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  • FIRST POST
    • leftindebtbysport
    • By leftindebtbysport 13th Oct 18, 3:24 PM
    • 5Posts
    • 5Thanks
    leftindebtbysport
    Can't see a light at the end of the tunnel
    • #1
    • 13th Oct 18, 3:24 PM
    Can't see a light at the end of the tunnel 13th Oct 18 at 3:24 PM
    I am new here and trying to find some help.

    I had a very successful and well paid job in professional sport and established my own business alongside. Unexpectedly I have lost the job in professional sport (no fault of my own - long story) and so I find myself with the much lower income from my own business which has limited earnings - it just about covers my monthly outgoings - mortgage etc.

    I have accrued a lot of debt on credit cards paying for my daughter to compete in her sport (she was a top level athlete in a sport that does not receive any UK sport funding and funding relies on parents to fund) - unfortunately she has now had to retire due to lack of funding and is at University.

    And so I find myself with 35,000 of credit card debt split across 8 cards, credit rating now does not allow me to switch to any 0% interest deals, crippling interest on them all, I have equity in my home but can't get access to this due to being on my own and on reduced income.

    As I am now only classed as self employed I have to deal with business debt line and they have told me to talk to all the credit card companies myself which I started to do but they are reluctant to freeze interest as I am not being helped by Step Change, Pay Plan or similar and SC, PP etc won't help me because I am self employed. I am finding it all really difficult and can't believe I am in this mess from having such a successful career. I am absolutely rock bottom. The debts are all from my daughter's sport.

    Any advice would be greatly appreciated as I it takes hours on the phone speaking to the credit card companies and I feel I am getting nowhere.
Page 1
    • sourcrates
    • By sourcrates 13th Oct 18, 5:13 PM
    • 15,570 Posts
    • 14,645 Thanks
    sourcrates
    • #2
    • 13th Oct 18, 5:13 PM
    • #2
    • 13th Oct 18, 5:13 PM
    Hi,


    Sorry to hear about your woes, however you need to approach this in the correct way, stay off the phone, its never productive in these circumstances, as all you get are call handlers with limited discretion, everything should be in writing only, you can say your taking advice from National Debtline, stepchange, and you can now throw in MSE too.

    You tell them what you want them to do, of course you ask nicely, and include your reasons why you need this interest stopping, say its unfair of them to treat you the same as someone who is ignoring their responsibilities, when you are trying your best to pay back what you owe, at a rate you can afford.

    Do a comprehensive budget, after all essential payments have been made, whatever is left is your disposable income, you use this to pay your non priority credit card debts, split it between your creditors, include a copy of your budget in your letters.

    Creditors do not always confirm acceptance, although some may, some may not, just start paying the reduced amount on a monthly basis, although its best to hang on and save an emergency fund for a few months prior to doing this, most will fall into line, creditors have a duty to treat people in financial difficulty fairly, 30 days grace with no collection activity is the current norm, so you will be OK.

    Remember to keep them updated on your plans regularly.
    Last edited by sourcrates; 13-10-2018 at 10:45 PM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • leftindebtbysport
    • By leftindebtbysport 13th Oct 18, 9:03 PM
    • 5 Posts
    • 5 Thanks
    leftindebtbysport
    • #3
    • 13th Oct 18, 9:03 PM
    • #3
    • 13th Oct 18, 9:03 PM
    Thank you Sourcrates for taking the time to reply to me and that is reassuring to know that the phone route is not the best as it was very depressing and time consuming.

