Hi and help please?

[Word-Soup]

First of all hello,

just recently found the forum.

Oh, I have been so so silly.

 

I bought a caravan on HP in 2008 over 60 months,

last year I sold the caravan and didn't get enough for it to pay off all the loan.

 

I know now that I shouldn't have done this, that I could have let them take it back as I'd paid half the loan.

I feel so stupid, but I really didn't know this, and I didn't realise I couldn't sell it on either.

 

I've made such a big mistake. I have never defaulted on the loan payments,

I'm still just about managing to pay everything I owe

(there are other debts too) but it's tough as I'm a single widowed mum

with two kids and I"m a full time student, so just about manage to meet payments

by using my student loan etc too.

 

If anyone has any advice how best to manage this and get myself out of this pickle I'd appreciate it.

 

I'm a bit scared now I know I could be prosecuted for selling the caravan with outstanding hp,

I have no idea where it is now.

[Word-Soup]

Hi everyone,

 

I have been struggling to pay my way through life, since forever it seems.

 

I was widowed many years ago and have struggled financially bringing my children up on my own.

 

I've done it though and they are all in adulthood now.

 

I have also educated myself as they grew up to give myself a 'trade' of my own and a way of earning.

 

For 18 months I worked in a banking call centre

but it very nearly destroyed me because of the ruthlessness of it all,

 

and in the end I had to leave as I nearly had a nervous breakdown.

 

This is a big part of why I'm in so much debt still,

because I didn't see the problems looming a

nd took out the cheap loans they offered me as a member of staff.

 

Early on I thought I would be working there until I reached retirement until I discovered how horrid and ruthless banking is

and realised I just couldn't be that person, and do the things they expected us to do to other people.

 

Part of my fear now is because I know how the banks deal with people who don't pay on time

and because of this I've done my utmost to meet my loan repayments and pay the minimum on credit cards every month.

 

Now, finally - the wheel is coming off and I just cannot hold it all together any longer.

 

Technically,

I am self-employed at the moment but the business is new and not really generating any income at the moment.

 

One of my sons has just been diagnosed with Coeliacs disease and I've spent the last year (before the diagnosis) worrying about this too.

 

The special diet he needs have increased my food bills, so I can no longer make any cut-backs there.

I bake and cook from fresh mostly though, and always have, because it's cheaper and much nicer.

 

Still, the extra special ingredients I now have to buy take more from my very limited budget.

 

So, after months of eeking out what little income I have,

today I finally took the plunge before it all gets so bad that I just can't cope at all,

and phoned one of the free debt charity agencies for advice.

 

I ended up crying on the phone.

I just couldn't help it.

 

I found just admitting I have a problem with debt difficult for a start.

 

Then, the feeling that I am a total failure financially for not being able to manage my finances.

 

Lastly, my biggest and most overwhelming fear is being forced to go bankrupt which I want to avoid at all costs.

 

Now?

I'm sitting here and I'm so, so, scared of what might come next.

 

I've had to be strong all my life and have never had the luxury of family support or someone to turn to,

I've just had to stand on my own two feet, so this is really very difficult for me.

 

I just want to share my experience in the hope it will help someone else.

 

I'd also like keep this thread up to date with how events unfold.

 

Perhaps get some support from other members who have been through something similar too maybe?

 

I have always found asking for help tough, but now I do recognise I need help.

 

Thanks for reading everyone.

Edited November 6, 2012 by Word-Soup

[Word-Soup]

Well you have taken the first step acknowledged that you need help , i have been in a simalr situation but i managed to get help after i had a breakdown too many things going on and then it blew . Are there any family members ytou could talk to about this i know it would be hard are you in receipt of all your benifits you can claim . what did the national debt helpline say to do ? have you sat down and worked out your income and expoenditure form with them thats always the first step then listed what creditors you had . i had around 40k worth of debts i will finsih paying then off this year . Is there a family member who could lend you the money to make a full and final offer etc ..

 

Thank you.

No there is no family support at all.

 

When I had the breakdown I was all over the place.

My total debts are around £17k.

 

I have a telephone appointment to go to the next stage next week.

 

Making the decision to go down this road has been very difficult, but I know when I'm beaten, and it's all too much for me now.

 

Although, I have managed somehow for the last three years to juggle everything,

there is simply not enough money to make all the payments now.

 

Your experience gives me hope that my creditors will accept offers of payment, but from what I've heard, and read,

they can still be very forceful and make life a bit difficult.

[Word-Soup]

I went to NEDCAB North East Derbyshire Citizens Advice Bureau. I can't post the link to the site.

The advice from here was to go for a DMP.

 

Then I telephoned what was until this week called Consumer Credit Counselling Service, now re-branded as StepChange Money Aware and it is someone from here who is going to go through everything with me in detail next week.

