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£92k debt, time to face up to it!

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  • I have every right to be judgemental because its irresponible idiots like the OP who are living way above their means...borrowing money that they cant afford to pay back that are causing the supply of money in to the economy to be retracted....precursoring recession and ecomonic decline - meaning my job and livelihood is at risk even though I have been sensible in the way I live.

    Why dont you wind your neck back in you pious, self-righteous, ignorant, bourgeois individual.

    Announcement: Pls remember Debt-Free Wannabee's for support and help not judgement
    11-09-2006 MSE Martin (Money Saving Expert)
  • Walter_J
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    hypno06 wrote: »
    Bankruptcy is coming across here as being the "simple" option, but I think that if you ask all those who have been made bankrupt, it is anything but easy. It isn't just a case of saying "that's it, no debt" and everything is ok.

    I went bankrupt in 2005 following a business failure, and can confirm that it is actually extremely easy! Three years later I am back in business, earning more than I ever did, and enjoying a debt-free life for the first time in many years.

    The OP says that bankruptcy is not an option. I suggest that she looks into it more closely; a good look through the banruptcy board here would be a good start.

    I think bankruptcy would be by far her best option.

    As there is no equity in the house she would get to keep it - her husband would be able to buy the OR's beneficial interest for a nominal sum. All her unsecured debt would disappear overnight, and all she would have to pay is a proportion of her surplus earnings via an Income Payments Arangement for 3 years.

    As for her credit rating - why does she need credit? In fact credit is the very last thing she needs! I would have thought that she could live very nicely on that salary without ever borrowing money again.

    Given the choice between the 'quick fix' of bankruptcy and the alternative of living in penuary for 10 years, putting life on hold, for me it's a no brainer.
  • pandapaws
    pandapaws Posts: 2,119 Forumite
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    Hey, why don't we all just go bankrupt??? It sounds wonderful.

    Gonnawin is looking for help and advice on DMPs. She's only a little off being able to make the repayments so perhaps if we concentrated on the pros/cons of DMPs rather than something that she has already (and I think quite rightly) said is NOT an option, then it would be more useful.
  • pandapaws
    pandapaws Posts: 2,119 Forumite
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    peka2k wrote: »
    At what point does someone say 'enough is enough' ?
    When its 15k-20k-60k-90k?
    Or as I suspect the OP has done, when she can no longer get anymore borrowing to cover payments, lets face it, if you could still borrow quite easily, would you continue to do so until its 150K?

    For many of us it takes a sudden jolt to realise that 'enough is enough'. I'm not thick, I've got a good job and I've generally got my head screwed on, but somehow I managed to ignore the fact that the debt was mounting up (mainly because I'd stopped working for a couple of years to bring up child but hadn't stopped spending) until one day we got a rejection for a credit card and I realised I was pregnant again. That was when we added it all up - I can't believe now that prior to that I didn't actually know how much I owed. The OP is in the same boat.

    It's all relative too - I sometimes find that you get a bit of judgement on here when you post big numbers because it terrifies some people but OH & I owe less than our combined annual salary. If someone posted £10k debt nobody would bat an eyelid but if that person lived solely on minimum wage they would probably be in a relatively worse position than the likes of me or the OP in this instance.
  • boredofbeingathome
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    I agree with Jacks and pandapaws..I also understand where you are coming from peka2k, it is hard when you are living frugally and have understood where you can call the 'line' as it were. I think the jolt and line drawing has occured with the OP and now it is cost cutting and weighing up the options.

    I would have had your attitude a couple of years ago by the way, as we had been in debt when we were first married and i swore i would never live beyond my means again. I have penny pinched, worked long hours and scrimped and saved..but i didn't reckon on OH and his ways..so here we are again after 23 years. I also had money to clear my car,a good amount of savings and everything on 0% but life has a funny way of kicking you in the teeth.

    I am not saying it is all his fault either, circumstances meant i couldn't work full time as DD2 was in and out of hospital and also i was distracted..took my eye off the bigger picture with finances. So we all revert to just being flawed humans..some are better than others but it doesn't make it any easier does it?

    I hope this site makes us all a little less bitter and perhaps being able to pass on what we have learned, what helps us also helps others.. i myself learn something new everyday and have found a wonderfully supportive community who put up with my ramblings in the nicest possible way. I feel priviledged that this board engenders such a good feeling that people are willing to bare their deepest worries and to put their trust in us and our advice, to help someone in this way is truely wonderful.

    Good luck to everyone on their debt free journey, because that is what it is..and at the end of the day if we can ease the burden by empathising, listening and just being there, then that is what makes us human.
    BOB X
    Blackadder: Am I jumping the gun, Baldrick, or are the words 'I have a cunning plan' marching with ill-deserved confidence in the direction of this conversation?
    Still lurking around with a hope of some salvation:cool:
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