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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 #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 lee_marsh_1@yahoo.co.uk

Debt Story #46

Surrpisinlgy well-written and informative for a free online article.

Debt Story #44

Thanks for sharing. Always good to find a real exrept.

Debt Story #42

Many many qaultiy points there.

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 #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 #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.