Can no longer cope with debt :(

sheepish2008

Hi

I need some advice as I don't know what to do. My husband has been made redundant and now we are faced with not being able to service our debts on a monthly basis. Our outgoings exceed my monthly wage and I don't know where to begin to sort out this mess. It is mainly a bank loan and credit card bills that are killing us financially.

We live with in laws and are wary of doing anything that might affect their credit rating.

Can anyone offer advice on where to start.... I just don't know which way to turn!

AMILLIONDOLLARS

Start by listing your statement of accounts. This means giving us a list of your income and outgoings. The kind folks on here will help you to save money and cut your outgoings.

Good Luck
AMD

RAS

Hi

The good news, it will not affect your in-laws unless you have any shared financial accounts.

Do you and OH have joint accounts?

When you list the accounts in your Statement of Affairs, can you mark up me, OH and joint?

RAS

Hi

Food? Clothes? Car tax?

Do a full SOA as on here http://www.makesenseofcards.com/soacalc.html

sheepish2008

We have one joint basic account and I have my own account - this is the one my wages go into and the one all of the above comes out of.

complimentschemistry

As someone who had more outgoings than income, the best thing to do is contact someone like Payplan (who I used) to help you deal with your debts. They send a very helpful pack to you to organise yourself. They include letters to creditors so you can request reduced monthly payments, and I do believe that creditors have to accept whatever you can offer them.

Hope this is even a little bit helpful!

AMILLIONDOLLARS

sheepish2008 wrote: »

Here it goes (so ashamed!!!) monthly outgoings

Income £1130 per month

Loan £405.82
Credit Card 1 £120
Credit Card 2 £30
Credit Card 3 £43 (closed account paying off)
Credit Card 4 £35 (closed account paying off)
Credit Card 5 £30
Phone £50
Petrol £80
Car service plan £18.99
Storage £115
Bank Interest £30
Sofa £21.61
Car ins £21.78
Catalogue £123
Mother in law! £155.15

If you don't mind my asking what was your husband earning before he was made redundant, and was paying off any debts out of his salary. Do you have any savings? Your outgoings seem very little, are you paying out on little extra, for birthdays, going out etc... what about food?

helsee

why dont you speak to one of the debt charities like cccs ? they wil help you make sense of your out goings and income and come up with an affordable repayment plan.

BigCraigJohn

Relax.
Your credit rating is done in your name not address so any negative marks only go on you or your husband credit histories unless you share accounts with your inlaws.
Your husband should maybe consider going into Citizens advice, they will look over everything and write to your creditors offering an amount you can afford which if your husband is unemployed will probably be a pound each if thats what you can afford.
Creditors have a tendancy to make things seem worse than they are, they have very little power especially if you are out of work and dont own a house.
Good luck and take it easy.

sheepish2008

My husbands earnings were about £1050 per month. We used his money to live. As we are with the in laws we are lucky to not have to pay much for food and other household bills and we rarely go out! We were trying to reduce our debts. We were planning to try and move out hence everything we have is now in stroage which are stuck paying the rent for.

AMILLIONDOLLARS

sheepish2008 wrote: »

My husbands earnings were about £1050 per month. We used his money to live. As we are with the in laws we are lucky to not have to pay much for food and other household bills and we rarely go out! That a bit of a [FONT=&quot]Contradiction:D [/FONT]We were trying to reduce our debts. We were planning to try and move out hence everything we have is now in stroage which are stuck paying the rent for.

I am assuming that you have not listed ALL your debts

AMD