rogp

That makes me feel mildly better. I guess the underlying problems is the same whatever the amount.

Roger

MarkO

As the saying goes, the spending always expands to exceed the income provided.

Markus

I can understand this type of situation, as I was in a bit of debt with the ol plastic and an existing loan. I'd always paid at least the min payment on the card, thought usually it was at least 300 - 500 quid a month, no, tha'ts NOT the min payment before you ask, it's what I chose to pay. I then decided that enough was enough and managed to get a consolidation loan from Egg, which sorted things out for me, I now have one payment per month, lower interest rate than CC too. Have I cut up the card? No. Why not? well, the main reason being that for some things I needed the flexability of a credit card, examples, booking flights online (an I'm not talking holidays to barbados either, am talking about visiting my g/f). Plus as as transpiered I've relocated to Cananda, where I have no credit history at all, and until the bank accounts were setup and money transfered I had no real way to furnish my appt out here, hence having to use the ol uk card.

I know I've been a complete *** end when it comes to money, and I have changed somewhat, just wish I'd be a little more careful in the past, ah well, one day I'll learn.

I would echo the advice given about talking to the CAB, they might be able to advise, or at least hopefully put you in touch with a financial advisor type who will be able to look at your situation and advise you on the best way to sort things out. There IS light at the end of the tunnel, it might be a bit dim at the moment and a long way off, but it IS there and every day will bring you closer to that light.

Alas

Just be careful m8. The light at the end of the tunnel may be a train coming
You know yourself what you have to do. Stop spending. The guy mentioned earlier who does the TV show is Alvin. On the show the other week was a couple that owed 36k and were still spending.
Good luck and lots of willpower. If you want it enough you'll do it.
Alas

Jonto

Well, working in bankruptcy and liquidations etc i feel i am more that qualified to answer this question !

Depending on your debt and income, you could make yourself bankrupt. It will cost you £250 and your debts will be cleared. If you got no assets then you trustee won't be able to take them away. You will be bankrupt for 3 years and won't be able to get credit, but hey, you saved yourself about 20k ! We see poeple doin this on a professional basis !

Plus, the enterprise act comes in soon, which over rules the insolvency act so you might even be discharge in less than 3 years !

Dracoro

Having being declared bankrupt on your credit history is far worse than 'merely' a bad record of paying back debts.

+ you won't be able to start your own firm for yonks, credit companies CAN give you credit after 3 years but you'll find a job getting one that will. AFAIK you won't be able to get a mortgage either!

Be very careful before you go down the bankruptcy route. If after a few years you can clear your debts by paying them off then do it. If you're £100,000's in debt then maybe think bankruptcy.

Whatever you do, seek financial advice (not from scoobynet ) and speak to a professional who will guide you right.

[Edited by Dracoro - 19/06/2003 16:10:44]

Dracoro

Apart from anything else, how on earth do you get into £30,000 (1.5 x typical wage of say £20k) worth of debt yet have NO assets? quite an achievement

Jer

Get in more debt, buy loads of stuff on cards and credit then make yourself bankrupt. Make sure you don't show anything that they can take of you.

red_dog104

Poor him. I have less than that to pay everything!!!! Some people don't know when they are well off!!

unclebuck

UB

south-star

Is that you UB.......not how i imagined you...

Jonto

Ok then, go for an IVA and pray your creditors except it !

weapon69

Haven't read all the messages, so sorry if im repeating someone else but make sure you transfer all your credit cards to ones with 0% interest (introductory offers but buys you time) I have a large debt on a credit card/overdraft but all the loans i looked at ended up being more expensive in the long run than the interest and repayments i pay now. Im gonna work my ar$e off to clear it instead i've learnt my lesson

rogp

Someone raised a very salient point 'how can you owe so much and have nothing to show for it?'. Bloody good question!

I have lived beyond my means for too long and not thought ahead to the consequences further down the line. Its not excuse, but I went through a period of depression after a really messy relationship and I used to make myself feel better by spending money. Stupid I know, especially as I'm now very happily seeing someone else but don't have enough money to get a place or even buy a car!

Its a downward spiral, but I had considered bankruptcy, although I will need to know if affects my chances of getting a mortgage in the future. Does anyone know if your credit history is transferable to another country, as the g/f and I are planning to emigrate to NZ within the next 5 years or so (dependent on the state of my debts obviously).

What a wonderful place this forum is, it has helped just learning from you all and hearing about your experiences.

Roger



[Edited by rogp - 20/06/2003 00:39:04]

roscoe

Rogp.
Can you sell? What line of work are you in? One of my guys earns £500 a month in his spare time. Mail me if you're interested.


info@embroider.co.uk

[Edited by roscoe - 20/06/2003 00:51:25]