Hi and help please?

[Word-Soup]

First of all hello,

just recently found the forum.

Oh, I have been so so silly.

 

I bought a caravan on HP in 2008 over 60 months,

last year I sold the caravan and didn't get enough for it to pay off all the loan.

 

I know now that I shouldn't have done this, that I could have let them take it back as I'd paid half the loan.

I feel so stupid, but I really didn't know this, and I didn't realise I couldn't sell it on either.

 

I've made such a big mistake. I have never defaulted on the loan payments,

I'm still just about managing to pay everything I owe

(there are other debts too) but it's tough as I'm a single widowed mum

with two kids and I"m a full time student, so just about manage to meet payments

by using my student loan etc too.

 

If anyone has any advice how best to manage this and get myself out of this pickle I'd appreciate it.

 

I'm a bit scared now I know I could be prosecuted for selling the caravan with outstanding hp,

I have no idea where it is now.

[rebel11]

Hi word

 

Welcome to CAG

The guys will advise as soon as they are available. Tread moved.

[sir_gilmour]

Hi

Welcome to The Consumer Action Group.

 

 

I am just letting you know that as you haven't had any replies to your post yet, it might be better if you post your message again in an appropriate sub-forum. You will get lots of help there.

 

Also take some time to read around the forum and get used to the layout. It is a big forum and takes a lot of getting used to.

 

 

Once you start to find your way, you will soon realise that it is fairly easy to get round and to get the help you need.

 

It can be bit confusing at first.

[Word-Soup]

Hi everyone,

 

I have been struggling to pay my way through life, since forever it seems.

 

I was widowed many years ago and have struggled financially bringing my children up on my own.

 

I've done it though and they are all in adulthood now.

 

I have also educated myself as they grew up to give myself a 'trade' of my own and a way of earning.

 

For 18 months I worked in a banking call centre

but it very nearly destroyed me because of the ruthlessness of it all,

 

and in the end I had to leave as I nearly had a nervous breakdown.

 

This is a big part of why I'm in so much debt still,

because I didn't see the problems looming a

nd took out the cheap loans they offered me as a member of staff.

 

Early on I thought I would be working there until I reached retirement until I discovered how horrid and ruthless banking is

and realised I just couldn't be that person, and do the things they expected us to do to other people.

 

Part of my fear now is because I know how the banks deal with people who don't pay on time

and because of this I've done my utmost to meet my loan repayments and pay the minimum on credit cards every month.

 

Now, finally - the wheel is coming off and I just cannot hold it all together any longer.

 

Technically,

I am self-employed at the moment but the business is new and not really generating any income at the moment.

 

One of my sons has just been diagnosed with Coeliacs disease and I've spent the last year (before the diagnosis) worrying about this too.

 

The special diet he needs have increased my food bills, so I can no longer make any cut-backs there.

I bake and cook from fresh mostly though, and always have, because it's cheaper and much nicer.

 

Still, the extra special ingredients I now have to buy take more from my very limited budget.

 

So, after months of eeking out what little income I have,

today I finally took the plunge before it all gets so bad that I just can't cope at all,

and phoned one of the free debt charity agencies for advice.

 

I ended up crying on the phone.

I just couldn't help it.

 

I found just admitting I have a problem with debt difficult for a start.

 

Then, the feeling that I am a total failure financially for not being able to manage my finances.

 

Lastly, my biggest and most overwhelming fear is being forced to go bankrupt which I want to avoid at all costs.

 

Now?

I'm sitting here and I'm so, so, scared of what might come next.

 

I've had to be strong all my life and have never had the luxury of family support or someone to turn to,

I've just had to stand on my own two feet, so this is really very difficult for me.

 

I just want to share my experience in the hope it will help someone else.

 

I'd also like keep this thread up to date with how events unfold.

 

Perhaps get some support from other members who have been through something similar too maybe?

 

I have always found asking for help tough, but now I do recognise I need help.

 

Thanks for reading everyone.

Edited November 6, 2012 by Word-Soup

[postmn]

Well you have taken the first step acknowledged that you need help ,

i have been in a simalr situation but i managed to get help after i had a breakdown too many things going on and then it blew .

