hanging my head in shame

worried_jim

Hello. A friend at work who I have confided in suggested that I join this site, I am a bit unsure/ nervous as I am in trouble and I don't know what to do. I've had a look at a couple of the post's on here and it seems people are in the same boat as me, I just don't know what to do.
In summary I owe (excluding mortgage) approx £30k across credit cards and bank accounts. I am ashamed to say I do not know an exact figure as I haven't looked for a long time- I am hanging my head in shame as I type this - please feel free to criticise, I deserve it and it may just be the kick up the !!!! I need. The majority of the debt £25k is with one company and I have been servicing it, the remainder, 2 bank accounts and 1 credit card I have been ignoring (although ignoring is not the right phrase to use - but I cant think of a more appropite word) as I havent had any funds to pay them. Because of this I havent answered the phone or door for a year and any post I don't recognise goes straight unopened in the bin. This is so wrong but I have to admit it has given me false comfort over the past 12 months, if I can't see it then I don't know about it. I can't belive I am admitting this to strangers on the interent- I haven't spoken to anyone face to face abnout this.
The problem started when I had a £2k paycut last year, up until this point I was just surving ( I live on my own ) since then with increased mortgage payments (I am 100% up to date with mortgage and am never late) higher food and fuel prices it has been a real struggle. I have taken a second job but all the increases in costs over the last year have not made it any easier, I also rent out my spare room.
I can't see what else I can do and am in such a mess I fear that they will come and evict me and take my flat.
I s there anything I can do, or is it to late. I am tired and feel a faliue, I have worked so hard and all my dreams and hopes are lost. I know i've rambled . sorry.

bigsmoke

hi Jim

i'm afraid i'm not the best person to advise you but just wanted to say hi and that you've come to the right place.

so many people have been there and done that, they will definitely be able to help you out.

have a hug ((Jim)) until someone more useful comes along!

BS

dancingfairy

Hi and welcome. I think the feelings you describe are pretty common to most people on here. Pretty much everyone has been there got the t-shirt - and many are starting to come out the other side.
I very much doubt anyone is going to take your flat especially if you are up to date on your mortgage but now is a good time to get things going in the right direction.
There are options open to you so please don't worry.
The best thing to do is
1) get yourself a strong drink - tea/coffee - whatever (and a biscuit) and work out your SOA - basically everything you pay out for in a month and everything that comes is and everything you owe. This is the starting point and no matter what state it is in there will be a solution and we will have almost certainly seen one that is worse If you post it here people will be able to advise on your best course of action.
2) contact one of the debt charities for support - the recommended ones are your Local CAB/CCCS/National Debtline and a few others I can't remember right now.
All the best
df

RAS

Welcome, if you are hanging your head with shame, just about everyone here will have so done in the past. People who are now proud to be dealing with their debt, even if it is not easy.

There are options, both in terms of getting support here and getting independant advice. With respect to the latter avoid debt management companies and get help from one of the debt charities. That way your payments go towards your debts not the company's profit line.

Have a look here for information http://www.moneysavingexpert.com/loans/debt-help-plan#help then do a Statement of Account so we can see what the full situation is.

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

This is a sort of summary of your monthly finances, and helps the wonderful people here work out where you can make savings and how you can best pay off your debt. Fill out absolutely EVERYTHING as honestly as you can (you can always revise it later if you forget something), then use the 'MSE' button in the 'Format results' section near the bottom. That will give you a version of the results you can copy and paste straight into a new post in this thread, and people can get to work helping you sort things out.

Have you thought about reclaiming any fees on the bank accounts and credit card? Is there any unusable PPI attached to any of the accounts?

Nix143

Hey Jim, have a big hug from me. You've taken a massive step coming and posting on here and are going to get lots and lots of lovely advice. Seriously.

People who know what to do are going to come along and ask you for a SOA which lists all your incomings and outgoings so if I was you I'd make that tonight's job. There is a link to one you can do but I dont have it - sure someone else will come along and help you out

Listen, you're not the first and you deffo won't be the last person who has found themselves in this situation. Keep your chin up and good luck x

elsie52

Hi

Well done to you for taking the first steps by posting on here and asking for help.

I also found it a great release because my OH and I have never told any of our family or friends of our debt situation, in fact they all think that we are very comfortable money wise.

You will get some great advice and help from this site, and please don't be embarrassed about your situation - you are among friends here. Just take a look at my finances and that should give you some hope. !!

Good luck - and there is a solution.

worried_jim

Thankyou everyone. the kettle is boiled and I am going to look at the soa link.

WorkingHardDFW

I would second everything everyone has said so far. The hardest part is admitting your debt and facing up to it.

Start with your SOA and ID what exactly your outgoings are and how much you owe. This will allow the friendly experts on here to point at what to reduce, cut back, save, eliminate. Lets face it most of us have been where you are now at some point and remember what it feels like.

Good luck and keep posting :T

dancingfairy

A brilliant place to start - at least then you'll know what you're dealing with and will feel much better when you have a plan of action (which everyone on here will help you with).
df

hampsterpoo

Hi worried Jim , welcome aboard, get that SOA up here tonight , even if its not 100% correct straight of , people will be able to offer help and advice.
And then you can correct it later when you have found all the bits of paper you cant find straight away , the ones that get away.

Keep smiling.

halight

Hi,
Welcome to the site. You are not alone there are many people on here who have been in the same boat as you are in now and thay have come through it. There are many more people on here who have been in a boat with a lot bigger hole than you and thay have come through it.
You will also come through this....with the help of the kind people on here.
You will get there.......you will smile agin......and you will be free from your debt agin.
be strong.....take control...and follow the advice of the great people on here who have beeen there themselfs

Good luck and all the best