    I will take your advice and make a start on writing letters. I really appreciate your kind words.
    • zippygeorgeandben
    • By zippygeorgeandben 13th Oct 18, 10:16 PM
    • 930 Posts
    • 1,273 Thanks
    zippygeorgeandben
    • #4
    • 13th Oct 18, 10:16 PM
    • #4
    • 13th Oct 18, 10:16 PM
    sourcrates you always give such rational advice. You're a real credit to MSE.
    Savings End September 2018
    September 2018 986.09
    October 2018
    November 2018
    December 2018
    January 2019
    • CrazyCatLady
    • By CrazyCatLady 14th Oct 18, 12:42 AM
    • 150 Posts
    • 474 Thanks
    CrazyCatLady
    • #5
    • 14th Oct 18, 12:42 AM
    • #5
    • 14th Oct 18, 12:42 AM
    I am really sorry to hear all of that. Are you able to take on any part-time work?
    • -taff
    • By -taff 14th Oct 18, 8:50 AM
    • 8,494 Posts
    • 7,214 Thanks
    -taff
    • #6
    • 14th Oct 18, 8:50 AM
    • #6
    • 14th Oct 18, 8:50 AM
    It might be worth seeing if you could move sideways from your sport but use the contacts etc you built up, maybe coaching, maybe lecturing etc....
    • leftindebtbysport
    • By leftindebtbysport 14th Oct 18, 11:36 AM
    • 5 Posts
    • 5 Thanks
    leftindebtbysport
    • #7
    • 14th Oct 18, 11:36 AM
    • #7
    • 14th Oct 18, 11:36 AM
    Yes I am looking for full time work or part time work but this is proving much harder than I imagined. My business actually takes up full time hours but the financial gains are limited at the moment as I have to plough so much back in so getting another job has to work around the business as well. I can't say too much as it is so specialised it would reveal who I am!
    • leftindebtbysport
    • By leftindebtbysport 14th Oct 18, 11:38 AM
    • 5 Posts
    • 5 Thanks
    leftindebtbysport
    • #8
    • 14th Oct 18, 11:38 AM
    • #8
    • 14th Oct 18, 11:38 AM
    Hi Taff
    Thank you for your advice and taking the time to reply- I am just completing a masters degree (distance learning) and am looking to go back into lecturing but very hard to get a job even on a pt basis. Can't find any work - I am based in the Midlands
    • datlex
    • By datlex 14th Oct 18, 12:54 PM
    • 1,799 Posts
    • 1,704 Thanks
    datlex
    • #9
    • 14th Oct 18, 12:54 PM
    • #9
    • 14th Oct 18, 12:54 PM
    Is there anything that stops you expanding where you can work?
    • elsien
    • By elsien 14th Oct 18, 1:05 PM
    • 17,411 Posts
    • 43,909 Thanks
    elsien

    As I am now only classed as self employed I have to deal with business debt line and they have told me to talk to all the credit card companies myself which I started to do but they are reluctant to freeze interest as I am not being helped by Step Change, Pay Plan or similar and SC, PP etc won't help me because I am self employed.
    ........

    Any advice would be greatly appreciated as I it takes hours on the phone speaking to the credit card companies and I feel I am getting nowhere.
    Originally posted by leftindebtbysport
    Have you been back to business debtline to tell them about the issues with freezing interest and to see if they have any advice or template letter you could use?
    Writing is generally better than phoning - and quicker - when dealing with creditors.
    ETA -they have template letters on the site, try using those.
    Last edited by elsien; 14-10-2018 at 1:09 PM.
    All shall be well, and all shall be well, and all manner of things shall be well.

    Pedant alert - it's could have, not could of.
    • sourcrates
    • By sourcrates 14th Oct 18, 9:47 PM
    • 15,570 Posts
    • 14,645 Thanks
    sourcrates
    National Debtline have a series of sample letters for various purposes, they can be found here :

    https://www.nationaldebtline.org/EW/sampleletters/Pages/default.aspx
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • leftindebtbysport
    • By leftindebtbysport 15th Oct 18, 10:42 AM
    • 5 Posts
    • 5 Thanks
    leftindebtbysport
    Thank you for all the advice, I have been looking for work for some months alongside the business - without any joy - often not even receiving a reply. I can't sell my home as I won't be able to get another mortgage and don't want to be without a home - my daughter still lives at home while she is at University. I don't want to disrupt this. However the advice I needed was how to cope with the debt whilst I am looking for work as I can't make the credit card payments with their crippling interest rates. I am writing all the letters today and staying off the phone - I think the phone calls have been the problem and particularly draining.
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