very very serious debt

seasick_paul

Ok Here Goes
This Is The 1st Month We Cannot Pay Our Debts !
We Have 6 Bank Loans And 3 Credit Cards Between Us!
Total Of £91,000 Debt At £1900 A Month We Take Home 2500 At Best
Not Sure We Can Do An Iva As We Also Have 2 Business Loans That If We Have To Include Them Will Put Our Business And Income At Risk Hence No Income At All!
What An Earth Do We Do Now?
I Can't Sleep And Am Losing Weight By The Minute And My Wife Just Crys!
Please Someone Give Me Some Advice 1stly About What To Say To My Creditors And Secondly What To Do Afterwards!

Many Thanks

klare_2

phone either the CCCS or Payplan!
Me and my OH spent over a year in that state you have just described yourselves, loosing weight, crying, getting ill, not to mention the awful situation our kids had to live in with us like that so their behavior became reflective, and i lost count of how many times we were on the brink of splitting up. I wish we had gone to the CCCS months before we finally plucked up the courage!
They are completely non judgemental, lovely to deal with and have saved both our sanity's.
Do it tomorow! for the sake of one phonecall you might actually get a nights sleep.
Big hugs too, its such a horrible situation to be stuck in.

flis21

You poor thing, what a horrid situation to be in. First things first, take a deep breath. I haven't been on this board long, but there are some excellent people who will be here soon to give you some brilliant advice.

Firstly you should call CCCS or Payplan. They are companies that will look at your situation for free and help you to decide what is the best thing to do for you. They will go over all your debts, incomings and outgoings and help you decide what is the best way for you to go. There are lots of options, Debt Management Plans, IVA, Bankruptcy etc. and they will help you decide which is right for your situation.

It is probably best to be honest with your creditors. Say you are in a bit of a mess, but are getting professional advice. To be honest if this is the first month you have missed payments, they won't be chasing you much for a few weeks, so you have a little bit of breathing space to decide what to do.

Good luck.

seasick_paul

Cccs Will Not Help As We Are Self Employed!

hypno06

I am self employed too but Payplan were willing to help us.

In the end I chose to carry on plugging away at the debt myself but they were very helpful and certainly self employment was not a bar.

Seaxwyn

Hi paul

Sympathies with the horrible situation.

Just to say CCCS may well help - we are both self employed and they did help us. It's definitely worth a call.

Scottishmummy

seasick_paul wrote: »

Cccs Will Not Help As We Are Self Employed!

My DH is self-employed and we are with CCCS.

Did you just try the website? The system on the website says if you are self-employed you must speak with them over the phone.

You have taken the first step. Next step is post a full SOA so we can see where we can help you with other savings

seasick_paul

whats an soa?

dubgirl

Have a look at southern scousers' sticky at the top of the dfw forum

Scottishmummy

Statement of Affairs - see southernscousers sticky at the top of the board on what to put in it

Beaver67_2

Dear Paul (and Pauls other half),

I can partly empathise with your situation. As well as working full time, and helping hubby with his business - and taking extra work a couple of evenings a week... I know it can feel like there is no light at the end of the tunnel...

But - the people on here are giving good advice. You really should call someone like PayPlan... even if you decide not to go with them, it can be a worthwhile excercise to get everything into perspective...

Things may seem overwhelming at the moment - but with the help of an independant calm third party looking at things - you will more than likely find a solution...

You sound rather panicky and despairing at the moment... never a good emotional state to go making any decision in.....

Seek calm professional help....

Honestly - you can get through this.... (we survived my husbands business being ripped off by a client for £15K - almost traded out of it and taking them the court anyway).... Initially we panicked and felt like we may lose everything with so much money missing that was to pay off debts - but a friend of ours (financial and legal professional talked us through it-we prioritised and restructured)...

I hope that everything works out for you guys.....
Post and let us know.....

:grouphug: