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  • FIRST POST
    • stvn1
    • By stvn1 29th Oct 17, 1:19 AM
    • 117Posts
    • 239Thanks
    stvn1
    What a mess... (Now less of a mess)
    • #1
    • 29th Oct 17, 1:19 AM
    What a mess... (Now less of a mess) 29th Oct 17 at 1:19 AM
    Hi everyone. I've just signed up after reading the forum for a couple of days.

    I was sitting in work this week wondering about the future when I got an email from a debt collection company called ACI who bought my debt from Avant Credit. I usually ignore these but this one started me thinking about my financial situation and money I owe. I've been really stupid.

    I owe somewhere in the region of 11,000 but I'm still in the process of working out exactly who I owe it to. I had no idea it was this much until I sat down and added it up, I can't really explain or understand my attitude to debt in the past but I've now realised how ridiculous I've been. Most of the debt is owed to credit card companies and short term lenders.

    I've never been good with money and mostly live month to month with little thought for future planning, this has to change. I should know better, I'm middle aged and married with kids, a mortgage and a dog.

    Step one has been to contact ACI about the Avant Credit debt, I owed them 1386.60. I have decided that coming to an agreement for partial settlement is my plan of action and they have accepted a settlement figure of 282 in two installments based on a conversation I had with Avant before they sold the debt. So the first 141 was paid on Friday with another 141 due by the end of November. It's a small start I know but it has spurred me into action.

    I'll update with my debt details soon and I hope to use this as a record of my progress.

    Thanks for reading.
    stvn1
    Last edited by stvn1; 28-02-2018 at 1:54 PM.
Page 6
    • stvn1
    • By stvn1 6th Mar 18, 6:50 PM
    • 117 Posts
    • 239 Thanks
    stvn1
    You are doing brilliantly and lucky that your wife seems absolutely brilliant about the whole thing.

    Good luck and stay strong you can do this !!!
    Sam
    Originally posted by moneyonmymindsam
    Thanks Sam. I've just had a read through your Lowest Hour thread and you've come a long way since 2015. I fully intend on being debt free, it's only a matter of time.
    LBM 26/10/17
    Total debt at LBM - 12164.49
    Total current debt - 3601.54
    • stvn1
    • By stvn1 6th Mar 18, 6:57 PM
    • 117 Posts
    • 239 Thanks
    stvn1
    I got a letter today from Robinson Way confirming that the account is now settled and that they will update with the credit reference agencies. I might get it framed. At the start of this thread in October 2017 I owed them 2191.37, I still can't believe it's gone.
    LBM 26/10/17
    Total debt at LBM - 12164.49
    Total current debt - 3601.54
    • enthusiasticsaver
    • By enthusiasticsaver 6th Mar 18, 7:29 PM
    • 6,407 Posts
    • 13,187 Thanks
    enthusiasticsaver
    Fantastic result on the Robinson Way debt. Well done.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • moneyonmymindsam
    • By moneyonmymindsam 6th Mar 18, 10:44 PM
    • 1,406 Posts
    • 4,284 Thanks
    moneyonmymindsam
    Well done on the results :-)

    I went from debt to 12k savings and now working part time, so anything is possible. You are clearing it all so quickly, well done.

    Keep up the good work !! your smashing it .
    Emergency Fund Challenge
    • stvn1
    • By stvn1 6th Mar 18, 11:19 PM
    • 117 Posts
    • 239 Thanks
    stvn1
    Well done on the results :-)

    I went from debt to 12k savings and now working part time, so anything is possible. You are clearing it all so quickly, well done.

