A “high flying” businessman who spiralled into crippling debt has urged struggling Scots to seek help as new figures show many face an “£11k debt mountain”.
Peter Cobley, a former advertising boss with a law degree, earned big wages before a mental health battle saw his finances fall into disarray.
At his lowest point, the 54-year-old found himself in rehab having racked up £36,000 of debt.
But two years ago he was handed a lifeline, declared himself insolvent with the support of a charity and moved to picturesque Tobermory on Mull with his wife, where he has rebuilt his life.
He spoke to the Record in support of Christians Against Poverty (CAP) – who say many Scots now face an eight year battle to clear their debts.
View 3 ImagesPeter now lives a happier life on the Isle of Mull(Image: UGC)
Peter, who is non-religious, said he hoped speaking out can help dispel the “stigma” around debt and encourage other to seek help.
He said: “If a high flyer like me, and I don’t mean that in an arrogant way, can fall on his uppers through mental illness, anyone can.
“I fessed up to what I owe and what needs paying.
“People think of they guys with body armour coming round and taking your TV, it doesn’t work that way. At the end of the day you do have to take ownership. You can’t run up debt and there not be consequence, but it’s not how people think. You have rights. You can set up a payment plan that is feasible.
“The compassion I got was unbelievable. I could have been dead.
“I now run the Tobermory youth hostel. I’ve been able to return to work, I’ve got my payment scheme and I’m happy. It’s like a weight has gone off my shoulders.”
Originally from Cheshire, Peter was an advertising director at the age of 29, working on shows like ‘Who wants to be a millionaire?’.
But after struggling with a difficult childhood, he was unaware he was suffering from obsessive compulsive disorder.
He said: “I get obsessional thinking. It’s a benefit in terms of analysis and the jobs that I did. But I also drank as well. Self medication basically.”
Peter said he lived “two lives” in London and his finances became chaotic.
He said: “I was earning a lot of money and spending a lot of money to try and make myself happy.”
In 2014 he set up his own business and met his wife, Claire.
He said: “I had got things under control but after that I succumbed to the OCD and work pressure. I’d been in rehab like the Priory. I’d been in hospital. Then in 2024 I was at my wit’s end”.
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View 3 ImagesPeter now runs the Tobermory Youth Hostel and is repaying his debt(Image: UGC)
Peter ended up back in rehab and was put in touch with CAP, a charity partnering with churches across the UK to offer free debt advice, job clubs, money coaching and other support.
He said: “There was no religious subscription. There was no ramming it down your throat. CAP held my hand the whole way.
“Normally I’d have been able to trade out of (the debt) but I didn’t have the fight anymore. I was so broken. They told me my health was more important. They said ‘let it go’.”
Peter was supported by teacher wife Claire while going through the insolvency process and is now paying back £200 a month.
He said: “The insolvency accountant for the government is lovely and really understands the climate. CAP have kept in touch and looked after me. They are a wonderful organisation who stopped me from drinking myself to death because I was in such a mess. I felt such shame and they just dispelled all of that.
“It opened my eyes up to these organisations.
“Costs are going through the roof and there are a lot of people living hand to mouth month to month.
“A lot of people are juggling at the moment and you don’t need to juggle.”
CAP has helped 1365 Scots in the last five years. The charity’s latest report found the average amount of debt Scots coming to the charity for help faced last year was £11,500, with an average repayment time of eight years.
CAP Scotland Area Partnership Manager, Nicky Mclaughlin, said: “Living in spiralling debt is dangerous. It often results in families unable to afford healthy food, living in cold, damp unsafe properties and facing isolation, anxiety and depression.
“But we know poverty can be beaten. By walking alongside people through their toughest storms, our group of Scotland churches, working with Christians Against Poverty, are restoring hope and building the long-term financial resilience (Scotland) needs.”
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