It's all come apart !

Whatsgonnahappen

Hi Guys,

I have recently split up with my wife and she no longer pays any wages into our account. I have been ignoring my debt for months now - robbing peter to pay Paul, but this has brought everything to a head. After looking, i have credit card debts of 36,000 and two unsecured loands which add to 63,000 (this includes payment protection) so all in all I'm in for the tune of 99,000 !

I feel really stupid and know deep down that this is the reason my wife has left - I'm in a good job and will take home 1830 a month - but I have to pay the mortgage (500) and a secured loan (434)

My main priority is keeping the house so that the kids have somewhere, but I'm falling apart.

I have contacted payplan who are calling me tomorrow to go through a financial review and I have sent letters to the CC companies offering a token payment and also stating that payplan are trying to help me.

Am I looking at being decalred bankrupt ? I want to pay things off, but I dont know what to do.

Help !

mrcow

Hi

I'm not an expert with this type of situation, so I'll leave it to the experts.

Just wanted to say Hi, and good luck for tomorrow. It sounds like you're having a rough time.

You have completely come to the right place, and I hope that you find the answers that you're looking for.

Take care.

Tondella

Well done at contacting payplan, they'll give you some excellent advice and have seen it all before. I haven't dealt with them but one of the things they do is ask you to do a budget, so in the meantime why don't you have a crack at filling in Martin's budget spreadsheet and posting the results here so you can get a head start on reducing your outgoings (switching energy providers, getting a deal on your phone, etc etc). Payplan will also want you to tell them about the total amount, interest rate and minimum repayments on your credit cards and loan (plus duration of loan), so phone up the banks and get all that down on paper too.

If you're feeling up to it then post it all here, we've all been through this and can offer all sorts of ways of cutting back.

I can guarantee you'll feel better once you know exactly what's going on in your finances, plus you'll be able to get the most out of your payplan meeting.
All the best!

in*the*red_6

Hi there
Just looking at your thread and notice you are paying nearly as much every month for your secured loan as your mortgage. How much is outstanding there?
Best wishes

Whatsgonnahappen

Hi - with ppi it's about 45,000 - stupid eh?

tattooed_lady

Hiya Whatsgonnahappen,

Like the others I just want to wish you good luck and hopefully Payplan will be able to help advise you with the best options. xx

in*the*red_6

Whatsgonnahappen wrote:

Hi - with ppi it's about 45,000 - stupid eh?

What's done is done, the important thing is you're facing up to it now. Your current level of debt is clearly unsustainable so Payplan will advise you on the best way forward. Do you have much equity in your home (after the secured loan's taken into account of course)?

Thefunkygibbons

Just look after yourself, the kids and keeping a roof over your head, the rest can be sorted out

It may be hard and it may take some time but be strong

In the meanwhile post as much detail as you can here and we will see what we can do to help

magentadreamer

I'm sure payplan will be able to advise you best on how to move forward regarding the level of debt you're in now.

Once payplan have advised you you could put up a SA up on here and you'll find you'll get lots of good advice from doing that. Silly little things like swapping utility companies, checking to see if you've got the best deal on car/house insurance,cutting back on Sky TV for example can all help give extra cash to throw at debts.

Remember your not alone and the advice on here really is amazing.