started CCCS today

iVillage Member
Registered: 08-16-2004
started CCCS today
14
Wed, 06-01-2005 - 7:25pm

Well, I finally figured out that I would never get this debt off my back without some help. I used CCCS of NH/VT. I sent out the first month yesterday. I'm embarrassed to say that I have $80K+ in consumer debt. This doesn't count the house or the car (well, the truck...).

I really wanted to do it myself, but the credit companies just won't budge and I was just robbing Peter to pay Paul...and George, and Fred, and ... well, you know what I mean. I stopped answering the phone. I mean what is the use of living like that? It will be tough and difficult for 60 months. That's five long years. But I will do it. I will pay this mess off and I will never, ever use a credit card again. I mean if I can't afford it in cash now, how can I afford it next month with interest....mmmm Wish I'd done it last year, but wishing don't make it so.

So here's to a step in the right direction. 1 payt down, 59 to go.

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Avatar for mymartes
iVillage Member
Registered: 03-26-2003
In reply to: spyweb
Wed, 06-01-2005 - 7:54pm

Don't be so hard on yourself. Lesson learned.

Good luck.

MYM

iVillage Member
Registered: 02-06-2005
In reply to: spyweb
Wed, 06-01-2005 - 9:33pm
If you've made mistakes with money, it simply means that you're human.
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Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
In reply to: spyweb
Thu, 06-02-2005 - 1:21pm

Make yourself a little post-it pad with a 60 to 1 countdown on it (one number per page, in reverse order).

All my best,
Danni

iVillage Member
Registered: 08-16-2004
In reply to: spyweb
Thu, 06-02-2005 - 8:50pm
It's a funny thing, that last week my atm card went on the fritz, so I had the hubby keep out the grocery month instead of using the plastic. You know, I suddenly realized that when you use the plastic, it really removes you from the spending. It's not like you are spending real money. But when you have to count out the dollars and pay attention to if you have enough to pay for what is in the cart, because you can't whip out the plastic to cover that overage, well it's a whole new thing.
iVillage Member
Registered: 05-02-2005
In reply to: spyweb
Thu, 06-02-2005 - 9:38pm

Congratulations!

I started with my CCCS last July. Like you, we have a mind boggling amount of debt. However, going with the CCCS was the best thing we ever did. They negotiated some of our credit cards that were at a whopping 29% down to 4.5%.

At first, I really didn't know how we were going to make it. Now I wonder why we didn't do this sooner. We have 4 more years to go. I have become quite frugal. One of the best resources I came across was the Complete Tightwad Gazette. Some of the advice seems like a lot of trouble for a little savings, but those little savings add up. Just the way the little expenditures added up.

Give yourself a pat on the back, and look for those little creative ways to save a buck.

iVillage Member
Registered: 10-06-2004
In reply to: spyweb
Fri, 06-03-2005 - 9:59pm

Hello Spy! I've said this before on this board and that is I seldom post on this board. But like you I had heard failure and success stories dealing with the CCCS. However, I had a success story with CCCS. I had totally planned to be debt-free by 2004 and am almost there, but thru a faux-pau(sp?), I still have one cc to deal with and not thru the CCCS, I'm doing it on my own. So I wish you good luck, the fact that they were able to lower your interest rate that low makes a big difference.

P.S. - I think I got lost here. Sorry if I got off track.

 

iVillage Member
Registered: 02-14-2004
In reply to: spyweb
Sat, 06-04-2005 - 12:06pm

I think you did the right thing. We are approximately 18 months to payoff of our CCCS debt and could not be happier. By the way, there are often posters here who question whether CCCS will hurt their credit score. I found an article on MSN that states the current FICO formula does not factor in CCCS at all in the score, since they've found that people on a CCCS program do not default any more often than anyone else.
This is a great article: moneycentral.msn.com/content/Banking/Yourcreditrating/P41876.asp

It is a long road but over before you know it. Just remember how long it would take if you tried to pay it off yourself at current interest rates! For us that would have been 12 long years!!! I'll take 5 years over that any day!!!

iVillage Member
Registered: 08-16-2004
In reply to: spyweb
Sat, 06-04-2005 - 1:09pm

I really feel good at how we are doing. Just as simple as sitting down and figuring out what bills are getting paid when is a whole lot less frustrating. Well, it's actually possible. Once I get the household bills caught up, then I'll put half of what I'm putting towards that into a saving acct, and half towards some medical bills.

