Hopeless Case

sammysap

I have buried my head in the sand for many years regarding my debts thinking that I would always be able to sort things out. I currently owe £50,000 on credit cards and am paying off a £15000 bank loan. I am just about able to meet the payments by going to my overdraft limit but I can't see any way of reducing the credit card debt because I can only pay the minimum amount each month. This just about covers interest. I can't get any deals and am constantly in a state of panic about how I can change my situation. A friend advised me to post on this site as someone might have some good advice. Thank you.

FOURCANDLES_2

You need to do a soa for people to take a look at and give you some good advise on how to attack your debt mountain . I am sure a far more wiser owl than me will be along soon.

mandyl

noone is a hopeless case, hugs x

tired_mum

You are in no way a hopeless case
My hubby and I are 3 months in on a DMP with over £60k of debts this has been the best thing that we have ever done our lives are free from calls and letters and worrying how we are going to manage after we paid our min payments to our creditors
Please post an SOA links at the top of the page or contact CCCS/Payplan and see how they can help to sort your debts out
Hugs it can and will get better and your life will become more enjoyable

sickasachip13

Nobody is a hopeless case. You've made the first big positive move and that is realising the extent of the problem and deciding to do something about it - well done. We hid from our debts for a long while. We went to CCCS at the end of last year and started on a DMP, it has stopped the debt cycle and forced us to live on a budget - it has been the best thing we've done financially.

dancingfairy

Firstly I'd fill this budget planner in:
http://www.makesenseofcards.com/soacalc.html

Don't forget to include things that crop up once a year and split them over the course of the year.
You will need the budget to either post up here for help and advice or to contact the debt charities such as CCCS or National Debtline or your local CAB. You could of course do both - post it here and get help from a debt charity
Once you've got it down on paper you will see where you are and what you have to got to work with.
Best of Luck
df

vasseur

Yes definitely fill in the SOA and people will be along to advise you. You've already taken the first step by posting on here.

Once you've got it all out of your head and written down it will feel a lot better. It is so much better to have the exact figures down and know exactly where you stand.

Martin Lewis says he's never come across a debt scenario that wasn't solvable