Reasons for cause

YamahaR6

Hi, could someone cast their eye over this and tell me if they think I'm waffling or not? I feel like I've written war and peace!!

In 2003 my partner and I bought our first house together at a cost of £96,500. We were both earning a good wage so during the first couple of years in the house we took out various credit facilities to make home improvements. I had no problems paying my creditors at that time.

In March 2007 my partner left me to set up a home with somebody else, which was totally unexpected. Whilst he was still contributing to his share of the mortgage, all other bills were left for me to pay and this is when I started to struggle to meet everything. This went on for a few months until we agreed to put the house on the market.

The house went up for sale in November 2007 but in this time I had already found myself in a mess so I set up a debt management plan with a company called Compass to help cut down my monthly bills.

Whilst the house was on the market I moved out and moved into my brothers home however I still had to pay for council tax and gas/electricity standing charges on the property. Shortly after moving in to my brothers I was made redundant from my job taking my income from £1500 per month to zero. I used my redundancy money to pay my way until I could find another job.

I found a job working for a care home in Derby but the pay was around £700-800 less per month than I was previously earning depending on the amount of overtime I did. I was forced to move into rented accommodation in Derby (due to family dispute) and found that I was struggling even more to pay my rent/bills plus creditors on the salary I was earning, forcing me further into a mess. At that point I was borrowing money off my parents each month just get through to the end. I was using a LloydsTSB account at the time and went overdrawn one month by a few pounds. The bank charged me around £175 in bank charges for going overdrawn and as paying this wouldn’t have left me with enough money to pay my rent/bills, I stopped using the account.

I since found a better job with a better income and was starting to get on top of my finances, although only two creditors had agreed to the payments offered by my DMP company and I was continuing to pay admin fees to the DMP company for looking after the account.

In July this year my old house which was previously marketed at £95,000 sold for £73,000. We were told by the estate agent that this was the best price we would get and that considering the house had been on the market for two years we would be unlikely to get any more offers. We accepted but this left us with a mortgage shortfall of £20,000. I contacted the National Debtline and CCCS regarding my debt and after viewing the options given to me decided that this was the best course of action.

iquit

Clear and concise, well done.

MicheH

A well written statement. Hope you're feeling ok, I found new friends in the way of national debtline too, theyre invaluable. I went BR on Monday, no regrets.

Bethankim

Hi looks good the only thing i would add in is who your creditors are
the OR will want to know so just putting various is not clear enough. you need to out took a loan for XX amount in X year, or credit card wth XX company and has a balance of XX pounds on it.

I know you will have put it on the forms but the OR goes through your reasons so if its in there too then is easier for you when you have your interview.

YamahaR6

Thanks! Will go forth and amend!