Share your Debt Story

Debt Story #33

Posted by: BBC 3 Debt Programme on 19th May 2010 | 0 Comments | Post Comment

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

Posted by: Alan on 26th Feb 2010 | 0 Comments | Post Comment

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?

Debt Story #31

Posted by: Anonymous on 23rd Feb 2010 | 0 Comments | Post Comment

Debt is a never ending story i my life, after running up £32k of debt in 10 years my only choice was to enter an IVA. After being in the IVA for nearly a year i am back to my old tricks and have run up another debt of £4k. Now i'm completely stuck and it looks like i am going to have to disappoint my parents, yet again! I couldnt possible feel any worse than i do now.

Debt Story #30

Posted by: Anonymous on 2nd Dec 2009 | 0 Comments | Post Comment

I am about £25k in debt, lost my second income and my partner who is self employed in the construction industry has been out of work for months now. I can't get any working tax credits and my meager salary onlys pay the mortgage so have nothing to pay off any creditors and now cannot afford to eat or pay any bills. I think bankruptcy is my only option

Debt Story #29

Posted by: AD on 20th Nov 2009 | 0 Comments | Post Comment

I am currently trying to set up an IVA with CCCSVA. Have debts of about £65K which have built up over the years. Up until recently was paying one off with the other, selling anything that wasn't screwed down on eBay, and paying for essential living allowances on my credit cards so that my 'real money' could be used to pay the debt. Inevitably I couldn't keep this up for ever so faced reality and contacted debt counselling service and recommended to take an IVA. Started to get phone calls on a daily basis - MBNA are the worse, phoning up to 7 times a day, anytime from 8.00am to 9.00pm. In the end took drastic action and changed my phone number (thanks BT), and got a PAYG mobile to give to the creditors. Now I can control who can contact me when which has restored my sanity to some extent. Having said I am going for an IVA, I am seriously looking at going bankrupt as have negative equity in my house so would not be treated as an asset, and my car is virtually worthless and needed for work. I think I have nothing to loose; it would be cheaper, quicker and - I think - less painful in the end.

Debt Story #28

Posted by: Anonymous on 18th Nov 2009 | 0 Comments | Post Comment

We are about to be made bankrupt by the inland revenue due to my husband not paying capital gains tax on a couple of our buy to let properties at the time of sale. We have had a tax inspection for 5 years and they have now come to the decision that we owe £300,000 which includes estimated yearly charges, interest and fines, which is a joke, there is no way we owe that much but cannot prove otherwise and if we tried to it would go on forever so we have just had to hold our hands up and lose everything. We have tried to sell our house for the last year and a half but because of the recession its just been impossible. We asked for an extension so that we could sell to pay them but they wouldn't agree to that. We have had to pay them £1000 per month which meant we could not afford to pay our mortgage anyway. Don't know where we are going to live , how long it takes before we are out of a home. My poor children won't know whats hit them. Its just so unfair the children and I never asked for this and at 43 I thought my life was safe. Thanks for nothing.

Debt Story #27

Posted by: Ken Patching on 22nd Oct 2009 | 0 Comments | Post Comment

Like most people I was not taught anything about money management at school. Like most I was taught to get good grades at school, get a good job that pays well, save money put aside money into a pension, invest in unit trusts and hope for the best! The reason is because the goverment (also any past or future government) and the banks want us to spend over our limit so we can pay back shed loads of interest to keep bankers families in private education and country homes. Wake up and get a copy of "Increase your Financial IQ" by Robert Kiyosaki. I am self-employed and working to get rid of my bad debt. Bad debt is debt that does not give me any positive cash flow. The next time I go to a bank for a loan it will be to make the bank take all risk and make me richer from the cash flow i'll get from the investment. Oh by the way if you still hooked on saving money in a building society or bank, just remember Mervyn King has recently repeatly devalued every pound of your savings and earnings by printing shed loads of phoney money that we will have to pay back in taxes.

Debt Story #26

Posted by: Anonymous on 27th Aug 2009 | 0 Comments | Post Comment

im 43 , i returned to work in jan 2008 after being on benifits and dla 4 12 years, iv a 12 yr old daughter , i thought my job was water tight becus it was working for woolworths , i took out loans 2 better myself and my home , then we got paid off ,, i now pay out £ 490 a month , i get 620 a month 2 live on .. i pay out £490 , that gives me £130 to loive on a month ,, outta that i have to feed us , pay all my household bills , im desperate

Debt Story #25

Posted by: Anonymous on 8th Jul 2009 | 0 Comments | Post Comment

It started with credit cards and then loans to pay off the cards and not cutting them up and running up the limit again etc etc a never ending cycle

Debt Story #24

Posted by: Anonymous on 8th Jul 2009 | 0 Comments | Post Comment

We are in debt, because of buying silly things, or requiring silly things, and not thinking twice about getting a loan, or putting purchases on our credit card.

Debt Story #23

Posted by: Anonymous on 8th Jul 2009 | 0 Comments | Post Comment

Marriage break up, lost track and drank too much, stopped caring for a couple of years, stayed in work hoping for retirement, will pay my debts with lump sum, only 6 months away but bank doesn't take it into account.

Debt Story #22

Posted by: Anonymous on 1st Jun 2009 | 0 Comments | Post Comment

worked in banks after leaving school at sixteen. I turned 18 and was sold everything the bank had to offer - I was young and naive and believed I could manage any credit card bills I got and always brushed it off. My debt got worse and worse - I tired to take control of it and took a loan to pay off my credit cards. I was paying my loan and my salary dropped I started using my credit cards to afford to live month to month. In late November I suffered a accident at work amputating my finger and was off work for many months I then later lost my job through this and other issues with management and my misshap. I couldn't afford to make payments and missed months of loan and credit card payments struggling to find a job. things just got worse and worse.

