New to this situation

lollipop73

Hi Everyone,

I am in it deep-as are loads on here I see.

My husbands business has gone down the pan. And we are left with a large amount of debts-credit cards, buy to let mortgages, personal loans.

As with lots of wives of business men, I am also "self-employed" and apparently earned an income I never saw, applied for credit cards I was told I wouldn`t have to ever deal with-ie he would pay them and generally take care of everything.

I`m not blaming him, his father was very ill for a long time and at a time when he should have been on his toes, his eye wasn`t on the ball.

So, our income has now been reduced to an amount which does not even approach supporting us.

We can no longer cover the loan repayments, we both had cars that had finance on-they have had to go, personal possessions are being sold to make the mortgage payments, and as of last month we haven`t made a payment on our credit cards, but I don`t know how to go about reducing those payments drastically.

I have read horror stories on this and other forums about some of the behaviour of so called reputable credit companies, so really really need to ask experienced people what to do next.

If there is a link someone could please post to me, I would be very grateful.

My head feels like it is stuffed with foam at the moment-I can`t think straight at all, so sorry if I have posted this in the wrong place folks.


Please help me.

GeorgeUK

I think the first thing you will need to do is work out exactly what you have coming in and how much your priority debts are (mortgage, utilities, food). The SOA calculator will help you to organise this - just put in what you are currently spending and we'll see if there are any savings to be made.
https://www.makesenseofcards.com/soacalc.html

Once you have a better idea of where you are financially, i would also suggest contacting one of the free debt charities such as CCCS or Payplan.

(Taken from Fermi's signature)

Professional, free and impartial advice on debt problems can be obtained from several charitable and 'not for profit' organisations. They never make a penny from the advice they give, which means it will be given with only your best interests at heart. You can contact:

Your local CAB Office and ask to speak to a 'money advisor'
The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111
National Debtline - Tel: 0808 808 4000
Payplan - Tel: 0800 917 7823