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Starting Member

United Kingdom
11 Posts

Posted - 25 October 2009 :  15:38:02  Show Profile  Reply with Quote
Hi Falling Apart,
I'm new to this forum too, and this is my first post even though I've been reading in the wings for a while. I'm blown away by the all the support and well wishing that is freely given here, it really is reassuring to know there's a source of help around 24/7. I'm in a similar situation to yourself, I've debts of 89K in bank loans and credit cards built up from years (about 15 to 20) of consolidating and using cards to cover household costs. I used to have a good job and grossed 30k a year, but since being made redundant twice this year, I've come to the conclusion that at 51 there must be life after debt and so after getting financial advice have decided to go BR. The hardest part is making the decision as most people tell me. I'm not proud of my circumstances, i'm honestly ashamed, but if it was not for this recession the company where I worked for 26 years would probably be trading and I'd have a job and still be wading my way through the month with just enough money for food.
I think what I'm trying to say is that I've decided to draw a line in the sand and take another path.
A good friend summed up my circumstances and said "you've got a noose around your neck and it's the only thing that's holding you up and stopping you drowning".
It's time for a change - what's ahead in the near future can't be worse that the last few years.
Best of luck.
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Dec Bankrupt
Starting Member

United Kingdom
13 Posts

Posted - 25 October 2009 :  19:56:19  Show Profile  Reply with Quote
Originally posted by Falling Apart

I guess it must have been quite a struggle making nominal repayments over 2 years ... were you under constant pressure from your creditors or did they accept it?

I refused to allow any of the debtors a direct debt from my account and called every month the make card payments, which kept them informed and never reason to chase me.
I sent a printed statement I'd done with National Debt Line to the debtors with my proposed amounts and they accepted that. I only paid what i could afford and when it was pointed out it would take me 90 odd years to pay it all off, it was time to seek other solutions.

Hope all goes well on Monday

Edited by - Dec Bankrupt on 25 October 2009 19:56:57
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Falling Apart
Starting Member

United Kingdom
15 Posts

Posted - 26 October 2009 :  01:16:24  Show Profile  Reply with Quote
Thanks for the extra info and luck everyone. I'll give the Co-Op a call and see about setting up an account. Housing, thanks for that number, but where do you find these local telephone numbers? I've only got a mobile phone, so it would be useful to know as the "freephone" numbers certainly aren't!

Thanks for the DD info In 2 Deep, I'll cancel them and expect some calls next month. Should you let them know you're going BR or say something like you're struggling with repayments?

Thanks for the extra info Dec, it sounds like managing pro-rata payments was a lot of work but at least avoided nasty calls/letters. That's partly why I was thinking of doing the DMP with PayPlan so it would reduce the stress, but it would take 50 years to repay ...

Hello lost_the_plot and sorry to hear about how tough this year has been for you. I'm very lucky to have a job still and I can only imagine how much more stressful it would be in your position. Although as you say, at least it's helped to draw a line in the sand and you can look forward to the prospect of being debt free and making a fresh start. I've been struggling with debt for most of this decade, so perhaps the start of a new decade is a good time to start over. Very best of luck to you too. This forum is certainly a an amazing source of support and advice isn't it.

Making the decision seems to be the hardest part so far. This weekend I've gone from being reassured it's the right move, to going round in circles worrying sick about the prospect and getting cold feet. I'm thinking maybe the PayPlan DMP option would give me some breathing space to consider things for a couple of months, although maybe that's just putting off the inevitable. It still worries me that I've had no choice but to continue using my cards for train travel, food etc., so maybe it would look better if I stopped using the cards now and managed on the PayPlan DMP for a few months? Or would it make no difference in the eyes of the OR when I finally went BR ... ?
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Senior Member

1159 Posts

Posted - 26 October 2009 :  07:21:16  Show Profile  Reply with Quote
I think giving the DMP a go would be a good idea & yes, you should stop using the cards now you know you are in financial difficulties. If you are still not managing on the dmp, then look again at bankruptcy.
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In 2 Deep
Junior Member

United Kingdom
161 Posts

Posted - 26 October 2009 :  09:39:14  Show Profile  Reply with Quote
Hi lost the plot.

I would say with 89k debt, and being currently unemployed a DMP is not for you. In fact even in work a DMP would take you some considerable time to clear 89k. As RHB states stop using your cards now.
Have a chat with one of the experts on the forum about your specific details, and they will advise the best way forward for you.

Good luck.

Treat EVERY Penny as a prisoner.
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Richard P
Senior Member

United Kingdom
1701 Posts

Posted - 26 October 2009 :  14:30:15  Show Profile  Reply with Quote
falling apart & lost the plot

would still recomend taking up Melanie's or one of the other experts offer in having a conversation with them.

I spent time with Paul at Reviva, a lot of my fears , concerns were in fact myths and he was able to provide reassurance.

good luck to both

regards Richard
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