Where To Start With Problem Debts/MSE Discussion

Former_MSE_Andrea

This thread relates to the Where To Start With Problem Debts Article.

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Edit By BG 010207

I have closed this thread because there are lots of people posting on it with their own debt issues and because it's an old thread most of the are being missed. Please read the articles and post a new thread for help on your debts.

skintchick

Splendid - all newbies should read it before posting!

yak_2

I have just registered on this site and am finding it very useful as I am at a crisis point at the moment and don't know which path to choose! I have got £26,000 worth of credit and store card debt and don't know whether to try and remortgage (with a bad credit rating) or do a debt management plan with the CCCS. Does anyone have any adivce - I'd really appreciate it! thx

miseter

post all ur spendings and debts onto fourm and up people at mse will try to help u as much as possible

THE_LONE_RANGER_4

yes post your soa ,dont remortgage ,dont consolidate ,if its all unsecred debt,cccs may be the answear reguards andrew

sparkles_2

Please forgive me for the length of this. I am frightened and I am so very scared about my financial situation.
My husband became ill and had to give up his job, we already had debts of 15,000, which was for an unsecured loans. We are tenants and never had a mortgage. My husband receives incapacity benefit and DLA due to his disabilities and illness.
I had 3 credit cards, my husband had 1 credit card owing £5000.00. My husband then had a serious stroke, I had to give up work to look after him. I get invalid care allowance and income support, my rent is paid through housing benefit and I get discounted council tax.
I have found life incredibly difficult and my credit card bills and loans now amount to £38000.00. Our monthly outgoings are £1784.00. Our incomes are £1326.00.
Eighteen months ago, I was totally desperate, I didn't know what to do, I also have a son and a daughter, my husband needs constant care and I needed to pay the bills. I started buying & selling stuff, just to pay the bills. I've struggled so much to meet all the payments, and didn't realise at the time that this could affect our benefits. I did not want to carry on doing this, but I did not know what else to do. I desperately want to stop as I know that I am breaking the law, but I'm scared of what will happen if I do stop and what will happen if I don't. I've thought about going to the police and benefits office and telling them what I have done, but what will happen to my family if I get sent to prison. I was advised to declare myself bankrupt by a very close friend(who is the only person I have told about my troubles. If I declare myself bankrupt, my bank account will show that money has gone through my account that is not from our benefits and I will be jailed for this.
I am now on antidepressants and every waking moment is taken by trying to figure out what I should do.

I tried to get another credit card do some balance transfers but no credit card company will touch me or give me a loan.

I do apologise for the length of this and I also apologise if anyone finds my actions wrong, I know they are wrong, I just don't know what is left, I am now struggling so much to meet payments. I would really appreciate any help or advice.
I'm not looking for sympathy as I am ashamed at my actions. I want to do the right thing, I'm worried what will happen to my family.
Thank you for listening

lynzpower

Hi Sparkle

have a look around on this section to get an idea of how to do an SOA -and let us loose on your spending. there may be ways we can suggest to cut back, or also ways of bringing extra money into your household. I work in adults social services, and know exactly how people experiencing caring in a financial sense. Do write up your SOA and lets see what we can do to help!
Lynz
x

sparkles_2

Thank You Lynz, I am presuming you mean our essential spending.
.
We don't drink or smoke, we don't have nights out, our kids do diifferent sporting activities which do not cost anything apart from the petrol expenses.
Kids clothes, shoes things like that would add another £25.00 per month.

Insurance for home contents and car including petrol = £150.00
Water £22.00 per month
Gas £45.00
Electric £45.00
Telephone & Internet £30.00
Groceries & other shopping £420.00 per month
Our loan repayments amount to £536.00 per month
Credit card repayments are £330.00 per month



Sorry if I did this wrong. I am not really sure about how to do an SOA?


Thank you

lynzpower

sparkles wrote:

Thank You Lynz, I am presuming you mean our essential spending.
.
We don't drink or smoke, we don't have nights out, our kids do diifferent sporting activities which do not cost anything apart from the petrol expenses.
Kids clothes, shoes things like that would add another £25.00 per month.

Insurance for home contents and car including petrol = £150.00
Water £22.00 per month
Gas £45.00
Electric £45.00
Telephone & Internet £30.00
Groceries & other shopping £420.00 per month
Our loan repayments amount to £536.00 per month
Credit card repayments are £330.00 per month



Sorry if I did this wrong. I am not really sure about how to do an SOA?


Thank you

Hi Sparkles

Right what you need to do is do a STatment of Accounts with ALL your incomings and outgoings - Then I know how complex this can be DLA and its components, atendance allowance any direct payments etc UNDER INCOMiNGS per month.

then outgoings per month and thats everything! Food, bills, tv licencse, parking any outgoings you might have

then your debts the list of all your cards/loans/ what the minimum payments are and what the rates of interest are! Whats the total owed?

This can be pretty scary, so hang in there and write it all out for us in a list.

When you do this do it as a NEW topic ( button at the top of the list of topics) then we can all see what we can do to help.

Have a look in other topics on here to see ( little miss broke did one a few days ago, look for that one ) and then we can go from there

Lynz
x

ceegee

Might it be a good idea to "come clean" and speak to the benefits agency? Be honest with them and explain why and how you have ended up in this mess and ask if they can put you in touch with someone who can help. You appear to be on the wrong side of the law here and letting it go on will only make it worse for you and your family.

sparkles_2

Thank you, I'll do that now.

Ceegee, you are 100% right, that is what I want to do but I am scared what will happen to my family, my husband is totally dependant on me, his family don't live in this country, I only have a brother, I just don't know what to do. My husband also doesn't know the scale of the debts, I've not told him through fear that the stress could cause him another stroke, he has other serious health problems as well. I am trying to at least make sure that if I get arrested that my family will be able to live, and then I don't know what to do about the debts? Will my husband be responsible! I just don't know what to do, I cry every day, I feel sick, guilty, ashamed and frightened, I was amazed that credit card companies would even give me a card in the first place. I don't want sympathy, what I have been doing, I realise is wrong, at the time I didn't know that.
I just some advice on how to get things in order, or where to go, what to say!
I will start anew thread,
thank you so much