I must admit the wait felt like an eternity and in the meantime the creditors have kept calling and the letters have kept arriving. I have as advised told them that I am currently going through a review of my debts with the CCCS and I will be intouch with a proposal shortly. This has made most my creditors get off my back.
So the phone call. The lady I spoke to was lovely and very understanding. She asked my all about my income and then lots about my expenditure. Both what I spend now and what I would be expected to live on. As I understand it, creditors want to be confident that you are not living the life of luxury and they have decided how much food, bills, travel etc are if you’re livign on a shoestring and you have to have a good reason to be asking for more.
After reviewing both a debt management plan was her suggestion. Basically my £33,235 of debt would be repaid at £500 per month (what it was decided I could afford). Interest rates and charges would stop (although this is not guaranteed, and my creditors could change their mind!!!). I would have to review my income and expenditure annually, and if I could afford more I would have to pay more.
After an hour on the phone that was it. It was over. The letters and phone calls are going to stop. And I can get on with living my frugal life and stop the worrying.
I am never goign to get into this mess again!!
I would also recommend that if you are in debt – get help.
I am going to keep this blog going and I may even try and give others a helping hand. I have read a huge amount on debt, the companies involved, how the system works and who you should talk to and perhaps avoid. I will try and share this before I forget. I will also share what it is like to live life on a budget. Scary I am sure.
