At our wits end

RetroRocket

We have around £40K in credit card debt.
I'm self-employed and the recession has hit us big time in the last 18 months or so, average earnings down £25K, so we used the cards to keep things up.
Yes we've been reckless, and know its all our fault, believing the recession would end but its has got no better.

We've kept our mortgage payments upto date, and all credit card payments but only managing the minimum payments, from savings etc, but now finding it really hard.
My wife works luckily, takes home about £900 per month, I've only earned about £500 since mid-december. I've applied for part-time work, just so I can do my normal work when I get some.

Have finally took first steps today and spoken to Payplan, hoping we can start a DMP and sort things out, have made an appointment for next week.

Have had our 'Home' up for sale but no joy on that front, and have a daughter at University.

Don't really know what else to do

ellesbellesxxx

Sounds like you are making positive steps. If you post a Statement of Affairs (sticky on main page) then we can give you advice on areas of spending

sickasachip13

We were in a similar position when I was laid off and our income and debt is about the same. We had also lived off the CCs and had used them to pay each other etc etc.

Anyhow, I'd say the DMP was absolutely the best thing we did, the pressure it lifted off us, once it was sorted out, was amazing. The worst bit, we found, was where you're at now - you've have to confront it all and realize the size of the problem and you're just in limbo waiting for the DMP to get organised and into place.

After this is done, things really do ease off for most people. It's a shock not using the CC for everything and having to properly budget - we're still learning on that one.

Best of luck.

mandi

Hi RetroRocket

Have you thought about transferring some of you credit card debit onto a 0 % card

Check out this http://www.moneysavingexpert.com/news/cards/2011/02/barclaycard-to-offer-longest-ever-0-balance-transfer-card?utm_source=forum&utm_medium=sidebar&utm_campaign=box


I would also recommend that you speak to National Debiline for some advice

http://www.nationaldebtline.co.uk/

RetroRocket

Thanks all, advice appreciated. I don't think I'd get another CC Mandi, not the situation we're in.
Fervishly looking at sites such as this, and looking at smaller properties ..... we may have a buyer for ours, fingers crossed, to clear the debt and buy a smaller place.

There's only my wife to convince now .......

CH27

Can you post your SOA please?

[Deleted User]

Hi,

Here's the link to post a statment of affairs: http://www.makesenseofcards.com/soacalc.html

D9

technogeek

It is unbelievably easy to get into this situation. The best of luck to you.

mandi

RetroRocket wrote: »

Thanks all, advice appreciated. I don't think I'd get another CC Mandi, not the situation we're in.
Fervishly looking at sites such as this, and looking at smaller properties ..... we may have a buyer for ours, fingers crossed, to clear the debt and buy a smaller place.

There's only my wife to convince now .......

Wishing you lots of luck Retro.

RetroRocket

Can you believe how things change ?

We are one of the lucky ones. Have sold our home, cash buyer wants to move in asap, we have put a deposit on a smaller home and building society have agreed to a 75% mortgage. Its a new build property and we'll clear a £42K outcome , so clearing our debts.

Would like to say thanks to the support of you's, and for all of us in this situation, this has proved peoples luck changes.

Will still drop in, as I have done awhile before posting, just for the comrademanship etc .... a great bunch.

WASHER

Great news. Good luck with the housemove. It goes to show their is a solution out there, and you have found yours.

WASHER.x.