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Household Debt Rising
Household debt has risen by more than 30 per cent to an average of £13,153 over the last three years according to figures from the Citizens Advice Bureau (CAB). Read more
Tories Use Provocative Language To Tackle Debt
The Conservative party has launched an anti-debt campaign that urges young people to “ignore their inner tosser” and cut out unnecessary spending to reduce the likelihood of serious debt problems. Read more
Staying In The Driving Seat
The financial crisis at car giant Ford, which is making tens of thousands of US workers redundant, has fuelled uncertainty in the North West/West Midlands/UK automotive sector. Read more
Biggest Day Of Your Life - And The Biggest Debt
If your loved one got down on bended knee to pop the question on Valentine’s Day, your thoughts might now be turning to the big day. Read more
Bosses Urged To Help Staff
Companies should offer support schemes to employees with personal debt problems as part of flexible benefits packages. Read more
I THOUGHT BANKRUPTCY WAS MY ONLY OPTION ...
My problems with credit began when I went to University, as I soon found that my student loan would not cover all of my expenses. I had to pay for books, fees, accommodation, food, and all of the other things that I had taken for granted at home. My parents helped me when they could but as I still had three younger brothers and sisters at home this wasn't very often.
I began to use credit to pay for the things that my student loan would not stretch to, like food and materials for university. I was also socialising a lot more because I was trying to make new friends as I was living in a strange city. I found it too easy to rely on credit, and with hindsight I know that I overspent when it wasn't appropriate for me to do so.
When I graduated from university, I managed to get a job in a bank. My overspending continued, I had a huge student overdraft, and various credit cards and the only option my bank would give me was another loan. I didn't see how this would help as I was already struggling with my repayments and was frightened of getting further into debt. I was didn't want to lose my job in the bank but I was convinced I would have to be made bankrupt.
When I contacted Campbell Dallas Debt Solutions, I wasn't really sure what to expect. They took details of who I owed money to, what my earnings were and how much money I needed to pay my monthly expenditure. They explained the various options available to me such as a debt management plan, debt restructuring and so on, but I decided that the best option for me would be a Trust Deed.
I was concerned that my creditors may not accept the course of action due to my age and circumstances; I was also concerned as to how it may affect my job. The advisor that I spoke to advised me to speak to the personnel department of the bank to see if my job would be affected.
After I had spoken to my employers and they had assured me that my job was safe, I signed the Trust Deed and have now begun to make monthly repayments.
M Barry of Edinburgh
