In Trouble

boggie40

Was advised to move this thread here from the credit card thread....

In Trouble

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Have had a nightmare last 5 years with a divorce, wife getting house, car, kids and dog and me being given £12,000 of debt cos it was in my name.

I have always kept payments up, payed extra when i could to get balances down.

Of late i have relied more than i should have on using these credit cards, making the mistake of using them to pay my rent, and bills etc etc...
The last 5 weeks i have realised that i have got myself deeper into trouble than i thought.
So over the weekend i sat down to work out exactly what i owe, and why i never seem to have any money left for that bit of a saving that i used to be able to make - thats when i realised exactly how bad things had got.

I cant make excuses, as it is my fault but have spent the last 4 days absolutely destroyed. Luckily for me i am off work for the week after a hectic xmas at work, but i honestly have no idea what, or where i can turn to...

I am not looking for any miracles, and i am fully aware that this money has to be paid back, but having heard nightmare tales of these companies that can set up repayment arrangements for you, i don't see this as a viable route to take.

If anyone can offer me any kind of guidance i would be eternally gratefull..

My debts are:
Car - repayments £145 a month
2 personal loans £307 a month (for the 2)
credit cards - total of approx £30,000 owing.

My rent is £850 a month and my take home pay is £1,580 a month.
I have no additional income, and need the car for work.

I have heard that the citizens advice have a counselling service, just not sure if i contact my creditors direct they will help me out of this mess.

Do i declare myself bankrupt, if i do how - and what are the repurcussions.
I have a partner who i hope to marry in the summer, not the sort of start to our new life i anicipated...

Sorry for this long winded 1st post, but as an avid reader of this site for some time i know i am more likely to get some sensible advice on here - even though i know it is a big kick up my a**e i need......

Thanks in advance for any advice and assistance given ....

justruth

Well done on what you have already achieved. We realy need an SOA so that we can see areas where you might be able to make some savings. Yeah go to the CAB, or there is payplan or the CCCS, there are links at the top of the forum I believe. Don't worry, this is the nasty bit just before you take back control.

boggie40

thank you very much for the reply, but i am hopeless with abreviations.
even thought the last 4 days have been a blur, could see myself spiraling back into depression, but having spent time on here 2nite reading other peoples problems i can se there is a way out other than jumping in front of a train !!! thats how bad i felt last nite, especially when i got up this morning to find roof tiles had come off directly onto my car roof :mad:

but will follow up some really helpful hints off here, and hopefully start the climb out of this bottomless pit.

justruth

Sorry, SOA is statement of affairs, I'm terriable with the link thing but basically its a full and comprehensive list of all your income and outgoings, along with debt repayments, the amount of debt with each lender and the APR on that debt. There is a 'sticky' at the top of the forum with a template. As for the debt charities there are links to those at the top of here on the debt free wannabe support bar, non profit debt counsellors. You might find them useful. They are professionals who can give you the best advice but you always have us on here for support and suggestions if you need us.

Sorry to hear about the roof and the car, I assume that they are both adequately insured to cover the damage? As for jumping in front of a train, a bloke jumped in front of my car on boxing day night and I really didn't appreciate it! (He wasn't depressed, he was trying to prove I was drink driving, I wasn't) Can you imagine how all the poor commuters would feel????

CLAPTON

post a statement of affairs
its just a list of income, spending and debts(amount, monthly paymente and APR) but see for more detail

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

and we are on the whole a friendly and helpful lot.

boggie40

sorry been a while getting back on here.
contacted cccs who have been absolutley great, it felt like a huge weight lifted off me.
that was before all the threatening letters and phone calls - on one day alone in april we received 32 telephone calls, surely this is bordering on harrasment ?
anyway i changed my mobile and house number, wrote to my 13 creditors and made offer of £2 a week. all accepted this offer with the exception of the MBNA who have told me i have to pay them more. despite a telephone call lasting over 40 mins i could not get through to them that i only have £82 left at the end of the month to pay off 13 creditors, but the were adamant that i had to pay more, so i politely told them conversation was over and if they wanted to speak to me they could do so by letter.