Hello. My name is Martin and I am in serious debt.
There I said it.
I am writing this because I refuse to believe I am alone. And I really want to share this journey because being an optimist I believe it’s going to get better and me and my family will stop getting the letters through the door and the phone calls at all hours of the day chasing money we haven’t got. We’ll stop being threatened with Court action and Bailiffs and we’ll be normal.
Day 1 is here
It came to a head when my wife looked me in the eyes with tears streaming down her face and said ‘make it OK’. I know she meant it and I know I have put her through a lot over the last two years (yes that’s how long I have been in denial). I have spent hours on Google and have read a huge amount on what me options are. They appear to be:
- Another loan – or ‘Debt Consolidation’
- Debt Management Plan – this appears to be a deal that is done with your the people I owe to repay all of the debt but in smaller amounts. it looks like the key here is to get the interest stopped and avoid management fees
- IVA or Individual Voluntary Arrangement – Tricky one to describe this. It appears to be a Government piece of legislation that allows you to write off the part of the debt you can’t afford whilst paying the balance in small instalments over 5 years. I’ve got lots of question that I need to ask about this one as it appears too good to be true.
- Bankruptcy – Don’t even want to go there.
Today’s mission is to work out who to call. There are so many companies out there.
1 Comment
August 21, 2008 at 9:23 pm
Hi Martin, welcome to the world of pf blogging!
Good luck with the phone calls, once you get all the information it will be easier to work out which is the best way to go with tackling the debt.
I look forward to reading your progress