Life After Debt ?????

couldhavebeenasuperstar

I have just contacted payplan and am waiting for them to call me back.
I have\had a small retail shop thats overheads have over run any kind of profit that could have been made.I have reserved myself that I will lose the shop and hopefully avoid bankruptcy by way of iva's for the creditors.
My concern at the moment is that all that has been going on has taken its toll on my health mental as well as physical and i just can't imagine life without all this crap going on, Will i be treated as a second rate citizen if i do have to go bankrupt ? , I don't know maybe i'm just after reasurance that its not just me.

southernscouser

Hi Superstar.

Firstly well done for taking the first step to rectifying your problems. It's often the hardest and biggest one you will make so give yourself a pat on the back! :T

Payplan are amazingly well thought of by people on here that have used them. I've never had any experience with them but everyone says they don't make you feel crap about yourself or the trouble you are in at all. They are really helpful and everyone feels like a huge weight has been lifted off their shoulders after talking to them.

You aren't alone, their are hundreds if not thousands of people who have been in your shoes and all of them say calling Payplan was the best thing they did!

couldhavebeenasuperstar

Cheers
It has been a very hard decision, I have spent a lot of time effort and money trying to get this shop of the ground and one of the worst things is the feeling of failer not just for me but for the wife as well.
Payplan called me back and have been very helpfull, I think that there phone number is going to be engrained in my brain for a long time to come.
I must say this forum is a fantastic place, finally i can talk to people who actually know how it feels.

rainbowseeker

Hi superstar,
Yes, this forum is a great place, we're all in the same boat mate, you're not alone! Before I stumbled on this site I was in a right state, the constant fear and worry about my situation was taking it's toll on my health and mental state! But I feel so much more relaxed now, there's a wealth of advice from people who have been there -rock bottom and now they're confidently ambling along the road to debt freedom.
Me, I'm arranging a dmp and feel much less stressed just by being a member of the debt wanabee community. So good luck and who knows, when you get the debt management started it might not be 'couldhavebeenasuperstar' but 'gonnabeasuperstar'

robertbruce

Hi
Sorry to hear that you have problems of this sort facing you and your wife. The first thing to remeber is that you are NOT a criminal, unless of course you tried to steal everyone's money and keepit for yourself, which I am certain is not the case.

In America, you are treated as someone who TRIED and is likely to come back stronger in the future. In Britain, it's still very much like the old days, with some people looking for a public flogging or at least a few days in the stocks to throw tomatoes at you.

Thankfully, you can ignore those small-minded people who are usually too wrapped up in their own affairs to notice the hurt and torment you are going through at this stage of your business.

SO.... TIME TO BE A LITTLE DEFENSIVE... and possibly just a little selfish.

Look after your family, your home and yourself BEFORE you worry about ANYONE else...
just for six months or so until the dust settles. Then take stock of the situation as regards your interaction with the rest of the world. Believe me, they won't even notice you are missing, so don't give them a second thought.

The next thing to do is decide what you will do for an income, remembering to hold your heads up in public and proudly announce that YOU TRIED, and that you will discuss the matter fully with anyone who feels they lost out when your business sopped trading. Talk to them and nip the problems right in the bud, leaving the way clear for you to CONTINUE YOUR LIFE UNTARNISHED.

Let me know what your biggest problems are and how they are affecting you, and hopefully I will have some experience to draw on which will help in some way.

Regards. Bob.
PS. The people who have never failed have probably never tried anything.

couldhavebeenasuperstar

Thanks for the advice Bob.
Hopefully i will be able to work all this out with the help of payplan and i must say that the support from people on this site may well have saved my life, I know that sounds very dramatic but reading some of the other threads I have started to realise that nobody can or has the right to turn of the light at the end of my tunnel !
I wonder some times do these credit controlers who call you up demanding money realise that actual impact they have on another human beings life, I have a wonderfull wife who has been great and is my main reasons for not just throwing the towel in.
Just the thought of all of these people on this site have been through what I am going through or worse helped me raise a smile yesterday for the first time in months and months and I must admit a tear or two was shed just from the relief.
I will keep posting as this mess gets sorted out so if just one person stops feeling they way i have been feeling it will be a result.
THANKYOU TO EVERYBODY.

Conor_3

couldhavebeenasuperstar wrote:

Will i be treated as a second rate citizen if i do have to go bankrupt ? , I don't know maybe i'm just after reasurance that its not just me.

Not at all. Unless you want credit over £250, you don't even have to tell them. If you run a business, you simply have to put your name T/A company name on the paperwork.

You say it has taken a toll on your mental health. Before I went bankrupt, I felt the same. On the day the judgement was made, after I came out the County Court office it was like the weight of the world had been lifted off my shoulders.

IVA's are OK if you have alot of equity in your home but in my opinion, they just make things worse for the future. You can't get credit whilst in IVA and your credit record will be screwed for 6-7 years after it's finished making 13 years in total.

Bankruptcy OTOH lasts 12 months now in most cases. Two years out and I have a better credit rating than the missus. If you rent or have little equity, you'll keep your home. You'll save £1000's in repayments which you can now save for stuff instead of being permaskint trying to meet the IVA payments.

Just my 2p worth.

kevker

I agree with everything Conor says. And before everyone starts jumping on their high horses and saying you should pay off what you owe, bear in mind that in some cases circumstances dictate that this is impossible. After being declared bankrupt it was a weight off my shoulders too. People then say you can't get credit! Well I couldn't before I was made bankrupt, so what's the difference. Think long and hard, but I'm sure you know what's best for you.

Conor_3

In an ideal world, you would pay off what you owe. But if your income vs your debt means you'll be living a life of struggling for the next decade, it's madness.

Far better to admit you made a mistake and take the opportunity that a clean slate gives you. The people who banked for honest reasons tend never to do again. It's only dodgy businessmen and the criminally irresponsible that do it many times.

Saying that, half the fault lies with the companies willing to lend money to people who can ill afford to repay it. There's countless people posting for advice on here who have levels of credit card and loan debt that banks would have never given out even 10-15 years ago.