Please Help Dont Know What To Do!!

sira_2

Please can someone help me i dont know what to do. I am ashamed to say i am £38,000 in debt. To make matters worse i was in a simiar situation 2 yrs ago and here i am again but this time its worse because i cant see my way out of it. The money i owe is a loan the rest is credit cards. My credit score is poor due to all the searches and credit i owe so i cant see swapping cards an option. My outgoings exceed my incomings of approx £800. Ive thought about consolidating my debts but if i do that im never going to be out of debt and will spend the next 20 odd years trying to find the money to pay of the consolidation loan. Ive gone through all my other outgoings cut down or stopped anything i can & still this much short. Ive taken on as much overtime as possible at work and just signed up for mystery shopping doesnt pay much but anything helps. This is all making me ill lost half a stone in 3 days, cant sleep and just dont know which way to turn. Have tried ringing National Debt Line but after an hour of trying to get through i gave up. Please can anyone help me im scared im going to lose my home!!

machsmum

Hello. You are in the right place for all the help and support you need. Firstly if you can post your SOA on here i'm sure there will be people on here who may be able to suggest ways of possibly cutting back on some of your outgoings. I too have just had my LBM so know exactly what you are going through, big hugs to you x

sarah1234_2

Just remember, don't panic!! There are many people who have been in a similar situation to you and have sorted it out, you are not alone.
Your local CAB are there to help, phone them to make an appointment - take your SOA with you.
Hang in there x

southernscouser

Hi sira. Firstly welcome to the site and the DFW board.

Posting here is the best thing you could have done and today is the start of a whole new debt free journey! :T

You really need to phone the CCCS (who are a registered charity and free) first thing in the morning. They are also very busy but you need to talk to a professional about this so keep trying.

You can also go thorugh there website which might be a start.

Have a look at their Debt Remedy here.

sira_2

Ok firstly can i say thank you to everyone who has replied so far i feel slightly better already. I have just been to the CCCS website and done their questionaire got my reference number and will call them tomorrow. That was well hard bcause everything i added at the end they added a little bit more outgoings i wouldnt even have thought about. The depressing thing is it just seems a whole lot worse now!! I will let you know how it goes tomorrow i am shattered have spent the last 4 days going over and over figures trying to sort this mess out, truth is it just hasnt looked any better everytime ive tried. Lets see what tomorrows brings.

GarethR

Hi I dont normally post in here but thought I would have a look around.

I hope you get things on the straight soon

edsjad

Ooooohhh - i was in exactly the same position about three months ago - feeling so crap is really debilitating and sounds like you're feeling really overwhelmed with it all. I've been there too. YOu've made a start out of it by coming to this site. Best thing I learned was to prioritise living xs (water rates took me to court) and put credit cards at bottom of list. Write letter/phone credit card companies asking them for a payment plan eg £50 per month and no additional interest charges or fees. If you can't face it - go to local advice centre. Mine didn't exactly help me but the act of actually going and admitting it to someone got me started. Martin's site was the other thing that was and is really useful.take time off work if you can - your doctor will give you a note. I didn't 3 months ago (even when it was recommended to me) when i was in same state particularly over 2 week period and am having to deal with the repercussions now because i was so stressed i made mistakes/looked and acted stressed so people complained. It is impossible to get to a place where you can face this AND deal with work.oooh i feel for you. keep breathing. Jaquie

chevalier

I hope that CCCS can start to help you out. It must be horrible to feel that trapped. If you want us to look at your Statement of Affairs as southernscouser suggested then we will do that too. Welcome to the site.
chev

sira_2

Feeling a little better today. I contacted the CCCS as recommended & they've recommended a plan. It's going to take me years to pay off everything but i think i can stick to the plan, or should i say i will stick to the plan. It will at least give me breathing space and chance to find more income and try to decrease the debts as i go along. My goal will be to half the amount of time its going to take. I do have savings to be paid out in June next year of approx £3000 then half again the next year and approx £15,000 in 6 yrs time. Actually saying that makes me feel good because i can see light at the end of the tunnel, if i work really hard i could actually be debt free in 6yrs!!! Well i think my mind is made up CCCS plan it is. Just out of interest does anyone know how this will affect my mortgage possibilities if we decided to move next year. Will i have no choice but to pay off the debts with the profit or can i reduce my mortgage and pay more to the plan? Oh & can someone please tell me how i can get staight to my thread without havent to search every page on here. Thanks for all your support things are looking a little brighter. xx

postingalwaysposting

sira wrote: »

Oh & can someone please tell me how i can get staight to my thread without havent to search every page on here. Thanks for all your support things are looking a little brighter. xx

at the top of the thread (above your first message) there is a 'thread tools' button ~ click that then click ~ subscribe. Now to get to your thread click user cp under welcome (your name) then subscribtions, it will be listed there :j

southernscouser

sira wrote: »

Just out of interest does anyone know how this will affect my mortgage possibilities if we decided to move next year. Will i have no choice but to pay off the debts with the profit or can i reduce my mortgage and pay more to the plan? Oh & can someone please tell me how i can get staight to my thread without havent to search every page on here. Thanks for all your support things are looking a little brighter. xx

If you are entering into a DMP then there is no obligation for you to over pay what you have agreed. However, if you do have some savings you are probably better off asking your creditors for a reduced full and final settlement figure. This means they will accept less than what you owe and maybe as little as 50% of the debt.

Enetering in a DMP will have an affect on your ability to get a new mortgage though as your creditors are likely to default your debts, but it might not be a bad thing. It gives you more time to get things straight before comitting to more outgoings.