Life is a real mess.

Johnny_English_5

This is a long story so thanks in advance for reading.

Between us, my former wife and I ran up some pretty serious debt (mortgage, secore loan, credit cards, overdraft). I estimate the total to be somewhere in the region of £100,000.

The minor debts are being dealt with under a voluntary agreement, we've signed over the house to the bank and we both live in rented houses now.

The secure loan hasn't been paid for some months now.

For quite some time, I've been living off my overdraft (it gets paid every month from my wage, but gets used over the month) and now the bank (same as we have the mortgage with) is withdrawing my overdraft because of arrears on the mortgage. This will leave me with no money at all. To top that off, I've been ill for the last month so only have SSP coming in.

My immediate (short term solution) is to simply move all my direct debits, etc to another current account I've had for years but hardly used and get my wages paid into that (no overdraft so not the same trap).

Now as I've said, I've been off sick for a month. does anyone have any advice on how to deal with my direct debits? Most are in arrears already - will they let me take a month off paying and simply extend the payment period by a month?

I must pay my car insurance and rent (and gas, electric, etc) to live and work. The remainder won't be met by the money I have coming in.

Any have any advice (I know I've lived a very stupid life for a while and will fully accept any and all insults in that vein)?

Suicide isn't an option as I'm a coward

KingElvis

Get your current account swaped now, like yesterday. Make sure the bank you're swapping to has NO connection to the one you have arrears at.

I hope it works for you but don't let the bank offset your debts against money you need to live on :-)

vasseur

Suicide isn't an option anyway (I hope your remark was tongue in cheek ) - if you haven't got it they can't take it, it is after all just money. Concentrate on getting better.

Marisco

Hi Johnny, you won't get insults here, just very good advice;) As has been said change your a/c straight away! Are the debts joint? If you put up a SOA I'm sure there will be many who can offer you good advice on saving on your expenditure.

Harry_Flashman

Been there mate - it'll all come right eventually. I contemplated the bullet too - but it ain't the answer.

bottleofred

Hi Johny,

I've only ever gotten support and good advice from this forum, so don't worry about insults etc. You should definately post a statement of affairs for advice on how to save money and change your bank account ASAP. I know it does not seem like it now, but things will get better.

Good luck

justjohn

Johnny_English wrote: »

Any have any advice (I know I've lived a very stupid life for a while and will fully accept any and all insults in that vein)?

Suicide isn't an option as I'm a coward

rofl lol:rotfl:

ukjs1976

As others have said suicide certainly isn't the answer.
At the end of the day it is only money.
They can't take what you don't have, being in debt isn't a crime, in fact
it's the reality for loads and loads of people now.

The banking industry has been bailed out to the tune of billions of
pounds by each and every one of us in this country.
The whole situation of banks chasing countless numbers of people
for debt when they owe each and every one of us a FORTUNE is a bit of a
bad joke really, when you think about it.

Anyway, in my experience i would say take the following action:

1. Work out and write down everything you owe and to who,
write down every day to day cost you have e.g. food, bills, etc etc.

2. Contact a not for profit organisation like the
CCCS for example and tell them everything.
They will have realistic solutions.

3. Switch to your other current account asap, ensuring it has no connection what so ever to the
institutions you have debts with.

Once you've done the above the worry will be so, so much less.

cheers.

Johnny_English_5

I thank you all for the supportive posts

I've already gotten some advice on the bits that I can sort out (arrangements with all the credit cards, arrangement with the car loan people, etc).

I guess I'll need to play some hardball with the bank and make an offer to pay back the overdraft in small chunks (to be honest, if it wasn't for this, it'd be mainly manageable).

I will be changing my account - I have a current account that I've just used for play money in the past (ebay sales, etc) so I'll just start using that as my main account and my Santander account will lapse into disuse.

The suicide comment was very tongue in cheek - it did cross my mind when it all went FUBAR originally though.

Thanks again guys