OH MY GOD MY DEBTS ARE £20,000 more than I thought

worried_and_sick

OH my god I owe £62,000, I thought I owed £42,000.
I have just had a big shock, I have worked out that with the 10 credit cards
and 2 loans the total is £62,000.
I have to write it down because I just can not beleive it, my partner thinks we owe £42K I do not think I will tell him the full amount he is worried as it is.
Do the NDL pass my details on to payplan? because I was exspecting somthing from them.
I do not know were to turn.
Please help if you can.
Thank you

Miss_Piggy_2

First of all, don't panic.

I would recommend going on the cccs website. They are fantastic at recomennding solutions. The first one they will suggest is bankruptcy but ALWAYS read further. A DMP may be the answer. If you are with Payplan then BE HONEST. Trust me, they have heard it all before, and worse!!


We are all here to help. Let us know how you get on!

Tigert

Hi,

I was in a similar situation - thought I was in a lot less debt than I was until I wrote it down. In fact it was only when I went through everything with Payplan and they gave me the figure that i realised how bad it was.

NDL and Payplan aren't connected as far as I know so there would be no reason for them to pass your details around.

doodledo_2

I don't have any advice on the NDL or DMPs as I haven't been through this but just wanted to pop on and say don't panic, like Martin says no problem can not be solved.

Least you have all the cards on the table now and you know the full extent of your debt. That debt is as high as it gets and the only way is down now.

I know its hard to admit things to partners like this but if you can try and speak to him about it.

hypno06

Once you know what you have to deal with, it is easier to then get on and deal with it - even if the numbers are much higher than you originally thought.

Now you know what you owe, you can make a plan of action - I don't know much about the workings of DMPs because I have not done one, but I do know that there is a very good DMP mutual support thread on this board which will be able to give you all the answers you need.

Useless_with_wonga

Hi,
I know it is easy to say but try not to worry too much it won't solve anything.
My wife had a similar dilema to yourself in that i thought our debt was about 20K less than it was:eek:
Anyway the truth outed eventually despite her best efforts to keep the full extent of the problem from me. I can't say i was best pleased BUT we are still together and facing the problem together if anything we now communicate a lot more and are closer as a couple as a result of the LBM. We decided no more secrets ever nothing is too serious or too trivial to tell one another. I have to say life has been better since we have acknowledged the debt and tackled this together by approaching PayPlan we now have a way forward and eventual resolution.
My advice would be tell your Husband the truth no matter how difficult that maybe and contact one of the debt charities for help toward a resolution that works for you and your circumstanes. Wishing you all the best

worried_and_sick

I have told my partner the truth I/we owe £62K.
NDL said they were going to send me a information pack and they were going to pass me on to payplan. I only received NDL pack.
Do I fill this in, then I contact payplan myself ?
I feel sick.
I owe on my morgan stanley card, But I can not view it online, they have changed over to barclay card? so I have guessed at it being £3K.
Thank you for your help so far.

whitewing

worried and sick,

Can't answer your questions, but well done for telling your partner....

Tigert

Hi again,

If i were you, I'd give Payplan (or CCCS) a call yourself and get the ball rolling. Once things start moving, I promise you that you'll feel better.

My debt was slightly higher than yours when i worked it out and I too felt sick. If I hadn't found out about DMP's I don't know what I would have done.

The first 3 months are the hardest - the creditors don't normally take it too well to start with and you get loads of phone calls / letters. Don't worry about them they are just automated letters + you can ignore the calls if you've got caller display. Once they see regular DMP payments coming through, things quieten down a lot. I'm 8 months into mine with Payplan now and I don't hear a thing anymore about 75% have stopeed or reduced interest. Only Lloyds and Barclaycard are being stubborn but even they have accepted reduced payments, they just won't stop interest.

Also keep posting on here - everyone is so helpful. Don't know what I'd have done without them.

whiteroom184

just remember all our support is with you, it is so easy for debts to spiral out of control, you take a loan then a credit card then an emergency happens so you take another credit card or loan because you are stretched paying for the first loan and credit cards you have, repayments look small but then another emergency or christmas/need for a holiday so you take on an overdraft, before you know it you are paying at least 50% of your salary on debt repayment. and you suddenly think, gosh if i did not have these loan/card repayments i would be comfortable with my income.

i looked at all my spending in detail last summer and have cleared 2 credit cards and since then not missed a payment, i dont think i would have ever done it if it had not been for this site

so really please keep posting

savingholmes

Hi - at least you know now - and at least your partner knows and that is a good start. Do look at the CCCS or Payplan websites or give them a call. Also - any chance you could post your statement of affairs using makesenseofcards so we can look at whether there are any realistic places you can cut back....

If you do think you are going to go on a dmp - then I gather you need to set up a bank account with someone not associated with your current debts (with no overdraft facility). That way you can change where your money gets paid into and add any previous accounts with overdrafts to your payment plan...

I've cut back about £300-400 per month since joining in July - so we can pay off our debts without just keep re-borrowing the money back.... There is fat in most people's budget... We've paid off 2 small balances since then, and set our sites on a third. After that we have 3 bigger balances to tackle...