Ok...I need help!! Have been closing my eyes to this mess...

Twins

Hello all,

In one word - Help! Okay I admit, I need help with sorting out my debts and I just don't know where to start

I've got credit cards coming out of my ears, I am in my overdraft, I have now started withdrawing cash from my credit cards to stop me going overdrawn and now even the credit card companies are stopping me from using the cards.

I have more out goings than income and it's all sprillared out of control.

Where do I start? I don't want my credit rating to be even more effected than it is by calling the credit companies and saying I can't afford the monthly payments.

Please....can somebody give me advise? I would really welcome it!!!

Thank you!! Stressed..... :(:(:(:(

CH27

Post your SOA & people will happily help you.

Two9A

First of all, you say your outgoings are more than your income. You need to work out how much you've got coming in, what's going out, how many cards/debts you have and at what percentages.

There's a handy tool to help put together your Statement of Affairs, at:
http://www.makesenseofcards.com/soacalc.html

Once you've written down in there everything you can think of (groceries, insurances, petrol, childcare; whatever it is), you'll be able to see how much you have left over. If it's negative, then you do indeed have more going out than coming in, but you've got everything written down and you can see where to cut back.

Go fill out that SOA, it'll help you work out what's going on

CashRequired

Firstly try not to stress, because it doesn't help. Take a deep breath, stick the kettle on, and write down your SOA and post it so the kind people on these forums can help.

Most of the time these things can be fixed! where theres a will, theres a way.

Twins

Thank you everyone for your replies! I will look at this SOA tomorrow, is there a quick link to this? I have been hiding this debt from my hubby and feel like he is going to get really mad when he finds out

I'll update more tomorrow,

Thank you!

GeorgieFTB

Twins

The link is http://www.makesenseofcards.co.uk when you have finished press the format for MSE button which will make it easy to read.

About the other half not knowing, there are quite a few threads about people telling husbands and wives, mostly they are mad about the lack of trust... but it all tends to work out after the unmentionable hits the fan

Gx

mazy_m

Hey Twins!! You should probably tell your husband as if you need to start cutting back on living expenses etc he will know something is up!! It's best to just bite the bullet and tell him. The hiding it is probably adding to your stress!! You might even be surprised that he might know some ways you can get out of the debt and could be a support rather than more a stress for you! Maybe just give him a day to calm down if he does stress about things like this! At the end of the day you have acknowledged a problem and people are so kind in helping one another and so many people are in or have been in that situation there's no shame at all!! I hope if you do tell him it goes well!

Mwah Maz xx

kdenty

It is extremely scary when you realise it's all going so wrong. You need to sit down (hopefully with your husband) and carefully go through your debts/incomings/outgoings. If you post a SOA as previously mentioned you will get lots of help. Plus the act of working it all out can help you get to grip with your finances anyway. It's a very useful tool to show what where the money goes.

I'm sorry I can't be much more help. Just want to say really you've done the right thing by realising and asking for help. Try not to hide if from your husband. Now is the time to get his help too.

Mrs_Trouble

Please don't shut your eyes any longer.

Speaking from experience, whilst you think you are dealing with it by knowing every CC payment and keeping your head above water, in fact you are just getting deeper and deeper in debt.

First of all do an SOA as the others of suggested. Secondly tell your Husband, it will feel awful (I know!), you will think he will never forgive you but it is so much easier if you do this together. Thirdly, stop caring about your credit rating - in time you will realise that a poor credit rating brings a good night's sleep, being in terrible debt but having a good credit rating brings misery and worry.

Good luck - I hope you come back.