 

I hope I have made the right choice. I have read from other threads on here from people who have used their services. Fingers crossed it will all work out alright.

[Word-Soup]

Thank you so much Bandit127 for taking the time to write.

It gives me hope.

 

I only worked in banking for a year and a half.

 

It was the worst time of my life.

I worked for Lloyds and believe me what you read about them on here is true.

They are totally without compassion as an organisation.

I had my boss standing over me once whilst on a call saying...

sell her a loan, sell her a loan,

I didn't and when I got off the phone told him that the customer was a lady of 90 years age.

 

Like I said to work there you have to give up on your own standards and be their puppet.

I hated it.

 

My loan, overdraft and credit card still with them, although my money goes into a different bank account now,

 

I just 'feed' Lloyds as and when I need to.

 

THAT, has to change now and I have to feed myself and my son properly.

 

I totally empathize with you when you say it comes down to feeding yourself, your cat or the bankers! No contest really.

 

Thanks again for your support.

[Word-Soup]

Lets start by listing the loan amounts and who they are with?

 

Have you checked if there is any ppi attached to them?

 

You should do an sar for each of them and see exactly how much they claim and how much has been added in charges.

 

Your not working for the banks now WS so that puts you in charge.

 

Do you want me to list my debts to different banks on here? I'm slightly confused.

[Word-Soup]

Hi Conniff, thanks for the post... here are the details, now I've overcome my trepidation.

 

Here goes nothing. I might as well outline it all I suppose. Besides I have to overcome my constant angst and horror at the fact I'm in this much debt and feeling ashamed.

 

I took out a staff loan when I worked for LTSB,

the total was around £15,530 and it is now down to £4,646.

 

I kept on telling myself that once I'd repaid this, that I would be able to pay off the credit cards. Naive? probably.

 

Then, there is a credit card with LTSB £2512 O/S

and the overdraft always running high on around £2k

I have been unable to lower this despite all my efforts.

So I'm 'into' Lloyds for what... £9158.

 

Also there are two credit cards at Nat West one at £2022 a

nd the other at £4237.

 

Plus a student overdraft (still without being charged any interest at the moment) sitting close to the limit of £2k. Ouch! So a total of £8259.

 

Giving a big grand total owed of £17,417. Oh that is scarey.

 

On the plus side, I am currently somehow..

. still up to date with the payments, but only just, and only at the expense of other essentials, like food, etc.

 

Oh, and all the credit cards were cancelled by myself last January,

so no spending on them, I've just been trying to reduce them, a

lthough as you know it is nearly impossible when they charge so much interest,

so I feel like I've just been treading water really.

 

There is no PPI to recover, I was on to that early on and never took any out.

 

It's not been easy.

 

But with my son's illness and so on I just cannot possibly keep this going.

 

For one, it's incredibly stressful, and secondly,

there simply is not enough money in the kitty every month to do it.

Edited November 6, 2012 by Word-Soup

[Word-Soup]

i would as a first move

open abank account wit a group that is NOT linked to any of yourdebts

 

and get any icome paid in there.

 

next is to look for PENALTY charges & PPI

 

dx

 

 

Any suggestions for a place to bank? Bear in mind that my current, current account is a graduate INTEREST FREE overdraft at the moment with Nat West. Although with the state of things I really don't know if that matters much anymore.

 

Thanks

[Word-Soup]

Hi wordsoup

Just wanted to give my support. I started out a few weeks ago with these lovely people to tackle debt that has been hanging over me for years. I was frightened, ashamed. I now feel much more in control and not alone with it anymore. I hope you sort things out with the help of this great site. Very best of luck

 

Thank you star,

Your support is very much appreciated, like you I felt... yes, I feel ashamed, alone, scared, very scared.

 

I've been on my own for so long (I was widowed years ago) and have had to be strong for all sorts of reasons, it feels like admitting defeat.

 

I do need help though, I cannot possibly do this on my own any longer.

 

My biggest fear is going bankrupt which I really really do not want to do. The thought of being chased for money is also very scarey.

 

What shall I expect to have to cope with once I stop paying these credit cards and the loan? Are they going to come knocking on my door? Will I get endless phonecalls? Will they threaten bankruptcy?

 

Or are Debt Management Plans accepted, eventually by them all?

 

-

[Word-Soup]

Hi Wordsoup,

 

Welcome to CAG, you will get a lot of help and support here whilst you start to get your life back.

...... etc

You've come to the best place, good luck and keep us to date

 

Up2

 

Oh Up2 thank you so much. I am sitting here in tears at the moment just so stressed by it all. I know I need to get my life back, and that at the moment all I am doing is feeding the monster that is the banking industry with their high interest charges and so on. It has to stop.

