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| The independent answer to your debt problems | login join |
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lassie
| 16-05-2007 04:34 PM |
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Joined: 16 May 2007 Posts: 6 | I'm in debt and skint I hope you can help. I have now been out of work for 3 years due to ill health. My illness was caused as a result of me losing my husband. I fell in to deep emotional hole which just seemed to consume me. In this hole I used money, not mine, but credit card money to make me feel better. But the more i spent the more depressed i got. My children have been excellent, but it wasn't until my grand daughter asked, as only kids can do, why does granny not smile that i realised that i had to do something about my depression. So, this posting is a result of what my councillor has told me to do. So here goes.. My debts are £55,688 with 10 credit card companies. I am on income support and also get DL and I live in a council house. Help or advice would be appreciated. |
| DW George | 16-05-2007 04:53 PM |
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Joined: 01 May 2007 Posts: 174 My Profile | Being skint, I suspect you may be Scottish. :-) Well done Lassie for posting, I know it's not easy to take the bull by the horns, so well done. In Scotland there is a solution called sequestration, (personal bankruptcy). You should consider this solution. If you do not have any assets worth protecting then you should consider sequestration. You will not lose your benefits. The major impact of sequestration will be that you will find it difficult to get into more debt, some see this as a positive thing. Plan of Action Speak to your local authority debt advice or CAB they will check to see if you're entitled to more benefits. An IP will be the next port of call and they will advise you about sequestration. You have done the right thing the best thing you can do about a problem is address it and this is what you have done. Good luck, let us know how you get on. |
| James H | 27-05-2007 05:02 PM |
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Joined: 27 May 2007 Posts: 32 My Profile | Given your circumstances, sequestration will offer a very positive solution to your ongoing problems. Life is important and enjoying life is imperative. I assume that your benefit and asset situation is unlikely to improve. Your local CAB will help you apply properly for your sequestration and may even save you the £63 court fees required to pursue such an option. |
| mallorca | 28-05-2007 02:09 PM |
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Joined: 28 May 2007 Posts: 17 My Profile | I am sorry to hear about your hole, but come on £55,688 is insaine. I bet £55,688 is more than a house is worth where you live. |
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lassie
| 28-05-2007 07:56 PM |
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Joined: 16 May 2007 Posts: 6 | mallorca You're right about my council house. Once I get myself out of this mess I want to buy my house. £15K will get me my house and it's worth £100k but I can't get a mortgage with all this debt. I know I'm an idiot but once I'm cleared of this debt I'll be quids in!! adios |
| MALLORCASPAIN | 28-05-2007 10:01 PM |
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Joined: 28 May 2007 Posts: 10 My Profile | OKay if you really want to get yourself out of this hole there is a way, get a job to start with ASAP, work you butt off for 6 months does not matter what you do. Pay the companies soemthing call them ask them to freezze the interest otherwise you will not pay anything and you will go bakrupt. After 6 months apply for a mortgage with a company like Swift mortages or Blemaine finance they can offer mortages for first time buyers on council houses, keep the house for 3 years flogg it and walk away with the profits, also rent the rooms outs make some money to pay your debts, sounds hard dont you think well it is you spent you have to deal with it, i know i sound hard but someone needs to be. Good luck. |
