Desperate Debt

Dazzler5

Hi

I am feeling desperate even suicidal. I have debt of about 40k on credit cards and payday loans. My overdraft is up to its limit. I can't pay back the monthly payments. I have contacted step change who suggest a dmp. My house urgently needs some work doing to it because of damp. If I commit to the dmp I will never be able to afford to have the damp resolved. Supposing I just stopped paying my credit card and loans for three months and then started the dmp? What would happen? I am not eating, feeling sick and scared. I can't see a way out.

All this is my own stupid fault but any advice would be hugely appreciated.

immoral_angeluk

Firstly, breathe. No debt is worth considering or going ahead with suicide for. I suggest you nip down to your GP and have an honest chat about emotional support for you until things get easier.

If you haven't yet defaulted on your debts, stop paying. Cancel the direct debits and ask stepchange to send your creditors holding letters to get them off your back. Ignore the phone calls.

Do you own your house or rented? Get the damp sorted. Your health comes first and foremost. If you rent, your landlord is responsible for the damp repair. If you own your home you can't afford it even once you stop your debt payments, contact turn2us who can advise you on possible grants.

It isn't your fault that things have become unmanageable. That's just life, the usual ups and downs and the culture we live in. Don't blame yourself but DO put that emotional energy into looking for support and, eventually, a solution.

It's not an overnight fix. Focus on sorting out your priorities such as mental health support and the damp which is a risk to your health. Maintain your priority payments such as mortgage/rent/gas/electric/tv licence etc.

The non priorities will fall into place. Just take a deep breath and deal with each day as it comes.

You are not alone.

Dazzler5

Thank you for the reply and support. I own the house with a mortgage so the damp is down to me to sort out. I'm working and so I don't think that I will get a grant. I haven't defaulted yet but can't make any more payments.

sourcrates

Dazzler5 wrote: »

Hi

Supposing I just stopped paying my credit card and loans for three months and then started the dmp? What would happen? I am not eating, feeling sick and scared. I can't see a way out.

All this is my own stupid fault but any advice would be hugely appreciated.

Nothing would happen, you would get calls and letters, and your accounts would go to collections, but that's about it.
The debt collection process can take many months, even years, 3 months won't matter at all.

fatbelly

Breathing space for personal customers

201. Where a customer can demonstrate to a subscriber that they are making a genuine effort to develop a repayment plan, using either a debt advice agency or a self-help tool, the subscriber should suspend collections activity related to the customer’s current account, credit card and/or unsecured personal loan while discussions continue, for a period of 30 days.

202. The subscriber should confirm with the customer and/or their adviser that collections calls and letters will be suspended during the ‘breathing space’ period (except where required under Consumer Credit legislation/the Consumer Credit Sourcebook) and should discuss with the customer and/or their adviser how the account will continue to operate during the 30 day period.

203. Where the customer and/or their adviser provides clear evidence of demonstrable progress being made in developing a genuine repayment plan, but work has not yet concluded, subscribers should extend the breathing space for up to an additional 30 days.

This is from The Lending Code - it is mandatory to give you 'breathing space' if you are struggling

Use stepchange or payplan or CAB and don't worry about dragging things out a bit.

rockm87

Hi!

and welcome

have you had a go at sorting the damp yourself? check out youtube or even do a search on the MSE boards for tips.

I get damp in my house (north side, poor ventilation, 1st floor flat so I dry clothes indoors). I try to keep my windows open on vent all day and I have a dehumidifier (god send) and They're about £100 or so which will remove alot of moisture. I then clear the areas with a white vinegar solution (44p).

My friend had terrible mould from damp, in her built-in cupboard. She took the doors off it, and replaced with a curtain so the air could circulate. She then scraped off the mould, treated it, and it has really helped.

You dont need to spend alot of money, try some DIY things first!