Debt Management Review

[MrsD]

Re: Debt Management Review

well done that wumman!!!

CCCS is, I believe, partially funded by the banks, so while they can be a great help when you are in a total flat panic at the beginning, they are unrealistic going on, as you've found out.

Hope you're feeling much better now, and if you do grow a pair, let me know, I'll be your manager!!!

[garlok]

Re: Debt Management Review

Hi Jules,

I have just read through your thread and found it both a little disturbing and interesting.

You have already had some seriously good advice but perhaps I could be allowed to give my perspective on this. We hit the depths of despair in 2007 due to my health problems and found despite not being debt at the time, we were managing and everything was up to date, once we had spoken to our bank (bloody Barclays!) about the potential for a problem in the future they turned the dogs loose on us. And I mean they turned the dogs loose. I fought them to a standstill stalemate over the next two years and finally gave them an ultimatum of come to the table and talk by noon on a certain day with the compensation for attempting to further damage my health or all payments would cease (4 Credit cards, one business loan and one business overdraft). Of course the arrogant pigs refused. I was then told by the medics to capitulate totally to their demands and sell up or get help or face the very real possiblity of death maybe the next day!

So we found a good solicitors practice who have a specialist department and we have paid NOTHING since on the cards and achieved a 10% F & F on the loan and OD. A full investigation was run very cheaply I hasten to add and all cards were declared unenforceable and Barclaycard were told to go to court if they felt they had a case. We have now been through 16 debt collection agencies and 3 solicitors practices who have all run away when faced with the principles laid out on this site and a strong legal front.

Hence if I may suggest, even if for your own benefit and not ours, list out your debts in the format of the UE diaries. At that point you can make a real assessment of your situation. If you are not legally required to pay any these debts then don't is my approach now. In the words of the managing partner of the practice we are with:-

"this has nothing to do with the avoidance of debt, it is to do with ensuring that sophisticated financial institutions obey the Law as laid down in Statute by Parliament. It is perfectly proper that they should incurr the penalty laid down for non-compliance which is the loss of the right to enforce payment from an alleged debtor"

Or words to that effect. Therefore under no circumstances should you feel any guilt about taking these people on, they care NOTHING about you or your family and have driven ordinary folk to suicide on more than one occasion as is reported by coroners across the country. They will bleed you dry and strip you of everything if they can. Don't let them and here in AAD is the wealth of experience, support, knowledge and help you will need.

regards
Garlok

[swanfan]

Re: Debt Management Review

CCCS is, I believe, partially funded by the banks

The CCCS, Payplan & the National Debtline are all funded at least in part by the credit industry.

They are supposed to be unbiased but call me cynical they wouldn't survive without their funding, who do u suppose they listen to?

They weren't especially sympathetic towards me.

[Never-In-Doubt]

Re: Debt Management Review

Yep. All DMC's are partly funded by banks. We're not and if they sent us money I'd give it you lot anyway by paying for all postage for all templates or something daft.

They can all rot in hell for me.

Anyway, I digress, as you've been advised by several others. Don't let anyone push you around; just tell em "this is the way it is, like it or lump it". If natpest or similar get arsey then just say "ok, I'm ceasing payments - make me bankrupt then" and watch them drastically change their attitude.

If it starts getting too much then consider unenforceability and have pleasure in sending one of our templates that simply says "put up or shut up" - god they hate places like this; cos we cost them a bloody fortune.

Bottom line - do what is best & right for you. Sod the lenders and DMC's.

[Numpty Monkey]

Re: Debt Management Review

Hi Jules
I was on a DMP with CCCS 2008/09, I lived/(excisted) on the budget they set, but they did allow (back then) some unspent allowances to be re-allocated to other overspends. CCCS did at the time for me help provide a breathing space.
The breathing space did give me an opportunity learn a bit.
and learn to live within a tight budget

I got made redundant 2009 and they didn't want to know or help.
I was one of the ones offering £1 a month token payments - all I could afford.
Creditors weren't happy, debts passed to DCA's, then another DCA, then onto " A Tradeing Style Of ..another way of saying - same company, different desk or paper in the printer.

Niddy asked to have a look at my agreements- I'm going UE now.
I still get the letters, the phone calls,
I even had a DCA at the door, 3 years ago i would've been shitting bricks,
knowing the little bits I know, I wasn't scarred or frightened my responses could have been worse but they were just no, no, no, no, bye.

