Sinking fast - advice please 31 January 2007 at 7:56PM in Debt-free wannabe 2 replies 536 views

olivetrees

I would really appreciate your input - although I think I am a lost cause.

My outgoings are more than my incomings even without debt. There is no equity in my home and the mortgage is interest only. I can't afford an IVA.

I went to the cccs and they said to write to my creditors to give them £1 a month but I really don't think they would acccept this.

It's just all too hard at the moment.

littlescarlet

olivetrees, don't panic.

I had my lightbulb moment back in early December and when I showed my OH that we were spending £400 a month more than we earned (after doing Martin's budget thingy) despite living a fairly boring life (rarely go out, dont have Sky, dont smoke, drink perhaps one bottle of wine a week) I just cried and cried and he could not believe it. He was pretty depressed anyway, in counselling, and this just felt like the last straw.

Since then I have spent most days looking at the advice on MSE and have managed to reduce our outgoings below our incomings - reducing food spend, phone provider, remortgage etc etc. Now we are looking at finding ways of paying off our debts which amount to about £20K .

Martin, bless him, says no situation is impossible.

There are loads of much more experienced peeps than me on this forum who can help - their advice and experience helped me. Hold on and don't give up.

artic_fox_2

hiya and welcome to this board

if you can work out a SOA(statement of affairs)(see sticky) then the more knowledgeable here will show you how to reduce you outgoings

also my creditors accepted £1 per month forr over two years AFTER sending the debts to dca(debt collection agencies)


congrats for taking the 1st step and admitting you need help and listen to the advise take it in and work on it if you can

read a few of the different posts and see how others have/are doing it for inspiration

good luck and again welcome