Cause of debt statement.

OhDear

Hi folks, any thoughts on the statement I've written for SOA forms:

"For a long time I have juggled debt to pay off debt, using 0% balance transfer deals to move debt around, but each time living costs were added and the amount of total debt rose. I am now totally over-committed on credit cards and loans, and have no hope of paying them off.

We moved house and area to look after my wife’s parents in May 2008. I was unable to build up my driving school quickly and so have been falling further into debt in an attempt to keep my head above water. I have had my head in the sand for a long time, however I have now realised that I cannot continue in this way, and have no way of repaying the money owed."

Is it too much / not enough?

There's plenty more space, but not enough for my life story. So?

:beer:OD

Richard_S

Hi OhDear,

It's always best to say too little rather than too much, and that seems like a very concise summary. I'd stick with that and if there's anything the O.R wants to know he/she will ask.

I've never known anybody get into trouble for saying too little, but lots of people have "shot themselves in the foot" by trying to fill empty spaces.

Regards

Richard

fiveyearplan

That statement sounds fine to me. As Rich says, they'll ask if they want more information.

k2nga

I did not say much on mine and i think its just something the judge just glances over where as the OR will ask you anything want to know in any interview anyway.