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Credit Card Debt: living on credit Credit Card IVA 

When Living On Credit Turned Into A Nightmare

I have to admit I have always liked the finer things in life but in my defence I also knew the importance of working hard and not living on credit. While I can’t admit to being the best saver in my family or even circle of friends I have always made sure to not  to live on credit but some how that changed. I’m not sure exactly when or even how but gradually over a period of about 2 years I started to use more and more credit cards and…

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Redundancy & debt problems IVA 

Redundancy Caused Debts To Spiral

I was always taught to save money and never get into debt so when I found myself owing over £50,000 to different creditors after facing redundancy it was a shock. I’m an educated woman who had a good job as an estate agent earning £30k per year plus bonus, this was until the financial collapse in 2008. Suddenly the housing market crashed and my job was no longer safe but I always assumed there would be a job available to me in my current employment. I was told by my employer…

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IVA Debt advice IVA 

Bad Debt Advice Cost Me Inheritance

When I managed to get into around £30,000 of debt and I was borrowing more money each month just to survive I realised i had to seek debt advice. I called a debt advice company who took all my income and outgoings information before telling me i was suitable for something called an IVA. They explained the IVA would allow me to repay the debt over 5 years and any debt still outstanding at the end would simply be written off. This sounded like the perfect debt solution for me…

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Experience of a debt management plan Debt Management Plan 

Repaid Debt Over 6 Years

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…

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Payday Loan Debt Story Payday Loans 

My Payday Loan Hell

When i was working full time and earning a reasonable income it never occurred to me I might end up in debt, especially when I only took a £200 payday loan. I fully expected to repay the £200 plus interest at the end of the month and not surprisingly that’s exactly what i done but then they offered me more. I didn’t really need it but thought “I paid the last one, why not” so I took out the £250 loan and when the end of the month came i repaid…

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Mortgage debt experience Mortgage 

Drowning In Mortgage Arrears

I spent all my life avoiding debt by always paying for things like my mortgage with money I saved or had earned, however that all changed My husband became ill and was no longer able to work full time, this meant we were £1500 per month worse off each month and debt built up. My husband was receiving some disability benefits but it still left us short and I couldn’t do any more hours at work to make ends meet. Our mortgage was our biggest expenditure but we couldn’t reduce…

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Personal loan debts experience Editors Choice Loan 

A Little Loan But Big Problem

I took out a personal loan when we needed to have our roof repaired and a new conservatory built but we never expected to get into debt. The loan was for £5000 and it was through a high street bank, which meant we weren’t paying high interest or charges on it every month. The repayment was over 2 years and was within our budget, however we couldn’t have foreseen the additional problems we were about to face. The workmen had quoted us £1000 to fix our roof which was badly…

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