Remember. It’s not that bad

mufc689908

As long as your mortgage is paid and your taxes are under control no matter how much unsecured debt you have the important things in life are you and your family’s health. 

Messed up credit file? You will come through it. Do not let it ruin your life!!

[Deleted User]

…...except that unsecured debt can destroy your health, psychologically and emotionally; the suicides during this pandemic are frightening numbers, so people aren't letting it happen the situation does  

sourcrates

Only if you let it Catsacor, I think people put too much pressure on themselves to pay off unsecured debt, this can be fueled by creditor contact, ignorence, shame, whatever it may be, but the worst that can happen is a CCJ, is that really worth worrying over that much ??

I don`t think it is, you can just walk away from unsecured debt, with very little in the way of real consequences, if its a choice between talking your life for something no one really cares about, or walking away, my boots are already on my feet, i can tell you, nothing is worth taking your own life for, nothing !!

enthusiasticsaver

Some people go down a rabbit hole though and can't see a way forward when they are overwhelmed by unsecured debt and constant juggling of payments, deals etc.  Yes you can walk away and put up with a destroyed credit file but you are dealing with emotions like fear, anxiety and shame so some people cannot think rationally. The stress has already probably made an impact on the debtors health
I would prefer tighter lending restrictions and more intervention at an earlier stage but lets face it the banks, sub prime loan companies  and credit card companies are not going to do that unless they are forced to. It is too lucrative for them as they generally get hundreds of thousands of pounds worth of interest out of people before they get to the stage of completely sinking. 

[Deleted User]

sourcrates said:

Only if you let it Catsacor, I think people put too much pressure on themselves to pay off unsecured debt, this can be fueled by creditor contact, ignorence, shame, whatever it may be, but the worst that can happen is a CCJ, is that really worth worrying over that much ??

I don`t think it is, you can just walk away from unsecured debt, with very little in the way of real consequences, if its a choice between talking your life for something no one really cares about, or walking away, my boots are already on my feet, i can tell you, nothing is worth taking your own life for, nothing !!

Oh i agree, but we see posters on here who are on the brink and I hear from acquaintancies, who have contact with such people, that it's very different for them; anxiety and mental health is just a debt away to them, be it a 3 figure number or higher.
I have a family member who is of a very nervy disposition and regarding their debt - the only way forward is not a levelheaded and logical one   

monetxchange

I agree on the forgetting about the credit file, but many people in a debt spiral haven't even managed to get solvent enough to get a mortgage yet/are behind on rent and maybe have tax debt too (I certainly did). It might insinuate there's no way out for those that are in trouble with these two things, and there certainly is!

Fireflyaway

I agree that if you have housing and an income of some kind, debt can be managed. Debt definitely does cause stress and emotional issues but sometimes I think it's because people don't know what options are open to them, or have never been in debt and get over worried about demands from creditors or fearful of potential action such as bailiffs. Too much emphasis is placed on credit scores that's for sure! Far better to let your credit score drop than to go without food and be worried 24/7. Personally speaking, my credit score probably couldn't be worse but I have somewhere to live and I have food and heating. I have a income and my health.