Somethings that stood out to me in your posts
People get panic stricken - you did a good thing at the time going to CCCS (I hate fee charging DMP companies along with Banks and DCA's)

I know now I have options - bang right you do, you've got UE, repaying what you can reallisticly afford, changing your budget around get a bit of savings and offer F&F's
and a chance to learn

[JulesH]

Re: Debt Management Review

Thanks guys,

I've got to say I am proud of my attitude towards money now, it's a complete turnaround. I have a spreadsheet which I forecast 3 months of accounts and I check it 3 times a week against my bank account. In the last 2 years, I've gone overdrawn once (typed the wrong date for a payment).

The thing that's changed the most is that we've just started receiving application forms for those marvelous credit card and loan companies who charge interest at 10 billion percent and they go straight into the recycling box for the good of the planet. As they enclose a free pay envelope, I am considering putting their money to good use and sending back my own template letter to them in their envelope to suggest they stop using the plastic window in it so that the whole thing can then be recycled. I also heard of someone who sends the whole lot back in the pre-pay envelope. Truly marvelous.

I set up another spreadsheet and did my budgets for the mighty CCCS last night. If they don't like it, I'll look elsewhere, but I'm feeling like I may be able to manage the whole thing alone. I am looking through things for UE. Finally, I made a chart to show me how far through I am. In 2 years I am 18.72% debt free, I'm SOO proud of myself and if they're not, they can bugger off.

My OH has put in the figures for car repairs over the last 6 months and the CAM belt needs changing in October which puts us way over their budget. If they kick off, he can offer to give up his job, then we won't need the car and can move to paying £1 a week, whatever floats their boat. We've also looked at the reputable websites for food and fuel increases and are quite happy to quote facts, figures and sources to them during the 30 minutes if that's genuinely what they'd like to do.

Am willing to drop the idea of a holiday being any more than a tent in the back garden (I'll even make cardboard cut out wild animals to dot about for the kids), but I will expect them to up my contingency budget which I robbed to pay for car repairs in order to pay for a couple of presents for the girls for xmas.

You guys have been an amazing source of info, especially on how much more satisfying it can be by playing them at their own game. It would be easy to go for bankruptcy and have this all over in 3 years, but now I understand the nuances of the game, I'm becoming more confident about digging my heels in too. Thanks again.

[MrsD]

Re: Debt Management Review

well done that wumman again!!

keep us updated and let us know how you get on, and remember, calm and assertive with all your facts at fingertips will win everytime!

good luck

[garlok]

Re: Debt Management Review

I would second Mrs D's last post Jules, well done. And please remember we are only a few clicks away.

regards
Garlok

[Numpty Monkey]

Re: Debt Management Review

As they enclose a free pay envelope, I am considering putting their money to good use and sending back my own template letter to them in their envelope to suggest they stop using the plastic window in it so that the whole thing can then be recycled. I also heard of someone who sends the whole lot back in the pre-pay envelope. Truly marvelous.

I have been known to send them take away menus, the stuff from other loan, card, fee charging DMP mob, and general junk mail
I was toying with the idea of wrapping a brick up, sticking the envelope on it , wonder how much that would cost?

Good to see you're getting to grips with things

[caspar]

Re: Debt Management Review

AIf natpest or similar get arsey then just say "ok, I'm ceasing payments - make me bankrupt then" and watch them drastically change their attitude.

Bottom line - do what is best & right for you. Sod the lenders and DMC's.

There is more truth in this than you may think. I did exactly this 4 1/2 years ago and have not paid a penny since. I tell them to make me bankrupt and they won't. Why? Cos they'll get not one penny and it will help me. The change in attitude when they threaten bankruptcy and get a letter from you saying yes please, do it, that would be great! is just amazing. Talk about back pedalling fast!

[roomtobreathe]

Re: Debt Management Review

As Evenlessdopey says, CCCS can be fantastic at the start when you're really panicking.

As to interest there's no guarantee that the creditors will stop interest, most of mine haven't if you go through the CCCS.

The annual budget review I've found depends on who you speak to. My first one was a bit brisk but the second one couldn't be more helpful and was recommending moving things around etc to get the lowest repayments.

At the end of the day being with the CCCS hasn't stopped my creditors taking me to court, hasn't stopped them charging interest, hasn't stopped them hassling me, hasn't stopped them acting like bullies, and being with the CCCS counted for nothing with my recent court case.

Good at the beginning to help you get through but I feel they become more of a hindrance than a help after a while.

My thoughts anyways.