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I'm in big trouble and need help

This is my first post here. I have never told anybody about my money troubles because I'm proud and stupid.

It all started about 5 years ago when my husband walked out and left me. he left me with credit cards, a mortgage, hp etc etc. I now have debts spiraslling out of control, and I can't cope.

Brace yourself for the details...

£40k mortgage at £440 a month. Relatively small I hear you say. Yes it is.
£40k secured loan that I was ripped off with, paying £400 a month, over somehting ridiculous like 30 years.
£5k on a barclaycard
£3k on a lloyds tsb card
£10k on a Egg card
£11k on a halifax card
£2k overdraft that's at max
Hp loan at £380 a month, but this expires next June.
No store cards thank god.

I have a very good job, I earn quite well, and everything is paid on time each month, but sometimes I have to withdraw cash on my credit card, so hence the interest rates are high. I have never buried my head in the sand, and am quite savved up, changing credit cards for better rates etc, but it's too much. I'm fed up, and I'm surviving by the skin of my teeth each month. I've tried to consolidate, but no one will help me because of the amount of debt I have.
The stupid thing is the banks keep upping my credit card levels as I always pay, and my credit is good, I just have way too much to pay. I don't know what to do anymore. I'm tired of worrying about it.
I don't want to declare myslef bankrupt, as I will lose my house/car/things, and it's a last resort in my opinion.
If anyone has any good ideas, I'd really appreciate hearing them. I'm just about at the end of my sanity.
Thanks for listening..
Half the Interest with Boo : Barclaycard £4765.64 May 2007
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Comments

  • petetidball
    petetidball Posts: 143 Forumite
    Hi and welcome. You need to post an SOA (See southern scousers sticky thread at the top of the forum) and then we can actually see what's coming in and going out. Include APR's etc for outgoings. Don't worry about losing anything. If you have been able to swap cards you must have at least a decent credit rating and if everythings being paid you shouldn't worry about being made bankrupt. It sounds more like something you could get out of through budgetting and snowballing, or if outgoing are higher than income, maybe a DMP or something.
    :confused: Pardonez mois, mais votre cheval est dans mon cochon d'inde. :confused:
    Proud to be dealing with my debts: DFW Nerd 610
  • SadGirl
    SadGirl Posts: 59 Forumite
    I do see how this would be beneficial, but when everything is paid, there is nothing left over. So I can't see how I can save any more.
    I can't move any of my cards, as no one will offer me another card now, as all the others are nearly full. I can't move loans, as no one will give me a new one for the same reason. I can't add to my mortgage because of the amount of debt I have. As I said, I'm at the end...
    Half the Interest with Boo : Barclaycard £4765.64 May 2007
  • IzzyUK_2
    IzzyUK_2 Posts: 33 Forumite
    Hi Sadgirl

    You are not alone .... we are in the same predicament as you.

    We have kept our debt very private and now we also are reaching the limit on everything:-(

    Someone on here will help I'm sure, we are looking to sell our home to free up equity and rent for a while to try and get out of our awful mess

    Good luck
  • I_was_a_fool
    I_was_a_fool Posts: 331 Forumite
    Hi sadgirl, welcome!

    I have been where you are now. You are not at the end, you are at the beginning! Believe me there is a way forward from here. Post up your SOA as per the sticky thread at the top of the forum and lots of advice will come your way.

    The solution for you may well be a DMP (debt management plan) with someone like CCCS or payplan, which are debt management charities.

    The first step you have already taken, by posting here. Now you need to map out all your incomings & outgoings so you are prepared to tackle your debts. Consolidation is not the answer, no more loans or credit from now on!

    Best wishes

    Sharon
    Proud to be dealing with my debts :j
    Debt free date now [strike]Nov 2020[/strike] [strike]Oct 2017[/strike] [STRIKE]Aug 2016[/STRIKE] May 2011 at present rate
  • consumerpower
    consumerpower Posts: 71 Forumite
    Hay,

    I just wanted to say, I had my lightbulb moment this week too, you are not stupid, you are not to proud! You've just made a mistake, I am coming to terms with this, its not about how stupid you have been its about how you are going to put it right and become debt free!

    I have three years to go, I made a mistake, I cant change it, and nor can you, welcome, I have just read all the success stories on here and feel inspired! and guess what your not alone, there are loads of us here!

    Big lightbulg hug, mine is still shining, is that allowed..??
  • SadGirl
    SadGirl Posts: 59 Forumite
    Can I post my SOA here or on the stickied thread? I'm not sure about some of the interest rates on my debts, so I'll have to look into those. Thanks for the kind words. I'm on the phone to my Egg card right now to see if they can help. I ahve an egg card and an egg loan, I'm thinking maybe putting them together will help? I know you say no more credit but consolidating these two I think may help?
    Half the Interest with Boo : Barclaycard £4765.64 May 2007
  • petetidball
    petetidball Posts: 143 Forumite
    Post it here. Generally, consolidation is a bad idea, but in certain cases if the interest rate will be lower and the length stay the same, it can be a good thing. Once we have more information we can try to help!
    :confused: Pardonez mois, mais votre cheval est dans mon cochon d'inde. :confused:
    Proud to be dealing with my debts: DFW Nerd 610
  • B.W._Fox
    B.W._Fox Posts: 151 Forumite
    Hi SadGirl -

    Get started on that SOA. Take the time to look at the rates, full disclosure gets thorough help.

    Once we know where the highest rates are we can deal with those first. You sound pretty savvy with the cards, and you're obviously seen as a good customer. Perhaps there's some haggling that you can do, alongside pinching pennies and being a card tart.

    B
    US student loan (2.48%): [STRIKE]$19,152.65[/STRIKE] $2700.19
    Egg Money (£500 limit, 12.9%): paid off in full each month
    Post Office Platinum (£3200 limit, 0% to Aug '10): £1544.70
    Barclaycard Platinum (£2500 limit, 0% to Jan '11): £2106.25
    Debt free by Oct 2012
    DFW NERD #511 - PROUD TO BE DEALING WITH MY DEBT
  • SadGirl
    SadGirl Posts: 59 Forumite
    Egg have offered me a loan to cover my credit card and my loan at 7.9% over 7 years at 328.44 a month. So I'll save £100 a month. I'm having the paperwork sent so I'll give this much thought. At least it will be one credit card gone, which has a cash balance (about 20% interest rate)on it as well as purchases (8%), so the interest rate will be only 7.9% and there will be light at the end of the tunnel and I can see it going down every month. Am I doing the right thing?
    Half the Interest with Boo : Barclaycard £4765.64 May 2007
  • MickMack
    MickMack Posts: 132 Forumite
    Hi SadGirl,

    Just wondered, when you say that, when you pay your bills each month you have nothing left, do you mean that your only paying the interest each month on some of these debts?

    If this is the case then you need to try and move the most expensive debts to lesser interest rates if possible so that you can begin to make an in-roads on the debt itself as well as the interest being charged.

    Have you considered releasing equity in your home to try and pay off some of the debts, either by downsizing or remortgaging??
    I don't know your financial details but do you think maybe this is a possibility.
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