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Debt Story #54

Posted by: tad_admin on 11th Aug 2014 | 0 Comments | Post Comment

I’m down to my last 2,000 which is good ! compared to years ago was like 27,500. I lost my job at one stage – got a job in a resturant – wrote to all my creditors I told them I had no money – they now charge me no interest. I have worked 2 jobs – now I live frugally and have no spend days – take my lunch to work and unless i have the money, I go without – I use vouchers and the internet to find things for free – a loan or credit card application goes straight in the bin. I will never pay interest again.I put myself in this mess and it was me that got out off it – and now I can see the light at the end of the tunnel 🙂

Debt Story #53

Posted by: tad_admin on 21st Jun 2014 | 2 Comments | Post Comment

My partner has been off work for 5 months with arthritis in both knees ,as this problem is not likely to get better we have struggled to keep our home . I am almost 60 and my partner is younger 51 . I work just 16 hrs a week and my partner was full time . Now we are struggling to pay the mortgage each month and I am terrified we will be evicted from our home .my partner wants to go back to work by his work place are stalling until he has seen his surgeon at the end of July .I am getting depressed and not sleeping and thinking morbid thoughts of ending everything .wendy

Debt Story #51

Posted by: tad_admin on 5th Apr 2014 | 0 Comments | Post Comment

I found myself in an ever spiralling amount of debt. I approached my bank for debt advice as the amount of credit card debt and bank loan was near £22000. The answer they gave me was another consolidation loan for this amount over a 7 year period. I was relieved at this point to have sought help and had signed up without thinking. They gave me this loan without checking to see if I could afford it. As the repayments were £495 per month and my mortgage was £495 also I was quickly back on the credit cards to survive. After 3 years the total debt got to £33000 not including interest, I had to face up to reality. I just couldn’t go on like this. I applied for bankruptcy and was made bankrupt and discharged after a year although I still have to pay my creditors £14000 over 5 years at an amount of £250 per month. We still get to keep the house but with a limited income it very hard to make ends meet. We have around £250 left to pay the bills (after mortgage) With fuel and food prices getting higher and higher it is a struggle. Our only consolation is after 5 years we will not have to pay this amount and we will be £250 a month better off and still have a roof over or heads. The moral is do not borrow more than you can afford and as soon as you realise you are getting in over your head seek advice. My mistake was that I went to the bank for advice and ended up with a consolidation loan that I could ill afford. The bank was only to happy to give me this loan as the total amount payable on the loan over 7 years was a whopping £42000. Better going to Citizens advice for help

Debt Story #50

Posted by: tad_admin on 25th Oct 2012 | 0 Comments | Post Comment

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 #49

Posted by: tad_admin on 18th Oct 2012 | 0 Comments | Post Comment

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

Posted by: tad_admin on 24th Feb 2012 | 0 Comments | Post Comment

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 #47

Posted by: tad_admin on 19th Feb 2012 | 0 Comments | Post Comment

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 #46

Posted by: tad_admin on 12th Feb 2012 | 0 Comments | Post Comment

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

Debt Story #45

Posted by: tad_admin on 27th Jul 2011 | 0 Comments | Post Comment

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 #44

Posted by: tad_admin on 24th Jun 2011 | 0 Comments | Post Comment

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

Debt Story #43

Posted by: tad_admin on 24th Jun 2011 | 0 Comments | Post Comment

I searechd a bunch of sites and this was the best.

Debt Story #42

Posted by: tad_admin on 24th Jun 2011 | 0 Comments | Post Comment

Many many qaultiy points there.

Debt Story #41

Posted by: tad_admin on 24th Jun 2011 | 0 Comments | Post Comment

Fell out of bed feeling down. This has brihegnted my day!

Debt Story #40

Posted by: tad_admin on 13th May 2011 | 0 Comments | Post Comment

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

Posted by: tad_admin on 22nd Apr 2011 | 0 Comments | Post Comment

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

Posted by: tad_admin on 21st Mar 2011 | 0 Comments | Post Comment

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 #37

Posted by: tad_admin on 17th Feb 2011 | 0 Comments | Post Comment

I dont actually have a debt story, but what I see on here is lots of excuses and no personal responsibility. I`m not gloating but it seems to me blame is thrown around at other people too much.

Debt Story #36

Posted by: tad_admin on 28th Sep 2010 | 0 Comments | Post Comment

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

Posted by: tad_admin on 28th Sep 2010 | 0 Comments | Post Comment

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

Posted by: tad_admin on 24th May 2010 | 0 Comments | Post Comment

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.