 

Everyone on here is so friendly and helpful, I'm so grateful to everyone. Thanks for the advice Up2 I will have to print it off and stick it on the wall somewhere to remind myself every morning when I wake up - it will be alright in the end.

[Word-Soup]

Thank you again Up2

 

I will check those links out, much appreciated.

[Word-Soup]

go with the co-op

 

dx

 

Thank you, will do.

[Word-Soup]

My heart goes out to you, 6 years ago I hit the buffers and finally had to sling in the towel on £93k worth of consumer debt -not proud of it and all down to stupidity in my case, unlike yours. So on the shame- game I reckon I trump you - right?

 

I tell you this to show you that there are many others in the same boat as you - security in numbers? well it certainly comforted me. Truth be told I respect and admire you for what you have achieved, bereavement and brining up a family on your own - this world needs more decent people like you in it.

 

Your debts are consumer credit debts and do not take priority over things like your rent/mortgage, utilities and feeding yourself. So you owe £17k - I wonder how much the banks owe us the taxpayers? billions

 

You have nothing to be ashamed of - so hold your head up high and look the world in the face. You will get nothing but support, good advice and an know-how on this forum - keep posting and welcome to our wonderful community - me? well I have now paid off my debts with more than a little help and advice from others here, and you will too.

 

Thank you for your support DuffNCustard,

I'm worried about it all and trying to stay calm, but the panic attacks have begun, so I've been to the docs.

 

Your kind words mean so much.

[Word-Soup]

Thanks StarBlackie

 

Panic attacks are quite horrid. My sympathy to you losing your pet, it's always tough to lose an animal who has shared your life and your home.

 

My dogs keep me going they are always the same no matter how bad the day may have been they will be the same, waggy tails and happy.

 

I have some medication for the panic attacks now. Thank you for sharing your story and your support, it means a lot.

 

This forum is an amazing place, everyone so kind, I'm so glad I found it.

[Word-Soup]

Hi folks, I have a bit of a dilemma. I am taking control of the debts via StepChange Debt Charity as I have recently become unable to keep up payments to a loan and credit card due to a change in family circumstances and illness. StepChange are helping me set up a DMP in the New Year.

 

My son is studying away from home and has asked me to be guarantor for next years student accommodation (Sept 2013 on). This means I will be liable for his rent if he is unable to pay as well as damages (should there be any) to the property. It is quite a lengthy contract.

 

I really do want to help him because I love my son, but the reality is that if the letting agency ask me to pay I will not be able to.

 

I will phone StepChange Debt Charity this week too, as they advised me not to take any more borrowing anywhere. Although this is not strictly borrowing, it is another financial commitment with implications should my son get into difficulty.

 

How do I stand with signing as a guarantor? My gut is twitching and I feel I have no alternative but to say no. It will mean my son will have to re-assess his plans and possibly stay in the student house he's already in that did not require a guarantor.

 

All advice appreciated.

[Word-Soup]

It is as I thought. There is no way I could afford it. Also, I did think they would run a credit check and it would be declined.

[Word-Soup]

Being a guarantor is a serious legal undertaking you must be able to meet the obligation if the debtor defaults, you could easily find yourself facing a court claim.

 

Yes I agree, thank you for being totally honest and saying it bluntly. I know it has potential serious implications and have told my son they could take me to court if the rent was missed, or repairs were needed.

 

I am saying no. I was just looking for some support and validation of my own concerns. I will not be signing any guarantor form.

 

Had my son actually asked me before he did this I would have said no before it got to this stage.

 

I confess, it does tug on my heart strings - being a widowed mum is tough - but the reality is -

1. he shouldn't have done this without asking me first.

2. I just cannot afford to do this.

[Word-Soup]

Good idea Brigadier, thank you for your advice.

 

Thank you everyone.

[Word-Soup]

Thank you everyone for your thoughts and advice. It turns out I wasn't the only parent / guarantor to say no to this contract.

 

The Consumer Action Group is a fantastic resource, very helpful as usual.

[Word-Soup]

Hi

 

My income has dropped over last month and although two months ago StepChange advised DMP - because of this dramatic drop in my income they now suggest I go bankrupt.

 

However, I am self-employed as a writer / photographer and worried that I will lose essential kit for my work, ie cameras and computer.

 

Does anyone have any advice please?

 

I work from home, rent from a housing association, have an old car not worth more than £1k, and owe a total of about £17500 on one loan and credit cards, all unsecured. All the credit cards were cancelled by me and cut up over a year ago. I carried on paying them up until recently but because of the interest the outstanding amount didn't decrease much. The loan was up to date until October, but then I was advised to write to them and say I was going to do a DMP, which of course now has gone out the window!

 

Going bankrupt is my worst nightmare and I've always said I wouldn't do it and would pay off my debts but right now I can only afford to pay my creditors £1 per month.

