please help!

gawebb99

thank you. im thinking of getting a basic bank account set up. to have my wages paid into

my current account which is overdrawn can hopefully wait for a bit..

from what ive read- it seems the good way to start?

sourcrates

gawebb99 wrote: »

thank you. im thinking of getting a basic bank account set up. to have my wages paid into

my current account which is overdrawn can hopefully wait for a bit..

from what ive read- it seems the good way to start?

Yes, that is a good first step to take.

You can open one with lloyds online, in a matter of minutes.

however make sure you pick a bank you have no debt with !!!!

gawebb99

unfortunatley that rules lloyds out then!

havent slept again for worrying, what to do. what will we have left to live on etc etc

awfully embarrased to have gotten ourselves into this mess

a family member has the money from their house sale in the bank... have even contemplated asking them to borrow and repay at a set amount per month- but im too embarrased and scared to let anyone know how much we owe

dancingfairy

Borrowing more money is not a good plan. Defaulting on paying creditors is one thing but being in debt to family is another. If anything happened and you couldn't repay your family you'd feel awful
Yes, its totally scary to just stop paying people after years of trying to make ends meet but generally robbing Peter to pay Paul doesnt work. It can feel like its all out of control stopping payments and getting some breathing space, but honestly you're not really in control of the debts at the moment. You've got to stop, take a step back, a deep breath and come up with a sustainable long term plan ( this means one where you can eat!). The debt charities can help with this. Call them. It'll get better, it'll all settle down, the creditors will huff and puff a bit but settle down and you'll get a good nights sleep again. Promise.
Df

dancingfairy

Try co-op or Barclay's for a basic account.
Df

asparagus1968

hi, also,when you are up and running, you can have a look at the debt free diaries for other peoples stories.
good luck

whattodo1967

Hi my debt when is started was around 47k, and my husband didn't know how much. Was a very difficult time. I can honestly say DMP was the best for us, the only bit of advise I would give would be if you do decide on dmp make token payments until you get an emergency fund behind you. I have paid of £27k and have another 20k to go, but for the first time I am in control of my finances, and I can see light at the end of the tunnel. Good luck on whatever you decide to do.

chelseablue

A basic bank account is a very good idea.


Also post a SOA on here, people here are very good at suggesting things you can cut back on

gawebb99

how would it work if i tackled my debts in my name, despite being married

how do they work out budget of how much i pay towards things such as rent bills etc?

im wondering whther to just do my own debts, in my name, and ask for a DRO.
not sure if i'll be down as having £50 a month or less surplus however, as at the moment all wages go in one bank. so i dont technically know how much rent my wages cover, etc? does that make sense

Luna29412

Hi


I had a bit of a LBM in Sept last year when I realised I actually owed about 40k and was barely just making the minimum payments on everything with little left over. I contacted stepchange and they advised a DMP which cut my monthly outgoings on debts from £900 per month to £500. SC contacted all my creditors who have all agreed to the plan and dropped the interest rate to 0% which now means I am actually paying off the debts and not just interest.


Its not easy, I had to change my bank account but for the first time ever I managed Christmas without any credit.


First of all you need to do a SOA so you can see exactly what you have coming in and going out. Post it on here and you'll get loads of suggestions. SC will help you with your budget and then divide what's left between your creditors.


I am now actually sleeping at night now without worrying. It is scary but I am so glad I did it. You are not the only one in this position....


Good Luck