Debt: comes and kicks you up the a***!

do_lally_tap

Hello everyone...

Together both OH and myself have just about managed to live and afford a holiday every couple of years, we have secured and unsecured loans/morgage - none of which are in arrears YET.

OH has been rather weird of late (thought it might be another woman), things just didn't add up with his behaviour. His spending as he works away usually mon-fri had increased dramatically....... Bottom line: he has been on-line gambling with credit cards i knew nothing about, he has defaulted with payments and now WE have to pay (the gambling has stopped - his reasons for him doing this are quite sad but wont go into-we are and will work together on this).

There are no spare funds to pay these extra debts and yet I want to deal with them before creditors come knocking. With most loans they will be cleared within 4 years. I have completed a personal budget plan.

Question: Is it best to contact all none secured creditors and ask for a lower repayment plan / lengthen the loans.

Question: What about the secured loans, do i advise them of the situation but keep paying as normal.

I have contacted the CAB and a booklet is being sent out, my problem is that it will start hitting the fan within the next 2 weeks when the funds run out.

Please, if you can give any advise on an immediate plan of action it would be appreciated...........

Thankyou

Niv

Filling in an SOA is your immediate plan of action in my opinion. Unless you have done a full breakdown of all your costs and analysed for savings you are not in a position to say you cant afford repayments. If you feel (or have down this cost analysis) that outgoings are at an absolute minimum and you are still short, I would probably approach the laon compnies to work something out.

Its hard to advise without knowing what cc's you have at what rates adn what you in/out goings are.

Niv

do_lally_tap

Hi Niv,

Thanks for you reply.

I have done a SOA and from there cut out/cut down various luxuries.

With the new added debt (making minmum payments) we are -1,600 per month.

Unsecured debts per month: 715 (all finish within 2,3 or 4 yrs)
credit cards (minimum payments) 430 = 1145

I thought the best option would be to contact the above and forward my SOA offering a lower payment - but never been in this bad a situation before where it has come to this.

I appreciate any help.....

do_lally_tap

Hi,

Looking 'yet again' at SOA one secured loans finishes in 4 yrs - that one is 567 per month.

keep looking for various options............

TakingControl

Are the debts in joint or your partners name? Are you financially linked at all?

Post a SOA here for everyone to try and help and contact one of the free debt charities, i.e. PayPlan or Stepchange (was CCCS). You need proper advise on your options and what impact this will have on you and your partners credit file.