Separation has financially ruined me - what should I do?

Confused_Mr_E

Thanks for the support. I've been an idiot really. I was always VERY financially aware and funded myself through Uni without ANY debts except my Student Loan. I worked to make sure I didn't take our credit. The last 5 years everything has gone to pot and I know I made bad decisions along the way. I guess I just have to live and learn. It won't happen again and based on the above figures, when I am debt free I should never have a need for credit cards/loans, etc.

RAS

Confused_Mr_E wrote: »

Unsecured Debts
Description....................Debt......Monthly...APR
AA Loan........................5000......134.......14.9 originally a £7k loan, think this is how much is left. Ends in 07/2015
Halifax CC.....................2500......75........29.9
Santander CC...................2800......85........19.9
Teeth repayments...............2000......94........11.9
Sofa DFS.......................1300......38........0 payment covered by FIL (see incomes above)
Smile Overdraft................500.......0.........0
Natwest Overdraft 2............700.......9.........14.9
Natwest Overdraft 1............2000......22........14.9
Very...........................800.......15........24.9
Barclay Card...................2500......75........19.9
Barclay Card (Egg).............2500......75........24.9
Total unsecured debts..........22600.....622.......-

Can you give us the limits on the cards, please?

Confused_Mr_E

The cards are all maxed.

RAS

Ok, so there is no shuffling that could give you any leverage.

Have you spoken to CCCS or National Debt Line?

heartbreak_star

No more advice than the good stuff you've already been given, but I wanted to give a *hug* and wish you luck!

HBS x

Takingcontrol_2

Confused_Mr_E wrote: »

Thanks for the support. I've been an idiot really. I was always VERY financially aware and funded myself through Uni without ANY debts except my Student Loan. I worked to make sure I didn't take our credit. The last 5 years everything has gone to pot and I know I made bad decisions along the way. I guess I just have to live and learn. It won't happen again and based on the above figures, when I am debt free I should never have a need for credit cards/loans, etc.

You've not been an idiot :silenced: If you have, then I have been too. My story is similar to yours, I split with husband through infidelity (His part not mine!) and am left up to my neck in debt, as he could never get credit, so like you, i did it for him, mobile phone contracts etc! all sorts! We try to do what we think is right at the time, and like yourself, I thought I was doing my best to help someone I loved. Hindsight is a wonderful thing! But we will get there! There are some wonderful people on here and their advice and support is invaluable! I like to do some of the challenges here too, they make it a bit more fun

fantastiyk

Hi, just want to wish you good luck. I know it seems huge now but there will be a day when you look back on this and see it as the time you began to turn your life around - and that can only be a good thing.

Confused_Mr_E

I need to sort all my paperwork out and still have address details to update with some creditors. So gonna get all that in order over the weekend and start the ball rolling with CCCS on Monday for a DMP.

As I have overdrafts with Natwest (my current account) - should I be opening a new basic bank account elsewhere to get my salary paid into? Such as a coop cashminder? Should I do this before contacting CCCS?

RAS

Confused_Mr_E wrote: »

As I have overdrafts with Natwest (my current account) - should I be opening a new basic bank account elsewhere to get my salary paid into? Such as a coop cashminder? Should I do this before contacting CCCS?

You must do it before CCCS take any action, or most likely ask you to send letters with token payments to cover the first month.

So the sooner you do it the better. Too many people leave is and get caught by the speed of the process. There are a lot of basic bank accounts but you need to keep clear of barclays nat weest and any bank associated with them, so co-op is good.

Be aware that co-op appears to run a three strikes and you are out policy, so you cannot afford to go OD with them.

On the other hand a CCCS budget is more generous than the one to which you are currently living, so you may be able to build up a bit of a buffer.

The other thing to remember is that if the car dies or some such disaster, you can suspend payments for a month or two.

Time_to_face_the_music

Hi Mr E :wave:

Just wanted to say hello and well done for starting to get this sorted out :T

If you want a bit of support from other people on DMPs, come and join us on the DMP and Mutual Support Thread

https://forums.moneysavingexpert.com/discussion/3723081

There is a lot of experience and advice there, plus it's a good place to have a rant or a whinge on those days when it all goes wrong ... and we all have those