 

Are there any family members ytou could talk to about this i know it would be hard are you in receipt of all your benifits you can claim .

what did the national debt helpline say to do ?

 

have you sat down and worked out your income and expoenditure form with them thats always the first step then listed what creditors you had .

 

i had around 40k worth of debts i will finsih paying then off this year .

 

Is there a family member who could lend you the money to make a full and final offer etc ..

[Word-Soup]

Well you have taken the first step acknowledged that you need help , i have been in a simalr situation but i managed to get help after i had a breakdown too many things going on and then it blew . Are there any family members ytou could talk to about this i know it would be hard are you in receipt of all your benifits you can claim . what did the national debt helpline say to do ? have you sat down and worked out your income and expoenditure form with them thats always the first step then listed what creditors you had . i had around 40k worth of debts i will finsih paying then off this year . Is there a family member who could lend you the money to make a full and final offer etc ..

 

Thank you.

No there is no family support at all.

 

When I had the breakdown I was all over the place.

My total debts are around £17k.

 

I have a telephone appointment to go to the next stage next week.

 

Making the decision to go down this road has been very difficult, but I know when I'm beaten, and it's all too much for me now.

 

Although, I have managed somehow for the last three years to juggle everything,

there is simply not enough money to make all the payments now.

 

Your experience gives me hope that my creditors will accept offers of payment, but from what I've heard, and read,

they can still be very forceful and make life a bit difficult.

[Word-Soup]

I went to NEDCAB North East Derbyshire Citizens Advice Bureau. I can't post the link to the site.

The advice from here was to go for a DMP.

 

Then I telephoned what was until this week called Consumer Credit Counselling Service, now re-branded as StepChange Money Aware and it is someone from here who is going to go through everything with me in detail next week.

 

I hope I have made the right choice. I have read from other threads on here from people who have used their services. Fingers crossed it will all work out alright.

[Bandit127]

If you are with NEDCAB you probably have the best advice in the business.

 

Thinking about your debts differently is a scary business though. I am a fairly robust bloke and I carry plenty of scars from my physical battles, but the change in thought processes about my debts was a tough journey.

 

This will be especially true for you as you have worked in the banking industry, so you will have a well defined set of values about debt.

 

But honour and values count for little amongst the industry. That knowledge (once gained) allows you to give up a little of your own honour and values - and that allows you to gain an equal footing.

 

You might be facing financial meltdown. Having been there and still paying on £70k+ worth of debt (including a shortfall from repossession) I won't say it is the best thing that happened to me.

 

But it is a LONG way short of what I though might happen.

 

I still have a life. And I know the life I have is better than it would have been had I tried to carry on fighting the inevitable.

 

Oddly the scariest bit and the one that kept me awake at night the most was the best in the end...

 

And that was at the point where it was really was food for me and the cats or debt repayments. There was no choice any more. One or the other. I cancelled the direct debits. And that was a release - liberating actually.

 

I still live with the consequences. But I did the right thing, I have no doubt about that and loose no sleep over that decision.

 

I hope it works for you. I suspect it will...

[Word-Soup]

Thank you so much Bandit127 for taking the time to write.

It gives me hope.

 

I only worked in banking for a year and a half.

 

It was the worst time of my life.

I worked for Lloyds and believe me what you read about them on here is true.

They are totally without compassion as an organisation.

I had my boss standing over me once whilst on a call saying...

sell her a loan, sell her a loan,

I didn't and when I got off the phone told him that the customer was a lady of 90 years age.

 

Like I said to work there you have to give up on your own standards and be their puppet.

I hated it.

 

My loan, overdraft and credit card still with them, although my money goes into a different bank account now,

 

I just 'feed' Lloyds as and when I need to.

 

THAT, has to change now and I have to feed myself and my son properly.

 

I totally empathize with you when you say it comes down to feeding yourself, your cat or the bankers! No contest really.

 

Thanks again for your support.

