A diary of debt
When Gunjan Jabira got married, she did not expect to fall into debt, let alone be facing bankruptcy, within a space of twelve months.
Gunjan was dismissed from a work contract when she told her boss that she was expecting a baby. This was a great blow to her finances as she had previously taken out a large loan and re-mortgaged her buy-to-let property to help fund her husband who was starting up a restaurant business.
She knew she was in dire straits when she was suddenly plunged into unknown territory and was overcome with unforeseen debt.
One aspect of debt that exasperated her the most was the fact that she would pour her heart out to a creditor on the phone who would agree a repayment plan but the minute that she would ring up to make the agreed monthly sum, someone else would answer and she would have to repeat her financial situation all over again and go through the humiliating process of renegotiation.
Gunjan is one in millions who are annoyed at the way creditors pass their customers over from one call centre to another and whilst they promise to send out paperwork or ask you to deal with different departments, penalties are accruing on accounts and the overall debt is increasing.
Gunjan realized that debt brings an end to independence and leaves you at the mercy of your creditors.
Borrowing money to invest in a business is a chancy move. Sometimes circumstances stand in the way and we end up being catapulted right back to square one with a few thousand pounds of debt added to the agony.
If you need bankruptcy or IVA advice, contact a not for profit organisation, like the Debt Advice Trust.
IVA and Bankruptcy News posted on 17/09/2007 09:49:55
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