Books on debt

I have given into the request to put information on the site for books about debt. My view is that if you are in debt you should stop spending, except for those things you actually need. I have not brought a book, cd or dvd since 2004 and intend to keep it that way. Your local library will have lots of books available and are usually able to order what they don't have in stock.

If you really must buy a book on debt then use the link embedded in the title of this post or see the bottom of the page for an advert.

Alvin Hall and the Rich Dad Poor Dad books are excellent.

Happy reading.

Life without a debit card

The past few weeks have been very frustrating. I am beginning to rebuild my business life after the bankruptcy and need to spend money on the internet. My problem is that I only have a cash card for my bank account and every service I require seems to need a credit card to purchase.

Fortunately many traders now accept payment via PayPal. I use PayPal myself to allow my clients to pay by methods other than cheque or cash. When you signup for PayPal, you can start accepting credit card payments instantly. I realised that as the world's number one online payment service, PayPal was the fastest way to get a merchant account for my business. Best of all, it was completely free to sign up for a merchant account and my bankruptcy was not an issue! To sign up click the link at the top of the page.

I tried getting a card from my bank but in their eyes I am still a risk and they have advised me not apply again for another 3 months. Looking around on the forums people seem to recommend the Co-Op so I will investigate further and see what they offer.

The other route that has been suggested is pre-pay credit cards. To be completely frank with you, whilst I can see the benefit of being able to use one of these cards the cost seems prohibitive. They will my last resort.

I have also tried applying for a Capital One card for people with bad credit histories and also a Vanquis Card. Capital One turned me down immediately and I am still waiting to hear from Vanquis. You need to understand that it is not credit I am after, it is simply the transactional facility that these cards offer to purchase goods online.

If anyone has any more ideas about bank accounts for discharged bankrupts that include a debit card or a bankrupt friendly credit card company please let me know.

In the next few days I will be posting information about what information will help you with the credit reference agencies and also update you on my quest for friendly banking facilities. Stay tuned!

Hand down a hole

I receive feedback from this site and it is always heart rending to hear how other people are being affected by debt in their lives. Today I got an anonymous comment where the person wrote:

"your positive attitude is an inspiration. I really admire you. I feel like digging a hole & climbing in it!!"

The truth is that is has been hard to stay positive and maintain perspective on what was happening. I didn't own any property which would have drawn out the process and probably increased the stress. Plus I am single so had nobody to worry about but myself.

Whilst the anonymous poster feels like digging a hole and climbing into it, there are plenty of people who are there to help you stay out of the hole or give you a lift out. Check out the links on the right hand side of the page for where to get advice.

Watch out for the organisations and individuals who will offer you miraculous solutions for your situation. If it seems to good to be true then it probably is. Most Insolvency Practitioners will talk to you honestly about IVA's and tell you frankly if you do not earn enough or have enough capital to make one work. Though my suggestion is to start with an organisation like CCCS and take it from there.

The best advice I was given was to face up to your situation and begin to deal with it. It is not the end of the world though it may seem like it.

To my anonymous poster - use the links and get some help - don't delay take action today!

What It's Like To Go Bankrupt

My Motley Fool email came with the above title today. You know I would be hooked straight away.

Click the title of this post to be taken to the article by Jane Mack.

Life goes on in cash!

54 Weeks Later

It is now 54 weeks after I was declared bankrupt. Depict an early discharge, life continues to be a roller coaster and the financial struggles continue.

On the TV I have been shocked by some of the rubbish that is being shown about people who are in debt. A BBC programme which I think was called "Beat the bailiffs" was particularly distressing. It showed people who are in debt being given a dry run of what it will be like when things get out of control. Frankly, it was very disturbing and would have been upsetting for anyone in real financial crisis. Remember that there are plenty of organisations who are there to help (Look ====>>>>>) If the worst comes to the worst, don't let the bailiffs in, you don't have to, unless you have let them in before. Once you have let them in then they can come in again anytime, even without your permission. So don't let them in! Remember as well that if you go personally bankrupt the bailiffs won't come looking for your clothes, beds, furniture or personal belongings, unless you have something of great value. Just have a look on e-bay at what your belongings are really worth and realise that the cost to creditors of obtaining and then disposing of your assets will probably be prohibitive, unless you own lots of bling and flash cars.

Remember that there are lots of organisations to help you resolve your debt crisis for free. I was helped by the Consumer Credit Counseling Service who were brilliant. Don't despair, don't give up and face up to what really is going on.

Finding the type of work I need locally has been difficult, yet I am tied to the area by close friendships. There is no easy answer to be had, I just wish that I could find the work I need!

I have been fortunate to have regular work teaching at a nearby University though this have is now finishing until October. I really want to be coaching and finding clients for that is going more slowly than I would have hoped.

Strangely though I still feel positive. The financial crunch will come in May when I have to make a decision about moving from where I live now.

In my dreams I see a place of abundance and know it is just around the corner. I feel like a lottery winner most days just for waking up. I have so much love in my life, so many friends and so much to be grateful for. I try to stay focused on my gratitude and that helps me get through the darker days.

Be brave, be bold, be truthful to yourself.