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Scared 7 Embarressed!

Ok, here goes, I'm sure you all realise how hard this is and I don't even want to write this but we realise we have to do something. I have been on the site for the last few days and have also been on the CCCS site going through the Debt Management Plan.
Ok here goes we have officialy just recognised that we have debt of £104000 yes you read it right it equates to about £50K each.
The good point is that we have a joint income of approx £3300 have never ever missed a payment to anyone we owe money too.
My problem is that a lot of the loans we are paying have less than 3 years to run and we still maintaining the payments although on th other hand the CC's are going up higher and higher as we are living on them for food petrol etc.
We also took out another loan in May of this year to try and help but it hasn't and we wished we hadn't now. We both realise it's all our own fault and do want to pay back what we owe, if we can.. I am really scared about doing anything but we know we cant let this go on much further. We are also trying to sell our house and move closer to work so we can cut down on petrol but if we go ahead with the Debt Management plan and then sell the house can we get another mortgage and what happens to the equity (about £25k), we would hope we could use this as a deposit? We also have about £5k in an Endownment policy from when we changed to a repayment mortagage and have kept paying into it what happens to this as we don't have a pension either.
Please advise and thanks.

Comments

  • kathfisch
    kathfisch Posts: 3,042 Forumite
    Hi there, well done for posting! :hello:

    Your situation does sound quite complex... the best thing for specific advice is to chat to one of the free advice charities, such as cccs like you mention.

    What we are good at, though, is looking at your Statement Of Affairs and helping to find ways you could cut back and have more available to throw at your debts :T

    If you haven't already, have a look at Southern Scouser's "First time posters" thread at the top of the board for some guidance about an SOA. If you want to chat to one of the charities they will eventually need all this info anyway... so why not post it here and get some constructive ideas :)

    Best of luck

    Kath :D
    Don't stress, relax, let life roll off your backs. Except for death and paying taxes, everything in life is only for now... Avenue Q
    Official DFW Nerd Club - Member no. 003 :DProud to have become debt free... and striving to keep it that way
  • Firstly, welcome:D and well done for posting.

    There are others on here with similar levels of debt to yourselves, who will have more experience and advice on how to deal with things (with regard to the house etc). I'm sure they'll be along shortly.

    Have you gone/are you going through CCCS or where you just looking at this stage? Again, others have experience of CCCS and Payplan. Quite a few have said it's like a weight being lifted off them. Like you, they want to pay their debts back too....

    Anyway, just wanted to say Hi, and best of luck;)
  • I have been on the CCCS Website and do have a SOA but its really long and very complex, but I will try and post it within the next 24hrs.
    I do hope we can sort this and I can get as much advice as possible from everyone who will contribute. Thank you.
  • kathfisch
    kathfisch Posts: 3,042 Forumite
    Oh yes, it has to be long and complicated so it has every little detail!! :)

    Post it when you can and we'll do our best

    x
    Don't stress, relax, let life roll off your backs. Except for death and paying taxes, everything in life is only for now... Avenue Q
    Official DFW Nerd Club - Member no. 003 :DProud to have become debt free... and striving to keep it that way
  • Hi Gradixon,welcome :hello:
    As you can see I have a very large debt like you,I think the sudden recognition of how severe the debt is can leave you feeling quite daunted,don't worry,there are a few of us on here :D
    Your income is good,but as you are paying for everyday things on your CC it shows that your debt is unmanageable,you may be keeping up with the payments,but only with your CC :naughty: you have to take action ASAP,talk to Payplan or one of the other non profit debt help people.
    Try and get that SOA on here and we'll do all we can to help
    Remember you are not alone :A
    Debt at highest £102k :eek:
    Lightbulb moment march 2006
    Debt free october2017 :j
    Finally sleeping easy in my bed :A
  • Hi Gradixon

    All I can say at the moment is that you will get fantastic advice from here, and remember you are not on your own.

    Good luck

    Bluesindy
  • Verbatim
    Verbatim Posts: 4,831 Forumite
    Part of the Furniture 1,000 Posts
    Welcome too from me. Look forward to seeing more of your posts.
    CCs @0% £24k Dec 05 £19,621.41 Au £13400 S 12600 Oct £11,981 £9481 £7500 Nov £7250 D £7100 Jan 6950 F £5800 Mar£5400 May £4830 June £4660 July £4460 Aug £3200, S £900, £0 18/9/07 DFW Nerd 042
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