so I stopped avoiding....

natb126

Help
Ive stopped ignoring the problems and finally sat down and started to wade through mail and banking.....I owe £15,000 on credit cards, payments go up every month
I dont know what to do....I live alone and I'm living on £200/mth to eat, put fuel in and everything else after all my bills. I have missed numerous credit card payments and to top it all off I missed a mortgage payment last month (something ive NEVER done)
My bank has started to change ne unplanned interest charges....I just can't see any way out!
I want a debt consolidation loan so I only have to worry about one set payment a month but no one will give me a loan as my credit is so bad!
Ive cancelled all expenditure that I possibly can

Please help!!!
Ive never been in debt before, I dont know how I let it get here and I'm scared

Bobarella

Nat Im so sorry to hear how distressed you are. What has led you to this situation do you think?

Westminster

Well done, you have taken the first step by acknowledging the problem.

Next would be to do a SOA (Statement of Affairs) and post it up here so you can get some advice on possible savings.

Then consider contacting one of the free debt advice charities (always avoid anyone who suggests paying for their services) - https://forums.moneysavingexpert.com/discussion/4271235

natb126

Thanks guys
It started by spending money on credit cards as I thought I would get a lump sum off my ex and pay it off, that lump sum is still in limbo as were arguing over it
Since then living on my own has meant two weeks after payday and I'd be using my credit cards jusy to live on, so debts have just got bigger and now interest (as all the interest free have ran out) is piling up and I only pay minimum payments

I will sort a SOA

Westminster

Try your best not to stress about it.

Most people on here have been in your position to a greater or lesser degree and will relate to what you are going through.

Take heart that the sleepless nights will not last forever and you won't have to worry about answering the door / phone / opening letters for much longer once you have got this firmly under control.

On_my_way

Hi

Firstly, well done for posting. Your journey starts here.

The most important thing to pay is your mortgage so you need to make absolutely sure that you have enough money to pay that.

If you post your SOA you will be able to look at your outgoings and income.

There are loads of tips on here about how to survive on a very low income.

You should probably contact Stepchange or another non fee-paying debt organisation as they can help you to regain control and get everything paid off.

Are there any ways that you can increase your income? Perhaps work extra hours at work or something?

Good luck, you can do this. The thing that you need to do is act now.

National_Debtline

Hi natb126


Sorry to hear about your difficulties - just adding my voice to the supportive responses you've already received.


It's by no means a bad thing that you were refused a consolidation loan as borrowing again might be the last thing you need right now.


I recommend that you open a new "basic" bank account as soon as possible with a bank you owe nothing to. This will help you to protect your income from further bank charges and other creditors.


Please do seek free advice even if you continue posting on here - we would be very happy to hear from you. In the meantime we look forward to seeing your SOA so we can offer our help.


Dennis
@natdebtline

sourcrates

Hi,
Always pay your essential bills first, mortgage and council tax top of the list, then your utilities, food etc, any unsecured borrowing comes bottom of the list, and can wait frankly.

If things are that bad, stop paying your unsecured credit, and get advice from the Guys at National Debtline or Stepchange.

Debt collection is a long process, you wont go to prison, and the world wont end, if you dont pay your credit card, however, missing mortgage repayments is a big no no.

Never miss secured payments in favour of unsecured ones.

patman99

Nat, first-off, the most important bill is the mortgage. As for the credit cards, try contacting Stepchange, Payplan or similar such charities.
They can guide you through the process of setting-up a DMP.

This will mean that once in place, your credit cards will be frozen and you will not be able to use them again, but it does also mean that you will be able to live as wel as paying your debts.

natb126

Thanks everyone
Still getting my head around it all!
Applied for a fixed mortgage deal the other day which would have dripped my payments by £60/mth but its been refused, I guess coz I'm in arrears
Plan for later today is ring stepchange and sort an SOA.

How will that affect things tho? What I mean is I'm in a job that frowns on debt and I wouldnt be able to keep my job if I went bankrupt or had an IVA (I know I may me jumping the gun but I worry) how will freezing NY CC's affect me?

natb126

How did everyone sort there debts out?