Urgent help needed - COMPLICATED!!!

[Roougers]

Hi Guys,

Firstly, I am amazingly glad that I found this site, its made me realise that I am not alone, but when I tell my horror tale perhaps I am!

 

My story is relatively complicated, but I need some advice.

 

I worked in Manchester (although parents live in Glasgow, and I now stay with them) up until about Xmas 2009. I had a good job, I had bits and pieces of debt, but was earning over £50k, so it was manageble. The company I worked for collaspsed in Mar 2010, I was devestated and was caught badly in a crossfire between the 2 company owners and as a result if taking a side, my reputation was badly damaged, I had previously agreed to not being paid for several months and living off my overdraft. I was owed over £10,000 by the company and to this day have never recieved a penny, or am likely too. I owned no house or car, but living in England with no job and no income except JSA trying to find a job. After months of not even an interview (Tesco and Asda telling me I didnt fit their 'skills set'!!) I decided to return home to Glasgow, with about £35,000 of debt, bills I couldnt afford to pay, people chasing me etc. I basically buried my head in the sand, tried to cut myself off and had a severe nervous breakdown and tried to commit suicide.

 

I managed to hide most of this from my parents.

 

I gradually got better, but was unable to work. My doctor sugested that I should retrain, which I did, I got a student loan (yeah I hear you say) and am enjoying life as a student, and I have just managed to get a part time job again.

 

I am starting to get back in touch with the companies I had debt with, but some I just dont even know where to start with, and they have caught up with me and have recently started coming to the house.

 

Basically I dont know where the hell to start. I feel a fool and a fraud, I didnt want to avoid paying anything back, I just couldnt cope with life at the time and now I am better I want to get on track, but I havent got a clue where to go and who to ask.

 

I'm also really happy at Uni, getting my life back I dont want to leave (the thought of loosing this as well is making me think back to the summer) but would have to if my Student loan stops getting paid if I am made bankrupt. I'm also unsure what happens if they take me to court as I have nothing except my bike that gets me to uni, and now to a part time job.

 

Messy or what??

 

Tim.

Edited December 16, 2010 by Roougers

[IdaInFife]

Hi Tim and welcome to CAG,

 

what i wouls suggest as a start is grab a coffee and read sequenci's debt blogs

 

there are 10 parts but are very useful:

 

http://www.consumeractiongroup.co.uk/forum/blog.php?21294-sequenci/page3

 

 

also if you can list all the debts you have - who are they with, what they were (credit card or loan etc) and rough amounts and then you need to work out what you could pay towards them.

 

there is alos many differnt available options that could be of use?:

 

http://www.nationaldebtline.co.uk/scotland/factsheet.php?page=20_debt_management_plans

http://www.nationaldebtline.co.uk/scotland/factsheet.php?page=22_debt_arrangement_scheme

http://www.nationaldebtline.co.uk/scotland/factsheet.php?page=21_trust_deeds

http://www.nationaldebtline.co.uk/scotland/factsheet.php?page=01_bankruptcy

 

 

Alos why would you think your student loan would stop if you go through BK?

 

Ida x

[Roougers]

Hi Ida,

 

Thanks for the reply, I have so many questions, so sorry if I ramble on here, but its feels like purging myself!

 

I am sort of guessing that my Student Loan would stop. I am in the 1st yr of a 2yr course, and I get about £400 as a student loan. This has to pay for my transport, although I recently bought a bike, food, and a small rent payment to my folks. It is my ONLY source of income and I use pretty much it all to get by. I've got a part time job, but its only a few hours a week.

 

I have a payment that goes out to Friedrickson International in respect of my Co-Op loan account, they take that from my Debit Card even tho I called them last month to ask them not to take it. Its for £50 a month.

 

I have another loan to NatWest which I havent paid anything to for a year or so, it went from company to company which I dont understand and I would be surprised if they know my current address because I tried to bury my head in the sand on that one, like I have with a good few others.

 

Where could I find out what I owe? Sometimes I am in such a state over this I cant actually remember whats real and whats not, I know roughly how much it is.

 

After reading this forum non stop all day, I am interested in the LILA option, but I definately wouldnt qualify for a student loan next term as a bankrupt. My course is very intensive and its hard to get a job that would fit in with the hours, I would be gutted if I had to give it up.

 

Sorry for all the questions.

 

Tim

[sequenci]

I am sort of guessing that my Student Loan would stop. I am in the 1st yr of a 2yr course, and I get about £400 as a student loan. This has to pay for my transport, although I recently bought a bike, food, and a small rent payment to my folks. It is my ONLY source of income and I use pretty much it all to get by. I've got a part time job, but its only a few hours a week.

 

I looked into this for you (Ida asked me to!) and the loan doesn't stop if you declare youself bankrupt.

 

Where could I find out what I owe? Sometimes I am in such a state over this I cant actually remember whats real and whats not, I know roughly how much it is.

You could get a copy of your credit files, Equifax and Experian are the two to get

[IdaInFife]

re your co-op account if they are taking payment automatically from your card each month - if this card was to be lost and a new one sent to you that might help

 

thanks Seq