 30th Mar 11, 3:40 PM
    • #3
    • 30th Mar 11, 3:40 PM
    Great post! And great that you're managing to do it by yourselves - just goes to show what people can do if they put their mind to something!
    DFW by end of June 2016...! LBM June 2011
    Debts start July 2011:
    53,846 31,716 (41%)
    • pugzy
    • By pugzy 30th Mar 11, 3:50 PM
    • 141 Posts
    • 105 Thanks
    • #4
    • 30th Mar 11, 3:50 PM
    • #4
    • 30th Mar 11, 3:50 PM
    That's brilliant, well done!
    Pugzy...aka Mike
    Original debt total: 4464 (22nd November 2010)
    Debt Free Day: 11th September 2012
    DFW Nerd #1355

  • climbgirl
    • #5
    • 30th Mar 11, 4:11 PM
    • #5
    • 30th Mar 11, 4:11 PM
    Must be a nice feeling to feel like you have control again! Well done and good luck with the rest of it.
    • bugslet
    • By bugslet 30th Mar 11, 4:23 PM
    • 6,420 Posts
    • 30,392 Thanks
    • #6
    • 30th Mar 11, 4:23 PM
    • #6
    • 30th Mar 11, 4:23 PM
    Yay, well done CB. Great post for all the new people who are struggling to see any light at the end of the tunnel
    • Mothermercury30
    • By Mothermercury30 30th Mar 11, 5:12 PM
    • 71 Posts
    • 115 Thanks
    • #7
    • 30th Mar 11, 5:12 PM
    • #7
    • 30th Mar 11, 5:12 PM
    A very inspiring post. Thank you, and keep going!!!
    DFW Nerd Number 1378, and proud to be dealing with my debt.
    22000 in debt.5000 in Debt as of November 2013.
    Debt-Free Date- Estimated August/September 2014.

    DON'T pass debt habits onto your children- teach them.
  • Issuma
    • #8
    • 30th Mar 11, 5:29 PM
    • #8
    • 30th Mar 11, 5:29 PM
    What a fantastic achievement, I'm just starting my journey and determined to self manage my DMP I'm sure the road ahead will be rocky at times but reading your post has given me just the boost I need.

    Well done and thank you for sharing this with us
    • Fedupofbeingindebt
    • By Fedupofbeingindebt 30th Mar 11, 5:30 PM
    • 39 Posts
    • 95 Thanks
    • #9
    • 30th Mar 11, 5:30 PM
    • #9
    • 30th Mar 11, 5:30 PM
    I take my hat off to you - well done!!!
    Barclaycard 3000
    Halifax loan 17,300
    Overdraft 500
    • crafty*kate
    • By crafty*kate 30th Mar 11, 5:54 PM
    • 157 Posts
    • 152 Thanks
    Wow! Well done and good luck with your future. You've done really well.
    • secretshopper75
    • By secretshopper75 30th Mar 11, 6:19 PM
    • 1,272 Posts
    • 12,080 Thanks
    Well done, have you pro rated your payments between creditors?
    • cobblers boy
    • By cobblers boy 30th Mar 11, 6:43 PM
    • 78 Posts
    • 192 Thanks
    cobblers boy
    Thank you
    Thanks to everybody for your messages, I will get around to the thanks button in due course. As ever the support from everybody is inspiring in making sure you stay on the straight and narrow.


    I have prorated my payments to all of the creditors although some of them are slightly out of kilter. When any of them write to request (also read bully, harrass, other forms of intimidation) I wrote back to say you represent x.xx% of my debt and get y.yy% of my payments. These are normally around the same except for those debts nearly paid off. I then add that it would be unfair on any of my other creditors to favour them with increased payments. They normally then crawl back into their respective holes for 6 months until the computer says "write to him again".