[Bandit127]

Thank you so much Bandit127 for taking the time to write. It gives me hope. I only worked in banking for a year and a half. It was the worst time of my life. I worked for Lloyds and believe me what you read about them on here is true. They are totally without compassion as an organisation. I had my boss standing over me once whilst on a call saying... sell her a loan, sell her a loan, I didn't and when I got off the phone told him that the customer was a lady of 90 years age. Like I said to work there you have to give up on your own standards and be their puppet. I hated it. My loan, overdraft and credit card still with them, although my money goes into a different bank account now, I just 'feed' Lloyds as and when I need to. THAT, has to change now and I have to feed myself and my son properly. I totally empathize with you when you say it comes down to feeding yourself, your cat or the bankers! No contest really.

 

Thanks again for your support.

LOL - good post and thanks. Now I know that it will work for you.

[Conniff]

Lets start by listing the loan amounts and who they are with?

 

Have you checked if there is any ppi attached to them?

 

You should do an sar for each of them and see exactly how much they claim and how much has been added in charges.

 

Your not working for the banks now WS so that puts you in charge.

[Word-Soup]

Lets start by listing the loan amounts and who they are with?

 

Have you checked if there is any ppi attached to them?

 

You should do an sar for each of them and see exactly how much they claim and how much has been added in charges.

 

Your not working for the banks now WS so that puts you in charge.

 

Do you want me to list my debts to different banks on here? I'm slightly confused.

[Word-Soup]

Hi Conniff, thanks for the post... here are the details, now I've overcome my trepidation.

 

Here goes nothing. I might as well outline it all I suppose. Besides I have to overcome my constant angst and horror at the fact I'm in this much debt and feeling ashamed.

 

I took out a staff loan when I worked for LTSB,

the total was around £15,530 and it is now down to £4,646.

 

I kept on telling myself that once I'd repaid this, that I would be able to pay off the credit cards. Naive? probably.

 

Then, there is a credit card with LTSB £2512 O/S

and the overdraft always running high on around £2k

I have been unable to lower this despite all my efforts.

So I'm 'into' Lloyds for what... £9158.

 

Also there are two credit cards at Nat West one at £2022 a

nd the other at £4237.

 

Plus a student overdraft (still without being charged any interest at the moment) sitting close to the limit of £2k. Ouch! So a total of £8259.

 

Giving a big grand total owed of £17,417. Oh that is scarey.

 

On the plus side, I am currently somehow..

. still up to date with the payments, but only just, and only at the expense of other essentials, like food, etc.

 

Oh, and all the credit cards were cancelled by myself last January,

so no spending on them, I've just been trying to reduce them, a

lthough as you know it is nearly impossible when they charge so much interest,

so I feel like I've just been treading water really.

 

There is no PPI to recover, I was on to that early on and never took any out.

 

It's not been easy.

 

But with my son's illness and so on I just cannot possibly keep this going.

 

For one, it's incredibly stressful, and secondly,

there simply is not enough money in the kitty every month to do it.

Edited November 6, 2012 by Word-Soup

[dx100uk]

i would as a first move

open abank account wit a group that is NOT linked to any of yourdebts

 

and get any icome paid in there.

 

next is to look for PENALTY charges & PPI

 

dx

[starblackie]

Hi wordsoup

Just wanted to give my support. I started out a few weeks ago with these lovely people to tackle debt that has been hanging over me for years. I was frightened, ashamed. I now feel much more in control and not alone with it anymore. I hope you sort things out with the help of this great site. Very best of luck

[Word-Soup]

i would as a first move

open abank account wit a group that is NOT linked to any of yourdebts

 

and get any icome paid in there.

 

next is to look for PENALTY charges & PPI

 

dx

 

 

Any suggestions for a place to bank? Bear in mind that my current, current account is a graduate INTEREST FREE overdraft at the moment with Nat West. Although with the state of things I really don't know if that matters much anymore.

 

Thanks

[Word-Soup]

Hi wordsoup

Just wanted to give my support. I started out a few weeks ago with these lovely people to tackle debt that has been hanging over me for years. I was frightened, ashamed. I now feel much more in control and not alone with it anymore. I hope you sort things out with the help of this great site. Very best of luck

 

Thank you star,

Your support is very much appreciated, like you I felt... yes, I feel ashamed, alone, scared, very scared.

