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Mummys boy
Hello ladies and gents,
I was advised by the good people of the Money Saving Expert Forums to make an account and peruse what I could. I will admit though, before now I had already found a wealth of information just from browsing the various threads that already exist. Unfortunately I think I may have an issue that isn't covered here. For that I'll start a thread in the right forum though.
In the mean time, I just want to explain what I'm doing here. I was away at university for a few years, and then decided to live in the same place I studied, at one point due to issues with work and such I had to return home to my parents and am now living with them. However, only a month after I got back I found that my mother had gotten herself into a very deep spiral of debt. My mum is a kind soul, and can't deal with the tactics that Debt Collection Agencies and Creditors put on, so she was relying on Debt Management Companies to deal with her debts.
Unfortunately, a cycle begun. She'd get a call from a DMC whom would sound like a knight in shining armour and advise her that her current DMC were cowboys. Feeling relived, she instantly signed up and for a few months was okay, then the DMC would want more money from her, then she'd receive a phone call from another DMC, and the cycle would begin again.
I knew before then that she had had some debts but didn't consider it to be my problem, and thought my mum had it under control. Turns out she didn't. So since then, I've decided to support her and tackle the the issue together, and where possible represent her when it comes to creditors and DCAs.
Frankly, since we've started, she's so much happier now that we're sharing the burden, and everything I've read from National Debt Line, Money Saving Expert and Legal Beagles I've passed onto her and now she no longer feels threatened by the nasty letters and awful phone calls.
Slowly but surely we are dealing with these debts, one at time. So far we've told the previous DMC to kindly leave us alone, and are currently contacting the DCAs regarding payment proposals.
The debts my mother currently has are as follows :
Overdraft : 361.58
Credit Cards :438.49
PayDay Loans : 4269.39
Mobile Phones : 1013.88
Catalogues : 798.15
Total : 6,879.91
The age of these debts range from 5 years to 2 years old.
I was advised by the good people of the Money Saving Expert Forums to make an account and peruse what I could. I will admit though, before now I had already found a wealth of information just from browsing the various threads that already exist. Unfortunately I think I may have an issue that isn't covered here. For that I'll start a thread in the right forum though.
In the mean time, I just want to explain what I'm doing here. I was away at university for a few years, and then decided to live in the same place I studied, at one point due to issues with work and such I had to return home to my parents and am now living with them. However, only a month after I got back I found that my mother had gotten herself into a very deep spiral of debt. My mum is a kind soul, and can't deal with the tactics that Debt Collection Agencies and Creditors put on, so she was relying on Debt Management Companies to deal with her debts.
Unfortunately, a cycle begun. She'd get a call from a DMC whom would sound like a knight in shining armour and advise her that her current DMC were cowboys. Feeling relived, she instantly signed up and for a few months was okay, then the DMC would want more money from her, then she'd receive a phone call from another DMC, and the cycle would begin again.
I knew before then that she had had some debts but didn't consider it to be my problem, and thought my mum had it under control. Turns out she didn't. So since then, I've decided to support her and tackle the the issue together, and where possible represent her when it comes to creditors and DCAs.
Frankly, since we've started, she's so much happier now that we're sharing the burden, and everything I've read from National Debt Line, Money Saving Expert and Legal Beagles I've passed onto her and now she no longer feels threatened by the nasty letters and awful phone calls.
Slowly but surely we are dealing with these debts, one at time. So far we've told the previous DMC to kindly leave us alone, and are currently contacting the DCAs regarding payment proposals.
The debts my mother currently has are as follows :
Overdraft : 361.58
Credit Cards :438.49
PayDay Loans : 4269.39
Mobile Phones : 1013.88
Catalogues : 798.15
Total : 6,879.91
The age of these debts range from 5 years to 2 years old.
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