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Beyond stressed :(

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So according to Experian, my debts are £20,336.00 along with a £1500 overdraft and a £8700 overpayment from HMRC. Basically drowning in debt and feel like my life is ruined.

I've just admitted defeat and accepted that my business venture isn't working out and have applied for Income Support in the form of Universal Credit, appointment is on Wednesday. In limbo at the moment as I have no idea of finances moving forwards. I also return to uni in October which further complicates the situation (student loan and subsequent change to universal credits).

I don't know what to do. Planning to ring a debt advice line tomorrow. I owe my mum £4000 and I give her £180 p/m towards a loan she took out for me (this ends Oct. 2017). Obviously there will be no allowance for that and I can't cope with the guilt of putting her in such an awful position of struggling to pay back debts that aren't even here except for in name.

I actually hate myself and feel so stupid for ruining my life in such a way. To top things off - I'm studying for a degree in Accounting, who in their right mind would employ me?!

Sorry, just needed to vent and get things off my chest. I can't talk to anyone in 'real life'.

Comments

  • Mel1
    Mel1 Posts: 3 Newbie
    Don't give up - actually knowing what you owe and having a plan to move forward is a great first step, right? You'll be a better accountant because you understand the human side. If accountants were all perfect with money there would be hardly any - a bit like nurses who are often overweight because they're too busy looking after everyone else. We screw things up, then we keep going. Hang in there :)
  • I have a friend, often on the tv relating to football club finances, who is also a lecturer in accounting.

    Whilst this is slightly off topic and purely anecdotal, I was flabbergasted to find that the pass mark for accountancy exams, well the ones he is involved with anyway, is 40%!! So, you can be 60% wrong and still be right. The mind boggles.

    Anyway, for the OP, give some serious thought to going Bankrupt. There are charities and utility companies who can help with grants toward the cost, and whilst it is not ideal in relation to your mum, there is nothing to stop you paying her back, as a moral duty rather than anything else, once you have been discharged.

    Good luck!
  • fatbelly
    fatbelly Posts: 22,912 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    A few thoughts...

    Do you research before launching into any debt solution. Bankruptcy may not help your job applications if you are looking for a career in accountancy.

    Get your advice from reputable organisations that do not have a 'product' to push. National Debtline fits the bill.

    How much do you owe in total? The family loan and the tax credit overpayment (if that's what it is) and probably other debts will not show on Experian.

    Is the tax credit overpayment recent? Have you taken advice on challenging this?
  • The old economic law of opportunity cost.

    The opportunity cost of not going BR is keeping a shed load of debt that you can't repay, in the hope of getting a job. The opportunity cost of going BR may be, as FB alludes to, that such a job is less likely.

    I will say that I have dealt with many accountants that have gone BR (one of them twice) and as far as I am aware BR itself does not prevent you from working in accountancy, but will, like as not, mean that membership of a professional body will be not possible for the 12 months of the BR.

    From the ICAEW site:

    "Although there is no prohibition on you being employed in an accountancy role during your bankruptcy you may find that some employers are reluctant to take you on. In particular accountants in practice may be concerned that this could have an adverse effect on their status. In such circumstances it may be worth suggesting that the practising accountant seeks advice from their own professional body."

    Thinking aloud, is it possible that you could be in and out of BR before you start looking for work, or pass your finals? That may work much better for you.

    Just a thought.
  • Thanks so much to everyone who's taken the time to reply. I'm going to post a SOA in a new thread, now everything (bar one debt) has been written down, BR is really my only option.
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