Starting over

terriermama

OH and I had a talk over the weekend about making radical change in our lives for the new year. We are planning on selling everything of value in order to help with clearing our debts. Things mean nothing when one is faced with seemingly unsurmountable debt.

taplady

It will be hard to start with but with all the help and support you'll get here you'll soon be on your way!
Look at Miss_London's story as an example!
Good luck and keep us posted!

wigginsmum

Get it all organised on a spreadsheet, and watch those figures come down as you repay the debt. It'll be worth it!

Good luck,
Jules

Thefunkygibbons

In selling it, make sure you get the best possible prices

Ebay for things that can be posted
Local freeads for stuff that is big

Don't pay for car boot sale pitches unless the car boot in question has a track record of selling the type of stuff you are getting rid od

terriermama

Thanks for the support. We are talking about selling off the BIG stuff - eg car, even our home. This will be very heartwrenching. It's come to this as we cannot shoulder the excessive burden any longer. My OH has not been the best with handling money and he also takes everyone else's problems on and has mixed personal and business monies over time so it's all a big gigantic mess. Very depressing. And not meaning to sound bitter but his partners and employees will all still be comfortably off in their homes and driving there nice cars paid for by our debt.

skintchick

Well done for facing up to it - do you want to post your outgoings so we can see if we can save you any money?

Good luck

southernscouser

Hi terrier,

Have you thought about posting a SOA (state of affairs) on here so we can have a look to see if we can suggest anything!

Have a look at this thread for a guide if you interested!

http://forums.moneysavingexpert.com/showthread.html?t=107280

halloweenqueen_2

Is it possible to rent out the property? or are you hoping to sell and just rent a place yourself or staying with relatives?

terriermama

I have just started a new spreadsheet with the debts and getting more depressed about it. £80K at a rough estimate, and much more for the OH. I had a look at the Payplan website.... if I use them, will this affect my credit worthiness i.e appear on my credit file as declaring bankruptcy (I can't have this happen), will the card companies contacted place me on a blacklist for the foresseable future?

southernscouser

terriermama wrote:

I have just started a new spreadsheet with the debts and getting more depressed about it. £80K at a rough estimate, and much more for the OH. I had a look at the Payplan website.... if I use them, will this affect my credit worthiness i.e appear on my credit file as declaring bankruptcy (I can't have this happen), will the card companies contacted place me on a blacklist for the foresseable future?

It will affect your credit rating but going to Payplan will put you in a DMP (debt management plan). This means you and Payplan go through your finances and come to an agreement about how much you can afford to pay to your debts each month. You pay Payplan the money and they divide it between your creditors.

This will put defaults on all your debts which will appear on your credit file and will remain there for 6 years.

Thefunkygibbons

Using paypal is not the same as going bankrupt

However at that level of debt if you are not currently having defaults, the you could well be soon

These will affect your credit rating anyway

If you have some defaults this will make credit difficult, but you should be able to get some at a cost

Bankrutcy is likely to rule credit out for 6 years