stuck over debts

ash4becks

iam in a big mess 26k at 24 most of this was when i was a bit unstable health wise mentally a few years ago, i was assulted and never got over it this had a massive bearing on my state of mind i didnt realise my situation till months later often was going out on spending sprees of 3 or 4 grand a day and had to move out of parents because of my behavoir

this is all credit card debt but for a student bank account, is there anyway some of this can be wrote of i really dont want to go bankrupt but if it has to be done then so be it due to my mental health i have depression and post tramitic stress

atm going back to work is not a option now have a condtion that affects me for life now on top of other things , i recive dla and income support have nothing worth much and are in rented council

any advice would be great x

Happytogetdebtfree

Hi ash, could you post a statement of affairs for income and outgoings. Re debts I don't know it's best to wait for further advice fro
the more clued up peeps. Have you spoken to citizens advice re finance maybe a dmp might be advised or an iva, I don't know much about either but didn't want to read and run

Fitzer2000

Hi Ash, Well done for posting here. As Happy suggest, if you could post a statement of affairs I'm sure we can advise you on the best course of action. Have a good day mate and hope to hear from you soon.

Tixy

Hi Ash

I would think in your situation if you are not working then maybe bankruptcy might be a more realistic option for you. As others have said a statement of affairs would be a good starting point http://www.makesenseofcards.com/soacalc.html. Are you actually paying anything towards the debts at the moment?
Do you have CCJs for some of the debts currently?

I would suggest you contact one of these places for advice to see if there is any other realistic option other than bankruptcy - https://forums.moneysavingexpert.com/discussion/2077631

ash4becks

Tixy wrote: »

Hi Ash

I would think in your situation if you are not working then maybe bankruptcy might be a more realistic option for you. As others have said a statement of affairs would be a good starting point http://www.makesenseofcards.com/soacalc.html. Are you actually paying anything towards the debts at the moment?
Do you have CCJs for some of the debts currently?

I would suggest you contact one of these places for advice to see if there is any other realistic option other than bankruptcy - https://forums.moneysavingexpert.com/discussion/2077631

i really dont no if theres a ccj to my name, i had to move 3 times in a short period of time so letters still might be going to other adress i have lived at , and i still might have to move again with medical stuff :mad:

iam not paying nothing atm was told not to of cab till i decided what i was doing as not to favour a creditor but i now get more dla now from 750 in benifis to about 950 but budget would be affect yet still as iam going back to college before i lose my sanity yet further

with moving my sofa was damaged so something else to pay out and i desprately need wardropes also

but its the question over my mental health and can any of this be wrote of because of this what i really want to no, even if it was only some of it then paying some of it of would seem more realistic

ash4becks

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 950
Other income............................ 0
Total monthly income.................... 950

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 40
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 30
Gas..................................... 60
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 10
Mobile phone............................ 27
TV Licence.............................. 26
Satellite/Cable TV...................... 20
Internet Services....................... 15
Groceries etc. ......................... 250
Clothing................................ 40
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 80
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 50
Pet insurance/vet bills................. 30
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 40
Holiday................................. 40
Emergency fund.......................... 20
replace sofa/ wardropes needed.......... 40
learning to drive ...................... 40
Total monthly expenses.................. 948


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
credit /store card.............24000.....0.........0
overdraft .....................2750......0.........0
Total unsecured debts..........26750.....0.........-


Monthly Budget Summary
Total monthly income.................... 950
Expenses (including HP & secured debts). 948
Available for debt repayments........... 2
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 2

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -26,750
Net Assets.............................. -26,750

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

Tixy

Its very rare that debts will get written off, even for people with health or mental health problems. MSE are supposed to be writing a guide soon with help and suggestions for people who have run up debts due to mental health problems and to help prevent them do so again in the futue - not that that helps you right now I know. http://blog.moneysavingexpert.com/2008/05/12/mental-health-and-debt-true-bravery/ Might be worth looking on the MIND website to see if they have any further advice already. http://www.mind.org.uk/campaigns_and_issues/current_campaigns/in_the_red

Are you being formally treated for mental health problems (as in could your doctor provide notes of problems over a long period of time- if that would help(?))

Is your dla you receive as a result of your mental health problems or your other condition you mention?
I really don't know much about this sort of situation but I would say its pretty unlikely you would get the written off, but I do think you could consider bankruptcy as a more likely option.

