In £40,000 of debt, looking for advice.

Tamworth_2

I have just reached financial meltdown and need advice (please!).

I am currently getting divorced. My house has a £108,000 pound mortgage on it and would fetch about £132,000 but so far no buyers. If it did go I would get about £7000 and my ex the rest.

I have credit card debts of about £29,000 (with HIGH interest rates) and a personal loan of £11,000 (which costs £232 a month).

I have -£1000 in the bank and I earn £29,000 a year.

My outgoings are about £600 hihjer than my incomings and I fear losing the house.

I am going to Citizen' Advice tommorow.

Has anyone got any advice and is this situation retrievable?.

Any help much appreciated.

smudgemanc26

Hi & Welcome

Try not to panic you have come to the right place for help and advice, there will be other experienced DFW's along im sure with some great advice but what is recommended to do is for you to post your SOA (statement of affairs) see this link http://forums.moneysavingexpert.com/showthread.html?t=107280 and list everything including your incomings, outgoings,your debts (include amount owed and apr % rates if you know them)

You are doing the right thing facing up to your debts, the CAB are great and also ive heard the CCCS debt charity website is great for helping you see what is the best course of action for you to take and for help and advice.

kopite323

Hi Tamworth

Dont despare!

Get a good solicitor and dont worry, leave all the divorce stuff up to him. If you do any deals with your ex write it down and both sign/date it stating exactly what you or her is actually receiving and what its for, or do it through a solicitor.

I Have just gotten divorced myself.

Just a pointer but Your wife is responsible for half the debt you have ran up. If you go to a solicitor he will tell you the same.

What i did was give my ex some cash and a the car. In doing this, i released her from the debt of £22000. Which when it went to the final hearing went in my favour as she wanted more and got nothing.
It has taken me 4 years to pay off 15k and i remorgaged to get the rest.

With my OH at the mo i receintly found out that she has debt of over 30k. She Called the CCCS and they are brilliant. They have helped her no end with her siuation.
You can call them any time and talk. At the end of the day you can still get advise from else where and then chose which is the best options.

Good luck to you. I have found the people on this site are fantastic and v supportive

skysky69

Can you post your SOA so we can have a look and see if we can give you any advice on your outgoings etc to see if there are any bills you could switch around etc.

Ignatius_A

Hi,

Well done :T for making the first step. Post an SOA as described above - it helps.

check out the following article

http://www.moneysavingexpert.com/loans/debt-help-plan

Watch the video, read the text. It's a very useful guide to where you are and where to go next.

Hope this helps

CCCS_Emily

Hello Tamworth,

Don't panic, there are plenty of people here to help you out.

There maybe various ways to deal with your situation. The CCCS online advice facility is called Debt Remedy and you can access it by going to our website www.cccs.co.uk or if you would prefer to speak with someone you can contact our Helpline on 0800 138 1111.

Best of luck.

amethystdove

Hi Tamworth, have you tried Christians against poverty? They do debt counselling and management, you don't have to be a Christian to go to them and they really help.
They will contact your creditors, help you work out a budget and can get interest stopped etc. They are online plus have local branches usually through a church with trained people there.It is free and they are really nice people.