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    where / How to start?
    • #1
    • 24th Feb 13, 10:35 AM
    where / How to start? 24th Feb 13 at 10:35 AM
    Hi All,

    was hoping someone might be able to give me a little advice. It really feels like I am starting to sink in debt at the moment and I don't know what steps I need to take to start turning things round.

    I have a good income (though my earnings have dropped by about 30% as bonuses are no longer paid) the problem I have is my bills each month are now more than my total monthly pay by 80 Every single bill in the house comes out of my wages. My partner also works (part time) so we are currently using her wages to cover the living costs / food / fuel etc but we are running out of money every month within a couple of weeks. The past two months the only way I have been able to afford to live is start cancelling DD then when my partner gets paid pay them bills out of her wages but its literally leaving us 150 - 200 to live on which I know seems a good amount but my commute to work is upwards of 500 miles per week so that's pretty much all our expandable income gone.

    I have literally logged every single expenditure we have and done everything to reduce the payments, I have got rid of all luxury items such as SKY, have cancelled contract phones etc.

    I have a lot of debt from credit cards / store cards / loans etc which is why my outgoings are so high. All the bills are being paid each month currently but I literally am at a point now where I need to say enough is enough and accept I am going to have to look at what options I have around debt management as we simply can not afford to live at the moment.

    My partner is doing everything she can do trying to get as much overtime etc but we also have 2 young children as are restricted with child care etc as we are relying on family to mind the kids.

    I have tried to engage in conversation with two of the companies I have credit cards with and both of them pretty much said tough one of them saying they cant even pass me through to the team that deals with payment plans until I default on at least 2 payments.

    Sorry for the long post I just want to highlight that I am genuinely trying to get on top of this, I am not trying to get the debt taken away as I have spent the money so need to pay it back.

    My question is, what's the first steps to take in a situation like this? it seems silly to have to let myself get into large amounts of arrears before being able to set up payment plans?


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