  • fossil57
    Our debt was about 165,000 - all unsecured with an additional 175,000 mortgage on top. We had some stuff to show for it, but a lot of it was due to horrendous interest rates and borrowing from one card to pay another. It doesn't take too long for it to spiral out of control. Eventually we decided we had to bite the bullet and face it. We set up another bank account and then managed to set up a DMP with CCCS. We decided that we felt more comfortable trying to pay it all back rather than going for the 5 year debt free option and leaving the creditors out of pocket. We are 4 years down the line and hopefully will be debt free by end of 2017. Not an easy time, but we are getting there. I am now being treated for breast cancer and although I get full pay at present, that reduces to half pay after 6 months - hopefully I will only need to have 2 months of that and our creditors will accept a lower payment during that time.
  • louise3965
    There's a few of us with massive debts then. I didnt know there were others as stupid as us! We started with 138k unsecured credit card and loan debt and 4 years later are down to just under 50k. Will be debt free in 2 1/2 years and I cannot wait, and every day I thank CCCS and MSE. Oh and wish all the plagues in the world onto Lloyds TSB
    Cogito ergo sum. Google it you lazy sod !!
  • snookey
    Fantastic. Well done on sorting yourselfs out. I could not imagine trying to sort out that amount of debt .
  • laineygirl
    never give up
    We were in the same situaion,well still are.
    We went on holidays, built up credit card debts and took out a loan but we could afford to pay over the basic payments without any problem and we didn't miss the loan money. Then I became ill and
    My husband had to give up A VERY WELL PAID JOB to look after me and so our income dropped dramatically and we couldn't afford our loan, mortgage and 4 credit card bills ( we tried paying off as much as we could with our savings but they were fast dwindling away) We had the LBM when we worked out our finances and soon realised that if we wanted to eat we would have to make arrangements with our creditors.
    WE OWED 26000.
    We went to the CCCS who told us they couldn't help us, never gave a reason.So being reasonablly intelligent and hearing about all the fees that companies were charging to arrange payments to creditors I decided to tackle our creditors myself.
    I filled in an income and outgoing letter (MARTIN LEWIS ONE) to show how much money WE DIDN'T HAVE and then made a nominal payment offer to them.
    I wrote to them explaining why we suddenly couldn't pay and eventually,(7 months, different departments, threats, FROM THEM etc.with the TSB loan and credit card) the interest stopped.
    VIRGIN were brill and stopped interest within 6 weeks and agreed to my payment offer straight away, with a 6 month review. I saw just how much we had left out off our savings and offered a payment in part that would finish our debt. I pointed out that at the present rate of repayment It would take 40 years to get anywhere near what I owed them and passing it on to a debt company would only get them between 15%-20% of what WE owed them. I first offered 20% which was turned down and then 25% which was accepted by Virgin but not TSB.
    I'm on an agreed payment plan with TSB and I get a phone call every 2 weeks telling me 'THEY'VE AGREED TO UP MY PAYMENTS', kind of them but I've had to decline their kind offer because nobody has offered to UP MY INCOME yet.
    I'm putting a little away each week to make our part payment offer a little larger, hoping they might see sense and accept it rather than sell it on to a DCA, which they will later this year. I'll make them another offer then.
    (Better a part payment for them rather than nothing, to me it makes sense to accept part of the debt rather than sell it on for a lesser ammount but hey I'll just pay whose in charge, I have only so much to service the debts and I'll not be getting any more)
    We'll keep trying. If we're lucky and they accept the upped offer then by this time next year, apart from our mortgage we will be debt free. If not then I'll be 128 years old when I can finally say...
    'I'M DEBT FREE'.
    I must say I slept a lot easier when I had the LBM and although things will never be back to normal at least I'm not in fear of the knock at the door and we can live, modestly, without the Credit cards.
    Credit Cards are one of the worst aspects of the 20th century because spending on them was never real money, you didn't have to think, you just bought. I WANT, I CAN HAVE because I have a credit card.
    It would have been a lot better if we could have learned to live like our parents did and just used cash, when it was gone that was it until next pay day and if you wanted things you saved. Things were alot more appreciated because they had to be saved for.
    Anyhow good on you and dont give up you will get there
  • Jules28
    OP, what a great post - I needed a wee boost to give me encouragement to keep going, thanks for the inspiration and well done!
    Proud to be dealing with my debt!
    LBM & started DMP in February 2010.
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