Desperate

MrsMerlot_2

I'm in a mess. Have got huge debts £14500 on a loan and 3 credit cards costing me £385 per month. i have £1300 salary.

Problems now because my partner is leaving and can only afford to pay me his half of a joint loan we have - £196 per month as he has accumlated more debts I was not aware of. One of the reasons he is leaving

The credit cards and one loan are in my name only.

Mortgage will not offer additional lending unless i increase the term to 35 years. It is currently 12 years.

I know consolidation loans are mainly frowned upon but I really cant see a way out, to enable me to keep my house. I need to reduce my monthly outgoings.

The cards were cut up last September and we have managed but obviously now he is leaving I cant afford it by myself.

I'm scared, I have no family to turn to, and cant see a way out of this mess.

I have tried the CCCS Debt remedy but it just tells me to reduce my outgoings, which I have as much as I can honestly.

I need to pay these debts off but I cant, if I'm paying massive minimum payments forever on credit cards.

What should I do?

I'm desperate.

Tixy

Hi

I would start by completing a statement of affairs for how your finances will be once you are living on your own. Presumably some costs will go down (eg council tax you can claim the 25% discount, water, gas & elec should all reduce a little). Will you be entitled to any benefits once he has left? (do you have kids?)

http://www.makesenseofcards.com/soacalc.html

Once you have done the statement of affairs it should show how much you can afford towards debt repayments compared to how much your minimums are. Once you know that we can advise on what options you might have.

Probably worth posting the SoA on here as well and people may be able to offer further advice and suggestions. Did the debt remedy say which particular expenses it thought you could reduce?

I don't think a consolidation loan is the answer for you, but aside from that its very unlikely to be an option. Lenders won't be prepared to give you more credit as you already have very high debts as a proportion of your income.

alona1

I was in the same situation, I rang and spoke to Payplan and started a DMP. Give them a ring. Good luck, stay strong.

davholla

Could you get a lodger?

It is tax free up to £5K p.a.
Of course where you live will make a difference

Also can you move your credit card debt to a card with zero interest?
Of course that will only buy you a little time.