I think I have had my 'lightbulb moment'!

nicnox

Hi Everyone

I would just like to say that I have found the messages on this site really comforting and hopeful. My husband and I have been living in denial for nearly 4 years about the state of our finances and just last week I found this site and have seen the light.

We are approximately £72k in debt, including our first 'consolidation' loan and the rest on various credit cards. We have been keeping up with minimum payments for a long time now but have finally come undone, now that there is a 2% transfer fee on most cards. Although I found this utterly desperate when I realised, I think it was the best thing that could happen.

It is really embarassing as I work as an accountant and feel like I should have done a better job of saying 'NO' when we couldn't afford to do things, but I was proven to be a bit weak!!

After reading these messages I contacted payplan and have organised to speak with someone about our situation on Saturday. Whilst I feel like a failure and hate to see the distress in my husband's eyes, I am glad we have started the process of tackling our problems.

I am wondering does entering a debt management plan in any way affect my professional status (i.e. member of ICAEW)? I would be mortified if anyone at work found out about our problems.

Thanks again.

Nicnox

BlondeHeadOn

I can't answer your question - someone much more expert than me will be along very quickly, believe me! - but I just wanted to say welcome to the board. This place is great, and you will get loads of help.

There are also other accountants and even financial advisors on here posting about their debt, so you are not alone....

Asher

Wow this is tricky - I have no idea but someone will be along soon that will have. Anyway welcome to the forum.

do_it_today!

Hey Nicnox Well done for coming along and better late than too late I say :T you may feel like you are still sinking in the quick sand but you are now stepping up towards your solution :T unfortuneatly I cant spell or answer the professional question just saying welcome take a deep breath and relax you are on the road to turning your situation around :T

vics_1982

Hi There,

I'm not sure about the implications to do with the proffesion however if you go to aat website they have a forum full of useful info and if its not there you can ask on the forum.

HTH, well done for having lightbulb moment

Vics
xx

jenchin66

Hi and welcome, I think there is an accountant on here that has gone bankrupt

SunderlandBlackCat

nicnox wrote:

I am wondering does entering a debt management plan in any way affect my professional status (i.e. member of ICAEW)? I would be mortified if anyone at work found out about our problems.

Isn't there anything in the members handbook? I know there are restrictions on Auditors & Insolvency Practitioners.

nicnox

Thanks everyone! I have been on the ICAEW wensite and there is a helpline for ethics questions, so I will ring them and find out.

nicnox

Sorry, just a couple more questions....

- Has anyone got a dmp with payplan? We are having a call with them on Saturday and I am bit scared of how it will go....dot hey help you contcat creditors?

-It is a bit complicated but due to having to move for work....we have a mortgaged house, which we rent and we live in another city in a rented flat....so does entering a dmp with Payplan affect your ability to rent a flat. I think they do credit checks on you when you first move in right? I am worried in case the landlord decides to sell and then we have to find alternative accomodation and can't....

- Also, if I post my SOA can anyone give advice on how to cut back??

Thank you so much.

emzig123

Not sure about the first two Q, but definitely post an SOA, then we can all give you ideas on how to cut it down, well done on joining, this is the best site on the web!!!!

Millionare

nicnox wrote:

Hi Everyone

I would just like to say that I have found the messages on this site really comforting and hopeful. My husband and I have been living in denial for nearly 4 years about the state of our finances and just last week I found this site and have seen the light.

We are approximately £72k in debt, including our first 'consolidation' loan and the rest on various credit cards. We have been keeping up with minimum payments for a long time now but have finally come undone, now that there is a 2% transfer fee on most cards. Although I found this utterly desperate when I realised, I think it was the best thing that could happen.

It is really embarassing as I work as an accountant and feel like I should have done a better job of saying 'NO' when we couldn't afford to do things, but I was proven to be a bit weak!!

After reading these messages I contacted payplan and have organised to speak with someone about our situation on Saturday. Whilst I feel like a failure and hate to see the distress in my husband's eyes, I am glad we have started the process of tackling our problems.

I am wondering does entering a debt management plan in any way affect my professional status (i.e. member of ICAEW)? I would be mortified if anyone at work found out about our problems.

Thanks again.

Nicnox

Im almost 100% certain that a DMP does not effect your profession. Only Bankruptcy does.