Really scared and don't know where to start

emmiloam

totally_terrified wrote: »

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....

Hi Totally. I completely agree with what the others have said (apart from Dave!).

I've not been on here long but can tell you 100% that you will not get better advice than from those with the same experience. You've definitely come to the right place.

Have a look at the charity link that somebody posted earlier. I'm on a dmp with CCCS and I haven't felt as good financially in many years as I do now.

Good luck with your SOA.

Ems
x

SueP19

Hi totally terrified and welcome to the club. You are not alone and a virtual hug to you.
Being honest with yourself is the hardest thing, the rest is planning

As others have said ignore "Dave101t" he has posted a few "odd" comments today, this is the second I have seen, so its not personal.
Good Luck

charlie2517

Hey there! I can only repeat the advice of everyone above and also say well done on taking the first step towards being debt free. take care xx

London_Welshcake

Hi Totally Terrified

I just wanted to join everyone else in welcoming you and saying congratulations on facing up to everything and being brave enough to decide to tackle it.

How has today been? Hope things are seeming a little less scary?

BEN0601

Hi Totally Terrified,

I am in the same situation as you. In fact I thought I was reading my story and I had forgotten I had posted it. I live with my boyfriend who owns the house we live in and he has also been supportive, but cannot help me financially and I don't expect him too.

I owe about the same as you. I paid as much as I could towards my credit cards each month but eventually I had to admit defeat and contacted my creditors. I have come to an agreement to pay a certain amount to each one each month for a set period. Each one will be reviewed periodically.

I feel so much better for contacting them and admitting my problem. I know I will not be able to get credit for a long time, but that is not such a bad thing.

Karen_30

Hi TT,

How are you doing today? Hope all these lovely posts of support are keeping you going and you're making some small steps.

K x

vuittondreamer

Welcome Totally Terrified,
In a week or so time you'll find it quite liberating on here, well done for facing your LBM, you gain so much support from the lovely people on here, (Even Dave Ha Ha!) Keep going, and believe me there is a way out, it may take some time. Get letters out to all creditors saying you'll only make contact in writing)

leese2504

totally_terrified wrote: »

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....

Hi there, I felt exactly the same as you a couple of months ago, I had a squeakly clean credit file but after exhausting all my credit options I were forced into dealing with my debts. Your upmost priority is to now open a new bank account, then arrange all monies to be paid into that account & any urgent DD's through that account. Okay next contact one of the free debt charities, if you don't feel ready to talk to any of them, then use the CCCS online debt remedy, after you have entered all your incomings and outgoings it will suggest your next course of action. This maybe a Debt management Plan, which is very daunting at first but read up on here as much as possible and you will feel more confident. I can't tell you how much better my life is now I am paying my creditors less money, but knowing the total debt is reducing. My credit rating is probably dire but I don't need credit anymore. Good luck x

leese2504

Dave101t wrote: »

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

:mad::mad::mad::mad::mad::mad::mad::mad:

rubyslipper

Dave101t wrote: »

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

This is the second time this week I've seen a spiteful, needless comment from you to someone genuinely needing help. If you can't say anything supportive don't say anything at all.