Advice needed....

Ohhhnooo

Hello,

MMMmmm where do I start....

I could do with some advice, I have credit card debts of £32000 to 6 creditors which most of it was was obtained and ran up while during a nervous breakdown, for which I'm still being treated for and now have further mental disorders...

The rest of the debts was obtained to pay off the previous debts and built up to what it is now...

My monthly payments are now £725 a month which I can not now afford, for past few years my wife and kids have suffered the hardship so I have had no choice but to stop paying them and contacted PayPlan and they have advised me to declare myself bancrupt.

But I'm worried that because i was not working when I applyed but said i was beacuse i needed to pay other debts that I will get in serious trouble...

any advice greatly received....

Many thanks

Mozette

Try doing a statement of affairs: http://www.makesenseofcards.com/soacalc.html
and posting it so people can help you cut back if at all possible.
Please try not to panic, there is always a sensible way out of any debt problem, and you've come to the right place.
Welcome!

Bone_Idle

Posting here was a great first step! :T

I don't have much in the way of advice except to echo Mozette and say do an SOA so that some of the more experienced posters can give you more specific advice.

Good luck!

stilletto

Just wanted to jump in here and offer my support - I ran up huge debts while off sick with depression, and I know how awful it feels. The people here are great, and the experts will be along to offer any advice they can.

Hang in there!

Ames

I also ran up big debts when depressed, taking out a loan wasn't a big deal at the time because I didn't think I'd be around to have to pay it off.

If you're not 100% happy with Payplan there's nothing to stop you getting second, third or fourth opinions. I got vastly different advice from the three I spoke to - cccs, CAB and national debt line. In fact, I think it's a good thing to get several different perspectives on it.

stebiz

Ohhhnooo wrote: »

Hello,

MMMmmm where do I start....

I could do with some advice, I have credit card debts of £32000 to 6 creditors which most of it was was obtained and ran up while during a nervous breakdown, for which I'm still being treated for and now have further mental disorders...

The rest of the debts was obtained to pay off the previous debts and built up to what it is now...

My monthly payments are now £725 a month which I can not now afford, for past few years my wife and kids have suffered the hardship so I have had no choice but to stop paying them and contacted PayPlan and they have advised me to declare myself bancrupt.

But I'm worried that because i was not working when I applyed but said i was beacuse i needed to pay other debts that I will get in serious trouble...

any advice greatly received....

Many thanks

Do you own a house or have any kind of investments? I know this may sound a silly question but it is worth knowing what you have to lose.

As for your mental health. Debts attribute a lot to stress and depression. Hopefully sorting the debts out will help.

Stebiz

tallyhoh

Are you saying that you might have told fibs when applying for credit by saying you were working or something?
I dont know the answer to that one, perhaps you could phone up one of the debt charities, anonymously perhaps, & ask them.

Good Luck.

stebiz

tallyhoh wrote: »

Are you saying that you might have told fibs when applying for credit by saying you were working or something?
I dont know the answer to that one, perhaps you could phone up one of the debt charities, anonymously perhaps, & ask them.

Good Luck.

To be fair I can't see a debt charity knowing either. I mean legally this is fraud. But are these companies likely to check and if they do there doesn't seem to be a lot he can do about it anyway.

Stebiz

stebiz

We need more information to help.

Stebiz