I see you say you have spoken to CAB, what did they say in regard to bankruptcy?

One other option you might have is to consider looking at whether any of your debts may be unenforceable. This would only apply to agreements taken out before April 2007 but if some of yours were you could possibly consider this option - look here for advice and ask on there. https://forums.moneysavingexpert.com/discussion/2532927
Please do note though that your debts would not actually be written off, plus if you already have CCJs then this may not help.
To find out if you have CCJs you can either check anonymously online at the registery trust website (costs £8 per address you search), or you could get copies of your credit reports ensuring you give them your past addresses - this second option is cheaper but does mean your creditors will then know your current address.
If you do want to get your credit files then you can either do free trials online (only free if you remember to cancel within the month) or can pay £2 each to get the statutory reports (best to get both experian and equifax)

Tixy

ash4becks wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 950
Other income............................ 0
Total monthly income.................... 950

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 40 is the rest of this paid by housing benefit?
Management charge (leasehold property).. 0
Council tax............................. 0 is this paid by ct benefit?
Electricity............................. 30
Gas..................................... 60
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 10
Mobile phone............................ 27
TV Licence.............................. 26 this is only £26 for the first 6months, then will go down to £13, do you know when that will be?
Satellite/Cable TV...................... 20
Internet Services....................... 15 try to get a combined deal either in with landline or in with satellite tv
Groceries etc. ......................... 250 this seems very high for one person alone, many people manage on less than £100. Maybe work on reducing this a bit.
Clothing................................ 40 do you need to spend this every month? maybe cut out for a while or at least halve the amount you spend?
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 80
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 50 can you save money by using a prepayment certificate?
Pet insurance/vet bills................. 30
Buildings insurance..................... 0
Contents insurance...................... 20 looks quite high, shop around for a cheaper deal, use the tips on this website and you might be able to halve this cost.
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 can you reduce how much you spend on everyone a little
Haircuts................................ 20 can you go less often or use a training college which is much cheaper
Entertainment........................... 40
Holiday................................. 40 can't really afford this with your debts.
Emergency fund.......................... 20 have you got anything saved from this?
replace sofa/ wardropes needed.......... 40 try looking on freecycle/freegle these often come up on there. Or look in the paper or on ebay for cheap second hand ones
learning to drive ...................... 40
Total monthly expenses.................. 948


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
credit /store card.............24000.....0.........0
overdraft .....................2750......0.........0
Total unsecured debts..........26750.....0.........-


Monthly Budget Summary
Total monthly income.................... 950
Expenses (including HP & secured debts). 948
Available for debt repayments........... 2
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 2

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -26,750
Net Assets.............................. -26,750

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

I've put a few comments in. I think there are a few areas you can save money or cut back in.

ash4becks

Tixy wrote: »

I've put a few comments in. I think there are a few areas you can save money or cut back in.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 950
Other income............................ 0
Total monthly income.................... 950

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 40 is the rest of this paid by housing benefit? yes
Management charge (leasehold property).. 0
Council tax............................. 0 is this paid by ct benefit? yes
Electricity............................. 30
Gas..................................... 60
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 10
Mobile phone............................ 27
TV Licence.............................. 26 this is only £26 for the first 6months, then will go down to £13, do you know when that will be? no
Satellite/Cable TV...................... 20
Internet Services....................... 15 try to get a combined deal either in with landline or in with satellite tv this is tv net and phone line
Groceries etc. ......................... 250 this seems very high for one person alone, many people manage on less than £100. Maybe work on reducing this a bit. i dont eat what you would call adult food so pizza,chips etc so kids food really and cooking from scratch not a good idea with me cumsy and i give up how many times i have burned myslef trying , i live on using my mircowave really
Clothing................................ 40 do you need to spend this every month? maybe cut out for a while or at least halve the amount you spend? i buy a lot on line at once so this is spread out over a peroid of time , admit iam a shopaholic thou
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 80
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 50 can you save money by using a prepayment certificate? densite etc free, its more sheets and paying for duvets etc to be washed every few weeks because of allergys
Pet insurance/vet bills................. 30
Buildings insurance..................... 0
Contents insurance...................... 20 looks quite high, shop around for a cheaper deal, use the tips on this website and you might be able to halve this cost.
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 can you reduce how much you spend on everyone a little this is saving for mums and dads and xmas only
Haircuts................................ 20 can you go less often or use a training college which is much cheaper i tryed that never again they bleached my hair 3 times to get it to work hair was straw for months afterwards
Entertainment........................... 40
Holiday................................. 40 can't really afford this with your debts.
my sanity this i go up to norhumberland with dog charity and help out up there on the stalls and camp with my dog free food but you work for it , this helps me menataly as its a break from home, never been away abroad since 19 this is the only place where iam truely happy
Emergency fund.......................... 20 have you got anything saved from this?
yes dad keeps this for me
replace sofa/ wardropes needed.......... 40 try looking on freecycle/freegle these often come up on there. Or look in the paper or on ebay for cheap second hand ones
i have did the second hand thing everything in my bedroom atm is second hand i just want something new for once so it at least matches i did get a small wardrope of ebay for 42 quid that was 400 new and is my pride and joy i do look for sofas on there too as i have the dog if its the right price i buy it cheap but has to be what i like
learning to drive ...................... 40
Total monthly expenses.................. 948