Now what are the snowflake possibilities? Can I send additional payments on some of the bills that the CCCS plan is paying on? Like a couple of the CCs are under $500 and the cell phone is around $500. Nibble away at those with some snowflakes. I guess I can email the CCCS lady and ask her, but what do you think?

I know that right now the priority is stabilizing things. The idea of the savings acct is for those unexpected things, plus car maintenance.

Thanks for everyone's support. I feel better about our debt then I have in a long time

iVillage Member
Registered: 05-23-2003
In reply to: spyweb
Wed, 06-08-2005 - 7:35pm

I have a major question. Like everyone else on the board, my husband and I are in major credit card debt. I've been looking into CCCS today and found your message. My major question (seems major is the word of the day!) is by how much did they cut your payments by? I know you make only one payment to CCCS but if you added up your payments individually and compared it to the CCCS payment by what percent was the payment total cut? By half? By a third? I just want to make sure if I'm making them a huge payment that I will still have enough money to feed us. Do they put your house payment under it too? We have Rural Development (formerly Farmer's Home) and they are hard to deal with.

Our financial picture since the first of last August has been grim. In August my husband got fired from a job. After a month he got a job where he took a $2 paycut. Then he got laid off at his new one the last of March for 5 weeks. I work at a school (could medical, some dental money, love the schedule to be available for the last one I have home, decent pay when I do work) so I have times when I don't get a paycheck (vacations and snow days which we had 5 of this winter). I also have a perdiem job but that's just for summer and school vacations. Our income just doesn't want to stay up where it was before last August. Just want to make sure doing CCCS would actually take some weight off my shoulders. Am getting to the point where I don't sleep well thinking about bills.
Please let me know! Thanks a ton! Janie

iVillage Member
Registered: 08-16-2004
In reply to: spyweb
Thu, 06-09-2005 - 9:00pm

Well, I wouldn't claim to be an expert or anything, but we didn't put our mortgage or the truck payment on it. Also, we had made an arrangement for a year with one credit card for reduced interest and that couldn't go on it. If I had known when I made that arrangement, I wouldn't have done that. I think the cccs payment is maybe 15% less per month, but a lot depends on how much you owe, and how much your cc is willing to work with the cccs folks. We didn't reduce the principle at all, just the interest.

But the big thing is that after 5 years it will be paid off. I'm working two jobs and hubby is mowing lawns to make some extra $$, otherwise we couldn't pay it. If I ever lose my job, I'd be .. well, let's just say I'd be up that creek without a paddle.

The thing I like about this cccs of nh/vt is that when we first started they told us straight that we didn't have enough income to do the debt management plan. We're sharing the house now with my stepdaughter and her family and they are kicking in on the household expenses. That and the part time job is what is doing it for us. Anyway, the folks there told us straight that with our debt and the income coming in, that we should talk to a lawyer about our alternatives. Now I didn't want to go that route and this lean 5 years is going to be tough. But they didn't get us to agree to something we couldn't afford.

Anyway, it sounds like you have had some tough times. Don't get too discouraged and keep on going. Remember that your first priority is the household. mortgage/rent. car. food. heat. lights. water/sewer. basic phone. some clothes. medical/Rx. Then come the credit cards, a little as you can. If the debt management plan isn't right for you, then call each creditor and talk to them about reduced interest and payments. They might just work with you. Explain the reduction in your income, and tell them the alternative is bankruptcy, which you don't want to do.

But talk to the CCCS folks. See what they can do. You don't have to go forward if you think the payment is too much. I'd do that before agreeing to special arrangements because once you do that, you lock yourself out of the cccs method.

Good luck!

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