I entered a debt management plan after i fell behind on my repayments to credit cards and a loan, due to an illness which stopped me working.
My illness meant i was unfit to work for at least 6 months, even though I received some health benefits they weren’t enough to cover my expenses.
My debts gradually got larger and larger until my creditors were threatening to take legal action against me and even sent bailiffs to my door.
I tried to negotiate with them and explained my situation however they weren’t interested and simply demanded i repay them immediately.
I wasn’t fit enough to go back into work after the planned 6 months off so my sick time was extended for another 3 months. When i did go back into work my debts had risen to £8k.
I even complained to the financial ombudsman because I didn’t feel it was fair they could refuse a payment in my current circumstances.
I’m still angry these companies are allowed to hound people who are trying to do the right thing and repay their debt just over a longer period of time.
How I Repaid My Debt
When my creditors failed to accept my repayment plan i called a company for debt advice who told me I should enter a debt management plan.
They explained by the end I will have repaid the full debt owed but because I could afford to make payment it was the best solution available.
I’ve since been told an individual voluntary arrangement was probably a better solution because it would have been 5 years and would write off my debt.
I’ve now repaid my debts and the nightmare is over which is the most important factor for me and I can get on with my life.
[accordion title=”Story By” load=”hide”]Carl Watson[/accordion]