Major secured debt problems (my SOA)

punkgirlyuk

I have posted a couple of times but haven't posted my SOA before.

I really don't know what to do at the moment. I was off work for 6 months with depression due to a death in the family. I returned to work sooner than I probably should have, mainly due to my financial problems. Due to my depression I had 3 temp jobs over 3 months with a lot of time off in between, and I wasn't very reliable. So I am currently applying for Incapacity Benefit. I do need a job and feel that I am getting better and If I was working and my financial situation was improving then I would get 100% better. The depression is now mainly due to the stress of my finances. I'm feeling really low today as I had been offered a job but due to my recent unreliability/references they have now turned me down.

Anyway, here is my SOA and it is very bleak reading!

Monthly Incomings:

My salary - £0
Partners salary - £762
Benefits - £0 (going through a claim for ICB which should be £260 at least)

Total - £762 ( £1022 when ICB claimed)

Monthly Outgoings:

Mortgage/Rent - £376 (currently 3 months arrears, so this needs to increase to cover arrears)
Secured Loan - £189 (currently 3 months in arrears so needs to increase)
Council Tax - £70 (also in arrears so needs to increase)
Gas - £50 (also covering £400 arrears)
Electric - £40 (also covering £200 arrears)
TV License - £10.99
Sky £17.00
Phone - £18 (this includes all calls and broadband with Talk Talk)
Food - £220
Moped Insurance - £22
Petrol - £35
Life Insurance £0
Mobiles - £20

Total: £1,067.99

Other debts=
I do not have all the paperwork to hand but it is around £20,000 through OD's loans and CC's. I have a CCCS debt management plan for the above which they calculated at £153 per month when I was employed. I have not contacted them since becoming ill.
We also owe my OH's parents £2000.

I know that if I were able to work I would bring in at least £800pm which would mean that I could increase my mortgage and laon payment to pay off the arrears but I am really struggling to get a job due to my past. I have been to dozens of interviews and I am always honest about my time off.

Any advice would be appriciated.

lynzpower

Ok

first things first
Have you aplied for council tax benefit and housing benefit- if not do that asap.

second, have you sold anything you can- while you are at home ebay is nice & lively at the mo, you might do well out of that

third- do you have gumtree in your area? weww.gumtree.com sometimes they have lots of odd days work here adn there and there ( on mine in any case) is loads of shop work till Xmas etc. Would this be something you could do?

dawn35

Hiya Hun
Im with you right now and going through a similar thing less the berevement which im really sorry your going through.

I struggle with depression, am diagnosed BiPolar, (try and find my post and it will explain alot more)

I totally understand where you are comming from, the stress of financial problems coupled with depression is almost unmanageable and like you say a vicious circle, but do you know what? You can beat this thing.

Today for me every breath has been a major acheivement. Im stressed to the point of hysterics, luckily its the laughing kind (yeah bit weird like that), but im getting there. I have so many people chasing me im beginning to feel rather popular and i constantly remind myself that I am not going to prison and havent killed anyone. Ive made mistake, like you have, like alot of us have. We are not bad people just made bad decisions.

Now on to the financial side of things. From the moment i started to have problems i didnt give my unsecured debts a second thought, I couldnt give a toss what they do. But the Mortgage and secured debt has to be paid, some how. You havent stated if you have any equity in the property? As far as your illness goes that may help to a point. Get down the doctors. Tell him what this financial mess is doing to you, mentally. Get it on record. Im in freak out mode myself so for financial advice im still getting to grips so not the best one to advise, but if you ever want a chat and you feel you cant cope pm me. Im sure with the magnitude of my problems and my weird sense of humour youll be feeling better in no time.

Chin up, its gonna be ok, somehow x

Dawn xxx

jillie1974

you should contact CCCS staright away, they can either reduce your monthly payments till your benefit comes through or can cancel 1 or months payments
that should help a bit!
best of luck

joeblack066

Hi, if you want to send me your CV I'll zap it and it might help/ I do these professionally and charge £20 on other sites but of course its free for other MSE users! Debs x

fatbelly

This is going to sound a bit blunt, but with three months arrears to mortgage and secured loans, I would expect both lenders to be looking at possession proceedings. Have you had a solicitor's 7-day letter yet on either?

You do not have the income to pay both loans (plus something towards arrears) and pay for other essential outgoings. So the choice is going to come very soon - find a job or sell the property.

And if work is not a realistic option, I'd say put the place on the market now to give yourself a realistic chance of getting a market price. You can always take it off again if your situation suddenly improves. Which I hope happens for you.

Best wishes

fb

I did just notice - if your partner is 25 and working 30 hours per week, there could be some working tax credit due