    Keep up the good work !! your smashing it .
    Originally posted by moneyonmymindsam
    It was reading diaries with results like this that sparked my lbm. I already work part time though.
    LBM 26/10/17
    Total debt at LBM - 12164.49
    Total current debt - 3601.54
    • stvn1
    • By stvn1 8th Mar 18, 1:35 PM
    • 117 Posts
    • 239 Thanks
    stvn1
    I'm having a bit of a wobble. Over the past few nights I've been awake thinking about how to get rid of my debt. I know I need to keep things in perspective and I am trying. I'm finding it difficult not to obsess about this. It's just a wobble though, it will pass.
    LBM 26/10/17
    Total debt at LBM - 12164.49
    Total current debt - 3601.54
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 8th Mar 18, 3:19 PM
    • 1,331 Posts
    • 6,199 Thanks
    wishingthemortgaheaway
    I'm sure it will pass, you've had
    the 'Arghhhh ' of the lbm,
    the determination of writing your letters
    The woo hoo of having settlements accepted
    The joy of smaller debts becoming a thing of the past
    And now... the hard slog...

    You could just accept the path which you are following, or you could set up some mini challenges with yourself, or some 'temptation bundling'

    What ever works for you, I need the challenges as I'm very competitive with myself. It may not Work for you.
    The 100 payment countdown (each payment = 400) 2018 Starts at 13/100 o/s 34,750.
    Jan 18 14/100 Feb 15/100 March 18/100 April 19/100
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2024 Jan 2024
    MFW 2018 Challenge Member #162 1600ish/2,500
    • stvn1
    • By stvn1 8th Mar 18, 3:57 PM
    • 117 Posts
    • 239 Thanks
    stvn1
    I'm sure it will pass, you've had
    the 'Arghhhh ' of the lbm,
    the determination of writing your letters
    The woo hoo of having settlements accepted
    The joy of smaller debts becoming a thing of the past
    And now... the hard slog...

    You could just accept the path which you are following, or you could set up some mini challenges with yourself, or some 'temptation bundling'

    What ever works for you, I need the challenges as I'm very competitive with myself. It may not Work for you.
    Originally posted by wishingthemortgaheaway
    Thanks for the encouragement. I'll have a look at the challenges.
    LBM 26/10/17
    Total debt at LBM - 12164.49
    Total current debt - 3601.54
    • stvn1
    • By stvn1 8th Mar 18, 3:59 PM
    • 117 Posts
    • 239 Thanks
    stvn1
    I've just had a reply from Shoosmiths re the 709.48 debt:

    "Our client has reviewed your proposal, and can confirm they are willing to accept 496.00 over six months (82.70 per month) !!!8211; if this is unacceptable to you, in order to avoid further legal proceedings and costs please put forward a proposal in terms of a monthly arrangement to clear the outstanding balance of 709.48."

    I've really pushed for a lower settlement with no success but that is still a 30% reduction bringing the debt to 496.00. I've no doubt that if I agree to this I can clear it much quicker than 6 months. I'll have a think about it tonight.
    LBM 26/10/17
    Total debt at LBM - 12164.49
    Total current debt - 3601.54
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 8th Mar 18, 6:02 PM
    • 1,331 Posts
    • 6,199 Thanks
    wishingthemortgaheaway
    That sounds reasonable to me,
    If the mortgage company said they would reduce what I owed by even 3% I'd bite their hand off.
    The 100 payment countdown (each payment = 400) 2018 Starts at 13/100 o/s 34,750.
    Jan 18 14/100 Feb 15/100 March 18/100 April 19/100
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2024 Jan 2024
    MFW 2018 Challenge Member #162 1600ish/2,500
    • stvn1
    • By stvn1 8th Mar 18, 7:09 PM
    • 117 Posts
    • 239 Thanks
    stvn1
    That sounds reasonable to me,
    If the mortgage company said they would reduce what I owed by even 3% I'd bite their hand off.
    Originally posted by wishingthemortgaheaway
    I agree. I think I'd be spoiled by arguing for discounts of up to 65%. I'm going to reply to the email tomorrow morning and set up the arrangement.

