72k in debt....I feel sick

Merlot

MMD,

I am pleased to read that you are going to post your SOA, I will look out for it. We wouldn't recommend a remortgage anyway, no point turning unsecured debt into secured debt, we don't want you at risk of losing your home. Just remember to pay priority debts first, mortgage, council tax, ulility bills, secured borrowings, everyone else can whistle, if you ain't got it, you can't give it. just send a token payment of £1 with the letter you can get from this site, and it will give you some breathing space, and change your phone number, or borrow an answer machine.

I feel as though you have made a significant step this morning by saying you will post your SOA, we are here to help, not judge, and most of us are in the same boat but to different degrees of debt.

Merlot.x.

trevindra

re the silent phone calls, have had a brainwave, googled the number and it is British Gas! we have just changed over to them and apparently they are well known for doing this. I also was directed to a thread on MSE which was really helpful, I am so glad I found this site!
We have also found that the CCCS have been absolutely brilliant with help and advice so do use them, I just wish we had done something sooner instead of relying on the good old HSBC to help us out which of course they have always been keen to do so they get their commission, we were blind to all that but not anymore. sorry for the rant but it doesnt half help to get things off your chest!!!

Merlot

trevindra wrote: »

re the silent phone calls, have had a brainwave, googled the number and it is British Gas! we have just changed over to them and apparently they are well known for doing this. I also was directed to a thread on MSE which was really helpful, I am so glad I found this site!
We have also found that the CCCS have been absolutely brilliant with help and advice so do use them, I just wish we had done something sooner instead of relying on the good old HSBC to help us out which of course they have always been keen to do so they get their commission, we were blind to all that but not anymore. sorry for the rant but it doesnt half help to get things off your chest!!!

Pleased to read that you are tackling your debts too, it is a huge weight off your shoulders, and you can rant all you like, we are here to listen.

Merlot.x.

Dithering_Dad

Hi moneymeltdown,

I've just read through your thread and I think it's great that your OH and mum are being so supportive as this is often not the case.

I don't understand though, with £72k of debt, no equity in the house (which given the recent drops probably means negative equity) and 27 years projected debt repayment (:eek:) why you don't just declare yourself bankrupt?

In many cases, especially with negative equity you can even get to keep the house. Instead of struggling along for a couple of decades, you could write off the debt and get on with your life, but this time live within your means. After 1 year you'll be discharged and after 6 your credit record will be clean.

I never really understand why DFW's who are in similar positions to yourself struggle along for years to pay back debt (much of which is charges and interest) when the better option is to go bankrupt. While I'm sure it's very noble to have the "I ran up the debt, so I will pay it back" attitude, I think your future and your families future are far more important that principles.

SuziQ

Re th silent phone calls-many of these are just computers redialling over and over again,if anyone anwsers and an advisor is free they take the call. I used to work at NHSDirect and the calls literally just arrive in your earpiece! If all advisors are busy then the computer eventually cuts off the call.

sunnybubble

sorry for assuming that you were in your twentees etc. - it is just that you have mentioned parental understanding towards your situation....
as far as i know creditors have to treat each and every debt case with simpathy and understanding-i.e they have to leave you enough in the kitty to live on( it is a standard banking code) therefore they can only push you so far by their own regulations. once you can prove that you were taking out credit to pay for credit etc. and were being aprooved more of it, they will have to write most of it off... so worry, but do not worry to much, if you remortgaged and have no equity you can always sell and move on(based on the fact that you do not have negative equity), and the unsecured lot shuld be ok to be iva-ed. i suppose you will have to face up some changes in the next few years.
i must also mention the wisest thing i ever heard was from one of my professors years ago at uni. he said - the best thing that could happen to you is an F on the begining of a course from something that you do not quite understand, because it will make work harder, and be a lot more in deph towards it in the future. i suppose you had an F from managing your money, but look on the bright side you do not have children at home starving and it has happened to you when you are only responsible for yourself.
so many people on this site can validate this - there is always a way out(usually not an easy one), but if you understand where you went wrong, and change your attitude to money you can live a very money- happy life.
good luck to your battle.

moneymeltdown

MBNA have just called me at work AGAIN after being asked not to countless times. they are SOOOO rude...they have just advised me that my account is going to be defaulted next month...what does this actually mean?

DeepintheRed

Hi MMD ... Just wanted to add my support. I've got debt of approx £60K and haven't got the support of CCCS because my expenditure exceeds income so there's nothing for DMP until we sell the house and my car. I have the support of my OH and haven't yet defaulted on any payments which is a blessing but the time will come!

Everyone on MSE is very supportive of each other so don't give up! We're all in this together.

Good luck

moneymeltdown

thankyou DeepintheRed...everyone's support means a lot to me at this awful time! just eaten cheap pasta with cheap tomato sauce all weekend ..... bleurggghhhhh!

churchrat

sunnybubble wrote: »

as far as i know creditors have to treat each and every debt case with simpathy and understanding-i.e they have to leave you enough in the kitty to live on( it is a standard banking code) therefore they can only push you so far by their own regulations. once you can prove that you were taking out credit to pay for credit etc. and were being aprooved more of it, they will have to write most of it off...



I am sure that sunnybubble is trying to be helpful but this is so untrue!!
they are NEVER sympathetic and understanding and will push as far as they can get away with. If you know your rights, never speak to them, only deal in writing and send everything by recorded post then they will abide by the stated regulations. If you do none of these things they will pretty much treat you as they like. Thats why cccs and payplan are so helpful. Also, they do not HAVE to write anything off (unless you are bk ofcourse) They will not care that you have nothing left in the kitty to live on, eg, if you send them an income/expenditure sheet stating that if you pay them the x£'s they are demanding it will only leave you £10 a month to live on they will say "great and if you now change your mind and can't pay we will take you to court".
If you are going to deal with them yourself you must know exactly what your rights are or they will walk all over you. For example, there is some really good advice on here about telephone calls that constitute harrasment, and I think that the phone calls to your work may fall into that catergory?? maybesomeone else will know????
Once an account has been defaulted it starts along the path of dca's--both inhouse and external. On the whole, these are much easier to deal with than the companies themselves, so its not such a bad thing.
goodluck and keep posting. you will get there in the end, but it will pretty uncomfortable for a while.