 

Should I sit it out and carry on paying £1 per month and hope that things improve, or am I just deluding myself?

 

All advice appreciated. Thanks in advance...

[Word-Soup]

Thank you Still_Surviving.

 

I know I shouldn't write off bankruptcy, but it is still a really tough thing to actually do. I have been keeping abreast of everything despite very difficult finances for many years now. I agree the stigma of bankruptcy is no longer as much of an issue as it once was. I don't take it lightly though, but yes, it may be my best option.

 

At a rough guess my camera kit (that I've built up over many years) may be worth around £5k total - that would be lights, cameras etc, plus my ageing computer probably worth very little as they depreciate so quickly. I would find it very difficult to replace my camera kit if I were to lose that though. That is my chief worry as I wouldn't be able to function as a photographer.

 

What I don't want to do is make a knee-jerk decision and regret it in months to come. At the same time I am trying to be realistic regarding possibilities of actually being able to pay off this debt. It's a tough one.

[Word-Soup]

Update-

 

Well, here we are now in May, 2013.

 

I have been paying a total of 6 x £1 every calendar month to the banks.

 

LloydsTSB have been the main people to contact me all the time about the money owed.

They even tried to catch me out by bouncing a payment I'd made back into my current account.

They did not write to tell me what was happening,

but have now closed my accounts with them and although they are still 'in-house'

I have received several solicitor letters making various threats (none of which have been carried out).

 

I telephoned the contact number at LTSB and the people I've spoken to have always been different,

despite having a named contact who is apparently my case worker.

 

I was given new account numbers for paying the 3 x £1 per month to them.

 

I do believe they were trying to catch me out as if I default on this agreed

amount they can then issue court proceedings.

 

LTSB have frozen interest on all 3 accounts I owe money on.

 

My other debt is to Nat West, and they have barely contacted me at all and have frozen interest.

 

I just pay 3 x £1 per month and that is it.

 

I am wondering what next? Any advice?

 

Can this situation go on indefinitely?

 

Would I be better off scraping the money together (from goodness only where) to go bankrupt?

 

What's the alternative?

 

What will my creditors do over time, and am I just delaying the inevitable?

 

My income is so low now it's very scary.

 

If something breaks I have no money to fix anything.

 

Even getting the £750 needed to go bankrupt will be a real problem.

 

Help and advice needed and appreciated.

 

I have to say so far it hasn't been as bad as I thought it would be... but what next?

[Word-Soup]

It has been nearly two years since I posted last. Now, I think I should go bankrupt. I'd appreciate any helpful views.

 

My debt has increased to around £20k as Nat West hadn't frozen my account as did other creditors. I have had advice from Stepchange as well as on here. I've been paying £1 each per month to each of the 6 creditors and maintained this.

 

Now, I'm behind with my rent and other utilities, not by much but still behind. I am medicated for clinical depression and have had this many years. I'm an artist and self-employed but earn little to nothing from this.

 

Any advice appreciated, I don't think I can keep this up for much longer, it is stressful and stops me working as an artist. Help.

[Word-Soup]

Thank you for your support. I have been juggling with this for years. My depression means I have difficulty in paid work. I'm not good around people. I have a widows pension that covers the bills when I'm stable, if I'm not stable I can do stupid things and overspend at the expense of household bills. I've just had a period of a few months of this which is why I'm behind with some bills.

 

I have had a letter from Nat West asking for medical evidence from my GP, this worries me, what do they want this information for?

 

It seems overwhelming still. Most creditors leave me alone and I pay £1 per month.

 

I feel so stuck though on all levels.

[Word-Soup]

I haven't taken offence at the work comment. I'm grateful for the help, thank you.

 

I have tried many time since I was young, but working in mainstream always makes me worse.

 

Over the years (since I was 17) I have tried to work around people many times, but it always ends with me getting ill. I could last in the job 6 months, or a year, or 18 months, then would start getting massive panic attacks. I had no choice but to leave.

 

When I worked at Lloyds for 18 months I found they almost threw their products at me, loans, credit cards, it all got out of control. Had I managed to work myself through it ... so I kept telling myself ... it would be okay. It wasn't and everything spiralled out of control. I moved my account to Nat West and thought ... fresh start. Then took a degree in the Arts, finished in 2012 and got a first, so I am capable of doing things, but... in the process I accumulated more debt in the way of student overdraft. I thought that Nat West had frozen the account January 2013 when Lloyds did, but they didn't and now I have to deal with it all over again.

 

It just all seems so hopeless and I can only see bankruptcy as an answer. Even though I don't have the fee for the bankruptcy and don't know how I'd get that much money together.

 

I don't feel right about sending my bank my medical details though, has anyone else been asked to do this? Why would they want it?