Frightened about my future

mouseann

I know!

But it is a rainy Bank Holiday Monday - and I don't want to resort to day time telly (yet!)

3Dogs

Hi everyone - think yourselves lucky - we have had several heavy hail showers here in the Fens - you can tell it's a Bank Holiday !!!:mad: Luckily we have little planned for today - but we still have to take the dogs out for their walks think I'll get hubbie to do all their walks today !!!

savingwannabe

Well done!

alland_2

Phew....just finished reading every post on your thread Ann !

Firstly I admire your strength in “coming out” so to say. I sincerely hope you can overcome your debt issues and enjoy your retirement in contentment.

I find myself in similar situation regarding my own level of unsecured credit card debts of nearing £120,000!

I am a 61yr old, who has been burying my head in the sand for way too long and just about meeting my commitments with minimum payments to service my credit card debts.

I am self employed and run a small business with 3 employee’s, It all started to get out of hand when the business suffered a downturn during the 2002 foot and mouth epidemic which affected movement on to farmland which my business relied on.

We struggled through and to keep my employees in a job I kept pumping money into the business from my personal credit cards, hoping to clear them when things improved at work, of course this was easier said than done, and although I was servicing the cards from the business income (at a level that was more than the minimum payments) the debts still got more due to the punitive interest rates that kept increasing at regular intervals.

The business is still going, but in the current recession is only just turning enough over to give everyone a continued salary. I still employ the same 3 guys, throughout the up and downs, they have stayed loyal to me when they could have moved on to a bigger company and probably earn more money.
So naturally I feel I have to try and keep things going for them as well as my wife.

I have always considered myself to be a strong individual, someone my family could look up to and come to for help. However the despair I feel now is overwhelming, I feel such a failure, my wife is fully aware of our situation and is my rock bless her.
But my kids? I just don’t know what they would think, their big strong dad, always there to offer advice as they grew up and started out on life’s journey...what a role model I turned out to be!

To test the water so to speak, I have written to a few of the credit card companies and outlined my struggling financial position, made token payments to the accounts and asked that interest is frozen and suggest we can work out a suitable affordable repayment plan, apart from one company the rest have refused and still pile on the interest each month which is plunging me deeper into debt. But given my age and the level of debt, in reality even if they all agree a repayment plan for me, it would still be an impossible task to complete in the working time I have left with an income , so what is left as other options for me is still not completely clear.

Over the last few months I have read the stories of many people on here and sometimes feel all is not lost and I am not alone in this dire position when I see how they have coped and moved forward.

I wish I could see a positive side to sorting my problems, but right now I just don’t know my next move. Should I try and obtain CCA’s and see which are unenforceable, or just roll over and go insolvent? ........

“Never- in- doubt”.... if you can find the time, I desperately need some of your sound advice... PLEASE Sir!

savingwannabe

Good luck my friend, I am sure someone clever will be along soon.

:j

mouseann

Hi Alland,

First of all, may I say thank you for your kind words. I hope that you feel better for "coming out".

I can totally identify with all of your comments and, apart from the fact that I could NEVER run a business, I can identify with so many of your comments, especially those about the banks and their punitive interest rates!

I do not feel experienced enough to offer any hard and fast advice but there are plenty of people on this board who can and will do this for you. All I can really suggest is that you investigate all possibilities - as you have already mentioned never-in-doubt will be able to advise you about the "fors and againsts" of the unenforceability route. As I am sure you have gathered, he has already been an invaluable source of help and advice to me.

But, as well as the above advice, the support and encouragement (totally and utterly non-judgmental) has kept me going. If you keep posting I am sure you will find that they will be here for you as well. Also, now you have finally got that head out of the sand (and I appreciate how difficult this is!) we will all want to be part of your journey and want to be kept informed of your progress.

I fully take your point about your family - I have told my own family absolutely nothing about my situation, even though it is difficult to keep up the front sometimes!

Best of luck with whatever you decide. You have come to the right place - your MSE friends are there for you.

Nargleblast

Welcome Alland, and well done for taking that important first step. You will find Never in Doubt sometimes on here, but usually on his own thread Unenforceability and template letters. That is, when he is not on "night duty" patrolling the Notice to Newcomers thread and hunting for trolls (go to that thread for an explanation). I am sure he will put you right.

alland_2

Thanks for the kind words of encouragement guys.
I know to-day is the start of a very long road, I am happy I came across your thread Ann, it shows that there is a time to face up to things, and for me that time has come...for better or worse !

savingwannabe

Well done on being brave anf facing up to it. Life is so hard isn't it?

NID is v busy at work as otherwise he would have jumped on by now and rescued you. Hang in there. You are in an exclusive club now of nice people and things will get easier i am certain.

Everyone on MSE is here as we want to learn to be better savers, spenders etc. What is so amazing is that there are so many people going through similar things.

I am ironing yuk. Weather is glorious here. Lovely and bright but v windy!!!

You will get used to me, i am bonkers. Ann, Jinny and everyone else keep me sane. Welcome.

:j

mouseann

Hi Alland,

You have probably reached the worst bit in admitting that you have a problem. I am not pretending that there is a magic wand to cure everything but now you are facing up to things it should make you feel that at least you are doing something. And we are all here for you!

Should have mentioned about never-in-doubt's own thread - if you go there I am sure he will help you out, but please keep us updated, even if it is only to post a link to NID's thread! NID is our hero!

And SawingWannabe is NOT bonkers - she is one of the nicest people I know and has saved my own sanity!