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Original poster

Not the kind of good news I can share in real life, but I need to tell someone!

175 replies

EllisRoses · 08/04/2021 22:22

So MN it is...

I am officially out of debt Smile

I paid my last payment to Stepchange today. I have been on a DMP for years trying to claw my way out of £23k worth of debt.

No one in RL knew how bad it was, so I feel I can't celebrate with anyone. I just wanted to share it somewhere. Not a brag, it's my own fault for getting in so deep, and it's a long way until my credit score will recover but I am very proud of myself and feel like a huge weight has been lifted.

Gin
OP posts:
Holothane · 09/04/2021 00:53

So proud well done I remember the day and joy I paid my debts of my last marriage when the home was sold.

CarpeVitam · 09/04/2021 00:56

Congrats OP and well done YOU!

BlackeyedSusan · 09/04/2021 00:57

Well done, that is a massive achievement.

PeggyHill · 09/04/2021 01:04

Amazing! Well done!

The reason you've had so many replies is because a heck of a lot of people get into debt, we just never talk about it... so people can empathise Smile

Just think, all that money that was going into paying off debts can now be reallocated to savings and treats and... whatever you like! By the time your credit is cleared you'll probably have loads in savings.

Congrats

EugenesAxe · 09/04/2021 01:08

That's fantastic to hear - nice one Grin

MrsFrTedCrilly · 09/04/2021 01:30

Well done, a brilliant achievement and thank you for sharing it here to show that there is a way out Gin

Freyaismyname · 09/04/2021 02:07

I feel really happy for you. Congratulations GinSmile

Original poster
EllisRoses · 09/04/2021 07:33

@usedandabusedx1000

Congratulations *@EllisRoses* I need to make the first step, I am currently living in utter fear sand the anxiety is crippling. I hope one day I can say the same as you, I can only begin to imagine how amazing the feeling is 👏🏻
I know the feeling, I was too scared to admit I was struggling at first and some months I was getting defaults and then panicking the following month and using payday loans to pay my minimum payments and just spiralling. I cried my eyes out to Stepchange on the phone and they were totally brilliant. They did all the hard work, phoned all of my creditors for me, got all of them to agree to freeze interest. The first 6 months was scary as it takes a while for everything to get sorted so you get a lot of terrifying letters turning up but everytime I'd phone Stepchange freaking out and they'd contact the creditors and get back to me and have sorted it everytime. I could not recommend them more. I went on mat leave, which I had to extend unpaid due to the pandemic as I struggled to find childcare for my baby and had to stop all payments for a while and I was so scared but again they sorted it all out for me. The scariest part is just picking up the phone that first time, but after that they do all the scary stuff. Good luck Thanks
OP posts:
Original poster
EllisRoses · 09/04/2021 07:39

@memberofthewedding

Congrats OP. The end of a long road.

I too was in the same position back in early 2000s. I was with Stepchange several years paying off the debts religiously, Then the corrupt creditors sold the debts to sleazy debt collection agencies who purchase debts for pence in the pound.

So lets suppose I had an original debt to Acme bank for £1000. I believed I had paid off £500 but they sold it to Dirty Debt collections who then put their own charges on and tried to collect the original debt. There is something corrupt, nasty and Dickensian about companies who buy and sell debts between one another.

At the same time I was made aware of changes in the Consumer Credit Act which meant that these old debts were mostly unenforceable because the original agreements did not contain certain prescribed elements. In most cases Dirty Debt and companies like them did not have and could not get the original paperwork because it had long been destroyed. They had simply purchased a CD with a list of names and addresses.

Only one company had kept the debt in house. I paid them off quickly. I then began a merry dance with Dirty Debt and the other scavengers until all the debts gradually became statute barred. It gave me immense pleasure to cheat these corrupt vultures of their prize.

Once an original creditor has sold off a debt to one of these DCAs I no longer felt any obligation to pay it off.

Be aware that this only applied because the debts were very old and the agreements no longer valid. This is not to be taken as an encouragement for people to take out debts and deliberately not repay them. That will not work.

