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Question
Posted by: Indebtted | 2009-09-25

In debt and stressing majorly

I would like to suggest that Health24 has a program on debt, and how to cope.
I do not know about anyone else but the usual options are not working for me. I have the debt (financial worry) and then the practical worry. Nobody offers advice on this, and trying to get the right advice is almost impossible without seeing a lawyer or having money.

An ex relationship left me in a bad way with lots of debt.
No hope of recovering the money ever.
I tried debt counselling and could not afford a re-payment that would even touch the interest.
I tried to find a second job - nothing.
I do work all day and have a good job and ends do not meet even though I am down to the minimum.
I have told my creditors what the situation is (hopeless) and they just keep on threatening me, sending summonses to my home and work.
I will be in court soon and my expenses exceed my income, so what is going to happen?
I don' t have much left in the way of assets, sold my car and have the barest minimum of furniture except 2 beds and a micro really.
I heard today the Sheriff takes it all?

I have been very ill quite understandably and I sympathise with anyone in my position. I have no family to turn to and my friends are all suffering under the recession.

Recession = Depression.

How are you supposed to not worry, take care of yourself, not get depressed, hold down your job and make ends meet?

There is just no help out there for a person in dire straits but with a good job. Because I have a good job, does that mean I have money and the means to pay what I can' t?

I tried to go insolvent - you have to pay insolvent. How, if you a broke how can you pay to go totally and officially broke?

This debt thing is huge and something needs to be done. I think barring a minority most people are in trouble because of circumstances not because they blissfully flashed their credit cards around.

Who is going to do something? And when?

The fact that so many people are in debt begs the question why? Because credit cards, loans and etc. were just issued? Who is going to refuse when they are in a desperate situation?
I think the issuing of credit should be seen as a crime, because the situation is now so bad it is a crime.

I listen to the talks of Suzy Orman and others (very good) but of absolute no help to me.

I feel so depressed and so helpless!!!

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Our expert says:
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Suzy Orman's opinions are absolutely brilliant --- for improving the fortunes of Suzy Orman. She is probably most help to the slightly worried already wealthy folks. That may be why listening to her hasn't been of much help to you.
Have you checked with your bank as to whether they have someone who can provide you with more specific debt counselling and pratical advice ? You say you have tried deabt counselling, and I wonder i it was well done./ Generally, people who are owed money would rather make a plan with you to get something back, rather than pursue you heavily and get nothing back. Your creditors are foolish if they keep threatening you. Lawyers recognize that some opponents are what they tend to call "a man of straw" --- tghat is, someone you can sue, but who hasn't actually got any money you could get.
YOu do need a legal opinion --- have you checked whether there is a free law clinic at your nearest law school ? Maybe a court might be more sensible about recognizing that a reasonable plan is needed, to help you and everyone else.
Again, a lawyer would know, but I don't think they're entitled to seize ALL your assets --- they should leave you enough to live on and with, and with a mind to enabling you to continue to earn a living and a bit more.
That you have a good job, well, firstly that means you jhave SOME earnings, and they shouldn't want to risk you losing your job, or you'll have nothing with which to pay back anything at all.
I don't know how bankruptcy works, but it is I'm sure supposed to enable you to continue to live and earn, and to have the creditors be less impatient.
And I do agree that the extent to which banks and stores pushed people to get multiple credit cards, was disgraceful.
As ou reader says, too, I gather there is a NEW national credit act recently come into force, which may be more helpful to you. Have you tried googling it ?

The information provided does not constitute a diagnosis of your condition. You should consult a medical practitioner or other appropriate health care professional for a physical exmanication, diagnosis and formal advice. Health24 and the expert accept no responsibility or liability for any damage or personal harm you may suffer resulting from making use of this content.

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Our users say:
Posted by: In debt and stressing - reply to respondents | 2009-09-28

Hi there

Yes, I was under debt counselling and it did not help. You have to have a reasonable amount to pay back and I could not even afford an amount that would touch the interest so the debt counselling failed. Yes, it was done properly and they did their best but advised me to try and go insolvent (I have no assets left anyway).

Thank you I will try and contact the UNISA Law Department for assistance.

I am just wondering what they can attach - I have my elderly mom staying with me and our possessions are hers actually but she is my financial dependent. It is so stressful for her and she is not well as a result.

Yes, I do know about how recklessly credit was extended.

But, you know, it sounds so good on paper - try doing it in real life!!!

The thing is that if you have debt you have debt - they don' t really care how it came about i.e. if you landed in the mess because of the wrongdoing of an ex or whatever led to it. So much for extenuating circumstances.

I do not want the creditors to be done out of money, but my circumstances are such that I literally am a " man of straw" .

Beats me why you have to pay to go insolvent.

And yes fighting them off is difficult and stressful. But, I am going to fight for my rights.

Thank you all for the advice and help

Reply to In debt and stressing - reply to respondents
Posted by: Liza | 2009-09-27

I' m going to tell you something that very few people know and that might help you. With the new credit act - if a creditor was irresponsible in extending credit (e.g. increasing credit limits without checking your finances first), YOU DON' T NEED TO PAY THAT DEBT!! You would still be held responsible for the initial credit advanced - i.e. You applied for a credit card and they give you a R10 000 limit. Then they increased your limit to R20 000 because of a good payment record. You will only be responsible for the first R10 000 and not the additional R10 000. For this you will however need a lawyer BUT as CS has said, there are law clinics at most universities who would be able to help. I' ve made use of the Unisa law clinic myself and they give excellent advice and help. Just don' t give up!

Good Luck
Liza

Reply to Liza
Posted by: debthelp | 2009-09-25

Find a debt counsellor you have rights under the new National Credit Act, whoever you are in debt with is now under the NCA and they have a responsiblity to help you.

Reply to debthelp

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