Debt has finally got unmanageable...help!

[GlobalC]

Hi Guys,

Been posting here for sometime and whilst I have received and gathered lots of help my debt has finally gotten to much. I just received a bill from HMRC for income tax where i need to pay £6k by the end of the month. ( I have zero money to pay this ) I owe around £40k to credit cards and loans along with loans from family and friends estimated at 10k.

My plan is to sell my house and pay off the hmrc and family and friends and then spend a year bed hopping to earn some money before buggering off to somewhere like Thailand to make a fresh start/adventure. Has anyone here done anything like this? Because I will still be here for a year or so I will still need to keep on top of the credit card and loans so they don't get a CCJ, does anyone have any advice as to how i can manage this with no fixed abode?

Thanks for any advice in advance

GC

[Undercover Elsa]

Re: Debt has finally got unmanageable...help!

Can't say I've ever done anything as adventurous as buggering off to Thailand GC (unless you count being stuck in Wales for 2 weeks because of floods 12 years ago!) but I do feel for you in your situation.
Might it be worth offering low F&F's on the debts, on the basis you were leaving the country, to get rid of them once and for all?
Good luck,
Elsa x

[GlobalC]

Re: Debt has finally got unmanageable...help!

Thanks Elsa, But there wont be any money left for the unsecured debt for F&F's and if I did contact them to make an offer based on me leaving the country they would be alerted to get a CCJ do you not think?

[Deepie]

Re: Debt has finally got unmanageable...help!

Are you planning on coming back after you go abroad ?

If you will have no assets here after you sell up, why are you concerned ?

[GlobalC]

Re: Debt has finally got unmanageable...help!

Are you planning on coming back after you go abroad ?

If you will have no assets here after you sell up, why are you concerned ?

If and when i do come back i would rather all the debt was statue barred, im led to believe that if a judgement is issued the debt will still remain? Maybe if i just sell up and bed hop with no forwarding address they want be able to get a judgement anyway, although i will from time to time be staying with family so they could find me there?

[GlobalC]

Re: Debt has finally got unmanageable...help!

Just want to add, i have tried to pay this debt but im getting deeper in debt and can no longer suffer being a slave to the banks, if i could afford to pay the debt i would for those that think im just another debt dodger!

[Deepie]

Re: Debt has finally got unmanageable...help!

Have a read at Pepe's story might give you an idea what to do......

Here--->Pepe2008 Heading for the Sun! Here ---> Pepe's Diary

PS.... We don't think you are a debt dodger ...we don't judge anyone on here....

[GlobalC]

Re: Debt has finally got unmanageable...help!

Have a read at Pepe's story might give you an idea what to do......

Here--->Pepe2008 Heading for the Sun! Here ---> Pepe's Diary

PS.... We don't think you are a debt dodger ...we don't judge anyone on here....

Thanks I have read it before but your quite right i should go and re- visit! Any help in the meantime with how to deal with the cruditors while im still in the country would be most useful.

[Never-In-Doubt]

Re: Debt has finally got unmanageable...help!

Ignore them mate, why are you bothered? If they obtain any sort of judgment, they still must enforce it within 6 years otherwise they must seek permission from the judge who will frown upon the delay so if you go abroad for 6 years, when you come back chances are everything will be gone - plus they'd have to find you first.

Just do what your heart tells you is best and don't worry about anything, so what if they get a judgment if you're planning on buggering off?

[SXGuy]

Re: Debt has finally got unmanageable...help!

Guys, Op owes HMRC 6k. This should be a priority, they are ruthless.

[PlanB]

Re: Debt has finally got unmanageable...help!

my debt has finally gotten to much. I just received a bill from HMRC for income tax where i need to pay £6k by the end of the month. ( I have zero money to pay this ) I owe around £40k to credit cards and loans along with loans from family and friends estimated at 10k.

My plan is to sell my house and pay off the hmrc and family and friends and then spend a year bed hopping to earn some money before buggering off to somewhere like Thailand to make a fresh start/adventure.

Stop right there Today is no different from yesterday when it comes to the money you owe people (I so hate the 'debt' word). All that's happened is you've been spooked by a letter from HMRC and it's push you temporarily over the edge.

If it makes you feel any better I owe £153,360.87 to my unsecured creditors. Don't even get me started on my seven mortgages adding up to over £1.8 million on top of that It's all about managing the situation. Before I joined AAD I had seriously sleepless nights. Now that I've altered my mindset I can cope. I've not paid a penny to my unsecured creditors for over three years Yes I have had to write a lot of letters and trundle to the post office in the rain to get Recorded Delivery receipts but it's been worth it.

I too dream of running away to foreign parts (I've got my eye on Ibiza ) but the thing about running away is that you take your head with you. I'll pack my bags and bugger off when it feels right for me not because HMRC or any other bloodsucker has driven me away.

Your creditors have had their money ten times over and more with the interest they've charged you over the years and the commission they've got from the merchants who debited your credit card.

And as for that bit about being perceived as a "debt dodger" I have to tell you that Plan B already holds that title which was bestowed on me by a DJ and Credit Today magazine after my win in the Santander vs Mayhew case. Sorry but that name's taken

[Never-In-Doubt]

Re: Debt has finally got unmanageable...help!

Guys, Op owes HMRC 6k. This should be a priority, they are ruthless.

HMRC debts NEVER become SB. I didn't realise we were talking government debt. This needs to get sorted.

[PlanB]

Re: Debt has finally got unmanageable...help!

Op owes HMRC 6k. This should be a priority, they are ruthless.

Do you think the OP could query the amount owed to HMRC for starters? It's not unknown for HMRC to send out speculative invoices to prompt a conversation if the individual is behind with their paperwork. Sometimes they simply 'double up' their last invoice until you make contact (they did that with me and it certainly worked ). I don't know the OP's financial situation (are they self-employed?) but it may be worth checking whether they really owe £6k and/or whether an instalment plan would be acceptable.

[GlobalC]

Re: Debt has finally got unmanageable...help!

Thanks everyone, this is not been a decision i have just jumped on although the HMRC was the final straw if you like. I am self employed and due to having 3 customers bump me for other 10k last year i just don't have the funds to even pay HMRC at the moment.

As much as I regret having to sell my house, I am now looking at the positive's, I have been stuck in my house with no money for years now trying to earn my way out and all that's happening is im getting deeper in debt, so enough is enough sell up pay the HMRC and bugger off for a fresh start somewhere hot and not the UK! I am only 36 and i need to start living my life again if that makes sense ( a lot of friends cant make sense of it! ) I have lost all my drive and focus here.

I will contact HMRC and explain the situation next week, I will have to sort out my affairs with them as i will also owe them for the next financial year before i go as well.

Maybe i should just cancel all payments to the unsecured stuff altogether while Im sorting out the HMRC and getting ready for a new life? thoughts anyone......

[Deepie]

Re: Debt has finally got unmanageable...help!

Maybe i should just cancel all payments to the unsecured stuff altogether while Im sorting out the HMRC and getting ready for a new life? thoughts anyone......

That's what I'd do...........