Help needed! £70,000 owed

Rgc_3

CFC wrote:

Listen, this is a board to help people who are in debt. We may not approve individually of the fact that they ARE in debt, but for heaven's sake, they've finally faced up to the fact that they are and they have to do SOMETHING about it.


Simplybroke, you are still living beyond what you can afford, by the look of your SOA. The first thing you have to do is to cut your living expenses so that there is more incoming than there is outgoing. Until you do this you are in 'nowhere' land. If you go for bankruptcy you simply won't be able to spend beyond your means any more, because there will be nowhere you can get the money from, unless from friends or relatives. It may mean you have to sell your car, or move to a shared house, and you will simply have to do whatever you need to do to reduce your expenditure.

There are many people on here who will be able to suggest cutbacks to you to get you into that position.

As for going bankrupt, it is a serious decision and you do need to look into it to see if it's the best answer for you. It is the best answer for some people, but it's a painful road for several years. People who decide to go bankrupt suffer a lot. I do not believe it is an easy option, and for people who are working and who will go on working, and hoped to own a house one day, it's no bed of roses. It's often not the best option, but sometimes it is.

As for everyone who feels the need to offer a simple moral solution ie what the hell did you do with the money, you should pay it back - get a life. Doubtless the people who are in this kind of debt have families to have a go at them when they have to admit how foolish they've been. They don't need anyone on here to sing the chorus.

To be honest, people never seem to have anything to show for it so it's rarely gone on wonderful jewellery and cars that they could sell to recoup the money. It would be better if it had.

Simplybroke, I'm sorry you've been met with a moral chorus. It does sometime seem that some folk on here have a knee jerk reaction when the word 'bankruptcy' is mentioned.

I have to say i agree with you on your latter points...im seeing this behaviour on some posts by a minority and it goes against the forums founders desire for this to be a non judgemental forum...the posters have came here for advice not to be belittled ....how mant lurkers are withholding posting their financial problems ,desperate for advice yet put off by the minority that criticise and chastise...heres hoping the forums admin take a stance on those few

Weeble

Can I just say I agree with the last couple of posts. I am a newbie on here, and no wonder the OP has not responded! These people who start preaching seriously worry me, if they are so righteous, why are they on here in the first place, in the debt section??
Everybody has differing reasons as to how and why they end up in a mess. I consider myself pretty sensible and level headed. I don't wear designer gear, drive a flash car, have taken 2 foreign holidays in the last 10 years (pricebreakers!), and live in an average house.
I take responsibility for our debts, stupidly thinking that the bank was looking after my welfare with its advice...how wrong could I be! Yes they didn't force me to sign, but they sure didn't advise against it either...

5 years ago I had my lightbulb moment, and even now there isn't a day goes by when my debt isn't on my mind. I was disgusted in myself when I worked out the total amount we owed. It is very easy to get a distorted view of your debt when it becomes spread over several creditors.
My biggest mistake was falling for their annual account reviews, and the subsequent refinancing. The problem as I can see now was obvious, but the bank decided to lend nonetheless. They knew full well that we were living day to day on credit (shopping and petrol etc),
and just 'advised' us into borrowing more, until our outgoings exceeded our income. I was so naive to trust them. You end up paying interest on interest..

I tried moving the balances on our credit cards, but once the minimum repayments got too high it was useless. An unexpected drop in income and two family deaths, one involving a long illness,time off work and long distance travel, and that was it. (no inheritance before anyone....). So thats what we did with our £70000. I wish I had £70000 of assets as some of these posters imply, if I did I would simply sell them and repay the money straight away.....

I was terrified. I went to the CCCS, before we missed any payments, though this didn't make a scrap of difference by the way we have been treated by the creditors. We have had a DMP for 5yrs, the CCCS were wonderful, though more recently I have experienced a few problems. I would guess this is just through the sheer workload, and it can only get heavier. I wish I had gone to them so much sooner, I went to the bank earlier, telling them how worried I was, and came out even deeper in debt.

I still worry, constantly ask myself can I afford/want/need it. I have even felt guilt at a day out at the seaside...it never leaves me. I struggle on a monthly basis but oneday know it will be worth it.
There are some positives from the situation, I have a great respect for money now, read every bit of smallprint, look at every financial company with distrust...bargepole is my new word! I actually get some satisfaction when my budgeting works, and we will be in a strong position when the debt is paid.

Sorry to rant on but my blood boils when people kick you while you are down.

Phoenix79_2

lynzpower wrote:

Delboypass.

Cindy reports her sister has learning difficulties. You have been rtremendously offensive, and Ive reported you to abuse.

If you have nothing nice to say, go elsewhere, thank you.

I think some people are over-sensitive. :rolleyes:

What I find more disturbing though is that Barclays have dished out £10k to someone who has never worked a day in their life. What were they thinking?