in so much debt - don't know what to do

dancingfairy

50k is quite a lot of debt and no doubt took you a while to get into that level of debt so it may take a while to dig your way out of it - but it's certainly possible - it all depends on your income and outgoings.
df

Tixy

pollypockett wrote: »

we can't really reduce any payments as one is on a ccj and the rest are already reduced payments - i hate to sound so pessamistic when people are being so helpful but i really can't see any way out x

I would still suggest you complete an up to date budget and post it on here. We might see savings you can make that you haven't noticed yourself.
Or we might also agree that bankruptcy is a good option for you to explore, which might then help you have the courage to get some further advice.

There is a solution to this and I'm sure you can find it if you work through things bit by bit.

Good luck

dancingfairy

Yep - you need to start at the begining - you're kind of getting ahead of yourself a bit. If you can't make the reduced payments then you can't make the reduced payments - you can't get blood out of a stone for a start.
We really need to see the SOA to advise further - or try the debt charities again - your circumstances may have changed since you last spoke to them - for better or for worse - so give them a go.
There's always a solution -you've just got to find it.
df

ILW

InDeepDebt wrote: »

Hi and welcome (back)

Sound similar to us (wife and I). £69k of debt plus £40k secured loan and then a mortgage.

Are you in communication with your creditors? We did intend to pay all of our creditors back but then some started being @rsey with us. The main culprit was Barclaycard - not a massive debt with them (£5500) but a debt all the same. Barclaycard rejected our payment plan and were phoning us three or four times a day. I've had the cards ages and, as mentioned, I was going to pay off the debt. I'm now looking at seeing whether I can write off the balance by seeing if the card is unenforceable.

Out of our £69k, we may have about £40 that could be unenforceable. From the outset, this was not our ultimate aim. We got ourselves into debt - it was our overspending. But, as most of the creditors have not really been understanding - or just plain awful in their handling of us by phoning us three times in an hour for us to say "I've just told you that", I think 'why not?'

Don't let pride stop you from writing off some of the debt. They'll have got their money out of you in the past with interest and fees.

How old are your cards?

Jim

EDIT

The thread that BigCraigJohn posted above is a good one for seeing if you can write off any balances - oh, have you any defaults against you, btw?

I would go careful on that one.
http://forums.moneysavingexpert.com/showthread.html?t=2339353

Nargleblast

Hello Polly, stop beating yourself up about past mistakes and start looking into the practicalities of paying off your debts. As others have suggested, do the Statement of Affairs thing so we can help you with budgeting. Then, armed with revised figures taking our advice into consideration, get on the phone to either CCCS, Payplan, National Debtline or the Citizens Advice Bureau. They will go through your figures with you and tell you what your options are. Once you decide which option to take, they will help you with it or point you in the right direction for specialist help. Doesn't matter what you do to get debt free - DMP, IVA or Bankruptcy. Whilst none of these options is an easy ride, they are also not the bogeymen people think they are. If IVA or Bankruptcy is your choice, get over on to the Bankruptcy and IVA forum for advice and support. Lots of people have chosen those routes to debt freedom, and have lived to tell the tale. You have to do what you have to do, and nobody has a right to sit in judgement. Good luck.

ladybez

Hi Polly, Many on this board are in the same boat and the vast majority of poeple will not think you are silly t***s! As has been suggested, post up your SOA and the clever ones on here will be able to make some suggestions to help you. Take care