I'm at rock bottom

joeblack066

Hi again!! I didn't mean up your mortgage, I simply mean that you have more assetts than debts, and are therfore solvent, and nowhere near bancruptcy. CCCS are a charitable organisation that will help you to get reduced payments on all your unsecured debt. They have a website and you would see things much clearer if you talked to them. The last thing that you want to do is up your mortgage as that would be turning unsecured debt into secured debt, secured on your house!
Have a cuppa, then when you feel up to it, take a look at CCCS, and start taking small steps........you've already taken the first by becoming a DFW!! Good Luck!!

fermi

joeblack066 wrote: »

CCCS are a charitable organisation that will help you to get reduced payments on all your unsecured debt. They have a website and you would see things much clearer if you talked to them.

CCCS = Consumer Credit Counselling Service.

CCCS is a charity dedicated to providing confidential, free counselling and money management assistance to financially distressed families and individuals

Their website is: http://www.cccs.co.uk/

They will give fantastic advice.

poppy10_2

SadGirls SOA

MONTHLY INCOMING £2500

MONTHLY OUTGOING

Mortgage £440
£60,274 owing at 5.9%

Tv License £11

Egg Loan £328.44
over 7 years at 7.9%
(This is the one I am thinking of taking out this month to pay off my Egg Card - balance £10,723, and my Egg Loan £11,903)

Loan £379
£5137 owing at 11.68% finishes 06/08

Internet Connection £15

Car Insurance £80.95

House Insurance £21

Barclaycard £90 minimum a month
£4765 owing 12.9% purchases 27.9% cash (About £1000 of this I think is cash advances)

Halifax Visa £250 minimum a month
Balance £13,600 at 6.9%, 21.95% cash. (About £800 in cash advances on this card)

Petrol £160

Shopping £80

Gas/Elec/Water £80

Council Tax £79

Phone £50

Secured Loan £422

Income Tax £150
This is where I get confused by the paperwork. I'll list what it says below and maybe you can work it out?

Amount of advance £35,500
Protection insurance £6000
Amount of Credit £41,500
Broker Fee £1500
Completion costs £500
Reading this now I think I've been done!!
Loan = £43500
Interest rate 10.75% fixed for initial period of one month (Wow) then 6% over the barclays base lending rate.
Does this make any sense? It says on the bottom Plan is Xpress O SC 4.75%
Base rate + margin 10.75%
thsi is now all gobble de gook to me.

Can I just add, my phone and utility bills have a bit paid off my tax as I'm self employed.

So, after all this....

Incoming a month £2500

Outgoing a month £2636

Now you can see why I have a cash balance on my visa cards

. .

HardleyLisa

Hi Sadgirl

"Does it affect your credit rating and stuff?"

If you have missed payments to your creditors it is likely your credit rating is already affected. I was told that by going through the CCCS, CAB, Payplan etc your creditors know you are serious about trying to sort out your debts and usually accept reduced payments.

Keep us all informed on your progress.

misspoppy

Hi sadgirl

you sound a bit better. Have you tried to cancel the DD as I thought you could do it up to the day its due. Give it a go and plead with the bank its worth avoiding a charge.

Crown

Hi SadGirl,

As already advised get in contact wit hthe CCCS ASAP. Also if you are struggling paying credit cards then stop and make them token payments and send them a letter expalining that you arew having financial difficulties.

The bottom line is you need to stop using your credit card and completley as you are going round in circles. I know Ive done it myself!

if you stopped paying your credit card and was just making token payments of say £1 a month would this give you time to sort out your priority bills?

The CCCS can advise you on hopw all this works and even send you template letters. They really are a help and even at the mention of the name CCCS the banks take notice when you quote your reference number.

good luck

Indebted2uRen79

Hi honey

My husband and I are £32000 in debt.
We both worked hard and enjoyed life credit cards, loans, etc but we always paid everything no problem.
We got married decided to have children. Already had 3 but not with him.
I was on maternity leave and oops ended up pregnant again. 2 in 15 months. Went back to work for a little while before the youngest one arrived but not long enough to make a difference.
Husband by that time had to give up work due to injury.
So we had £108 maternity allowance as well as tax credits but it isn't enough. Not when you have 2 lots of nappies and several mouths to feed.

I felt just like you. My husband and I were at each others throats. I felt almost suicidal most days and couldn't see a way out. We nearly split and everything. Couldn't cope with it all at the same time and it was actually Capital One who suggested CCCS to me. I had never heard of them.

We went to Consumer Credit Councelling service. They are fab. You can go through the numbers in your own time online and when you speak to them they are great. They are really understanding and never judgemental.

They origanally advised us to go bankrupt as we only have £72 excess income a month but I didn't want to. I know that due to this our credit rating is being affected but I am working on the thought that it will get better.

If you offer a reasonable amount to your creditors they will except it and then providing the offer amount is always paid there is no reason why they should put markers on your credit report.
You can check it out at experian.

I won't lie as our amount is so low lots of the companies aren't accepting. Some have but the ones who haven't have continued to call. They say they cannot accept my offer but if I can offer them x amount they can reset a plan.
I have caller display on my phone and ignore the numbers that I recognise as creditors and any private or witheld numbers!

Barclaycard reckon they have never received the info from cccs but I have had them send it 4 times now so I know they are just being chancers!!

RBOS tried the same but it's my husbands account and I told them that I dealt with the finances and if they wanted to discuss our outgoings that they could talk to me which of course they won't.
They were really trying to push him and I know he would just say yes to get them off of his case so I answered the phone and told them I wasn't going to let him speak to them!!
They have never called again!

I know it seems like a lot of stress sorting it all out and making sure you give them all the most up to date information on your creditors and working out your regular outgoings but once you have got passed that initial bit they help you work everything out.

They send letters out for you and providing the creditors accept they will deal with CCCS from then on saving you from the grief and stress.

Seriously don't wallow, don't be an ostrich. It is worth it.

Bestthingsinlifearefree

Hi SG,

If you have a 130K equity in your house you have a solution. If you sell your house you can pay all your debts. You would then have your good salary to live on and could rent a nice place debt free and still have some left over for a future house deposit.

Problem solved or am I missing something

Stay as positive as you can there is always a way forward.

Best,

boo2905

Hi

I know this is not my thread but it's something I've always wondered - if SadGirl uses the CCCS to help her with her debts and she makes token payments of say £5 to each of the creditors - can she give them large amounts at times when she thinks she has the money spare or does she have to just keep giving them token payments until she can afford to go back to the minimum amount payments?

Sorry just always wondered.

S

Indebted2uRen79

Hey Bestthingsinlifearefree.
That is good advise but I think SG is trying to keep all this from her partner so probably not a good idea to sell the house incase he notices!

:rotfl:

Sorry shouldn't joke. I'm awful but I would cry if I wasn't so sarcastic