Debt: In a mess, please help :(

ineedhelp2008

We are getting in a right sticky mess and I'm getting scared.

My husband is/was self employed and up until August earnt a really good wage.

We have a loan which is £489 until 2010
two credit cards, one each, mine has approx 5k on it, and DH's has 10k on it.
Finance on DH's van which is £289 a month until 2010

The cards are the main problem. When my husband was working the cards really didn't worry us, but because of the credit crunch and the effect it has had on us, his work disappeared literally overnight and he has now had to take a very low paid agency job just to earn a little bit.

I work full time as well.

We are right on the edge of our overdraft every month and I have had to resort to the credit card a couple of times to supplement the account until i've got paid and so the cards are just going up and up and up at the minute. Once I get paid we are still well into our overdraft.

I've tried getting a consolidation loan but was refused.

There is a very small chance that husband will be back in self employed work again come January/February time, its just whether we can hold on that long.

Is there any point in just ringing mine and husbands credit card companies and just saying to them that we are struggling and will offer them a monthly payment in return for the interest etc being frozen until things get better?

We found out that we have been paying PPI on the loan for the last three years so have written to them to ask them to cancel the PPI as this is £100 a month on its own. (incidentally, sent them a nice-ish letter about this about 2 weeks ago but not heard yet, when do you think I should write again?)

We have cut back on everything else that we can.

Any help/advice gratefully received before I go crazy!!

Toffee_Penny

Hello there and welcome to the site


Please try CCCS website, you enter all your details on there, income, normal expenses e.g rent, gas etc and creditor details (all confidential no names or account numbers required) and it will tell you what debt remedy is the best way forward.

I wouldn't bother contacting the credit cards, they don't want to know and can't help unless your account is in arrears (I tried this myself)

Please don't worry, there is help out there , check out CCCS site it will put your mind at rest at least xxxx

Numpty_Monkey

:hello:Hi and welcome

If you post your SOA on here the great and clever people here can have a look at it and see if you can make savings:o
use this link Click here.. if you can put all APR's and stuff, and don't panic is not a quiz;)

With regards the PPI have a read of Martins article (links and letters and stuff)
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

:A

ineedhelp2008

Thank you. I did an SOA and promptly threw up

Not quite ready for that me thinks.......

Gemmzie

Aw hun, I promise it's never as bad as it seems. The boss here said recently, he's never seen a debt problem that couldn't be fixed.

MissKJ

We are all in a similar floating vessel hun,and all have/had that feeling.start at the beginning with your SOA.If you get things sorted now, you will carry on hopefully taking control so that this doesnt happen to you again.

sarriep

Come back!!!

There are lots of people to help on here - honestly! I felt like you did when I found out DH had run up big debts gambling, when added to our other debts we owe over £50,000 (haven't updated my sig yet) but the support on here has helped me back from a VERY bad place and now I've taken cotrol and can see an end in sight.
Until you do start to address your problems you will just feel worse and worse. The support here is wonderful, there are people who understand! I had a few weeks of feeling out of control, panicking, feeling sick etc until I found this websight and this thread.

Please don't give up!!!
xxx:o

Flower08

ineedhelp2008 wrote: »

Thank you. I did an SOA and promptly threw up

Not quite ready for that me thinks.......

Oh hun, im so sorry you feel so bad about this.

Please dont worry, once you have your SOA up there are so many people on here that will be able to help you see the light at the end of the tunnel.

You have been incredibly brave and faced up to the financial problems that you are having, and trust me if you stick around on this site and listen to the advice given things will get better.

Put your SOA up in your own time, sit down relax and have a nice cup of tea and i know its hard but try not to worry to much - things WILL get better!

ineedhelp2008

Thank you all soo much. I will re-do it (didn't save it!) and post it, for what good it will do, I can't see anywhere else that we can cut down. I'm quite glad husband is not here as he is depressed enough as it is at the minute

Moneymuppet_3

I was in £42,000 debt now £12,000. It can be done, just take control. I hope and wish you all the best.

Numpty_Monkey

ineedhelp2008 wrote: »

Thank you. I did an SOA and promptly threw up

Not quite ready for that me thinks.......

I'm really sorry that happened
, but at least you now know what makes you sick:o

It really is a great way to know where you are starting from

and well done for posting again and facing up to things :T