Desperate - Owe £200,000 What Do I Do ???

oakdale_minx

Hi there and welcome.

This is the link to an SOA

http://forums.moneysavingexpert.com/showthread.html?t=107280

basically start with everything coming in and the absolutely everything (down to the last few pounds) going out.


I've just done a bit of googling - is this who you are with?

http://www.debtfreeme.info/

littlepockets

Dora

How are you debts made up ie credit cards; unsecrued loans; mortgage;
secured loans and what is the value of your home.

If the value of your home can support it might be worth considering repaying the expensive interest rate debts (Credit cards/unsecured loans) with a mortgage which will be at a lower rate of interest and most probably reduce your monthly outgoings.

If you get a mortgage that allows you to repay some of the capital you can put the mortgage on an interest only basis and then make capital repayments when you can to reduce the debt

You do need to talk to a debt counsellor to go through the options but this is just an idea to consider.

Worst case is you might need to go down the route of declaring yourself bankrupt but you can recover from this

There is a way out of debt and your life and your children come first

oops_a_daisy

Hi Dora, how are you getting on ? you really have come to the right place and please please believe me when I say things will get better. Keep posting and Im sure you will get brilliant advice and a lot of helpful support here. Dont hurt yourself over money, no amount of money is worth your life.
All the best and good luck - OOPS

joeblack066

Hi Dora, just to say welcome and that you're not the only one who's felt that low. Please don't hurt yourself, you can see from this site that there are many people out there who have turned their lives around with advice found on this site. You've taken the first step, the next one should get a little easier. Take care hun. Debs xx

chevalier

Hi there
Really sorry to hear about your situation. I am sure that you can get out of the agreement you have signed - there is a 7 day cooling off period I believe. And it should be on the agreement somewhere. They may be a bit shirty about it, but that's their problem.

Also please try and see your GP as soon as possible for help with the stress and anxiety you are feeling. You cannot fight your debt effectively if you are fighting stress and anxiety as well.

The very best of luck and keep posting
chev

cathybird

hi, welcome dora, well done for posting, you've taken a big step in sorting your finances out. There's always a solution to every debt, no matter how big. Hang in there, I am sure the people on this site can help you loads

Sinkingindebt_2

I hope dora is okay...Dora hunni let us know how you get on xxxx

sheraz2

The lightbulb moment is the lowest point ever. It gets better from now on. Get your SOA done and i'm sure these guys will give argue debate amongst themselves first and give you the est solution to your situation. ONe that you feel comfortbale with.

I'm not in debt but i'm here to support you and hlp you with anything I know:beer:

Toto

Hey Dora, chin up, it really isn't as bad as it feels. At the end of the day it's only money and although I know it feels like the hell right now, it will get better from here. Money is not worth more than you! So, enough of that already, we need to find you a solution to focus on so it isn't all so bleak.

First off as the other's have said, give us a proper SOA, include as much info as possible. Debts, tell us how they break down, who to amounts and interest rate if you have it to hand. Also put on there all of your expenditure. Mortgage, bills, stuff.... as well as income details.

I'm not sure at the moment if the 200k includes your mortgage or not, this would be helpful to know.

The others have all suggested payplan etc which is good advice, I personally felt more able to do that though only once I had a practice run of doing my SOA on here. Let us know how you are getting on because we will worry you know!!

dizzy_lizzie

Hi Dora. You really have come to the right place here. The people on this forum are angels in disguise and will do all they can to help you. x