Share your Debt Story
Debt Story #51
I got heavily in debt with credit cards, catalogue debts and store cards. I have council tax arrears and rent arrears. I also have arrears with my gas and electricity bill. I've had debt consolidation loans in the past in did not want to go through that again. My friend told me to use budgetminder.co.uk to write to each of my creditors with full list of all my income and expenditure along with an offer of monthly repayment that I could afford. This is exactly what the Citizens Advice Bureau did for her and her creditors accepted the offers. It worked for me and now I am getting the arrears down without having to get further into debt.
Debt Story #50
I have over 2000 pounds in debt and looking to repy this back, but finding it difficult as my current account is overdrawn and i cannot set up direct debits to repay creditors, so i tried to open a new bank account and got declined for this also, i am stuck in a rut! And even when i do repay all this back im going to still have really bad credit!
Debt Story #49
I had debts which came to a crunch after I lost my job through ill health. I worked in an office and my employer paid for 6 months salary, then the money stopped and I still wasn't ready to go back to work. If you owe £1500 or more to an individual creditor, just don't pay them and after a while they will probably take you to court and petition you for bankruptcy. One year on, my bankruptcy was discharged and I could start afresh. If your debts are paid by direct debit/standing order at the bank, just cancel them. What is the worst they can do to you? Pay yourself first - any money you earn at work is your own. Plan what you will do if you lose your home, have your car repossessed well in advance of it happening. Speak with your local council about being made homeless. If you cannot repay your debts and it's making your life hell, JUST DON'T PAY.
Debt Story #48
I can't say my story is a nightmare but it's certainly been hard work. My partner already had debt around £20,000 and was increasing the debt by around £100 a week when we met in 2006. In those days people just lived off debt and then got another consolidation loan to cover it. They all told themselves this was the FINAL consolidation loan. My partner was on loan number seven. I didn't help much at first as I'm self employed and had only recently moved to the area and had very little work. We bought our flat from the council with a discount and managed to muddle on for about a year. There came a point where I realised we couldn't maintain all the repayments. At first we were prioritising payments based on protecting out credit rating rather than any genuine criterion. At one point we decided that our credit rating couldn't be maintained and contacted our creditors telling them we couldn't afford the payments. Our creditors were RBS (personal loan) and 3 banks (credit cards). My partners current account was with RBS and, at first they said it wasn't possible to cancel the direct debit and continued to try to make loan payments to themselves and then charge us when there were insufficient funds in the account. We eventually got all these charges refunded a few weeks before the courts ruled in favour of the banks re charges. Once all these debts were put in the hands in of debt collectors, it seemed to get a lot easier to agree payments we could afford. I must stress that during this time we paid the mortgage on time and made sure income tax and council tax etc didn't become too much in arrears. Mostly its been about juggling and keeping everyone a bit happy. We have repaid around £5,000 so far and everything seems to be on track. Our total debt (excluding our mortgage) is down from around £24,000 to £19,000. Nobody has taken us to court. It's been very hard work juggling all this but I couldn't say it's been a nightmare. It is possible to deal with problems like this. If anyone wants advice you can email me. I'll be happy to help. We still own our home and it is all gradually getting straight email@example.com
Debt Story #47
My husband had a well paid job for the first 10 years of our married life,he was then made redundant twice in 2 years,we had 2 small children and at the time I was not working thinking that bringing up our children was a job in itself,however I returned to work when the first redundancy came along and we managed to keep our heads above water for a number of years not realizing that along the way we were accumulating debts that would cripple us 25 years later ,now we have around £65000 worth of debts,I am in the process of setting up a DMP through payplan ,we take full responsibility for all our debts and are not looking to write them off however the amount of interest we are paying is crippling us and affecting our relationship.we started the process last week and hopefully everything will be set up and running by the beginning of march.i`m really worried about being phoned and contacted by our creditors and felt awful that we have had to move our current account in order to avoid the bank offsetting what we owe them against our wages,we both still work full time and feel for the first time in years that we getting control back in our life's and can see some light at the end of what has been a very long tunnel,I would urge anyone in similar circumstances to pick up the phone and confront your debts problem with the help of people who know the answers and realize that debt is not just the problem of the poor and people who can`t work but it affects all walks of life and if someone told me that 2 years ago we were going to be going into a DMP I would have laughed at them,well that had me!!!!
Debt Story #45
my husband is self employed as a taxi driver and had recently been assessed by the inland revenue and found to owe £16,000 (along with around £20,000 other debts) :-( we also have just lost 2 big contracts. We still have 1 small contract which will last another 4 years and guarantee us a smaller income. I work 23 hours a week on a part-time wage. He is considering BCY as an option as all the debts are in his name..would he still be able to trade as a taxi driver/sole trader?
Debt Story #40
Can someone please shed some light on this? My eldest son doesn't live with us but keeps running up debts with people like quick quid and wanadoo etc, he is still using this address with no wanting to pay these debts back to the borrowers, as you can imagine causing huge problems between my husband and I.
