In a bad, bad place........

chase99

Hello people, this is my first post having registered this afternoon so forgive me if i've placed this in the wrong section.

Basically i'm looking for some advice, here's a brief description of where i'm at. I'm a 28 year old male who (like many of you on here i'm sure) grew up in the easy credit years. I've worked in semi decent paying jobs since finishing studying and had credit thrown at me, but somehow have managed to amass a huge amount of debt. I spent several years being a bit of a dosser spending on drink and drugs then got my act together completely and started working hard. Only problem is i never paid any debt.

Time just passed and the letters kept on coming, i paid various bits and pieces but it never lasted due to change of or lose of jobs. Basically right now I think I owe anywhere up to £15k, no idea who it's too as I am terrified of opening the letters, I changed my numbers and no longer answer the phone to private calls. I cringe everytime the phone rings.

Another thing I have always suffered from severe depression, this debt issue is the only thing on my mind and I just don't know what to do. Suicide has been a very real option at some stages. (surpressed by massive amounts of meds) I can't bear to go Bankrupt as i'll never get on the property ladder (something that my partner is very keen to do)

Sorry for ranting, not really sure what i'm looking for on here, I looked into trying to void the loans through the new loopholes but don't know if they are a scam. if there are any kind souls with some friendly advice for an extremely stupid man, please fire away.

Chase

RAS

Hi

We nee da bit more information

What sort of debts? Credit cards, phone accounts etc.

When did you take these accounts out? Any you may not have paid in the last 6 years?

BEAT_THE_DEBT

Hi are you in touch with any counsellor for you depression at the moment?
Dont panic everything can be sorted just start by breathing in and out thats all for the moment.xx

chase99

Brief summery:

£8000 personal un-secured loan
£2000 Mastercard
£2000 Over draft (got out of hand very fast)

The rest is misc stuff that all just adds up :-(

I think I have made payments within the last 6 years but i've somehow convinced myself it's someone else's problem, if that makes sense? I can't even remember when I took the credit. So confused.

chase99

About the illness, yes med's are in place. Wouldn't wish it on my worse enemy :-(

BEAT_THE_DEBT

This debt can and will get sorted out. You and your health are most important if you see a counsellor talk this through get help from free charities. I know whatyour going through my £34 cc debts plus loans is partly from my mixed affective disorder AKA bipolar. I will find a way through and so will you. Having a mental illness you know that you have battled far worse than money! Post a statement of affairs(someone clever will post a link). There is loads we can help you with when you are feeling up to it.x

RAS

OK

Basic rules

if you have not paid anythign in the last 6 years, then the debt is staute barred - Statute of Limitiations.

If you have paid in the last 6 years, then loans and credit cards are covered by the Consumer Credit Act. Both the Consumer Credit Agreement and the default letters have to meet legal requirements and there is a good chance that one or both are faulty, given the age of the debts.

The OD, you should start by making a reclaim urgently if iit is in the last 6 years, as you can get the debt reduced by the value of the excess charges.

And whatever the debt, with your history of depression, properly documented, debt companies should be very careful abut chasing you. Some are loathsome but yoyr starter for 10 would be a letter demanding that they only contact you in writing.

You could also use the services of a debt charity which would help but if you can bear it, it may pay to check the validity of the debts before you do that.

emmington_2

Hey Chase... Can I call you Chase?

I think that we are all pretty much in the same boat here so stick with this site and you'll come out the other side smelling of roses :cool:

Check this link out and fill in your SOA so that we can have a look and see what exactly is going on. We can all give better advice if we can see exact figures:-

http://forums.moneysavingexpert.com/showthread.html?t=107280

It is good to show willing with debtors so once you manage to figure out how much you can pay them each month you could maybe send them a letter (because I know the feeling of dreading speaking to them on the phone) and outline the payment plan to them. Some money is better than nothing.

:T:T:T

It's all good from here on in :cool:

Emmington

RAS

Lovely post emmington

Domjen

Hello

Please,please try contacting Consumer Credit Counselling Service, National Debt Line and/or your local Citizen's Advice Bureau. These organizations all have websites that I do urge you to visit.

They should be able to give you practical and impartial advice. You mustn't tackle these worries alone but they need to be sorted and starting with a debt adviser who is able to help you practically may be a start. You do not need this to complicate your illness but you need this sorted.

Best of luck

Jen
x

Tixy

You need to try and work out who you owe money to (who owns the debt now) and how much. You can do this by finding out letters that have been sent to you (providing they haven't been binned) or it can also be useful to get copies of your credit file from the 3 agencies (you can get them via a free online trial for 2 of them-but you need to remember to cancel them - or you can get the statuory postal reports for £2 each).

You also need to write up a statement of affairs - http://www.makesenseofcards.com/soacalc.html to see how much you can afford to repay off your debts now.
Bankruptcy is only the answer for a minority of people and its likely there will be other ways to sort your problem.

Well done for deciding to tackle things - as you have realised they won't go away and once you have started to get things sorted I think it will be a weight off your mind and will help you feel much better.

Good luck