Debts that need sorted out

clare1510

Hi everyone

I am new to these forums so bear with me. I have major debt problems at the moment and have realised that these need to be sorted. I have been ignoring them hoping that they will just disappear (yes I know - bad thing to do!) They are just spiralling out of control now. My family dont know about this as they live hundreds of miles away and would rather not tell them as they would go mad. They are also not in a position to help me anyway. One of my friends knows some of the debt I am in but not all of it.

Basically I moved to a city for a new job. Basically my new job wasnt covering all the expenditure I was having to fork out for. Hence I thought oh get a credit card and then you can buy things you need and it takes the pressure off your wages. I obviously know better now. I was young and basically stupid when this happened and didnt think about the repayments etc I would need to make.

The debt went out of control and basically was hardly eating, having to walk to work. But it got worse as my overdraft slowly increased as well. I changed banks to try and fix this but obviously could not pay money into the bank with the overdraft like I wanted to. Hence I now owe around £2000 to Lloyds TSB which has been passed on to debt collectors and have had numerous letters about.

My credit card/store card debt is around £2000 also. Sorry for vague figures at the moment but have really not been keeping an eye on it. The whole put it out of your mind and it will go away thing.

The other debt I have is now with my mobile phone company who are looking for the rest of my contract payment due to late payment of monthly amount.

All my debts are with debt collector agencies now and I have now realised I need to do something about it. I am scared of what will happen if I dont. Is it too late to go into a DMP if I am getting letters from debt collectors?

I wish I had done something about this when it first started eg. spoken to the creditors and explained my situation. Now the problem has just got out of control. Any advice would be great.

Oh and I have now changed jobs - my wage is still not great but it is better than it was and now gives me at least a chance to pay an amount back even though it may only be small.

From a worried and upset woman!

lilian1977

Hi Claire

Firstly, well done for posting here and owning up to your debts. They're not that bad and you will be able to sort this out with a little effort and some honest conversations.

First, you need to find all your paperwork, sit down with it and a cup of tea, and find out exactly what you owe and to who.

Secondly, once you have your figures, fill this in: http://www.makesenseofcards.com/soacalc.html , and then post it here - it will show you (and us) where you are overspending and can cut back. You may think you can't but you'd be surprised.

Thirdly, please don't worry. As Martin says, there's never a debt problem that can't be sorted out.

Good luck and I'll check back xx

bank_of_slate

Hi Claire and welcome, post your SOA as advised and take it from there, it may seem scary to see it all written down but you need to know exactly what you're dealing with.
Then it might be worth contacting CCCS for some professional advice
...Linda xx

clare1510

Hi guys

Thanks for that advice. I have pulled out all my paperwork (lots of it - very scary!) and I am going to sit down like you suggested and go through it all.

I really want to get this sorted and I thank you for your words of advice. It is greatly appreciated. Once I have sorted figures out and done SOA I will post back with the details to make my post more detailed

Thanks again

Clare

bank_of_slate

it does seem scary but once you know exactly what and how much you are dealing with it becomes less so because at the moment you're working on an estimate.
...Linda xx

lilian1977

Let us know how you got on Claire - there's no problem that can't be sorted out somehow xx

SolicitorMidlands

Hi Claire

Well done for posting and acknowledging the problem. There is so much support here.

found_a_bargin

Just wanted to say hello and welcome and of course good luck.

fairydiamond

Good Luck. Everyone here is behind you.

boopydoo

Hi Claire, well done for coming on. I know how you feel about not being able to tell your family. My mum would crack up if she knew I had two credit cards and the true extent of my overdraft. But at least you are taking positive steps. Make sure yuo are honest with yourself as well. When I started out I underestimated my CC debts by £200 which meant that my repayments weren't taking as big a bit out of the interest debt! Good luck, looking forward to you SOA

clare1510

Hi everyone

I am in the middle of doing my SOA at the moment and I have a quick question. See when you are doing your Unsecured Debts part and it asks for min pay, what do you put in here if they are asking for the full amount?

Bit stuck!

Clare