Any help appreciated

Stuggling_on

Hi there. I am looking for some advice. I have been in contact with the ccc and have an appointment with citizens advice in the morning, but any more advice relating to my particular circumstances would be welcome.

I am self employed and have struggled for five years. I used CC's in my name to support the business and my family, keeping it all secret. Eventually I had to confess, and my wonderful wife has been very understanding (and she now has every bank card / pin number I every owned.

I owe 32,000 to seven creditors, six CC's and one store card. Having gone through our finances with the CCC, we have no money to keep up with minimum repayments without falling further in debt. Currently apart from some default notices, all cards are paid up to date, and all utility bills are up to date. I have a 3,000 o/d facility at the bank which is unused. I have signed on with some temp agencies, and can realistically expect to earn an extra £800 per month, CC repayments will be around £690 minimum. I have a lot of equity in the house, and an endowment plan worth £15,000. The mortgage company has offered me a six month break in payment which will help, and we have pared out family budget to the bone.

The debt is my fault, not my prudent wifes, so I want to keep my business providing an income for us to live, taking on the extra work to clear my debts bit by bit - keeping a good credit rating and getting them on interest free where I can. This may be "noble", but wife says not practical. The endowment is in her name, and ideally she would want to offer it pro rata to settle the 32,000 of debt.

Is this an option? I have been paying minimum payments for years, and have a "good" credit score, although Barclays have red flagged me on my credit report. As I understand I would have to to be behind with payments before they would negotatiate. Bottom line is we may have to cash in the endowment and pay off the highest interest rates to make our life easier, but is it an option to clear the debts in full?

I really am unsure. If I started offering token payments, or didn't pay the cards, then they may be more willing to settle, but the my Iredit score is damaged, and more importantly my family will not be able to deal with phone calls and letters demanding money just because I am trying to play the system so to speak.

I know the forum does not judge people's action, but for what it's worth I feel terrible, but however hard it is going to be at least I have no more secrets.

Thank you

crumbling

i'm new to all this so i'm afraid i have no advice to offer - i didn't want to read and run though! i'm sure someone will be along soon to give you some advice:)