Help, I'm in debt,huge debt

Toonarmy_2

I've realised that I'm in serious unsecured debt with no equity in my property to help bail me out. I have £89k in credit cards and loans,banks kept giving me access to credit and I kept spending .Mostly in a denial mode,my earning fell be half and I kept spending as if they were still the same. My industry is now suffering the credit crunch and I'll not receive any pay rise or bonus this year. Good news is I still have a job. I've contacted the CCCS and my creditors and am starting on trying to agree a payment plan. I 've looked into ppi insurance which when I was sold the cover I was informed that I would have full protection. Guess what, my situation is not covered. I'm looking into getting my money back (if possible) on the ppi policies. Can anyone provide advice on how best to deal with the creditors and my ppi providers.

Tixy

Hi Toonarmy.

I can't offer you specific advice with these issues as I'm a newbie too, but i just want to bump your thread up so one of the more experienced DFWs comes along soon. Where are all the night owl experts when you need them....

I do know that in order to offer you the best advice on this board they usually recommend filling in an SOA as a first step. Sounds like you may have done this as at least you've added up your debt. They recommend www.makesenseofcards.com/soacalc.html This will help them offer you advice and tell them who your particular creditors are. You could do this in the meantime until someone else posts.

I'm sure someone will be along soon, and they are very knowledgeable - if not try bumping your thread up the list again in the morning.

Good luck
Tix

RAS

Excellent advice from our newbie. The SOA is essential as is advice from one or more of the debt charities like CCCS.

chevalier

well done on posting that is a good start to your debt free journey.

I hope that we see an SOA from you soon, so that we can help you move forward. Even if you are going to do a Debt Management Plan (DMP) with CCCS, you will still need to trim as much as possible from your current budget, to maximise what they can offer your creditors

chev

sparky0107

Toonarmy wrote: »

I've realised that I'm in serious unsecured debt with no equity in my property to help bail me out. I have £89k in credit cards and loans,banks kept giving me access to credit and I kept spending .Mostly in a denial mode,my earning fell be half and I kept spending as if they were still the same. My industry is now suffering the credit crunch and I'll not receive any pay rise or bonus this year. Good news is I still have a job. I've contacted the CCCS and my creditors and am starting on trying to agree a payment plan. I 've looked into ppi insurance which when I was sold the cover I was informed that I would have full protection. Guess what, my situation is not covered. I'm looking into getting my money back (if possible) on the ppi policies. Can anyone provide advice on how best to deal with the creditors and my ppi providers.

Hi toonarmy,
Welcome to DFW, in regards to reclaiming your PPI hop over to here using this link http://forums.moneysavingexpert.com/showthread.html?p=18125279#post18125279
and have as much detail as possible to hand and ask marshallka & di3004 for advice on reclaiming, these two ladies are a mine of information where PPI is involved, they are very helpful and friendly. HTH