Debt Story #39
I'm on the other side, and would welcome advice or comments. I trusted a local auctioneer with some items (many of the family which I was selling after my mother's death) so that the money could be divided between three of us. There was a very mysterious robbery a few days after the auction - some of my unsold items were stolen, and the auctioneer in question said he was unable to repay his creditors. He promised publicly to do so eventually. This was in October 2010. Each time he has told me he was going to pay me my money (about £450) he has then reneged. Eventually he told me everyone would get their by the end of March. Since then he has stalled - last excuse was because he he was waiting for a new cheque book! Latest email was that cheques would definitely be sent out this Saturday. I won't hold my breath. Do I have any chance of going down the CCJ route? I'm afraid that if I do so I stand even less of a chance of getting my money as it might be deemed too low an amount to bother about. I know it's not a lot of money to most people, but it is to me, plus it involved the sale of sentimental items and I have had to pay my brother and sister out of my own money (I'm on a low pension). I wouldn't feel so bad if his blog wasn't full of arrogant boasting about how well he is doing, how much he is drinking, how good life is to him. I agree with no 37 - much of what I read on here doesn't reflect responsible behaviour, but I don't see how I was responsible for this, as I checked his very elegant website, he's well-known in Norwich, etc, etc. I would welcome comments/advice.
Debt Story #38
I feel in debt to my parents. Lived off them for a long time now. They raised and fed me. Cant wait until the day I get a job and pay them well. Then leave them for good. So fustrating. When the problem is fine, they just find a way to stir it back up into the air so I'm mad again.
Debt Story #36
since i have been young i have been awfull with money, i used to enjoy the luxuries such as the newest trainers and games consoles, i also became a member of a gaming group via pc and made monthly payments to a gaming website, however i never had the money to afford all of this, so i used to borrow money of friends and family ect... however after a while i couldnt py them back and people started wanting there money and became more and more persistant, when i turned eighteen i thought i could solve all my porblems by getting a credit card and using this to pay off the money i owed to everybody however i then had no money to pay for the credit cards so i getting new credit cards to pay off old credit card debts and the debt spiralled out of control, i didnt no what to do and sutpidly turned to the bottle and after a string of incidents thqat shouldnt of happened but did because of alchol i lost my job, i am now out of work and have huge credit card debts, what can i do?
Debt Story #35
when i turned eighteen i thought, oh yes brilliant, i can get a credit card, within months i had loads of debts on credit cardss and i didnt know how to start paying one of without taking out another credit card, it all turned into a vicious circle ending in my mum having to bail me out and stop me getting into more and more trouble at one point i was so worreid i couldnt eat or sleep and my work suffered because pff
Debt Story #34
i have always been quite good with money since leaving the army. Im not a frivolous person i went self employed in 2004, in 2005 i found an accountant who was recommended by a friend, he kept all my business records for nearly a year and did none of my tax or setting up a wage system, i set up a limited company in 2005 and began trading, 6 month later all my accounts turned up soaking wet on my doorstep after getting the institute of chartered accountants involved, i had given up getting the accounts back as i had been informed the guy was dead, this was not the case. i found another accountant, i have lost count of how many tax returns i have signed and every year i get late payment fines i have 3 returns from 05/06 06/07 and 07/08 totalling a repayment of £21000. these were redone and submitted personally by me and they got lost for 9 months. on the back of these i have continued trading and run up personal debt of £7000. i also owe £6800 to the vat man, on top of which they are adding daily interest and charges. i trade as a limited company but i pay cis contributions at source, now my accountant tells me those returns are not valid and hes had to redo them again and there is a high possibility i wont see a penny, im 3 months behind with my van payments, cant pay my liability insurance, i have no money to go to work, let alone pay my mortgage. im now facing both professional and personal ruin. what can i do about it, nothing, the inland revenue is above the law.
Debt Story #33
BBC On the Money with Robert Peston Are you 18-35 and financially frustrated? Put your money moans to business guru Robert Peston in a live audience debate. For over two years this country and the rest of the world has been hit by the biggest financial disaster in half a century. But who's to blame and why does it matter? Award winning business journalist, Robert Peston, has been at the centre of this storm, unearthing stories of financial greed and mismanagement that affect us all. In this BBC3 show Robert will be looking at how these issues affect young people. Robert will tackle questions, such as: Why does my boss earn 100 times more than me and what do they do to deserve it? How does a bank work and why do we need them? Does debt really matter and how much debt is dangerous? This show is unlike anything Robert has done before and is specifically aimed at explaining the basics of money and banking to people aged under 30. Ideally the audience will be aged between 18 and 35 years old as this is the audience we are aiming the programme towards. Please note that throughout the recording you will be asked to contribute and interact with the show. For example, the audience will be asked to give a show of hands if they are in debt. To request your tickets email: Amber.Bulloch@bbc.co.uk You will also be asked to email in a money related question that you have for Robert, which may be put to him in the show. We look forward to seeing you in our audience very soon!
Debt Story #32
I had rebuilt my credit record until December 2007, I had gone 12 months at this point with no wages in order to build the Company I had become a director of. From December 2007 I should have started taking home £2500 per month, but the Company had been mis-managed by the person that was put in to control the work and workplace, and I therefore ended up going 15 month with no income. This led me to being signed off with Stress and in the two months I was off, the Company crashed. I then had to force myself out and took part-time work for a friend who also ended up not paying me, my mortgage was not paid, my loan was not paid in fact if it was not for family and other friends I would have lost everything then. In August 2008 I managed to save my home from repossession, but at the cost to other payments, ie water, council tax, food etc. I have now resurrected my Carpentry/ Building business and do have work coming in, but need working capital or I will again flounder. I am also being threatened, on occassion my life and family have been included in these threats, if i do not repay monies to a colleague. This Colleague is fully aware of my finances and seems to take pleasure in grinding it in to me, I did have recordings of his threats but broke my phone and have since got rid of it. I have tried to get backing from the banks as my work is still growing, but even though the government alledgedly has told banks to support small businesses, I have been unable to secure any aide even though I do qualify under the government backed scheme. Anybody able to help?