I'm so happy to hear you got out of it. Yes with Stepchange they take over and deal with your creditors for you, the only exception to this is when your creditors sell your debt on and the new debt owners will always contact you and then you need to get back in touch with stepchange. TSB, Hitachi and Barclaycard agreed to the DMP and froze all charges, but after a few months all debts got sold on, time and time again. It was frustrating. I did wonder how much profit they must make. Stepchange didn't like me making extra payments on the DMP some months as if I had the money some months they said creditors may wonder why they can't have it every month, so if I ever got extra money from anything I put it in savings and I'd then contact these debt collectors and ask what they'd take as a settlement figure once I'd reached a good amount saved and one of them was willing to take £3100 on a £6000 debt and I couldn't understand how they could accept such a low amount!
OP posts:
Original poster
EllisRoses · 09/04/2021 07:41

Thank you so much for so many lovely comments. It's really nice to be able to share this Smile

I'm not sure what I'm going to buy, I definitely need a new pair of jeans and I might buy something nice for my little boy and put the rest into savings. I'm too scared to spend much money now. I've become so used to not having any Grin

OP posts:
StellatheCat · 09/04/2021 07:44

Well done! What a weight you must feel has lifted from your shoulders Flowers

GeronimoHate · 09/04/2021 07:53

Well done - that’s amazing!

TableSetting · 09/04/2021 07:55

Your post has really made me smile - I feel so happy for you. Being worry free now must feel amazing. Well done and be proud.

BlowDryRat · 09/04/2021 07:58

That's absolutely brilliant. What a relief for you too. Congratulations!

CaMePlaitPas · 09/04/2021 08:05

Congratulations OP! That's a fantastic achievement.

M0rT · 09/04/2021 08:08

Woohoo 🎉 Congratulations OP!
My friend has the receipt for her final payment to clear a large debt framed on her kitchen wall!
Try to get something small that serves as a reminder for all your hard work and perseverance.
A print/mirror/a professional family photo/fancy light fitting for your bedroom.
Just something that you can have up and look at and feel good about yourself on the hard slog days.

seriousandloyal · 09/04/2021 08:09

Well done Op you should feel really proud of yourselves for facing up to the problem and seeing it through. Onwards and upwards now.

paintedpanda · 09/04/2021 09:19

Congratulations! This is amazing. You've obviously worked really hard to get through this and you should be so proud. I'm jealous that you're debt free, this is my personal aim too.
Treat yourself with your bonus, you massively deserve it, especially after working through the pandemic too (of which I am also jealous, I am NHS in England!)

Summertime21 · 09/04/2021 09:30

Well done, my IVA finished a couple of months ago. I hadn't told anyone either looking forward to being able to get a mortgage in the future now

memberofthewedding · 10/04/2021 18:17

Barclaycard was the only company who kept the debt in house. I paid them in full. The others sold off the debts and then the corrupt companies tried to collect the original debt despite the fact that I had paid off some of it through the DMP.

When that started to happen I closed my account with Stepchange because they dont want you "playing games" with your creditors.

When it got passed to a DCA I did not respond until I got at least 10 letters, which became more and more irate. I either binned the letters or marked them "not known" and returned them. Sometimes I never heard any more from them, they just gave up. The more letters they send, the less chance anyone is going to pay them anything.

Finally I sent them a template letter which I found on Consumer Action Group. It said "Who are you? I have never bought anything from you. Prove that I owe you this money" and they never could. Gradually the debts were either written off or sold on to someone even more sleazy further down the chain. The nearer they got to the bottom of the chain the more inept and stupid their tactics were. At the end they were offering me 50% discounts to settle.

Never at any time did I have a debt collector call at my home for one of my debts.

RufustheSniggeringReindeer · 10/04/2021 18:18

Very, very well done

Congrats!

🎉

Soontobe60 · 10/04/2021 18:20

@EllisRoses

So MN it is...

I am officially out of debt Smile

I paid my last payment to Stepchange today. I have been on a DMP for years trying to claw my way out of £23k worth of debt.

No one in RL knew how bad it was, so I feel I can't celebrate with anyone. I just wanted to share it somewhere. Not a brag, it's my own fault for getting in so deep, and it's a long way until my credit score will recover but I am very proud of myself and feel like a huge weight has been lifted.

Gin

The feeling of relief when this happens cannot be expressed! By all means, drink gin, eat chocolate and celebrate your good fortune.
JeanClaudeVanDammit · 10/04/2021 18:23

Brilliant! Well done. I hope you can find some way to celebrate.

Flappityflippers1 · 10/04/2021 18:25

That’s absolutely amazing well done you! I’m currently 1 year into a 7 year plan, it feels like it’ll never be over, so this has cheered me enormously - so pleased for you OP Wine

Pheebs2021 · 10/04/2021 18:29

It's so easy to get into debt but so hard to get out of .. congratulations you deserve to feel proud of yourself.

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