I just don`t know where to start......can anyone please help?

the_mighty_spurs

Hi,

I hope this has been posted in the relevant section......i would like some advice please if that's possible, as i just don't know what to do any-more. I feel like my whole world is caving in around me, and coping with it is becoming just impossible.

To cut a long story short......... i had a mortgage until June 08 that was laden with debt. My wife at the time, and i, sold the house, paid off the mortgage and a loan connected with the house and moved into rented accommodation. A fresh start was promised, but this is where everything went downhill. We put money away, set up home, and then went on a family holiday. I still had debts that i was trying to manage on a payment plan, but whilst on holiday, i became very very ill. After nearly being hospitalised, we came back home and then my health got worse as did our marriage. My thyroids deteriorated in Dec, i had my appendix out in Jan 09....i ended up with post op blood clots on my lungs a week later.....i had to have carpal tunnel surgery in may, and then i got diagnosed with Addison's (after having what's known as a crisis) in June. Meanwhile, i am still having to cope with the effects from the holiday. ( My bowels are not working properly ) Through all this, i lost a lot of money through work, so any money we had left, kept the house going through the year. I had nearly seven months off work. Then in Sep 09, my wife and i separated after me finding out about her having a 10 year affair.....yes.....ten bloody years.....unbelievable.........

I have lost everything.....my home, wife, health and family.....and she has fleeced me for every penny we had as a couple. Apart from a few quid that she gave me to set up a small home when we parted, i have hit rock bottom.
My credit is so low, not even the world limbo champion would be able to get under it.......my basic take home is £247 a week. Before i even begin to think about debts, after household bills, rent, and a car i had to buy on credit (which is expensive as nobody else would touch me (first response is the company) ), i am left with £15 a week to live on.

Its not an excuse, but my Addisons does not let me cope with things very well. I struggle with organisation, stress and coping with day to day things. I have to take medication every day just to keep me alive.......i am still going through the divorce where i still believe i will be asked for more from her.....I just dont know what to do anymore. I would however like to point out that i am in the throws of taking the holiday company to court for compensation because of my various health problems. I am also still trying to claim DLA from when i was off ill last year for 7 months.

I have made a list of options, but do any of them stand me in good stead?

1 - Write to all my creditors and ask if they would write off any debt?
2 - Offer a pound a month to each creditor?
3 - Make myself bankrupt?
4 - Hide until a result has come through from my solicitors fro the holiday?

My debts total nearly £10,000......i have promised my self today that this is the day i make a start to try and sort this mess out.

I am sorry i have gone on a bit......i just dont know what to do anymore. I dont feel as if i can get any lower. But at least it cant get worse........

Thank you if you can help with your advice......Tom

ald65

Can you post a SOA to see if there is any potential moneysaving to free up some cash?
Also you mention that you were on a payment plan, are you still on it?
Hang in there Tom there are lots of people on this site that should be able to offer helpful advice

the_mighty_spurs

Sorry, but i dont know what an SOA is..........:embarasse

tiff

Do you still have the car? Can you sell it?

ald65

Sorry, a SOA is a statement of affairs which lists all your income and expenditure. There is a tool to do this at the top of the debt free wannabe page:)
ps it will take a wee while to complete

the_mighty_spurs

I still have the car.....i need it to pick up my son and get back and forwards to work. Its something i just cannot do without. I also need one because of my health condition. It could save my life in the event of a crisis as if i am with someone in the time of emergency, they could drive my car and get me to emergency quicker. I know it sounds a feeble excuse, but it has already saved my life once!

the_mighty_spurs

Income

£988


Outgoings

Rent - £420
C/Tax - £80
Gas/Electric - £40
BT - £33
TV Licence - £12
Life Ins - £29 (I have to keep this going for my children. If i change company it will treble due to my health problems now)
Water - £20
Food Bill - £100 (Budget shop, but i have to buy certain items for my health)
Child Maintenance - £130
Car - £164 (Payments/Upkeep/Fuel etc)

Total - £1038......gulp.

Tixy

Hi,

You mentioned your income was £247 a week originally? to get the monthly figure of £988 you have multiplied by 4? remember that there are actually 52 weeks in a year, not 48 so your actual monthly income should be £1070. (which makes a bit of difference but does need good budgeting as obviously in most months you only get 4paydays.)

What do you get from BT for you £33? is it just phone line & internet? you may be able to get a little cheaper http://www.moneysavingexpert.com/phones/home-phone-calls (accroding to this talktalk does a package for £18 per month.)

Water - is this metered or unmeasured? it seems quite high for 1 person in metered (average is around £12 per month or so per person).

Is your child maintenance set by CSA? or using their guidelines?

It sounds very sensible for you to keep the car, but can you reduce the costs at all? How does the car costs breakdown? have you shopped around for insurance? is the car on finance? do you try to drive fuel efficently? (http://www.moneysavingexpert.com/travel/cheaper-fuel)

It might help you if you completed this SOA tool, which will also detail your debts and APRs etc - http://www.makesenseofcards.com/soacalc.html

It sounds like you may need to either consider a DMP or the token payment route. But once you have done a detailed SoA with a list of debts etc it will be easier to give advice.

Good luck