Frightened about my future

GeorgeUK

One thing you will probably be advised by the debt charities, but thought i'd mention it too while you are still in employment, is that it may be a good idea to open a new bank account with someone you don't owe any money to so that only you will be able to take money out of your account and not the bank trying to take some of what is owed.

You need to be a little careful as some banks are associated with each other eg HBoS & LTSB, but something like a basic co-op or post office aco!!!! may be worth opening so that you can get any income put away safely.

good luck

mouseann

Thanks George UK,

Will bear this in mind. Not sure whether any bank would take me on - as I know they do quite rigorous credit checks and, although I haven't defaulted on any payment (yet!) I am sure they will find out how much I have outstanding on the cards when they do a check.

May investigate this, though.

Thanks again

mouseann

Thanks Primrose,

I am ashamed to confess that it is my retirement which has prompted me to take my head out of the sand. I realise that things would have been much better had I addressed this issue a couple of years ago.

I am now coming to terms with the pride thing - just wish it hadn't taken me so long.

Mouseann

zarazara

Definately a step in the right direction. Some other posters have considered a part time job or just not retiring at all yet. Good ideas.

Tixy

Hi ann

Just to let you know you should be able to get a bank account without a credit check - you need to specifically ask for a basic bank account (all banks do them, but they don't advertise them). This will as George says mean that your pension etc will be protected from your creditors. The co-op cashminder account is well regarded on here and is useful if you have debts with a lot of the big banks etc.

Good luck with everything and do hope you get some professional advice.

MyopicMoo

You can open a basic bank account in branch, you don't get credit facilities so it is ok if you haven't go a good credit rating.

Oops - got distracted mid-way through writing. I see Tixy beat me to it.

basmic

Give National Debtline a ring, or even have a browse around their website (link).

I really do find the people on the phones very non judgemental, and always looking out for you and keeping you on the right side of the law. I would like to say they are responsible for some lengthy expensive phone calls (down to them being patient with me!) - but since the number is FREE, I can't!

Don't get me wrong, C.A.B. are very good! But nothing beats a free phone number 9am-9pm during weekdays, with people who specialise in debt. No trailing and waiting for an appointment then a queue.

Before you either phone National Debtline or visit the C.A.B., I would suggest filling in a Personal Budget Sheet (link) and getting your head straight about what you owe. Only once you know you true expenditure, can you face things head on.

planning_ahead_2

Hi Mouseann

Just wanted to send :grouphug:xx - hugs - xx :grouphug:

As you have already found out, you will receive excellent, non-judgemental advice from the people on this site.

The only thing I can add is that when I finally faced up to our debt situation and got the courage up to add up our total debts it was a huge relief - the total was shocking and upsetting but at least I knew where we stood. Strangely enough knowing exactly how much we owed was a relief, as was having this 'instant and supportive family' on MSE.

It may be possible that some of your debts are unenforceable - there is a huge thread on here and never-in-doubt could advise you on that - definitely worth looking into.

I don't know what your employment situation is, but as Primrose said - do you have to retire in March? It may be worth speaking to your employer/HR department as many companies are happy to extend employment beyond 65 now.

slicsav

Hey Mousanne
I've just managed to open a basic account with A&L which is a means of keeping my income away from my creditors. No overdraft facilities with it which in itself is a blessing.
The guys/girls on here have been so helpful and showed me how to organise my spare cash to sort out my creditors. Fingers crossed!
One thing you must remember is that you cant go to jail because you're in debt. This site has shown me that there are loads of us in this position.
Worst case scenario if all goes pear shaped is that you rent somewhere, and lets be honest, that's not that bad a though either!
The people tell me that if you have x cash left per month and x debt - say £400 and 40k you offer 1 pound for every hundred
:-)

Verbatim

Hi,
Is there any chance of delaying your retirement for a year or two?

good luck with sorting it out.