In debt and lost

Debts06

Well where do I start first sorry if I spell anything wrong I'm doing this off a phone as I don't have a computer.

So....god just the thought of putting this down scares me!!!
I just can't stop the worry when ever I go sleep all I think about are numbers and money what's going out what's coming in.

So this is my first step to say I have a problem and it needs sorting it all started 8 months ago my wife and I are getting divorced and as a result I'm carry alot of debt it's all I'm my name and I owe it and I want to pay it she has her own debts it has been a hell going through this divorce which was not my choice I would not wish this on anybody trying to get my life back in order is not easy and have just about held it togeather but that's another story.

My house is due up for sale this week and hope to walk away with £6000
so this is where I stand I love at my mums to try and save money the house is empty and this is what I owe here goes...
Loan £170 loan amount owed £5000
credit card £100 cc amount owed £5500
credit card £64 cc amount owed £2500
car loan £250 loan amount owed £7000
insurance £150 high because I'm self employed
morgage £130 intrest only morgage owed £74000 should sell for £95000
phone £50 12 month contract
petrol £100 a month total 1,014 going out each month
coming in is total each month £1560 have 2 jobs

So far everything is upto date apart from morgage first missed payment last month trying to catch up but the cost of putting house on Market have doing afew things to the house is killing me I rang Halifax who's the debt is all with and ask for help while I got my life back in order getting over the divorce and sorting my debts out but they answer was just pay it but all my payments are the least payments I can make the debt is not going down I plan to pay one whole card off with the money from the house is this agood idea??

Any help would be great and thank you for Reading once again thanks

SusieT

Did not want to read and run, people here usually post a statement of what they earn and what its spent on so that others can help, if you look at some other posts there should be a link to it. You also need to put the interest rates you are being charged as that will help as well.

niccatw

Hey

Welcome to MSE and well done on posting. It is scary and must be even harder when you are going through all you are currently going through.

We'll be better able to help if you can work out all you incoming and outgoings and the interest rates on all of your debts. In theory paying off a whole card sounds sensible, but you may also have room for manoevre if you can shift some of your debt about a bit.

We call this a statement of affairs (SOA) and if you put all the info in, you can then post a link back here (in a new thread if you need to) http://www.makesenseofcards.com/soacalc.html

There's also a link to a snowball calculator on that site. Play about with it, it'll give you an idea of the interest you'll pay overall, the difference overpayments can make and give you an idea of when you might be debt free.

Good luck, you've come to the right place

tealady

Hi
Just a thought. Most libraries have free internet access. Usually you can book an hours slot but frienly staff at my local library will occasionally allow peeps to go over if no one else wants to book them. Use the time to put up a full SOA and have a read round things like bank charge reclaims, switching utilities etc - anything to bring the bills down.
HTH

madhatter10

Pay off most important loans first eg. mortgage and you will have to negotiate other debts eg. bank, car loans etc. Maybe go to the Citizen's Advice Bureau and make appointment to speak with someone there, alternatively look at their websites. Do not take out a loan to pay off outstanding debts and do not use companies who say they can wipe out your debts for you. You will end up worse than before.

prince_percy

Hi there

You in the right place to help get yourself sorted. I would also contact CCCS they gave me some sound advice that i am now following and i am hoping that i can come to an agreement with my creditors so i can get myself out of debt.

For me its been a long time coming as i was in denial about the scale of the debt i had but the important thing is that you are dealing with it.

Let us know how you get on!