Frightened about my future

mouseann

Thanks PurpleHeather,

I realise that I am being a complete wimp about the total outstanding so I will try the incremental approach, and look up one card each day - and try not to get depressed!

mouseann

Unfortunately, I think it is at least £120,000 - about 12 cards averaging £10K each.

I wish it had been a typo!

Just built up over the years and I promise I WILL face up to totalling this - but I am trying to take one day at a time at the moment.

Nargleblast

Welcome on board Mouseann, and don't be afraid of posting your SOA on here. It will look horrible down in black and white, but you need to see it to know your exact position. Then the work starts - we can help you tweak some figures, cut some costs etc. then come up with an action plan. There will be a solution that is right for you!

WASHER

I was hoping for you it was a typo.

However, its not, and I think you need professional help with dealing with that level of debt especially as retirement looms, do have a look at the CCCS website (a debt charity, they will help you) or CAP (Christians against Proverty - you do not have to be a Christian to use this service, and Martin Lewis recommends both of the companies I have mentioned).

An Soa would be great along with a breakdown of your debts and APR, but if I am honest reducing things like Sky tv or reducing grocery food isn't going to help you much, thats why I have mentioned those debt charities.

You do not need to feel embarrassed or hide from your debts, if you take action today, you will not only feel better, but you may well sleep better tonight than you have slept in months, I had £40K of debts, thought about it every waking moment and then decided to tackle it, a huge weight off my shoulders, you will come out of the other side, just like me and many others on this board, some with debts as high as yours.

You are not alone, you will not be judged on this board, we are here to offer support which ever route you take to tackle these debts, but tackled they must be.

WASHER.x.

mouseann

Hi everyone,

I have not been quiet on purpose: merely trying to come to terms with my situation, which is even more dire than I thought it was.
I have spent the last two days with credit card bills trying to calculate the outstanding items and upload them onto the CCCS web site, and also to complete an SOA. However, the CCS site kept crashing on meL I can only think that it because I am beyond redemption. I was going to ring CCCS but they don't work at weekends. I am going to contact the on Monday,
Likewise, when I was trying the SOA, it crashed as well and I lost all my data. I resorted to calculating everything in Excel, before I have another got at an SOA. My total credit card bills are !28,000 - and my two mortgages total £30,000. My monthl income is now £1,150 - so I am in deep trouble.
My prolonged period of denial is over - I realise that I have been avoiding the bottom line of doing an SOA, but this is not helped with my inability to get round the technology. I am about to have another go!
In the meanime, the following questions are pinging through my brain
1. I have only just started not paying the minimum amounts on my cards - how long will it be before they start chasing?
2. I am hoping CCCS will take me on. If they do, will they be able to negotiate a freeze in interest payments, late payments, etc.?
3. Am I being too hopeful in hoping that I can hold on to my car, as it will be useful for obtaining casual work. I live in the country.
4. Am I able to use any of the equity in my house to make a partial (and final?) payment to these banks?
I realise that these are a lot of questions but would really be grateful for any advice forthcoming. I feel sick in the stomach at the moment but, now I have finally decided to face up to things, am having another go at an SOA.
Mouseann.

mouseann

Have finally cracked the technology to prepare an SOA.
Not sure about the formatting, but that is the least of my worries.
Now wondering what will happen - wish I wasn't so worried!


Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1150
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1150
Monthly Expense Details
Mortgage................................ 250
Secured/HP loan repayments.............. 125
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 75
Electricity............................. 60
Gas..................................... 0
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 20
Mobile phone............................ 5
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 100
Clothing................................ 0
Petrol/diesel........................... 10
Road tax................................ 10
Car Insurance........................... 35
Car maintenance (including MOT)......... 20
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..................... 25
Contents insurance...................... 14
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 807

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 132000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 30000....(250)......0
Secured Debt.................. 7500.....(125)......0
Total secured & HP debts...... 37500.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Tesco Visa.....................9920......197.......29.9
Barclaycard Visa...............10370.....234.......27.9
BarclaycardMastercard..........7238......145.......26.8
Next Directory.................264.......25........29
Laura Ashley store ............936.......38........24.9
Debenhams store card...........2490......100.......29.9
Capital One Visa...............2290......46........22.48
American Express...............7500......186.......24
M&S Reserve ...................4890......147.......29.9
RBS Mastercard.................9960......225.......29.9
HSBC Mastercard................9990......247.......29.9
Bank of Scotland Visa..........14950.....340.......29.95
Barclaycard Goldfish...........10330.....207.......26.8
Barclaycard Platinum...........7240......145.......26.8
John Lewis Mastercard..........8450......255.......16.9
Egg Visa.......................8050......230.......29.9
First Direct Visa..............8200......245.......19.9
M&S Credit Card................5050......127.......28.9
Total unsecured debts..........128118....3139......-

Monthly Budget Summary
Total monthly income.................... 1,150
Expenses (including HP & secured debts). 807
Available for debt repayments........... 343
Monthly UNsecured debt repayments....... 3,139
Amount short for making debt repayments. -2,796
Personal Balance Sheet Summary
Total assets (things you own)........... 132,000
Total HP & Secured debt................. -37,500
Total Unsecured debt.................... -128,118
Net Assets.............................. -33,618


The only reason I have managed up to now is by playing my cards off against each other. Now I am no longer working I do not have the additional cash needed for this!
Also, the interest rates have been racked up unrelentingly!
Can't blame anyone else, though. My own stupid fault!
Mouseann

Woowoo

I can't offer any advice Mouseann sorry, but wanted to say well done for sitting down and figuring out the total you owe.

Good luck xx

Happytogetdebtfree

Hi mouseann and welcome to the boards, im sure lots of people have given you lots of advice i wish you all the best with it ((hugs)) :-)

pollywoggle

:j Hi Mouseann, can't offer any advice as such, have only just been here myself 3 weeks and still learning, starting DMP with the CCCS on 1st April.

:rotfl: But just thought I'd say hello and let you know your not alone now. :j

Faye449

Try not to panic mouseann, easier said than done I know but you've done the hardest bit by doing the calculations and you can call one of the debt charities on monday which will make you feel better- they will be able to give you good solid advice and get you sorted it out.