Picking up the phone to debt

hfdka

Good morning,

So I am sat here on week two of "I promise I am going to sort this", still having done nothing. I am hoping I can get some emotional support.

I am a social work student in my second year. I suspended last year as my mum has stage 4 cancer and my brother attempted to take his own life, he has PTSD after his time in Afghan and is currently in a psych ward. I have bipolar disorder which has been managed by drugs for the past 5 years. Over this year I found it very triggering having to care for my mum (I was neglected as a child and was taken into care). So, typical BP disorder I started to spiral and ended up spending money on all these *great* plans to make money on my year off. 

So, I have 10k of debt split between a bamboo loan and Aqua credit card. I have been paying the loan off for a year and have only just started to see money come off the initial 5k debt. The credit card has gone over the limit and I am only paying the minimum amount each month. I don't know what to do and i'm frozen with fear and indecision, I dread my phone ringing and have stopped answering calls.

I filled in a stepchange account and the recommendation is a debt relief order, I am not sure if that will affect my employment as a social worker. I don't want to write off my debts, I really want to clear them, I just don't know what to say to the debt companies. I am lost right now. Mentally I am better than i was, I did attempt to take my own life twice this year but I know its not the solution, I have 4 children and I know it would destroy their life.

fatbelly

Have you talked to a stepchange adviser?

It's better to use the brain of an experienced adviser rather than an internet tool.

If the tool recommended a DRO that would mean it had identified you as having less than £75 per month available to your debts, and I am guessing the contractual amounts are more than that.

I wouldn't phone the creditors, particularly as you have told us about your mental health. Anything you need to do, do in writing. That could be a holding letter. This one's from National Debtline, which is another good source of free help

https://nationaldebtline.org/sample-letters/hold-action-your-account/

For us on this board, it would be really helpful if you could supply a statement of affairs. This is a link to a calculator. Please format for mse

https://www.lemonfool.co.uk/financecalculators/soa.php

EssexHebridean

As always great advice from fatbelly there. The SOA is a bit of a must before we can give much practical help so get that sorted ASAP - don't overthink it too much - get together a years worth of bank and card statements and then complete the SOA based on your actual income and expenditure - be sure not to fill it in based on what you think you should have been spending - there's no judgement here so just be open and upfront - only with the accurate information can accurate help be given. 

Possibly the most important thing here is to check where you are at on the MH stuff -  is that currently under control and any medication/support required in place and being effective? If not then a visit to your MH specialist might be needed - remember that's better done sooner than later if this is the case, and having things on an even keel will truly help everything else seem more manageable of course. You've been through a huge amount - don't underestimate that!  Also remember - taking your own life never provides a solution - it just creates more questions for those remaining. Ultimately you want to see your children grow up, blossom, and turn into wonderful caring adults (very much the same as you have, by the sound of it, turned into!) so don't risk cheating yourself out of that - please speak to someone immediately if you start having suicidal thoughts again. 

If you want to stop the phone calls then you can simply write to each of your creditors instructing them that they are not to contact you by telephone and anything they need to say to you must be sent hard copy, in the mail. Some will possibly still call - I believe they can then be reported to the relevant authority though for ignoring your clear instruction. You can also block all the numbers you know are from creditors - or at the least mark them clearly so you know who they are when they appear - and simply don't answer unknown or caller withheld calls. That should hopefully help you to feel that you are rather more in control of things there, and reduce the stress as a result. 

Is there anything that can be salvaged from the money spent on the money making schemes? Anything you can move forward with that WOULD allow you to earn a bit of extra income, or anything that can be sold to recoup some of the spending? 

Best way to find out if a DRO would affect you being employed as a social worker is to ask someone who will know the actual answer - a course tutor perhaps? I absolutely understand and admire your determination to clear the debts too however remember that solutions like DROs are there for a very good reasons and they are also there to be used by those qualifying for them. If you are determined to clear things fully yourself then the SOA will help up to help you see a way forwards on that. 

hfdka

Thank you both for the really kind and really helpful advice. I haven't spoken to a person at Stepchange, its very hard for me to do so right now without becoming overwhelmingly upset. I did go on line and both companies have agreed to give me breathing space for one month and two months respectively.

I will head over to the SOA calculator now and update, thank you.

hfdka

i Have my last three months expenditure broken down already, in terms of the soa should I use those as an average?

fatbelly

hfdka said:

i Have my last three months expenditure broken down already, in terms of the soa should I use those as an average?

That sounds good.

The online approach is sensible - that's what the paper letter I suggested earlier was asking for.

You've got a bit of time now to weigh up your options.

sourcrates

Please remember that its only money, it`s not worth mithering about, honestly, the people at step change are well used to dealing with those in debt, so no need to feel anything but positive about things, once a solution is in place, things will seem much better to you.

Don`t feel you must be a martyr to your debts either, if a DRO gets you back on your feet, then don`t think twice about it, most jobs are not affected by having one, it`s been a rough few years for you, and that can only help to build character, you can do this.

gizmo111

Best way to find out if a DRO would affect you being employed as a social worker is to ask someone who will know the actual answer - a course tutor perhaps? I absolutely understand and admire your determination to clear the debts too however remember that solutions like DROs are there for a very good reasons and they are also there to be used by those qualifying for them. If you are determined to clear things fully yourself then the SOA will help up to help you see a way forwards on that. 

There are no credit checks when applying for a social work post with an LA, the exception being if the team you apply is based in a police station and you have enhanced police checks including credit checks to work there, you have to be clear to be able to take the post.  Otherwise all fine to be employed with DRO.