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So I'm back to square 1....

adam_uk
Posts: 8 Forumite
I just spoke to the National debt helpline as I'm 45k in debt, meeting all my current payments, have never missed a payment, but am only just scraping through each month without really denting any of the debts.
I've just been told that until I start getting behind with debts I cannot get any help...... my current repayments are £970 a month in total. As soon as interest rates go up then I'll be in trouble!
I desperately want to get my life back on track but at this rate I'll be no better off for at least 6 years.
So where do I go from here? Has anyone every had success using a debt consolidation loan?
I started another thread a while back and have taken some advice and cut back on sky/food/phones etc and am saving over £100 per month already, so its a start but I still feel its only a matter of time before s**t hits the fan.
It may be time to crawl to my parents and own up to what a d**k I've been and how I've ruined my life and my wifes (as she knows nothing of this situation yet) and hope they agree to bail me out and then I can pay them back.
I've just been told that until I start getting behind with debts I cannot get any help...... my current repayments are £970 a month in total. As soon as interest rates go up then I'll be in trouble!
I desperately want to get my life back on track but at this rate I'll be no better off for at least 6 years.
So where do I go from here? Has anyone every had success using a debt consolidation loan?
I started another thread a while back and have taken some advice and cut back on sky/food/phones etc and am saving over £100 per month already, so its a start but I still feel its only a matter of time before s**t hits the fan.
It may be time to crawl to my parents and own up to what a d**k I've been and how I've ruined my life and my wifes (as she knows nothing of this situation yet) and hope they agree to bail me out and then I can pay them back.
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Comments
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Hi adam and welcome to the forum,
Debt consolidation only works for around 10% of people who try it and I wasn't one of them! I owed £38k by the time the penny dropped and really didn't know what to do as I was using all of my salary to service the debt and then getting deeper and deeper into debt each month just to survive. If none of your debts are secured on your property I'd seriously consider contacting the consumer credit counselling service and speaking to an advisor about a debt management plan. Don't get me wrong, the creditors you owe money to won't be very happy and will bombard you with telephone calls and letters initially, but if you do go on a dmp, things generally settle down and as long as you continue to make regular monthly payments they pretty much let you get on with it. I was terrified that life wouldn't go on without the access to credit cards and loans etc, but it did and in fact it was a relief to have some money for a change instead of using cards to pay for things. If you go down this route you'll get defaults and possible ccjs which rules out getting credit for 6 years, but that was a sacrifice I was willing to make and I've come out of it ok in the end. If you decide to go on a dmp and owe the bank that your salary goes into, consider opening a bank account with another bank who you don't owe anything to, as they may offset the money you owe and leave you in trouble for a month.
Good luck
RedIf you've nothing decent to say, perhaps you shouldn't say anything.
£2 savings jar £300:D
Total credit card debts £1250:mad::mad::mad::mad::mad: - Will I ever learn!!0 -
Aren't eh NAt Debt Helpline a paid company? If so, run a mile as it is never in your interest to turn unsecured into secured debt.
Contact the CCCS today, and they will help you get back on track.
So great job in having your 'lightbulb' moment and let us know how you get on.0 -
NDL are a debt charity.If you've have not made a mistake, you've made nothing0
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Hi,
Your parents might not have the money to bail you out/ or refuse to do so (on the principle that you need to face up to your debts and get them sorted - they may worry that by wiping your debt for you the spending will start again). I don't know your personal circumstances so I can't guess how they will respond. However if you do sit down and talk to your wife and your parents they will be able to support you in other ways - emotionally etc.
If you sit and and write up a Statement of Affairs and a monthly budget you might be able to find other ways that you can trim off some more savings and add this to your monthly payments?
Best of luck with it and don't give up yet. Have a look at some of the Debt Free Wannabe diaries - they're inspirational! Link is at top of DFW board."Does it spark joy?" - Marie Kondo
"Do not wait; the time will never be "just right." Start where you stand, and work with whatever tools you may have at your command, and better tools will be found as you go along." Napoleon Hill0 -
I would definitely try & talk to your wife, it won't be easy but hopefully you can work together to sort things out. the fact that you are already taking steps to sort things out should help. Even if the debts are only in your name, i presume that amount of debt will affect her too, and keeping things from her will be adding to the stress you are already feeling.
You also need to sit down & work out why you have got into so much debt, so you can avoid doing the same thing again. My OH eg spends when he gets stressed, previously ran up debts due to gambling problem., gets even more stressed by trying to hide things from me:rotfl:
Have you done a statement of affairs on here? Experienced people on here can have a look and hopefully offer some helpful tips.
I have a book/CDs by John Commuta which has helped me, he advises paying for things in cash as much as possible. Also take all your debts, divide them by the minimum monthly payment & pay off the one with the shortest time first ie put any excess onto that first. then you add all that onto the next one and so on.
CC2 3/2/11 [STRIKE]£435.45[/STRIKE][STRIKE] 3/3/11 £425.76[/STRIKE] [STRIKE]6/5/11 £402.37
[/STRIKE] 6/8/11 £328.82
The Great Declutter 2011 - email decluttering 5/2/11 [STRIKE]2030[/STRIKE][STRIKE]3/3/11 2000[/STRIKE] [STRIKE]3/5/11 1850[/STRIKE]22/11/11 16000
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