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly.. .APR
credit /store card.............24000.....0.........0
overdraft .....................2750......0.........0
Total unsecured debts..........26750.....0.........-


Monthly Budget Summary
Total monthly income.................... 950
Expenses (including HP & secured debts). 948
Available for debt repayments........... 2
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 2

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -26,750
Net Assets.............................. -26,750

Percy1983

Just reading the above it seems you do have the money to clear the debts but you seem resistant to any cutback in your current lifestyle.

ash4becks

Tixy wrote: »

Its very rare that debts will get written off, even for people with health or mental health problems. MSE are supposed to be writing a guide soon with help and suggestions for people who have run up debts due to mental health problems and to help prevent them do so again in the futue - not that that helps you right now I know. http://blog.moneysavingexpert.com/2008/05/12/mental-health-and-debt-true-bravery/ Might be worth looking on the MIND website to see if they have any further advice already. http://www.mind.org.uk/campaigns_and_issues/current_campaigns/in_the_red

Are you being formally treated for mental health problems (as in could your doctor provide notes of problems over a long period of time- if that would help(?)) yes i have been on meds from 2006 i think , i was assessed for bi-polar 2007 they said no nana had just died weeks before hand i was a state guessing he thought it was to do with that , mental health dischared me after that, now back to them again doc said about bi-polar again differnet doc u never see the same one twice where i go as has cab adviser she known me for years said the same ,

cab said bankrupcty to me but income was less then but i no she has wiped debts b4


Is your dla you receive as a result of your mental health problems or your other condition you mention?

will just give you the list :rotfl:if i dont laugh i cry over this

dyslexia reading age of a 10 year old
disbracia as bad as it gets
ocd
anxsity
depression modrte can but bad thou
posttrumatic stress over assult
hypermoblity syndrom (pain in joints that comes and goes can be really bad to the point of being near bed bound) still being investagated
allegys grass and dust mits really bad had me in hospital a few times
loads of ear and throut infections
asthma

I really don't know much about this sort of situation but I would say its pretty unlikely you would get the written off, but I do think you could consider bankruptcy as a more likely option.

I see you say you have spoken to CAB, what did they say in regard to bankruptcy?

One other option you might have is to consider looking at whether any of your debts may be unenforceable. This would only apply to agreements taken out before April 2007 but if some of yours were you could possibly consider this option - look here for advice and ask on there. https://forums.moneysavingexpert.com/discussion/2532927
Please do note though that your debts would not actually be written off, plus if you already have CCJs then this may not help.
To find out if you have CCJs you can either check anonymously online at the registery trust website (costs £8 per address you search), or you could get copies of your credit reports ensuring you give them your past addresses - this second option is cheaper but does mean your creditors will then know your current address.
If you do want to get your credit files then you can either do free trials online (only free if you remember to cancel within the month) or can pay £2 each to get the statutory reports (best to get both experian and equifax)

i havent heard about this before i no theres defualts on my file but iam sure i was still trying to pay these of till about 2008, remember barclys 3000 creditior give me that at 18 thou, looked at it seems a minefield :eek: