Credit Agreements and Mental Illness

Thrifty_Pixie

if you are more than likely going to have to pay your debts (as appears to be the case from those more knowledgeable in this area than me) why not do as others without any mental issues are doing on here, and approach StepChange or similar to start a DMP? that way you would be dealing with all your debts, wouldn't have anything hanging over your head, and therefore your mental health would be more protected?

all this 'ducking and diving' is going to do is make you more ill and kill your self esteem.

michael1983l

Thrifty_Pixie wrote: »

if you are more than likely going to have to pay your debts (as appears to be the case from those more knowledgeable in this area than me) why not do as others without any mental issues are doing on here, and approach StepChange or similar to start a DMP? that way you would be dealing with all your debts, wouldn't have anything hanging over your head, and therefore your mental health would be more protected?

all this 'ducking and diving' is going to do is make you more ill and kill your self esteem.

I wish I could but that is impossible for me. As I explained in an earlier post I owe my parents a large sum of money of which they have a loan in their name, this was taken before any of my personal debt. I have 2 years running to pay this off with them. If I approached any DMP, IVA or Bankrupsy then the relevant people would not take this debt into account and would not leave me with enough money to pay my parents. This would of course put my parents into the same position as me and I could not live with myself if this happened.

Hence I am stuck ducking and diving until this point. My work life insurance covers suicide, so if at any point they forced me to stop paying them, that would be my only remaining option.

ghostmadlittlemiss

michael1983l wrote: »

I wish I could but that is impossible for me. As I explained in an earlier post I owe my parents a large sum of money of which they have a loan in their name, this was taken before any of my personal debt. I have 2 years running to pay this off with them. If I approached any DMP, IVA or Bankrupsy then the relevant people would not take this debt into account and would not leave me with enough money to pay my parents. This would of course put my parents into the same position as me and I could not live with myself if this happened.

Hence I am stuck ducking and diving until this point. My work life insurance covers suicide, so if at any point they forced me to stop paying them, that would be my only remaining option.

No money problem is worth dying over, believe me. Your parents would rather have you than any amount of cash. :grouphug:

On a more practical note, on the online Debt Remedy on StepChange's website (formerly CCCS), there's a section for loans to friends and family in the Outgoings section. So you could enter your monthly (or however often) payment in there and it would be part of the outgoings that you have to pay before you can pay any debts and your amount for repayment would be calculated from the money left after that, if that makes sense.

As I said before though, it's not worth dying over. If you need to talk privately, please feel free to PM me.
Kayleigh

Thrifty_Pixie

michael1983l wrote: »

I wish I could but that is impossible for me. As I explained in an earlier post I owe my parents a large sum of money of which they have a loan in their name, this was taken before any of my personal debt. I have 2 years running to pay this off with them. If I approached any DMP, IVA or Bankrupsy then the relevant people would not take this debt into account and would not leave me with enough money to pay my parents. This would of course put my parents into the same position as me and I could not live with myself if this happened.

Hence I am stuck ducking and diving until this point. My work life insurance covers suicide, so if at any point they forced me to stop paying them, that would be my only remaining option.

whoever told you you can't add a family loan onto a DMP? i've read here that it is treated as a priority debt such as council tax so there is no reason that you couldn't carry on paying them alongside your other debts.

michael1983l

I was advised by the debt charities that I could attempt to add it on but the creditors didn't have to accept it and that I would have to treat them the same as all of the other creditors. i.e. pay them a proportion of the debt by pro rata. This advice was taken 2-3 years ago, so if it has changed or it is wrong, then I would be delighted for somebody to point me in the right direction and let me read it in black and white on somewhere officially.

Takeaway_Addict

michael1983l wrote: »

I was advised by the debt charities that I could attempt to add it on but the creditors didn't have to accept it and that I would have to treat them the same as all of the other creditors. i.e. pay them a proportion of the debt by pro rata. This advice was taken 2-3 years ago, so if it has changed or it is wrong, then I would be delighted for somebody to point me in the right direction and let me read it in black and white on somewhere officially.

No money issue is worth suicide, remember that and remember it thoroughly. Yes it may take years to pay it back but its not all about deprivation. You can enjoy life on little money.

michael1983l

Takeaway_Addict wrote: »

No money issue is worth suicide, remember that and remember it thoroughly. Yes it may take years to pay it back but its not all about deprivation. You can enjoy life on little money.

ITs not the impact on me that is the problem, it is the impact on my parents. That is unacceptable.

Thrifty_Pixie

michael1983l wrote: »

I was advised by the debt charities that I could attempt to add it on but the creditors didn't have to accept it and that I would have to treat them the same as all of the other creditors. i.e. pay them a proportion of the debt by pro rata. This advice was taken 2-3 years ago, so if it has changed or it is wrong, then I would be delighted for somebody to point me in the right direction and let me read it in black and white on somewhere officially.

you could always ask CAB or call StepChange and ask?

skcollobcat10

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