Financial Woes

Count_Zero99uk

Count_Zero99uk

Count_Zero99uk

Associate
Joined
27 Jul 2006
Posts
691
Location
Huddersfield
Hey all,

Im after some advice, some time ago due to illness (depression), i managed to rack up a lot of debt. I contacted my bank they aranged a long term plan which I am currently paying off. I also switched banks so that i had a fresh start somewhere else.

I slipped back into depression and have ammased a £4k Credit Card debt, a £5k Loan and £1.5k overdraft. I have managed to sort my head out but now my monthly wage is pretty much only paying of my bills and debts. The ammount to the other bank is probably around £17K.

Is it worth looking into Bancruptcy or that other thingy?

I am in full time employment and my credit rating is good as i have never missed a payment.

Or is there another option i havent thought of?

Any advise would be gratfuly taken.

Thanks
Zero
 
My Mrs is slightly worse off than you. The first thing i would say is call the CCCS (http://www.cccs.co.uk/). They will talk to you and advice on what you should do. Don't listen to the ideas on here except that one.

Don't panic, its not that bad! You haven't missed payments so you are not that bad off and thus you are able to pay things back.
 
I think the biggest thing i need to do is stop spending.

When i was ill i spent to make myself feel better and then i would feel bad about it. Repeat.

I need to cut the cards up i think.

CCCS ill go look at there web site.

Thanks.
Zero :)
 
Go to the NHS and get some CBT if you think depression causes it. Tackle the root of the problem, as well as dealing with symptoms.

Also, could you give an account of how the depression causes you to spend? Particularly when you haven't got the money?
 
cleanbluesky said:
Also, could you give an account of how the depression causes you to spend? Particularly when you haven't got the money?
Click to expand...
People often spend in an attempt to make themselves feel happier, it isn't an unusual phenomenon.
 
You want him to explain the rationale of how buying something which you think will give you pleasure, will cheer you up?
 
You might be able to get an IVA and get most of it above 15K written off. Then you pay back the rest over 5 years at a rate you can afford. Worth a go IM o contact CAB for advice.
 
I'd certainly seek advice about getting some of it written off, an IVA sounds better than declaring yourself bankrupt. Even if you could just get interest frozen until it is paid off that would be huge.

I think your a silly boy but there really isn't any point in suffering for decades paying this off when there are ways and means of reducing the burden.

The majority who pay everything off may not think it's fair but thats life.
 
dirtydog said:
You want him to explain the rationale of how buying something which you think will give you pleasure, will cheer you up?
Click to expand...

That's what I've said twice now, I want to know why puchasing things will give him pleasure. Let me explain my viewpoint...

I don't think that the original depression is directly related to having enough material posessions. I think something else would be the cause, so I'd like to know what buying things offers to temporarily dispel the depression.

I do not believe that one form of happiness can dispel a deeper, unrelated unhappiness - therefore I think that there is an association in purchasing that may temporarily address the deeper problem in some way, although whatever the association is it can merely be peripheral because long-term (and perhaps medium-term) ownership of the item doesn't seem to help.

I expect it is something to do with the idea of acruing items, although whether this is merged with a sense of productivity or social standing - I cant tell.

It would also be interesting to know whether there is a pattern to what the OP would purchase
 
It is a given that he isn't depressed because he doesn't have sufficient material items, and also that indulging in comfort spending will not ultimately make him happy. It might cheer him up for a very short while but after that he will be back where he was before, or more likely feeling worse and guilty for wasting his money. I'm sure he realises all of this.
 
dirtydog said:
It is a given that he isn't depressed because he doesn't have sufficient material items, and also that indulging in comfort spending will not ultimately make him happy. It might cheer him up for a very short while but after that he will be back where he was before, or more likely feeling worse and guilty for wasting his money. I'm sure he realises all of this.
Click to expand...

Yes, but this doesn't address why purchase of material items (aka comfort spending) dispels the depression temporarily.

Unless you are also made happy by purchases and are assuming that everyone is the same...
 
I am explaining the rationale. I think everybody gains a little bit of pleasure or happiness from buying something that they want (or think they want), at least for a little while, do they not?
 
dirtydog said:
I am explaining the rationale. I think everybody gains a little bit of pleasure or happiness from buying something that they want (or think they want), at least for a little while, do they not?
Click to expand...

Yes, now why do they get pleasure and why do they want what they want?
 
Telescopi said:
If you want to discuss psychology can you make your own thread? This one is about the OP's money problems.
Click to expand...

I'll assume that's an order, so I will explain why what I am saying is relevant. The OP mentions depression several times and the link between emotional state and the money problems is there to see IMHO.

Therefore I asked about the root of the problem, in the hope that discussing that would go someway towards the OP understanding money problems.

Suggesting that he get an credit agreement or declare bankrupcy wont solve the problem if he merely goes out and spends more. Hence the relevance of my approach

EDIT: On second thoughts, the OP does mention that he sorted now, so feel free to delete mine and DirtyDog's posts...
 
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Cleanbluesky,

I am not going to go into the whys and wherefores of my own brand of mental illness but mainly. The act of buying somethign gave me the feeling of control over part of my life. Some people turn to drink or drugs.

I have shelves full of books I havent read games i havent played and films i havent watched because once i had bought them i berated myself for doing so.

These things are now thankfully in the past and i have control over these things. I am just happy that i still have a job and freinds to help me cope through the rough times, of which there are still many.

As somepeople pointed out my OP was with regards to the debt i have amassed and not how it arived. I think maybe i mentioned it so someone didnt just say " HA you souldnt have bought it then".

Though thanks all of you for your points and opinions i appreciate it a lot. I wouldnt have posted had i had concerns over the responce :) the people here on the whole are allright.

Thanks
Zero.
 
Count_Zero99uk said:
I am not going to go into the whys and wherefores of my own brand of mental illness but mainly. The act of buying somethign gave me the feeling of control over part of my life. Some people turn to drink or drugs.

...

These things are now thankfully in the past and i have control over these things. I am just happy that i still have a job and freinds to help me cope through the rough times, of which there are still many.
Click to expand...

Thanks for your response, I am glad that you're over that.

My advice would be to declare bankrupcy or IVA and then build your credit rating back up. 17k is a lot of money and will take you a long time to pay off.

I'd also sell all the books, DVDs and CDs on eBay as a start, and a way of committing yourself to new financial responsibility
 
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