Help!!!!!!!

dfwannabee_2

Hello chaps, first of all, I am at my whits end regarding debt. Sometimes I even think its time to "pack life in", but I'm too scared to do that.

Here is the deal.

Income £1050 pm

Outgoings £800 pm (Mortgage, Bills, etc)

So that leave me with £250 per month.

I currently have debts of

CC1 £10,000
CC2 £3,200
CC3 £2,000
CC4 £1,200
LN1 £5,000

Total £21,400

I can see how I can repay my debts.

I have enquired about IVA but they would want more PM than I can afford.
Thought about bancrupcy and losing everything (Better than my life)

I wanted to see if my Mortgage company would hold my mortgage payments for 6 months and in that time I believe I can repay everything apart from the £10000 CC1. Once the others are out of the way, I would start to repay mortgage and start on the £10K

My mortgage company would not agree to this.

Can anyone offer any advice?

blackclouds

Hi DFW from a fellow newbie

First things first, money problems will eventually go away with hard work so no thoughts of "packing it in". If you post up an SOA (someone more competent than me will drop a link in Im sure) then it helps you see exactly where the money goes and lets others offer advice.

I have no income, similar debts and in 2 days on here I have had a complete attitude adjustment, sometimes just getting it in black and white can help

good luck and take care

BC

**Amy**

Hi and welcome to MSE.

Firstly please dont think about taking your life. there are always options where debts are concerned. They may not be quick and easy but they are there.

Firstly i would suggest posting up a full SOA (statement of affairs) which is basically all your income/outgoings and debts and their APRS/payments etc.

It would be good as we may be able to help you cut down your monthly outgoing.

http://www.makesenseofcards.com/soacalc.html

I would also suggest contacting one of the free debt chartities such as CCCS (www.cccs.co.uk) or National Debtline (www.nationaldebtline.co.uk).

I hope this helps.

x

rchrisp

can you give us a breakdown of where your outgoings are going?

Karmacat

Hello dfwannabee

Just posting in support of what Amy has written, thats what we can help you with right now. Martin has said many times, he's never seen a debt problem that couldn't be solved. Your solution could be one of many options, and might have several parts to it - you might go into an IVA, you might get a 2nd job, you might do mystery shopping, all sorts of things. A lodger. Anything, there are a lot of options, please don't think about taking your life.

If things still feel too much, I'd honestly recommend going to see your GP, and taking things from there.

In the meantime, cuppa tea, and go through your paperwork with the Statement of Affairs link that Amy has given you, then post on here again as soon as you can. If you keep posting, keep on working at the debt, you'll feel a lot better, honestly.

Take care of yourself.

dfwannabee_2

Outgoings...

To be honest, I dont have many, they just add up to £800.

Mortgage is £550

Rest £250 is spent on food, gas, electric, CT. Dont have a car. There is no way I can get that £800 down.

The help I need is what people think my options are to repay the debt.

I cant meet min payment on them all.

Who has had a similar experience?

**Amy**

dfwannabee wrote: »

Outgoings...

To be honest, I dont have many, they just add up to £800.

Mortgage is £550

Rest £250 is spent on food, gas, electric, CT. Dont have a car. There is no way I can get that £800 down.

The help I need is what people think my options are to repay the debt.

I cant meet min payment on them all.

Who has had a similar experience?

Hi

In this case i would suggest finding out all of the APRs on the debts, their minimum payments etc. That way we can try and help you figure out what would be the best way forward.

You could also use http://www.whatsthecost.com/snowball.aspx which is a way of helping you figure out which is best to pay off first.

I would also then look into maybe getting a second job? Possibly. Or raising some extra funds (there is a board on the forum called "Up your income" and there are some great ideas there) using Ebay/ Car boot sales/ Amazon etc.

slowlyfading

you could cut down your food bill as well...

Robbda

Hey

I would suggest speaking to CCCS or if you like someone else i knew felt akward speaking to someone they have a fab online tool that tells you roughly what their suggestion will be and you can go from there - they have live chat with a counsellor as well which keeps you a bit annon!

I found the following helped me:

• Cancel the mobile go PAYG - can't spend what you haven't got
• Basic food all the way & i've tried cooking from scratch more which saves - check out the money saving the old way forum on here
• Get your self a jar and stick all your coppers in it, go thru the pockets and handbags and purses you haven't used for donkey's years. you'll be surprised how much you get also i found getting a smaller Jar helped mentally because i seem to be emptying it and banking it a lot more ofter rather that it hanging around and dipping in!
• try quidco - i've not done a lot on it and earnt £10 already!
• second job if you can pub maybe because its a bit social as well?
• I've done my own version of payment a day - i take the pence of the balance of my current account every day pop it into a savings account i've opened up spesh and when i have a tenner i pay it off a bill :-)

trust me the hardest thing is adding it all together you'll feel much better at when you start doing stuff towards sorting it!

RAS

Hi


please talk to one of the debt charities ASAP. http://www.moneysavingexpert.com/loans/debt-help-plan#help

Also, how did you spend the money?
Do you have stuff you can sell?
Can you take a lodger (they are tax-free income)
Can you take a second job? (or get a better paid one?)
Look at the boost your income link above.

And play with the snowball.

RAS

Also

Reclaim bank chages, credit cards charges etc.

Do you have PPI on any of these? was it mis-sold (most are) Reclaim that too.