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  • FIRST POST
    • jamiesmack
    • By jamiesmack 11th Sep 17, 9:33 AM
    • 19Posts
    • 0Thanks
    jamiesmack
    Need urgent debt advice and not sure where to start
    • #1
    • 11th Sep 17, 9:33 AM
    Need urgent debt advice and not sure where to start 11th Sep 17 at 9:33 AM
    Hi all,

    I don't know if this is in the right place, so please delete if its not.

    I am really struggling with credit card debt, and I dont know how to get out of it. The debt started small, and has been creeping up slowly. I have around £11000 across 3 different credit cards, and I am really struggling to make the repayments.

    My wife only thinks I have debts of around £3000 - £4000 at worst. I cant tell her the truth as our 4 yr old son passed away 12 months ago, and her mum passed away 3 months ago. I dont think she could handle this. As the repayments have crept up on our bank statement I have lied and told her I was paying extra to get them paid off quickly.

    My wife works full time, earning £21000 p/a, but I am self employed. We have just relocated to a completely new area, so I am trying to establish the business from scratch again, meaning my income is very small indeed.

    In addition to the credit card debt, I also have some hp finance on some business equipment, which I am managing to pay direct from the business account at the minute.

    I dont know where to turn with this, and feel like I cant take any more. can anyone help?
Page 1
    • worriedDan
    • By worriedDan 11th Sep 17, 9:48 AM
    • 186 Posts
    • 548 Thanks
    worriedDan
    • #2
    • 11th Sep 17, 9:48 AM
    • #2
    • 11th Sep 17, 9:48 AM
    Jamie, I am so sorry to read what you have been through. It's absolutely no wonder that finances have not been a priority, so don't beat yourself up. I can also totally understand why you have not told your wife. Ultimately, she will need to know, but I can understand why you have protected her from the full extent.

    The good news is that there will be a solution for you. In the grand scheme of things, 11k is not a huge amount of money. Have you considered contacting Stepchange for some advice?
    • jamiesmack
    • By jamiesmack 11th Sep 17, 9:52 AM
    • 19 Posts
    • 0 Thanks
    jamiesmack
    • #3
    • 11th Sep 17, 9:52 AM
    • #3
    • 11th Sep 17, 9:52 AM
    Hi Dan,

    Thank you for replying. I had looked at stepchange, but dont i need to speak to someone on the phone? I am incredibly nervous on the phone, and Im not sure it would help
    • Bewildered Banshee
    • By Bewildered Banshee 11th Sep 17, 10:24 AM
    • 31 Posts
    • 25 Thanks
    Bewildered Banshee
    • #4
    • 11th Sep 17, 10:24 AM
    • #4
    • 11th Sep 17, 10:24 AM
    Hi
    I'm so sorry to hear you've had such a bad time, and can understand you not wanting to worry your wife.

    Step change are lovely to speak to but also have an online chat facility which I used whilst trying to get the courage to speak up.

    Have you looked at transferring your c.c to a 0% card - might take some pressure off.

    There are solutions out there and realising you've got a problem is a huge step.

    I've found the help on here fantastic so don't be afraid to ask.

    Good luck.
    • worriedDan
    • By worriedDan 11th Sep 17, 10:55 AM
    • 186 Posts
    • 548 Thanks
    worriedDan
    • #5
    • 11th Sep 17, 10:55 AM
    • #5
    • 11th Sep 17, 10:55 AM
    Hi Jamie,

    They also offer a web chat facility that you could use?
    • EssexHebridean
    • By EssexHebridean 11th Sep 17, 11:07 AM
    • 8,199 Posts
    • 42,615 Thanks
    EssexHebridean
    • #6
    • 11th Sep 17, 11:07 AM
    • #6
    • 11th Sep 17, 11:07 AM
    Ahh Jamie didn't want to read and run - you've had so much to deal with. Well done for facing the situation head on and looking to get it resolved - I agree with the others that Stepchange's web chat facility is a great way forwards for you until you can get the nerve fully up to talk to them on the phone - that probably won't take as long as you think either - you've already faced the worst of it.

    Maybe think about putting yourself together an SOA (Statement of Affairs) - you'll find a link to the template we recommend in the "Sticky" post at the top of this board - fill it in as accurate as you possibly can and post it back in here and we'll be able to see if there are any areas where you might be able to make savings that you've missed, too.
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£544.67 (17/10/17)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • sourcrates
    • By sourcrates 11th Sep 17, 11:20 AM
    • 12,421 Posts
    • 11,822 Thanks
    sourcrates
    • #7
    • 11th Sep 17, 11:20 AM
    • #7
    • 11th Sep 17, 11:20 AM
    Hi Jamie,

    Dont carry on struggling to make the minimum payments, there really is no need to do so, there are a number of debt solutions in place to help you.

    All you have to do to access this help is to ask, its as simple as that.

    Stepchange have an online "debt remedy tool", you just punch in your details, and it spits out a solution that may suit you, most likely it will be an informal debt management plan that will suit you the best, but other options may apply as well.

    Debt affects a great many people, you are not the first, you wont be the last, the debt charities deal with this kind of thing every day, there is no judgement, most on here are, or have been, in the same place you are now.

    You have to treat it like any other problem, it needs solving, it may seem like a mountain to climb right now, but you can have a DMP up and running by next month if you wish, the solutions are available, its deciding on the right one for you, then implementing it, it really is that simple, don't carry on struggling to make payments, when all they need to do is ask for help.

    As mentioned above, a "statement of affairs" (SOA) will give us all a bit more information, and allow people to make positive suggestions on your situation :

    http://www.stoozing.com/calculator/soa.php
    Last edited by sourcrates; 11-09-2017 at 11:24 AM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
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