Posted: Fri Nov 02, 2007 11:41 am
Its been a long year in our household but in a funny way its also gone fast.
Things went in to meltdown last February when our "friend" for the journey of the last 27 years decided we were no longer triple A rated as a couple and would not extend our overdraft facility.
Despite already owing them £20k they gave my selfemployed wife a loan for £17k plus £4k PPI only 12 months before!
With over £100k debt with 15 creditors or more we hit the panic button.
Lloyds best offer was to roll up their debt over 10 years. I decided that it was unlikely we could sustain the payments over this period and that it was anyway only 50% of the answer. It would leave us heading toward retirement with no possible way of providing for our 4 children.
Debt Free Direct helped me immensely. They got me through the 6 months it took to set up the IVA, (due I guess to demand and maybe also the business interests we had).
For anyone reading this who thinks their bank or finance provider is warm and friendly let me assure you the adverts on television are designed to give you a warm feeling about them.
When they decide they dont want you on their air conditioned premium class train to nowhere and you are no longer of any use other than a bad debt they set the dogs loose.
Phone calls came 7 days a week from 0800 to 2100. Every day or every otherday. Asking the same questions over and over again.
Asking for money. Any money you can give they want NOW!
Until the creditors meeting we paid what we could and dealt politely with them unless they were not polite to us. Even the most blue chip business has their own departments full of agressive, nasty and rude individuals to make sure you realise they mean business.
As they began to realise the creditors meeting was on the way they sold the debt on to other firms. These were the worst. Threatening and agressive calls must be part of the training.
Anyway I advise you to pay what you can to your creditor and then rejoice when the agreement is set up.
We have no spare money for holidays. Grandma helps us out.
But we have enough to look after the children and keep us sheltered, clothed and fed.
There is little slack for things come out of the blue. At the moment I have a list of essentials i cant buy. new tyre for the car. A windscreen replacement.
Its not easy to do business travel overseas without a credit card. But I have managed.
To summarise the IVA is working for us. We are paying back as much as we can. We are able to keep the family happy.
God willing my wife and I will stay in work over the next 4 years and beyond. We will come out of it wiser and stronger.
I have a much clearer image of the financial industry and the banks and credit card providers in particular.
For them we are all nothing but targets to extract as much money from as possible for as long as possible.
I signed on the dotted line but they tied on as much as they could to the donkey until it could move no more.
Its time people in the UK woke up to it and told the piuos CEO's of the top 5 where to get off! Save and use your own money. Credit really does stink!
Finally....anyone who thinks that the banks are interested in your welfare and health needs their heads looking at.
The only language they understand is MONEY.
Oh yes and how did we get here. Well my wife left employemnt in 1991 and we had 4 kids in 7 years. My salary wasnt quite enough and despite attempts to go back to work my wife found it impossible to make ends meet with childcare costs.
Did we take loads of foreign holidays, buy expensive cars, clothes , drink smoke ....NO!
We went bust because its expensive bringing up kids and we didnt manage our money well enough.
Things went in to meltdown last February when our "friend" for the journey of the last 27 years decided we were no longer triple A rated as a couple and would not extend our overdraft facility.
Despite already owing them £20k they gave my selfemployed wife a loan for £17k plus £4k PPI only 12 months before!
With over £100k debt with 15 creditors or more we hit the panic button.
Lloyds best offer was to roll up their debt over 10 years. I decided that it was unlikely we could sustain the payments over this period and that it was anyway only 50% of the answer. It would leave us heading toward retirement with no possible way of providing for our 4 children.
Debt Free Direct helped me immensely. They got me through the 6 months it took to set up the IVA, (due I guess to demand and maybe also the business interests we had).
For anyone reading this who thinks their bank or finance provider is warm and friendly let me assure you the adverts on television are designed to give you a warm feeling about them.
When they decide they dont want you on their air conditioned premium class train to nowhere and you are no longer of any use other than a bad debt they set the dogs loose.
Phone calls came 7 days a week from 0800 to 2100. Every day or every otherday. Asking the same questions over and over again.
Asking for money. Any money you can give they want NOW!
Until the creditors meeting we paid what we could and dealt politely with them unless they were not polite to us. Even the most blue chip business has their own departments full of agressive, nasty and rude individuals to make sure you realise they mean business.
As they began to realise the creditors meeting was on the way they sold the debt on to other firms. These were the worst. Threatening and agressive calls must be part of the training.
Anyway I advise you to pay what you can to your creditor and then rejoice when the agreement is set up.
We have no spare money for holidays. Grandma helps us out.
But we have enough to look after the children and keep us sheltered, clothed and fed.
There is little slack for things come out of the blue. At the moment I have a list of essentials i cant buy. new tyre for the car. A windscreen replacement.
Its not easy to do business travel overseas without a credit card. But I have managed.
To summarise the IVA is working for us. We are paying back as much as we can. We are able to keep the family happy.
God willing my wife and I will stay in work over the next 4 years and beyond. We will come out of it wiser and stronger.
I have a much clearer image of the financial industry and the banks and credit card providers in particular.
For them we are all nothing but targets to extract as much money from as possible for as long as possible.
I signed on the dotted line but they tied on as much as they could to the donkey until it could move no more.
Its time people in the UK woke up to it and told the piuos CEO's of the top 5 where to get off! Save and use your own money. Credit really does stink!
Finally....anyone who thinks that the banks are interested in your welfare and health needs their heads looking at.
The only language they understand is MONEY.
Oh yes and how did we get here. Well my wife left employemnt in 1991 and we had 4 kids in 7 years. My salary wasnt quite enough and despite attempts to go back to work my wife found it impossible to make ends meet with childcare costs.
Did we take loads of foreign holidays, buy expensive cars, clothes , drink smoke ....NO!
We went bust because its expensive bringing up kids and we didnt manage our money well enough.
