Sinking Quicker than the Titanic! Help!!!

fluffthecat

Dear All,

Two sleepless nights but today I decided to get to grips with my credit card debts. I have calculated my total income and outgoing expenses. I can just about survive but there is little or no cash left at the end of the month. My solution to that is to rent my spare room again and perhaps find a weekend job. **This is the main problem and which is killing me** I have 9 credit cards and the total now is £32.876.28. My monthly payments add up to £820 per month. This means I am short by this amount and I have only just survived this year by juggling cards and using my £500 overdraft. Selling things on Ebay but it's not secure and regular. PLEASE CAN SOMEBODY HELP ME WITH SOME ADVICE? Should I contact all the credit cards and say I can't pay them anymore, not even the minimum payment! I have a mortgage and I would hate to lose my home, I hate the thought of Bankruptcy and using something called IVA which is expensive. If you can't pay any money to the credit cards, what will they do? I'm so stressed and cannot get help from parents o friends. Fluff.

makingendsmeet_2

Rule 1:- Don't panic!!!

Rule 2: Call one of the debt charities, either CCCS or Payplan. After this call the sleepless nights end.

Rule 3: Don't ignore it. It won't go away.

Rule 4: Post news updates on here. It will help support you and others on here in the same situation.

sunflower76

Firstly you need to post your SOA (see the sticky at the top of the main page). Lots of people will then be abole to give you some sensible advice and hopefully stop you from panicking.

webitha

hey fluff and welcome to the start of your new DFW life.
the guys here are a brilliant lot, who will not judge or critise you

first of all you need to put the kettel on/open a bottle of wine, and get all your paperwork in front of yuo,
then put up you statement of affairs (SOA) using .makesenseofcards then we can see where your going wrong, fresh eyes and all that.

sorry if i make no sense am on 2nd bottle of wine :D:D

findingmyownway

Firstly, well done :beer: you have come to the right place for help.

As other posters have said, there WILL BE a way out of the mess, you just need to work out what the best option is for you.

Have a look at the 'sticky' post for Newbies at the top of the board. Working out your income / expenditure is an excellent first step - if you post the info here we can start to help you.

Welcome again - sticking around is the first step to success

dancingfairy

Hi - as has been said please don't worry there are always options. The best thing to do is to get together all the bits of paperwork and compile your SOA - yes it will be scary but then you will be able to tackle it and the best thing?
From now on your debt can only go down!
Dancing Fairy
x

10past6

Hello fluffy :hello:

Welcome to the forum

DON'T PANIC, we've all been there, and there ALWAYS IS AN ANSWER.

Firstly click here and post up your SOA (Statement of Affairs) lets see if we can help you cut your outgoings.

Next, look at my signature use the link within it and take advice from the debt charities listed.

dancingfairy

In answer to your question if you can't pay you can't pay -simple. (I am talking about credit cards here). They may jump up and down and shout a bit and throw their toys out of their prams but at the end of the day they can't have what you haven't got.
The most important things are obviously mortgage,any secured loans, council tax,food ,electric (that kind of thing) - everyone else can have what's left over divided between them and if they don't like it- then tough.
However there is a right way to go about things and a wrong way. Post your SOA and I am sure you will get loads of support.
df

Jesthar

Hi, fluff, and welcome!

Well done on having your Light Bulb Moment, and having the courage to ask for help! Just thought I'd post up the link to the Statement of Affairs (SoA) calculator for you:

http://www.makesenseofcards.com/soacalc.html

If you fill it in and post it up, the lovely people around here can give it a good going over and suggest ways you can save money.

*hugs*

~Jes

fluffthecat

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1254
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 120
Total monthly income.................... 1374

Monthly Expense Details
Mortgage................................ 531
Secured loan repayments................. 400
Rent.................................... 0
Management charge (leasehold property).. 99
Council tax............................. 47
Electricity............................. 28
Gas..................................... 0
Oil..................................... 0
Water rates............................. 28
Telephone (land line)................... 16
Mobile phone............................ 10
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 52
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1311

Assets
Cash.................................... 800
House value (Gross)..................... 190000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 1000
Total Assets............................ 191800

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 65000....(531)......6.5
Secured Debt.................. 30000....(400)......6.9
Total secured debts........... 95000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
MBNA...........................8125......226.......18
BARCLAYCARD PLATINUM...........4669......116.......15.9
SAINSBURY CARD.................3738......84........21.95
BARCLAYCARD....................3586......80........19.9
CAPITAL ONE....................2006......60........24
FIRST DIRECT GOLD..............2444......74........18.9
BARCLAYCARD GOLD...............2551......57........22.9
HALIFAX GOLD...................2771......67........26.93
HALIFAX ONE....................2983......55........22.95
Total unsecured debts..........32873.....819.......-

Monthly Budget Summary
Total monthly income.................... 1,374
Expenses (including secured debts)....... 1,311
Available for debt repayments........... 63
Monthly UNsecured debt repayments....... 819
Surplus(deficit if negative)............ -756

Personal Balance Sheet Summary
Total assets (things you own)........... 191,800
Total Secured debt...................... -95,000
Total Unsecured debt.................... -32,873
Net Assets.............................. 63,927

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

======== Enter any other useful information below ========

e.g. the number of adults & children in the household, the number

of cars included in the SOA or anything else that may be useful.

fluffthecat

I am single with no dependents. I get free lunches at work and other useful items for the home, so I can save hugely on household general items. No holidays this year or next. No Xmas gifts sadly. I will try to find a lodger which may bring-in approx £400 per month. A weekend job might help if I can find one. I have things like gadgets I can sell and raise some cash. Fluff!!!! Fluffed Out. I will still not sleep well tonight but glad I found this website. Thanks everyone for listening and sharing help and tips.