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Original poster

Bother - we are in deep trouble

40 replies

Ohbotherohbother · 21/09/2009 15:10

Have name changed as my SIL uses Mumsnet and I would rather she didn't know about this.

We have big debts and are baqsically unable to pay them. I am supposedly intelligent and educated etc (am an accountant ffs) but we have got ourselves into this mess.

Not looking for sympathy as I know it is our own fault. Just feeling worried and stressed about it. Did go to see CAB once and then didn't as we unexpectly got some money in which kept us OK for a while but the OK has ended.

I know we need to see CAB again but can't make an appt as they are shut. Will obviuolsy make one tomorrow.

My biggest worry is that we will get repossessed and need to live somewhere else and I love DS's school. DD should be starting there after Christmas. Feel I and to a lesser extent DH (as I supposedly manage the money) will be letting them down.

Anyway need to go and get DS from school now.

Just wondering if anyone else has come out the other side of this sort of thing.

Thanks.

OP posts:

Fizzylemonade · 23/09/2009 09:47

As a person who used to deal with debt collection I promise you that you are not alone, we have dealt with it all before so nothing is a shock or new.

In this credit crunch I would say that there would be thousands of people in your shoes. The fact that you realise you are in the shit before missing a payment is really good. Lots of people are in denial until the baliffs start calling.

As a company we would always try to help the people who rang us/wrote to us and come to an arrangement if possible.

I also used to work in Council Tax so I will tell you that if you default on that they can take steps to take it directly from your salary so always try to keep up with that payment.

We would always recommend the top one to pay to be

Mortgage/rent
Gas & Electric
Water
Council Tax
Food

that way you have a house, can heat it and cook etc, water to drink and wash.

The moneysavingexpert website is fantastic. Good luck.

brettgirl2 · 23/09/2009 18:14

who moved - an accountant who went bankrupt would probably be struck off. So the op could be sacked.

CarGirl · 23/09/2009 18:18

How long is the term on your mortgage? Is going interest only and/or lengthening the term an option?

You would still need to sort out every other debt with help but it could give you more breathing space.

Original poster

Ohbotherohbother · 23/09/2009 18:28

Have opened a basic bank account with the co-op today (thank you lou )

We have already increased the term on our mortgage

I am not actually working in practice at the moment - I am mostly a SAHM doing some freelance marking for an accountancy college. I agree that if I were in practice that if I were to go bankrupt I would probably be sacked. Will investigate it a bit more, especially thinking of the future, but to be honest it's not the main thing on my mind at the moment.

Have started going through direct debits and getting rid of completely unnecessary ones - charity donations have now gone. Will start dealing with the credit card and loan ones v soon as well. I think knowing that we will be deliberately not paying them somehow feels scary.

Thank you everyone who is posting on here - knowing there are a few people saying things is helping me to keep on doing things to sort this out, rather than keeping my head in the sand.

OP posts:

Nyx · 23/09/2009 18:31

I went with Payplan and paid off all my debts over 5 years. They didn't take any cut at all. They were fantastic, I'd still be in debt now if they hadn't sorted me out. I loved the fact that Payplan basically took over from me - I never had to speak to any of my creditors at all, ever, until the debts were paid. I just referred them to Payplan/forwarded any chaser letters I got to Payplan etc.

I'm now free and clear (but DH is still paying off much bigger debts than mine, by himself - not with Payplan - so as a family we're still in debt...!)

Good luck with yours. As has been said, it's good that you're looking at this now, before you've defaulted on anything, and in this financial climate you will not be alone. I hope you manage to get it sorted - it will take a while, but it CAN be done.

Original poster

Ohbotherohbother · 23/09/2009 18:31

Have now seen that the ICAEW is able to give some assistance with debt problems - not sure if they will be able to help but I may as well see.

OP posts:

lou031205 · 23/09/2009 20:23

Coming back to this - an apology. I confused Pay plan with Debt Free Direct. Blushingm was quite right that Pay Plan are cost free.

Glad you are making positive steps .

whomovedmychocolate · 24/09/2009 20:35

Ah missed the fact she was an accountant. Oh dear

steph101 · 28/09/2009 20:57

This reply has been deleted

Message withdrawn

steph101 · 28/09/2009 21:00

Sorry Lou hadn't read the last posts!!

Lilyloo · 28/09/2009 21:02

I would really look into how this could affect your future career prospects , even if that's not prevalent in your mind now.

Quattrocento · 28/09/2009 21:11

Just two thoughts -

(i) There is a body called CABA I think which is the chartered accountants benevolent association (?) who help out accountants who have hit hard times. They may be able to help

(ii) Have you thought about getting a job to help service the debt? Is it feasible?

Quattrocento · 28/09/2009 21:12

Just two thoughts -

(i) There is a body called CABA I think which is the chartered accountants benevolent association (?) who help out accountants who have hit hard times. They may be able to help

(ii) Have you thought about getting a job to help service the debt? Is it feasible?

Original poster

Ohbotherohbother · 28/09/2009 21:12

Thank you for the messages which have been continuing to come on this thread.

Have been getting in touch with the (sadly many) credit card companies and letting them know what is going on. Am finding it strangely interesting how they vary in their approach although wasn't a great feeling being talked over, loudly, by one person who wanted to reiterate how my credit rating was about to take a hammering (my thoughts not quite her words).

Is true though and is helping to make me think about how it is all our own doing and stupidity that has got us here.

I agree that I need to think about future career although that isn't the main thing in my mind at the moment. Will talk to the ICAEW and see what they have to say.

Have just noticed I have repeated myself virtually word for word on the not thinking about the career side so much at the moment .

Anyway I do read this thread (although not posting so much due to needing to remember to name change). So thank you all a lot

OP posts:

Quattrocento · 28/09/2009 21:22

Last point (I promise)

Don't do the thing that you did when you got an unexpected windfall - i.e solve the immediate issue but not the underlying problem.

So I hear you when you say you intend to think about resuming your career, but worry that you won't once the crisis has passed. Because it sounds as though ultimately you either have to live on a shoestring or work.

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