so confused , dont know where to start feeling scared ?

Max_Maxwell

Don't get hung up on the effect on your credit-rating. Once you come out the other side and are debt-free, chances are you won't want credit again.

It's the here and now that needs dealing with and once your debts and repayments are under control, the stress will be taken away and frankly, a good credit-rating will be furthest from your mind.

Take action. Then you will be in control of your finances.

supersavershal

I too have a lot of debt and are ploughing through making minimal payments or just over. I have considered a DMP many times but dont think it will be suitable for me as I wish to move house in a few years time and it would make it difficult for me to get a mortgage.

Ms_Speculatrix

Hi, there is lots of useful information on here but from experience I know it can be stressful hunting things down when you feel totally overwhelmed by things.

I used the National Debtline , their website is full of useful and accurate help and template letters for helping you to negotiate with your creditors and it is all in one place so it makes it less stressful to find things. Once you feel clearer about things you will be able to peruse this site much more easily, there is tons of useful advice and supportive, helpful people on here.

If you give national debtline a ring they are really helpful, they can send you information packs, budget sheets and so on. I have phoned them a few times and they have been great, they also helped to calm me down when like you I was terrified and thought I was alone and subject to all sorts of creditors' whims.

There is also a budgeting tool on this site and the demotivator is also a good way to detect areas in which money is wasted.

Good luck to you, hope all goes well, you are NOT alone

danbim

hi all just to update, cause i am getting in a real pickle , i went on the CCCS website and completed the forms and it showed i had approx £500 a month over to pay debitors, so i done my own seperate table adding all my monthly direct debits (including payments for credit cards , loans etc) and spends (groceries , petrol etc) and i have no money left , i cant work out why my calculations are not the samme as the CCCS or SOA , please please please can someone help . i have just calculated that i have approx

£19,000 in secured loans

£9805 in credit card debts

£400 overdraft (pay £12 month in bank account fees to cover this )

£15,700 in non secured loans


this is a grand total of £44,905 :eek::eek::eek:


please can someone help us and show us there is a way out of this mess,

[Deleted User]

You need to post an SOA, so we can see where the money is going, and where savings can be made.

theoretica

danbim wrote: »

i went on the CCCS website and completed the forms and it showed i had approx £500 a month over to pay debitors, so i done my own seperate table adding all my monthly direct debits (including payments for credit cards , loans etc) and spends (groceries , petrol etc) and i have no money left , i cant work out why my calculations are not the samme as the CCCS or SOA

The CCCS thing does not include payments to credit cards, loans etc. Their idea is that after you have paid your living costs you have £500 to divide between your creditors regardless of the minimum sums they are asking for.

danbim

theoretica thank you soooo much that makes sense now , think i will be calling CCCS first thing monday

eyeopener2

Just one thing to be aware of, CCCS will not deal with the secured stuff only the unsecured.

You will be fine, you will get out of this. We were all in the same position as you at some point. I never thought i'd be out of it but i'm under a year left now. If I can do it, anybody can!

danbim

thank you eyeopener 2 , did wonder about the secured debt, have toyed with the idea of a consilidation loan,

wannabee_in_credit

Don't go for a consolidation loan. It's quite a well known statistic here that most consolidation loans lead to more debt. I did it once and just ran up an extra £8k debt after I'd cleared my credit cards.