Is there anyone that can help??

mjeffery

Hi,

Let me get this off my chest - I've been pretty dumb in the past and over the last 6 years I've paid for this every single day - and if I can't get any help - will be every single day for the next 20 odd years.

I was a young 20 something, had to have it now, didn't want to save and over a period of time built up quite a sizable amount of credit card debt. However in 2000 I was able to buy a house, start a family and tried to keep spending under control.

By 2003 I had built up around 37,000 of dept. The monthly payments were outrageous and I really didn't know what to do. I was captured by adverts and went down the secured loan route. I forget the name of the first company, but it essentially double the amount I owed and tied it into my house. It had not also taken into account all of the un-secured lending that I owed on. That too became too much to cope with and the salary that I was taking home barely covered it.

In 2004 I transferred the loan to Picture ( Paying off the first loan almost doubled what I owed.) I was not in a sound mental state at that time. They said that they could help and that they would pay off all of my un-secured loans. They insisted that I take out there insurance and place my wife on the policy as well otherwise they would not be able to provide me with the loan. I just wanted some freedom and agreed. I didn't think, I didn't seek proper professional advice I was desparate.

So, the money that I was now tied up in had reached £100,000 and still did not cover all my debts. The monthly payment was and still is around £1000. When I realised that I had signed up to this and had forgotton about the other bills and mortgage that needed paying I now had a huge loan that was criplling me financially and has done since January 2004. I called picture to say that they hadn't advised me of my total commitments. I was after help and needed advice. They had calculated what I could afford to pay from my gross salary and did not take into account the other commitments that I have like utility bills and mortgage payments. They were not best pleased to hear that I was struggling before I had even started paying them back.

In 2007 I was made bankrupt. This has to be my lowest day.

Today, I am still paying out all of my take home pay £2200.00 on a mortgage with Abbey, the loan with picture and the utility bills. The house is now in negative equity. It's value is around £160,000 I'm married with 3 young children of school age. My wife works a number of small part-time jobs to barely put food on the table.

I've been supported by my company though all of this, and I do have a good job.

I need some help but don't know where to start.

Rafter

You need to talk to CCCS, National Debtline or Citizens advice.

You certainly seem to have a PPI misselling claim against picture and possibly your previous secured loan provider too.

That would at least take a big chunk off what you owe to them, and hopefully your monthly payment.

Your only other option would seem to be for both of you to declare yourselves bankrupt and get the house repossessed and move into rented accommodation - a second bankruptcy is a major step though.

Take advice!

R.

BigDave81

Sorry to hear of your situation, it definitely sounds like you need some advice from CCCS or CAB to be honest.

You might want to post on the debt free wannabe board as you will find a lot of help and support there.

If you were made bankrupt though how come you still have such excessive debt with the same company (unless I'm reading it incorrectly) did you build it up again?

Hope you get the help you need but looking at that amount of debt and your income, bankrupty again may be the only way forward.

mjeffery

Thanks for the replies. Apart from my mortgage the only debt now is with picture. Sorry if my ramblings are unclear - there has been so much happen.

When I was made bankrupt in 2007, all unsecured debts were cleared. Working through my estate with the official receiver, I was told that I would be allowed x per month for food, x for clothes, x for travel, x fo this x for that - and even he was amazed that my family got my on a fraction of what normal people manage with. I was discharged in 2008.

I've contacted the CCCS and am waiting for a response.

Thank you for replying.