My credit card debt situation...

mayabee_2

I agree - this is an inspiring tale of hard graft and dedication. Congratulations and i hope i am as successful as you.

Thefunkygibbons

This thread is always worth a read

corners_2

Have just read through from start to finish...................INSPIRATIONAL

*Motivates self to review & tackle own debt*

WELL DONE ROCHDALE GUY, thanks for sharing

XX

brokenwings

i am so impressed and encouraged

well done and ty
x

ceegee

It would be nice to know how Rochdale_Guy is getting on these days.

paulw_3

This is to help anyone who is feeling desperate at this time of year in spirralling debt(see list at bottom to skip a long boring tail) I am 25 and just come out of a (whisper) gay relationship
I stupidly helped my partner with a new satellite telly playout business who's clients never paid their bills, they were Nigerian.

I have run up credit card debts of approx £29,000. This has been the case for a year now. I have a mortgage of 218,000 for which i pay £1400 pcm. My partner took the funds on a second mortgage of £18,000 to clear some of their debts. I have been finding those repayments of £300 pcm for a year now to stop re-posssesion. Before it all went wrong I invested in an off plan property abroad using unsecured loans (cos thats what those pieces of plastic are)of £30,000 on 0% offers (see below)
Obviously those came to an end a long time ago.

My partner got a car on credit when we moved in to dumb to realsie he could never pay for both and I had to pay the bailiffs not to take it away on one occasion, it was then hidden from the creditors by my ex whilst we split up. My partner was never able to pay towards our mortgage and I have received court papers placing an order for £30,000 on their share of the property should it be sold. I have registered a block on it and informed the court and loan company of the last location of the vehicle (had enough of that car id actually like to push it off beachy head). They havent told me of any update yet.

I rent out our home for £850 pcm and have my post re-directed to my parents. I have taken my ex-partners belongings and put them in storage until they pay back over £10,000 I am owed in personal debt. I have to write off the other £ 5000 invested in the business They have also been convicted of ABH for an assault on me before we split. One day I hope i can proof that I have made all the mortgage payments and it will be mine. Their debt to me can be cleared from their initial deposit and money spent on flooring, decorating etc. My ex has also pressurised me to ignore the mortgages and let the home be re-possessed.

I haven't been able to pay the minimum payments on the unsecured cards or the loans and have been advised by the CCCS to go bankrupt. I cannot do this because I am waiting for the overseas property to be completed which I would have to declare or risk being imprisoned for fraud.

I have opened a cash only account in preperation for bankruptcy but since nothing has happened in the last twelve months i have started using my Switch card account that is in an arranged overdraft. I now put main income in the cash only to clear all bills and debt repaymnets and I use the other for remaining wages and just for going out, petrol,food etc.

I get the re-directd mail asking for payment, even offering 75% settlement on both cards and loans. I have set up standing orders with all of them for £5 a month, they continue to threaten me with visits to my home but my tennants don't answer the door to me let alone a random person asking for me. They have threatened to enforce deduction of my wages with my employer but I am a sole trader for several companies ( how I got such amazing credit as self employed with no proof of regular income is laughable)

Forgive me but this has been going on so long now I can't get upset about it, I can't see any way out of the debt but there comes a point where you just have to smile and get on with life. I won't be going to jail so what else is there to worry for?

I am in a shared house with no mail to open and have an income of £4000 per month, £3000 of which goes on my secured debt.

I know some of this is my own fault but I was with a successful person who trusted in their clients to adhere to the contract they were bound by. It is a dominoes effect that makes the world go round.

I continue to have hilarious converstations with my creditors who get quite aggressive when I don't play ball, particulary MBNA but they know they shouldn't have just given me so much money with no proof of income, which at the time was a third of what i earn now. I tell them to make me bankrupt and take the court action they keep promising but they never do. They keep calling with a new offer of settlement but I decline and say I'm happy to pay a fiver a month until I drop. They talk about honour and I tell them they work for MBNA, then they put the phone down. I have never lost sleep and continue to go out and party like any 25 year old. My creditors don't know of each other and that's the way i hope it stays. I feel very sorry for the families of those who have taken there lives over lesser problems than mine, it is not worth it. They want you to be in debt to them it is their purpose in life.

I hear so much talk of bad credit as if it is the worst thing ever, I don't need to borrow again and I wouldn't want to. My parents are of the generation where you only buy what you can afford but they understand my circumstances are slightly different. They know the overseas property can be sold and one day I'll move in to the apartment I rent out or maybe continue to take income from it. I wouldn't say I have no regrets but I would do most of it all over again, just without being so generous with other peoples money.

I have ccj's too from an unscrupulous solicitor but nothing has ever come of them, like bad credit who cares?

By the way the loan offers are still coming through thick and fast, they ask for it they really do.

In a nutshell these are my debts, have a good christmas

mbna £7500
marbles £5000
cahoot £4500
citi £4500
egg £3800
all/mbna £4000
natwest £6500

loans

egg £ 22000
cahoot £ 7000

mortgage

1 £ 215,000
2 £ 15,000

Tondella

Hi PaulW, hope you have a merry Christmas too! Do you want advice on the debts or are you just posting to get it off your chest? Sounds like you've got a lot to juggle, have you thought about contacting a free debt management company like CCCS? They might be able to advise you on the joint debts, or someone like citizens advice bureaux could help out? It's good that you can see through this and you're obviously very pleased to be out of that abusive relationship, however, thinking of the future and maybe meeting someone else - wouldn't it be nice to get those debts sorted so that you can be free of them forever?

paulw_3

thanks, i guess it was a bit of both.

I have spoken to the CCCS and they are ready for me to say the word and go bankrupt. They say I can't possibly maintain the repaymnets and afford to live. Then the creditors get nothing. I would rather stay solvent and have a life. I've been threatened with court action for so long now and nothing ever happens. Happy New Year.

veron_uk

I'm so afraid of writing my debt down on paper because that makes it more real! I know! An ostrich you say! I admire you guys who are here and on your way to being debt free. Will that be me one day? I'm 32, have a child, lousy job, whilst my peers are all rolling in it with great holidays, etc! My own fault of course! All went okay until I fell pregnant and after resorting to retail therapy during my post natal depression..... I am now trapped in this quagmire of debt! Of course I know that shopping doesn't make me happy but it's a little too late for that now! I have a lost of £210 pcm that is going to be paid off in March 2009, £190 pcm paid off this Sept 2006, hundreds of pounds in credit card bills and overdraft charges, and I earn only £700 and £300 goes to the nursery for my son. Therefore I'm in the red EVERY bleeding month! So lost..... what am I to do? What happens if I declare myself bankrupt? Will my house be re-possessed? Will my husband be affected? Will our employers have to be told? How long is it on the record for? Is there any point in living now?

JAMIEDODGER

please veron...post your incommings and outgoings so we can start to help...no one will judge you as most of us are in debt ourselves, youve taken the first step hun thats the bravest part xx