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- today I finally became 'debt free' having made final payments to my debt management plan with Step Change. Its a huge weight lifted and has taken quite a few years to get to this stage. If anyone is struggling with debt payments then I thoroughly recommend Step Change, who are excellent and totally non judgemental.
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I contacted them, quite a few years ago now, when they were still called the Consumer Credit Counselling Service. Although they were very helpful, I found that several of my creditors wouldn't accept payment plans arranged through them and insisted upon me going through the CAB's debt counselling service, for which there was roughly a two-month waiting list to see an adviser.
I was certainly a bit of a mug when it came to paying back debt, Ynnafymmi! I owed £3,600 to one creditor but they wrote to me, with a time-limited offer, saying that they'd accept £1,800 to pay the debt of. At that time though, I'd have struggled to pay £18, let alone £1,800, so I had to ignore the offer.
Later on though I had enough money to settle my debts (through an inheritance) and so I paid the creditor their £3,600. However, due to an error on my payment slip, they mislaid my payment and then threated to take me to court. When I phoned them about it, they managed to track down my payment and agreed that I no longer owed them anything. However the guy on the other end of the phone then said "Oh, I see that you've paid us £3,600. We'd have accepted just £1,800".
It had never occurred to me to ask if their earlier offer was still available to me, so I'd wasted £1,800!
Later on though I had enough money to settle my debts (through an inheritance) and so I paid the creditor their £3,600. However, due to an error on my payment slip, they mislaid my payment and then threated to take me to court. When I phoned them about it, they managed to track down my payment and agreed that I no longer owed them anything. However the guy on the other end of the phone then said "Oh, I see that you've paid us £3,600. We'd have accepted just £1,800".
It had never occurred to me to ask if their earlier offer was still available to me, so I'd wasted £1,800!
I did save a few hundred pound by asking for a final settlement offer - 3 out of 4 agreed. A friend went bankrupt a few years back but it left her with a real sense of shame and she never really got over it. I am glad I have managed to clear mine and look forward to having a bit extra cash each month.
I am very pleased for you. Not only have you cleared your debt that, presumably, you incurred knowing it would need to be repaid, but you have done so honourably, unlike those who just declared themselves bankrupt. Well done, sleep easy with a good conscience. And remember you are responsible for your conduct, not other people`s.
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