 

I've been on my own for so long (I was widowed years ago) and have had to be strong for all sorts of reasons, it feels like admitting defeat.

 

I do need help though, I cannot possibly do this on my own any longer.

 

My biggest fear is going bankrupt which I really really do not want to do. The thought of being chased for money is also very scarey.

 

What shall I expect to have to cope with once I stop paying these credit cards and the loan? Are they going to come knocking on my door? Will I get endless phonecalls? Will they threaten bankruptcy?

 

Or are Debt Management Plans accepted, eventually by them all?

 

-

[up2meears]

Hi Wordsoup,

 

Welcome to CAG, you will get a lot of help and support here whilst you start to get your life back.

 

Although it will work out eventually, It may not be easy sailing as these banks will try and have you jumping through hoops from the get go (hopefully CCCS will help prevent this), but the things I was taught when I first joined CAG and that stick with me to this day are:

 

1. There is no shame in being in financial trouble, and it's not illegal.

2. Although you want to get these debts sorted, they are not priority. Your rent/mortgage, council tax etc are.When negotiating payment with the banks etc stick to what you can realistically afford, don't let them bully you into more than that.

3. If the banks start calling, DO NOT let them intimidate you and refuse to answer their security questions, say 'In writing only'

4. This site is wonderful and has not only helped me and hundreds of others cope with the stress of it all, but it helps you to take control and get support and help whenever needed.

 

As mentioned above, look to recover any PPI unfair charges, this may help get rid of alot of it

 

You've come to the best place, good luck and keep us to date

 

Up2

[Word-Soup]

Hi Wordsoup,

 

Welcome to CAG, you will get a lot of help and support here whilst you start to get your life back.

...... etc

You've come to the best place, good luck and keep us to date

 

Up2

 

Oh Up2 thank you so much. I am sitting here in tears at the moment just so stressed by it all. I know I need to get my life back, and that at the moment all I am doing is feeding the monster that is the banking industry with their high interest charges and so on. It has to stop.

 

Everyone on here is so friendly and helpful, I'm so grateful to everyone. Thanks for the advice Up2 I will have to print it off and stick it on the wall somewhere to remind myself every morning when I wake up - it will be alright in the end.

[up2meears]

It will get better, please remember that.

 

When I first found this site I was in a terrible place. It took a while but I picked myself up and dusted myself down. Don't get me wrong, my problems are far from over but my mind and my mood are in a much better place now, and that's just from learning what I now call the basics. I used to wake up and go to sleep in fear because of all the (what I now know to be) empty threats made by these DCA drones. I used to hate the phone ringing or my door knocking, but it does get easier as your confidence comes back.

 

Like I say, you probably will start getting phone calls and you will also start receiving letters full of threats. When you do, or for any questions or advice, post it on your thread and someone will be there to help

 

Also take a wander around the site and pop into the the bear garden (community tab) there are some funny stories and jokes etc in there that will put a smile on your face. I always go in there when I'm feeling down it's a right lifter-upper

 

Up2

[Word-Soup]

Thank you again Up2

 

I will check those links out, much appreciated.

[dx100uk]

go with the co-op

 

dx

[Word-Soup]

go with the co-op

 

dx

 

Thank you, will do.

[DuffNCustard]

My heart goes out to you, 6 years ago I hit the buffers and finally had to sling in the towel on £93k worth of consumer debt -not proud of it and all down to stupidity in my case, unlike yours. So on the shame- game I reckon I trump you - right?

 

I tell you this to show you that there are many others in the same boat as you - security in numbers? well it certainly comforted me. Truth be told I respect and admire you for what you have achieved, bereavement and brining up a family on your own - this world needs more decent people like you in it.

 

Your debts are consumer credit debts and do not take priority over things like your rent/mortgage, utilities and feeding yourself. So you owe £17k - I wonder how much the banks owe us the taxpayers? billions

 

You have nothing to be ashamed of - so hold your head up high and look the world in the face. You will get nothing but support, good advice and an know-how on this forum - keep posting and welcome to our wonderful community - me? well I have now paid off my debts with more than a little help and advice from others here, and you will too.

[dx100uk]

:thumb:

 

dx