Really scared and don't know where to start

totally_terrified

Hi everyone,
this is all really new to me, but I'm finally facing up to my £40k debt but have no idea where to start. I've been a shopaholic for years, whilst in a very depressing, stressful job. At the time I could afford the repayments on my credit cards...sort of..but I eventually had to find another job as I could no longer take the stress - my new job pays alot less, so I have gradually descended into huge financial problems. I have 2 loans, credit card debts, a small store card debt and a big overdraft, which I have now exceeded. I have no savings at all and no assets. My partner is incredibly supportive since I owned up to him, but is unable to help me financially. I do at least have a roof over my head as he owns the house. I could really do with some ideas on where I should start to sort this all out! card companies are calling me hourly as I am missing payments, and I cannot withdraw any money from my bank..I just don't know where to turn....

missindecisive

hi, just sending you a 'hug' and hopefully someone will be along soon who can point you in the right direction....

RAS

Hi start by reading martin's article and contact one of the debt charities here http://www.moneysavingexpert.com/loans/debt-help-plan#help

Then do a statement of Affairs and lets see if we can help you.

And if you have been a shopoholic, what doo you have that you could sell to start clearing your most expensive debt? The one with the highest APR, unless you are getting penalty charges from the OD, in which case that is the priority.

Tixy

Hi totally terrifed and welcome. You have made the right decision by joining MSE and hopefully you will get some useful advice to help stop those calls and deal with your situation. As RAS says it will help us advise you if you can complete a statement of affairs http://www.makesenseofcards.com/soacalc.html.

YORKSHIRELASS

Hi, just wanted to add to what everyone has already said. You are not on your own here and if you post your SOA there will be loads of advice offered.

I am fairly new to this site and it sounds a bit over the top but it has changed my life. Facing up to your debts and making a start is the most difficult bit.

ericcartman

hi Totallyterrified - me too! Well done for posting - I did the other day and already feel a bit better: people on here are brilliantly supportive. Do a Statement of Affairs, post it here and see what happens!

Dave101t

just like to find out why it took to 40k for you to worry about it.
id worry about 500 pounds

Odette

That isnt really helpful is it Dave101t, not everyone can be as conciencious as you Im sure

Karen_30

Just wanted to wish you lots of luck and support.

Firstly I would open a separate bank account and get your wages paid into this - then you can start looking at how to pay the money back. Have you been able to do this??

I started with over £60k of debt and it's now down to just above £50k and soon to be sub this so it can be done with help.

This site is amazing so keep posting and have a good read of others threads for motivation and ideas. I spent hours on here with a notebook....it was like learning a while new subject at school!

Take care xx

totally_terrified

thankyou all so much - I will go home tonight and do my SOA - there's so much to learn! It is like a whole new school subject like you say!

londonfraggle

Hi Totally Terrified,
Just wanted to say hello. I'm in a pretty similar situation to you (and I also live in Kingston!!) and I know how miserable it is. I've not had the guts to do a public SOA yet, but I have done one for myself - truly horrifying.

Anyway, I think its great that you're tackling things head on and lets give each other some (much needed!) moral support along this long windy way!

Take care,
Londonfraggle x