Help Required... Rock Bottom Approaching

D3P0

Hi all,

I am a long time reader of MSE and shamefully a long time ignorer of my debts. I'm not looking for sympathy, just honest advice...I've hit rock bottom. I'm sitting at my desk. Practically in tears. I can't even afford to get my wife a birthday card this weekend.

I live in my overdraft even after being paid.
My credit cards are maxed out.
I have 2 loans.

I would think in that lot there's the best part of £30,000.00's worth of debt.

I have never missed a re - payment on anything, but I'm seriously struggling now with what to do / who to speak to about it?

Obviously I want to pay this money back to those I owe it to but with spiraling interest cost the re - payments are going nowhere.

I have no-one to blame but myself and that I realise. Where do I start? CAB / speak to the people I pay the money to?

Please any advice will be of great help to me and my family...

plum44_2

Checkout the CCCS website. Free impartial advice. All is not lost, I have reduced my debt massively with their help....Good luck

Loubell83

I agree check out CCCS. Free and impartial - they will be able to look at what is best for you.

There is not a debt problem that cannot be solved. You have admitted there is a problem and that is the biggest obstacle out the way

Good Luck on your journey.

amyloofoo

D3P0 wrote: »

Hi all,

I am a long time reader of MSE and shamefully a long time ignorer of my debts. I'm not looking for sympathy, just honest advice...I've hit rock bottom. I'm sitting at my desk. Practically in tears. I can't even afford to get my wife a birthday card this weekend.

I live in my overdraft even after being paid.
My credit cards are maxed out.
I have 2 loans.

I would think in that lot there's the best part of £30,000.00's worth of debt.

I have never missed a re - payment on anything, but I'm seriously struggling now with what to do / who to speak to about it?

Obviously I want to pay this money back to those I owe it to but with spiraling interest cost the re - payments are going nowhere.

I have no-one to blame but myself and that I realise. Where do I start? CAB / speak to the people I pay the money to?

Please any advice will be of great help to me and my family...

:grouphug: I appreciate that you're in a horrible situation, and lots of us on here can sympathise with that. Firstly, don't stress, this is going to be tough and there are going to have to be changes; but it can be sorted and things will get better. Is your wife aware of the financial situation? If she is, then I think it might be time to explain to her that unfortunately you won't be able to afford to get her anything for her birthday this year - but that you'll make her a card / cook for her / offer her 'pamper vouchers' for foot rubs, etc.

If she's not aware of the situation, then I know it's uncomfortable, but she really needs to be told. The finances are affecting her too and it's unfair to keep her in the dark about the real situation. It's unfair to you too, because it means you're taking all the stress and pressure alone, when your wife should be able to support you and might have some good ideas for reducing the debt.

If you've never missed a repayment, etc; then you're actually in a better position than lots of people and hopefully the lenders will therefore be willing to be helpful. Contact Payplan or CCCS (who are both non-profit) and see what they recommend. It may well be that a DMP will work for you, in which case your monthly repayments will be reduced and they will help with contacting creditors (and they may be able to get interest frozen). It will impact your credit report, but nowhere near as much as just defaulting on your payments and letting the interest increase.

As well as that, to prevent getting into debt in the future, your family needs to reduce your outgoings to an affordable level for your income. Maybe posting an SOA would be a good idea to see if there are any obvious savings to be made?

D3P0

Thank you all so much. I am trying the CCCS website but it's down at the moment. Amyloofoo, some kinds words that are really appreciated at the moment. Sincerely they are...

ellesbellesxxx

Please don't feel bad - many other people have been in the same boat and looking through the threads on here, they have risen to it and offer valuable advice to others. Amyloofoo has given excellent advice and is quite right... CCCS/Payplan could give you help and make money more manageable.
A SOA would give you the opportunity to have feedback from others on here should you like it
Good luck!

D3P0

Have just filled out the CCCS and asked them to get in touch with me. Made for some hard reading but the truth hurts. Thanks all again for your help. I will keep you posted with my progress.

heartbreak_star

Good luck. It's a horrible situation but the DFW's on here are really supportive.

Lots of hugs and good luck, I wish you well. Keep us posted!

HBS x

plum44_2

You have taken the hardest step...good luck.

maccymum

hiya d3po

like u i am a newbie and finally realised at rock bottom like u i needed 2 do something positive! i have just contacted cccs and am going 2 start a dmp(situation similar 2 u, never missed payment but can no longer afford 2 live!


as 4 ur wifes birthday......make her a card on one of the online sites and email it, make her a cuppa nad take her 4 a walk, offer 2 do cooking/ironing/ cleaning or whatever!

good luck in ur journey and in my few days on here.....my experience is we are not alone.

m xx

wannabee_in_credit

Good luck with CCCS - my only regret with them is that I didn't contact them sooner.
As for your wife's birthday, make her a card, cook her some dinner and remind her that you love her... that's the most important thing (presuming she knows that the finances are dire - if not then telling the truth is the most important thing).
xxx