Help

davek1

Help

I'm sinking in debt i must owe over 30k jointly in secured debt with my wife. Thats in addittion to mortgage and secured loan payments.

Everyone is chasing me. the stupid thing is we both have well paid jobs we just dont know how to sort this mess out.

Bancruptcy isnt an option because i would have no job then. Any ideas or suggestions on what to do. I have to stop sticking my head in the sand and try to sort this problem out.

Dave

Fur_coat_&_no_knickers

Dave, you made the first step already which is posting on here . Well done! Im new so i'll step aside for the big boys to post lol..But im sure they will come up with some good ideas and ways to cut down household costs etc

I decided not even 2 weeks ago enough was enough and after another sleepless night worrying about money got up at 4am and did martins budget sheet which told me exactely where the little money i had was going ..mostly on credit card bills which id never bothered to change from the high interest rates they were charging ! Ive saved loads already by becoming a credit card tart and browsing the threads for ideas etc. Life now doesnt seem so daunting .

I wish you every luck in changing the situation, which im sure you will do

fairylights_2

I'd second fur coat. If you're really unsure what's happening to your money, the first step would be download the budget planner and see what's going on. If you feel comfortable to post your ins and outs here, you might be able to get some specific advice to help out.

Otherwise, congratulations for taking the first step - it will get more straightforward, if not easier, from here on in.

phil999_2

wel done for taking the first step. please list all you debts / amounts / aprs etc as well as a statement of outgoings and people will be able to offer some guideance. but well done for having the lightbulb moment its the hardest part.

Oddball_2

Dave,

I'm in a simular situation.

If you find away out of this, please let me know.

davek1 wrote:

Help

I'm sinking in debt i must owe over 30k jointly in secured debt with my wife. Thats in addittion to mortgage and secured loan payments.

Everyone is chasing me. the stupid thing is we both have well paid jobs we just dont know how to sort this mess out.

Bancruptcy isnt an option because i would have no job then. Any ideas or suggestions on what to do. I have to stop sticking my head in the sand and try to sort this problem out.

Dave

davek1

hey guys thanks for the support. I am contacting payplan on Monday and now realise i need expert help. i think and hope an IVA is the best solution to this.

Oddball drop me a line mate if we are both in the same position maybe we can offer each other at least moral support and swap ideas etc. I am fed up not sleeping at night.

Dora_the_Explorer_5

Have a read of the Money section in today's online Guardian - it's devoted to debt and how to get out of it and includes info about IVA etc which you will find helpful

Oddball_2

davek1 wrote:

hey guys thanks for the support. I am contacting payplan on Monday and now realise i need expert help. i think and hope an IVA is the best solution to this.

Oddball drop me a line mate if we are both in the same position maybe we can offer each other at least moral support and swap ideas etc. I am fed up not sleeping at night.

Davek1, you have email

davek1

Well

after yesterdays posting. I finally settled down and worked out my income and expendeture. My total debts are just over £41,000. I have now contacted Payplan and hope that they can help me i have about £355 per month which i can use towards my debts. lets hope it doesn't end in bankruptcy!!!. Both my wife and i have finally acknowledged the debt and are determined to do something about itWill keep you guys posted. Thanks for the support

Dave

Little_Miss_Winner

Dave,

If you could manage to post on here your incomings, and outgoings, you will find that the other members will help you save even more money which you will be able to throw at your debts each month, and get that total down a lot quicker!

I know it can be daunting, but perhaps your throwing money anyway without even realising.

As soon as you get a sparee 10mins post it all up here, will be the best 10 mins you have spent on this forum, I am sure you wont regret it.

pot
x

davek1

well i contacted payplan and they are calling back tonight at 7. cant say im looking forward to it but hopefully will be in a better position to know where to go next after the conversation. watch this space for further updates