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Debt Story #48

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

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

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