    Prior to making the first payment that will bring my total debt down to 4736.85. My target was to be under 5000 owed by the end of April so I need to keep things in perspective and appreciate the breaks when they come.
    LBM 26/10/17
    Total debt at LBM - 12164.49
    Total current debt - 3601.54
    • stvn1
    • By stvn1 8th Mar 18, 7:10 PM
    • 117 Posts
    • 239 Thanks
    stvn1
    New target - to be under 4000 by 30th April. 736.85 to go. No idea where I'm getting that from!
    LBM 26/10/17
    Total debt at LBM - 12164.49
    Total current debt - 3601.54
    • stvn1
    • By stvn1 8th Mar 18, 7:29 PM
    • 117 Posts
    • 239 Thanks
    stvn1
    I meant to update my diary on the smaller Lowell debt, I've got it down to 325.00 by making small additional payments when I've saved money on something. I spent 12 in Tesco and paid with Clubcard vouchers so paid the 12 to Lowell.
    LBM 26/10/17
    Total debt at LBM - 12164.49
    Total current debt - 3601.54
    • stvn1
    • By stvn1 9th Mar 18, 10:30 AM
    • 117 Posts
    • 239 Thanks
    stvn1
    That's the Shoosmiths agreement up and running. I have 6 months to pay 496.00. If I can repay that and the majority of the 325.00 owed to Lowell quickly I'll be under my self imposed target of <4000 by the end of April.

    Wish me luck.
    LBM 26/10/17
    Total debt at LBM - 12164.49
    Total current debt - 3601.54
    • moneyonmymindsam
    • By moneyonmymindsam 10th Mar 18, 10:54 PM
    • 1,406 Posts
    • 4,284 Thanks
    moneyonmymindsam
    Doing so well

    Having a wobble is normal and keeping the focus is the hard bit. I have no doubt that you are going to continue to smash this.



    Hope all is good your end.
    Emergency Fund Challenge
    • stvn1
    • By stvn1 11th Mar 18, 11:51 PM
    • 117 Posts
    • 239 Thanks
    stvn1
    Doing so well

    Having a wobble is normal and keeping the focus is the hard bit. I have no doubt that you are going to continue to smash this.



    Hope all is good your end.
    Originally posted by moneyonmymindsam
    Thank you, all is good here. It will be smashed.
    LBM 26/10/17
    Total debt at LBM - 12164.49
    Total current debt - 3601.54
    • stvn1
    • By stvn1 24th Mar 18, 11:04 PM
    • 117 Posts
    • 239 Thanks
    stvn1
    So far I've reduced the Shoosmiths debt from 496 to 351. Current owed is 4591.86.

    I've made a bit of extra money from selling bits and bobs on Gumtree, an old bookcase, an unused roller blind, things like that. It's amazing what you can find around the house.

    Payday this week so I'm hoping to get a lot closer to my <4k target.
    LBM 26/10/17
    Total debt at LBM - 12164.49
    Total current debt - 3601.54
    • stvn1
    • By stvn1 18th Apr 18, 8:37 PM
    • 117 Posts
    • 239 Thanks
    stvn1
    I got a letter today from Barclays about an old account I had with an overdraft. I owed 1039 on it, in fact it was my single biggest debt. The letter says that they are reviewing charges, fees, etc and as a result I'm getting a refund of 242.77. That means I now owe them 796.23. I'm obviously pleased with that.

    My current total debt stands at 4314.08.
    LBM 26/10/17
    Total debt at LBM - 12164.49
    Total current debt - 3601.54
    • enthusiasticsaver
    • By enthusiasticsaver 18th Apr 18, 10:14 PM
    • 6,407 Posts
    • 13,187 Thanks
    enthusiasticsaver
    Excellent news. Soon be below 4k
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • NelliePie
    • By NelliePie 19th Apr 18, 9:33 AM
    • 152 Posts
    • 381 Thanks
    NelliePie
    That's brilliant, not far to go now! Do you have a new target for getting under 4k?
    When life gives you lemons, find the tequila!
    FTB June '17 - 144k. Feb '18 - 141K
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