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Debt Problems
Stevexj
Posts: 9 Forumite
Hi to all on MSE
I need some help or advice ! We are living on benefits as we have 3 children , one of whom is disabled so as a result i am unable to work through no fault of my own. We are not "Scroungers" ! But we have fallen into debt because of unscrupulous Lenders ie "Shoppacheck - sort of people who charge extortianate amounts of interest etc" ,and I dont quite remeber how it happened, but the Bank Im with has allowed us to run up an overdraft of £3600 which we have no way of paying back
We keep asking them to give us a loan but it keeps getting declined.
Now at the end of my tether I have been to the C.A.B who said they would get in touch with my Creditors for me and this is the good bit ,but I am a bit worried about it ! They told me to open a new Account at a different bank , Transfer all my payments in to the new bank + set up all my D/D`s an standing orders then just walk away from my old bank an let it go into "default", then the C.A.B could sort it out for me to only pay £1.00 a month. I feel this is morally wrong but if i cant get a loan to pay it all off ! What can i do ? apart from Bankrupcy and i dont wish to do that
I really need some help an advice on this one Thanks Steve
Ps Its driving me NUTS with stress and worry _pale_
I need some help or advice ! We are living on benefits as we have 3 children , one of whom is disabled so as a result i am unable to work through no fault of my own. We are not "Scroungers" ! But we have fallen into debt because of unscrupulous Lenders ie "Shoppacheck - sort of people who charge extortianate amounts of interest etc" ,and I dont quite remeber how it happened, but the Bank Im with has allowed us to run up an overdraft of £3600 which we have no way of paying back
We keep asking them to give us a loan but it keeps getting declined.Now at the end of my tether I have been to the C.A.B who said they would get in touch with my Creditors for me and this is the good bit ,but I am a bit worried about it ! They told me to open a new Account at a different bank , Transfer all my payments in to the new bank + set up all my D/D`s an standing orders then just walk away from my old bank an let it go into "default", then the C.A.B could sort it out for me to only pay £1.00 a month. I feel this is morally wrong but if i cant get a loan to pay it all off ! What can i do ? apart from Bankrupcy and i dont wish to do that
I really need some help an advice on this one Thanks Steve
Ps Its driving me NUTS with stress and worry _pale_
0
Comments
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Hi, I don't have any useful advice as I am a novice at all this, but I am replying to 'bump' your post back to the top of the list. Hopefully someone will be along soon to give you some useful advice!
0 -
Morally wrong - maybe - I feel the same about not paying my debts as they should be.
But at the end of the day your health and peace of mind are more important than worrying about a bank that has probably pushed more people over the edge with their exhorbitant charges and fees which amount to a heck of alot more a day than your total debts.
They won't think twice about badgering you to the point of going round the twist to get their money - that to me is also morally wrong
Weigh up the pro's and cons then I think you'll find that the C.A.B advise is the best way to go0
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