Help £70k in debt

Dee1969

Hi, this is my first time on here so not sure what im really doing.
I need help with my debts and dont know where to turn. I am working full time and my husband has just been laid off. My money just covers the mortgage and my husband has manage to get a few odd days off work but we cant affod to pay all our loans and credit cards, we have already missed 1 months payments on the cards and I know we wont have the money to pay any of it next month, Help what can I do. Do I stop the direct debits for the loans? Feel like running away but I know this wont help. Just dont know what to do first.

Shoe_Gal

Hi

Don't panic, you are in the right place. Not sure what to advise, I'm sure people will be along soon to help

Good luck with everything

copier_guy

Hi Dee,

Is there any insurance in place for the loans etc to cover redundancy?

Little_Vics

Hi - the very first thing you need to do is an soa (statement of affairs) - there's a sticky at the top of the DFW board. We can then have a look to see exactly what's going on and offer advice if we can. Don't panic - there'll be a solution.

Dee1969

There are no insurances in place

madabout

First of all speak to them asap and explain the situation. Get them to freeze the interest and accept minimum payments. Before you do that sit down and work out a budget so you know what you can offer them. Even if they try to bully you in to paying more don't-pay what you can afford and start it now. As long as you are paying something they are restricted as to what they can do. Then try to speak to citizens advice and get help with what you can and can't do. The energy companies have special schemes to help people in trouble so speak to them as a matter of urgency. Check you have all your benefits applied for and keep hassling them and speak to your council re council tax.

Most importantly don't panic, keep breathing, keep talking to them all and just remember 'it's only money' (as my beloved dad says to me when I'm panicking). There are lots of more important things out there and in a weird way having to budget/look for bargains is actually fun! It certainly made me reassess and appreciate. It's tough but it's doable.

Keeping_Positive

Best to cancel dds so you do get bank charges. Do work out an SOA as others have said so you know your situation. Contact CCCS, Payplan or CAB for advise. CCCS have an online system called Debt Remedy that is a real help.

There are loads of tip on the food shopping and old style boards about saving money.

Good luck xx

Dee1969

[tt]Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1440
Partners monthly income after tax....... 1000
Benefits................................ 0
Other income............................ 160
Total monthly income.................... 2600
Monthly Expense Details
Mortgage................................ 1375
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 144
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 24
Telephone (land line)................... 10
Mobile phone............................ 70
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 11
Groceries etc. ......................... 350
Clothing................................ 10
Petrol/diesel........................... 40
Road tax................................ 15
Car Insurance........................... 16
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 37
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2293

Assets
Cash.................................... 0
House value (Gross)..................... 285000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 286500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 291000...(1375).....5.69
Total secured & HP debts...... 291000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Virgin Credit card.............7500......25........0
Barclaycard....................4122......80........0
Egg............................2800......85........17.8
Northern Roack Loan............8000......101.......0
Northern Rock Loan.............5000......75........0
Northern Rock loan.............5500......75........0
Next...........................669.......50........0
HSBC loan......................5500......200.......9
Tesco card.....................2877......87........0
AA loan........................8000......135.......7
Hsbc Card......................8860......220.......19
Egg loan.......................5000......131.......8
Total unsecured debts..........63828.....1264......-

Monthly Budget Summary
Total monthly income.................... 2,600
Expenses (including HP & secured debts). 2,293
Available for debt repayments........... 307
Monthly UNsecured debt repayments....... 1,264
Amount short for making debt repayments. -957
Personal Balance Sheet Summary
Total assets (things you own)........... 286,500
Total HP & Secured debt................. -291,000
Total Unsecured debt.................... -63,828
Net Assets.............................. -68,328
[/tt]

PNPSUKNET

Does the 3rd adult not work? Also have you considered downgrading your house?

gebes

One thing that I'd suggest you change would be the mobile phone, I realise there may be a valid reason for getting through £70 a month on it . But when you do go and see someone like the CAB or CCCS . They will ask you to justify why you need that much a month on a mobile phone.

Is it a contract phone? Would you maybe be better stopping that and getting a pay as you go phone, which you'd then be aware of how much credit you have on it?

ladypinkof66

The op is very lucky in having so many 0% interest credit cards but what happens when the 0% runs out. I too think the mobile phone bill is very high and also the groceries and shopping i spend around £180 per month for me hubbie and dog.