Any reassurance for MASSIVE debt?

themaccas

Aw Jez, bigs hugs to you, having a big debt and the thought of the enormity of it and then how on earth it is going to paid off is stomach churning. However it can be done, contacting Payplan was an excellent idea and I am sure they will guide you through. You will get plenty of support through this forum, people are fab on here and we certainly keep each other on the straight and narrow! Why not put your SOA on here, there are some great people who will be able to knock ££££'s off your monthly spending I am sure!
Take care and keep posting.

System

Shocking isn't it! But you're not alone, look at all the 'nerds' on this board. All things are relative and debt it debt at the end of the day, but now the only way is up and things will get better even if they get slightly worse before things start looking up. I suppose what is different to yourself and your husband is our debt didn't bite my OH on the backside we both knew about it and were both completly releived when we knew that there was an answer, that there a way out and more importantly than anything else we had hope; hope for the future. I cannot say to you how you should or should not judge your husband but you will have to get through this together if you are to come out of the other end together and by together I mean all 3 of you. SHow your husband this site. Wait until you speak to Payplan and things will seem so much clearer and you know out of all this adversity your husband, yourself or both of you may in actual fact be better people for it. Keep hold of that reality and good luck to you and keep posting here; anything and everything.

Lewby

Hi Jez, Just wanted to say welcome to the site and to let you know that the support you will get from everyone on here is fantastic - every step of the way!

I joined in march 06 and although my signature says £50k our debt is nearer £100k if you add the loans to the credit cards. We let it get that way over 9 years and in Feb this year I'd just about had enough of foolishly letting my hubby persuade me to let him have one more loan for a new car, golf clubs, laptop, lets have a holiday ... etc etc. I have taken control of things completely now and feel so much happier for doing it. We both have a monthly 'allowance' and that's it, the rest goes on the debt.

Payplan will be able to help you and if you put you Statement of Affairs on here everyone else will help you cut down how much you spend. I have learned so much from my mates here. I have even got Sky to reduce our payments from £30 to £7.50 per month for 6 months.

Good luck and again, welcome aboard.

Lewby x

Jezebel49

Ok - just want to get this staright - if I post a statement of affairs, does that mean ALL our income and outgoings (which I've just sat down with husband and done on paper) or just what we owe? Brain a bit addled after all that !
Jez

Bossyboots

All your income and outgoings.

Sea78

Have a look at the thread at the top of this board - has all the things to include!

all_hours

all income and outgoings and a separate breakdown of the debt with the balances, credit limits and APRs.

Sea78

http://forums.moneysavingexpert.com/showthread.html?t=107280

Here

In_Search_Of_Me

Yes every last income at outgoing needs to go on & who you have stuff with (ie british gas etc) so people can recommend where to get cheaper!! I am so pleased that my comments were of help & am sure that lots of people will give you loads of support. How is your husband being? I would imagine that its a weight off his mind to have told you? Its all to easy to want to run away from him/the situation but what doesent kill you does make you stronger but what you need to remember is that you are currently reeling from a gut wrenching shock. Both of you need to not to anything in haste; good to hear that you are sitting and going through things as a couple but hope he is being 100% honest with you now. Also recc a hot bath with bubbles and a few minutes of space for you to think. It will take a while to sort things out - I took about a month and when I realised what I (not someone else so alas only me to blame!!) had done I cried for 2 days but now that I am in control feel 100% better and am getting SOOO innovative about saving money but it can be quite exhausting if a bit exilarating!! Another big hug & one for your DH too (as long as he's being v. remorseful!)....

Jezebel49

OK - here goes with my SOA:

Income

Jez Salary £1017
R salary £2122
Child Benefit £69-80
Child Tax credit £30-80

Total: £3239

Outgoings

Mortgage + House Insurance £1007
Child Maintenance £360
Council Tax £130
Childcare £340
Food £360 ish
Gas NPower £45
Elec NPower £35
Water Rates £40
Life Assurance £37
Car Insurance Jez £23
Rob £37
Phone BT £37
Petrol £200ish (both commute to work)
Union Subs £39
TV Licence £11
Broadband AOL £30
Clothes for daughter £50
Mobile Phones £10 (pay per talk)
Min credit card payment for Jess £35

Approx monthly outgoings before paying for R's debt : £2800

Surplus : £439

Total debt for R as of today £87,271

Ok - any ideas moneysavers??

Thanks again,
Jez