Debt Story #21

Posted by: Anonymous on 1st Jun 2009 | 0 Comments | Post Comment

My main debt is with the Halifax who repossessed my home over 12 years ago and sold it for around a third of its value, and are now chasing me and my ex for £44,000 Other debts are unsecured loans and credit cards. Mostly from a period of unemployment. The Halifax now want monthly payments way above what I can afford, or they will apply to make me bankrupt (they say).

Debt Story #20

Posted by: Anonymous on 1st Jun 2009 | 0 Comments | Post Comment

a lot of things have gone wrong for me in the past 2 years, i have buried my head in the sand and now its all coming to a head and its going to hit me HARD ... my advice would be deal with your problems but im first to admit i wont take that advice

Debt Story #19

Posted by: charl on 10th May 2009 | 1 Comments | Post Comment

oh i dont know wher to go from here im stuck in a rut. im 24 im on DLA and income support. i have narcolepsy so i will never return back to work i know that i cant get loans or credit from my bank ive been round in circles on that one and if they can they not giving it me! isnt ther anythin from benefits to help you pay off your debts? you can only borrow £1000 on a budget loan but i need about 3000. i tried to sort my debts myself and ended up having interest put on certain catalogues to lower monthly payments which i just cant afford. this doubled my debt! no one seems to help ya. i dont wanna offer £1 a month just wanna pay them off get them out of my head and from ringing me all the time. im paying £400 a month on debts and getting nowher. interest, late payments= charges, recieved calls = charges, its just silly. i owe this to that and that to this. if i cant get credit then bankrupt seems good or not pay a thing and let them take me to court..... i dunno. im lost in this matter apart from the fact i owe money and cant afford to pay it. i have a 2yr old son and its not fair that he misses out on things. i wanted better for him. maybe i have the wrong frame of mind but if i have to buy him somethin or i want to treat him by taking him somewher i will over the debts that keep on going up. if im not lowering them is ther any point in me paying it? aaarrrrgh help me hahaha

Debt Story #18

Posted by: Anonymous on 28th Apr 2009 | 0 Comments | Post Comment

We have just heard that we are going to be made bankrupt by the inland revenue as we owe them nearly £20,000 we offer them £250 a month but as we have other debts this was not acceptable. We are so upset that this has happened as we will now lose our home that we have worked so hard to get because of a recession that was not our fault. We have animals that may now need to be rehomed or worse put to sleep as we are struggling to keep them and feed them. We have 4 kids who will also suffer as a result and we just don't know where to turn next. We spoke to the CCCS and have most of our creditors happy except the inland revenue so that is our story.

Debt Story #17

Posted by: Dave Smith on 22nd Apr 2009 | 0 Comments | Post Comment

I lost my business owing the tax, vat and banks a fair amount. I have got my self another job but i owe so much money there is no way i can pay it off. I and my family have been strong and it makes you realise in life what is important. I naturally feel embarrassed about becoming a bankrupt but i know the mistakes i made and will not be making them again.

Debt Story #16

Posted by: Anonymous on 20th Apr 2009 | 0 Comments | Post Comment

I bought a car from yes car credit in 2005, i returned the car voluntarily a month later with the promise that i would owe nothing unfortunately i dont have this in writing. I didn't hear anything from them about the debt until i checked my credit rating on Experian in 2009 where i had a default against me. I phoned to enquire and try to clear it as i dont owe anything but they told me i had to pay the debt that day or arrange a payment plan and said they would accept £500 a month to clear the debt, i told them i could not afford this but they wouldn't accept anything less! I am now in dispute with them over the debt although they wont listen to what i say i am currently working towards the angle of the debt is unenforceable as i was miss-sold the agreement and my deposit was used inappropriately. All my other debts i accepted responsibility for however and paid them all off within 4 months by making deals with the creditors (i owed around £3000) i managed to wipe off around 60% off the total debt by arranging quick settlements with them i had 4 separate creditors so it can be done if you talk to them yourself!

Debt Story #15

Posted by: Kyle Mills on 6th Apr 2009 | 1 Comments | Post Comment

Had just got a brand new job in the stock controlling industry and was earning upwards of £1500 a month so wanted to splash a bit and buy a new car. The dealer saw me coming as i'd never bought a car before and before i knew it i was paying £350 a month for a corsa! A little time after this my job became very scarse with the amount of hours i was working and eventually i was running low on money and thinking that my job would pick up i went and got an unsecured loan to cover to payments on the car. I ended up borrowing £1500 and before i knew it this had been payed off the other people i owed money to leaving me with nothing to actually pay the payments on the car. I ended up losing my job and losing the car and have been struggling with the debt ever since.

Debt Story #14

Posted by: Anonymous on 6th Apr 2009 | 1 Comments | Post Comment

My story is a very long and complicated one, which involves me trusting my ex best friend as Financial Director of my business that subsequently went bust. I am now being chased by RBS (£25k company CC) for a PG on that Company and have CC debts totalling about about £80k all of which has been used to try and fund my current business and to save my previous one which didn't work. I am also being pursued by HMRC for personal liabilities on my previous liquidated company and of couse they just disregard my DLA and present me with a tax bill for £22k. All I can say is it has to stop, I don't sleep, eat or function properly in my current business due to the stress and worry.